The Metals Royalty Company (TMCR) Q4 2025 earnings summary

Executive summary

• The company completed a direct listing on Nasdaq in April 2026 and now trades under the symbol TMCR.

• Its core and only asset is a 2% gross overriding royalty on the NORI Property, a polymetallic nodule project in the Clarion-Clipperton Zone (CCZ), acquired in 2023.

• The NORI Property is in development stage, not yet permitted for commercial production, and the legal regime for permitting remains uncertain.

• The company spun out its oil and gas royalty business in December 2025, focusing solely on critical metals and minerals royalties.

Financial highlights

• For the year ended December 31, 2025, the company reported a net income of $1.1 million, compared to a net loss of $0.3 million in 2024, driven by a $6.6 million gain on the spin-out of oil and gas assets.

• Operating expenses rose to $6.7 million in 2025 from $1.2 million in 2024, mainly due to one-time direct listing costs, increased legal/accounting fees, and higher personnel costs.

• Share-based compensation expenses increased to $0.6 million in 2025 from $0.3 million in 2024 due to new equity grants.

• As of December 31, 2025, the company had $18.4 million in cash and $17.1 million in net working capital, up from $1.4 million and $1.6 million, respectively, at the end of 2024.

• The company raised $22.8 million from equity issuances in 2025.

Outlook and guidance

• The company expects to have sufficient cash to fund operations through Q4 2027, when first production from NORI Area D is anticipated.

• No royalty revenue is expected until commercial production commences, targeted for late 2027, subject to permitting.

• The company plans to acquire additional royalties, streams, or similar interests in critical metals and minerals, leveraging U.S. policy tailwinds and management expertise.