TMC the metals company (TMC) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $28.4M versus $184.5M a year earlier; available liquidity was $123M at September 30.

• The phased offshore plan targets 1M tonnes annually at launch, potentially rising to 1.5M in year two, while reducing shared upfront capital to ~$300M from ~$800M.

• NOAA expects a mid-December decision on USA-A certification; commercial collection commissioning is targeted for Q4 2027, subject to approvals.

Financial highlights

• Q3 net loss was $28.4M, or $0.06 per share, versus $184.5M, or $0.46 per share, in Q3 2025; nine-month net loss was $109.1M versus $279.4M.

• Q3 operating expenses were $33.0M: exploration and evaluation $23.5M versus $9.6M, and G&A $9.5M versus $45.7M year over year.

• No revenue was generated; accumulated deficit was $1,060.4M at September 30, 2026.

• Nine-month results included a $26.9M non-cash dilution gain and a $5.0M gain from the royalty-liability fair-value decrease; 2025 included a $131.0M royalty-liability charge.

Outlook and guidance

• NOAA's next steps after certification include environmental review, a draft EIS, draft terms and conditions, further public comments and a final permit determination.

• The plan targets 1M tonnes annually initially, up to 1.5M in year two and 12M tonnes at steady state across four production vessels; commissioning is targeted for Q4 2027.

• Lower initial volumes and logistics costs could support positive EBITDA in the first two years; this is a potential outcome, not firm guidance.

• Cash and available credit were expected to cover obligations for at least 12 months, while additional financing is expected to be needed over time.