TMC the metals company (TMC) Q4 2025 earnings summary

Executive summary

• Pivoted to U.S. permitting under DSHMRA, moving away from ISA gridlock, and achieved major milestones including exclusive lease negotiations for a 1,466-acre site in Brownsville, Texas, for a nodule processing hub.

• Secured strategic partnerships with Allseas for offshore system development and Mariana Minerals for onshore feasibility and AI-enabled process controls.

• Filed first consolidated deep-seabed mining application under new NOAA rules, increasing commercial recovery area to 65,000 km²; NOAA determined application substantially compliant.

• The Metals Royalty Company (TMCR) to begin trading on Nasdaq, with TMC holding ~25% equity and rights to repurchase royalty interests.

• Joined Defense Industrial Base Consortium, strengthening ties with U.S. Department of Defense and supporting the U.S. critical minerals supply chain.

Financial highlights

• Ended 2025 with $117.6 million in cash and $162 million in total liquidity, including undrawn credit facilities; expected liquidity of ~$154 million at March 31, 2026.

• Net loss for 2025 was $319.9 million ($0.83/share), up from $81.9 million ($0.25/share) in 2024, driven by higher G&A and royalty liability changes.

• Q4 2025 net loss was $40.4 million ($0.08/share), up from $16.1 million ($0.04/share) in Q4 2024.

• Free cash outflow for 2025 was $43.1 million, slightly down from $44 million in 2024.

• G&A expenses rose to $99.8 million in 2025 from $30.6 million in 2024, mainly due to accelerated share-based compensation and early vesting.

Outlook and guidance

• Expect commercial recovery permit from NOAA within 12 months, enabling project advancement and unlocking government support.

• System commissioning for Hidden Gem targeted for Q4 2027, with ramp-up to two collector vehicles and production start in early 2028.

• Feasibility study for Brownsville processing hub expected by end of October 2026; no capital commitment until government support is secured.

• Exploring capital-light tolling options in Japan and progressing prerequisites for U.S. government support.

• Liquidity expected to cover working capital and capex for at least the next twelve months; no imminent need to raise funds.