TMC the Metals Company reported a net loss of $184.5 million for the quarter ended September 30, 2025, translating to an earnings‑per‑share figure of $‑0.46—well below the consensus estimate of $‑0.06. The loss represents a sharp reversal from the $20.5 million loss and $‑0.06 EPS recorded in the same period a year earlier, underscoring the company’s continued status as a development‑stage exploration firm with no commercial revenue.
The company’s operating expenses reflected a mix of strategic investment and one‑time charges. Exploration and evaluation costs fell to $9.6 million from $11.8 million, while general and administrative expenses surged to $45.7 million from $8.1 million. The G&A jump was driven largely by share‑based compensation and legal fees, and a $131 million fair‑value increase in royalty liability added to the non‑cash hit. These items explain why the net loss widened even as exploration spending eased.
Cash on hand stood at $115.6 million, giving TMC a runway of roughly twelve months if it maintains current spending levels. Management emphasized that the liquidity position, combined with an undrawn credit facility, should cover working capital and capital‑expenditure needs for the next year, but the company remains dependent on future financing to move from de‑risking to commercial production.
CEO Gerard Barron highlighted the company’s regulatory progress, noting that NOAA has confirmed full compliance of its exploration license applications and that the firm has entered the certification stage. He also underscored the completion of a pre‑feasibility study and the declaration of 51 million tonnes of probable mineral reserves for the NORI‑D project, positioning TMC to pursue commercial recovery permits in the United States. CFO Craig Shesky reiterated that the company’s cash position is sufficient for at least twelve months, but the EPS miss signals that the company’s cost base remains high relative to its current revenue stream.
The earnings miss and widened loss reflect the high cost of development and the company’s heavy reliance on share‑based compensation. While the regulatory milestones and economic studies provide a strong tailwind for future commercialization, the headwinds of significant operating losses and the need for additional financing remain acute. Investors will likely focus on how TMC manages its cost structure and secures the capital required to transition from exploration to production.
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