TMC the metals Co Inc. TMC

Basic materials SIC 1000 - Metal Mining NAICS Mining, Quarrying, and Oil and Gas Extraction › Mining (except Oil and Gas) › Metal Ore Mining derived Nasdaq

We are a deep seabed minerals developer focused on the collection, processing and refining of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone ("CCZ"), approximately 1,500 miles (or 2,400 kilometers) south-west of San Diego, California. The CCZ is a geological submarine fracture zone of abyssal plains and other formations in the Eastern Pacific Ocean, with a length of around 7,240 kilometers (4,500 miles) that spans approximately 4,500,000 square kilometers (1,737,000 square miles). Polymetallic nodules are discrete rocks that sit unattached to the seafloor, occur in significant quantities in the CCZ and have high concentrations of nickel, copper, cobalt and manganese, alongside meaningful concentrations of rare earth elements (REE) in a single rock.

Last close 2.43 2026-10-23
Market cap $1.07B 2026-06-30 share count
52-week range 2.39 - 10.05

Valuation FY2025 figures against the last close

P/S—
P/E2.9x
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS0.83

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
SG&A $99.8M$30.6M$22.5M$29.5M$56.6M$7.7M—
Operating income -$140.1M-$81.3M-$72.4M-$174.1M-$149.6M-$56.6M—
Interest expense $2.8M$176.0K$1.3M$1.1M$1.0M$53.0K—
Pre-tax income -$319.7M-$81.9M-$73.7M-$170.9M-$141.3M——
Income tax $144.0K$48.0K$41.0K$77.0K———
Net income -$319.8M-$81.9M-$73.8M-$171.0M-$141.3M-$56.6M-$9.0K
EPS, basic 0.830.250.260.710.690.32—
EPS, diluted 0.830.250.260.710.690.32—
Shares, diluted (wtd. avg.) 384.5M321.9M288.6M239.9M204.9M178.6M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Cash and equivalents $117.6M$3.5M$6.8M$46.9M$84.9M$10.1M$16.0M
Receivables ——$2.0M$2.7M$3.7M$38.0K—
Total current assets $120.7M$5.3M$8.8M$49.6M$88.6M$10.2M$16.0K
Property, plant and equipment $519.0K$771.0K$1.1M$2.0M$1.4M$1.3M—
Other intangibles $2.1M$1.9M$1.6M————
Total assets $181.6M$63.0M$68.9M$94.8M$133.1M$54.7M$119.6K
Accounts payable $2.3M$6.2M$2.4M$41.6M$26.6M$4.3M$23.1K
Short-term debt —$11.8M—————
Total current liabilities $59.4M$54.5M$31.3M$41.6M$26.6M$7.8M$103.7K
Total liabilities $215.1M$80.1M$58.0M$53.3M$40.4M$18.4M$103.7K
Retained earnings -$951.3M-$631.4M-$548.9M-$475.1M-$304.2M-$162.9M-$9.0K
Total equity -$33.4M-$17.1M$10.9M$41.5M$92.8M$36.3M$8.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating cash flow -$42.9M-$43.5M-$59.6M-$66.6M-$56.1M-$26.5M—
Stock-based compensation $96.7M$25.3M$12.4M$20.1M$74.6M$27.1M—
Capital expenditure $245.0K$515.0K$578.0K————
Investing cash flow $447.0K-$515.0K-$578.0K-$1.2M-$3.8M-$607.0K—
Financing cash flow $156.6M$40.7M$20.1M$29.7M$134.7M$21.3M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-037863.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -400M -300M -200M -100M 0 Net income, FY2019: -9K Net income, FY2020: -56.6M Net income, FY2021: -141.3M Net income, FY2022: -171M Net income, FY2023: -73.8M Net income, FY2024: -81.9M Net income, FY2025: -319.8M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — —
Gross profit — — — — — — —
Net income -$9.0K -$56.6M -$141.3M -$171.0M -$73.8M -$81.9M -$319.8M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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