TMC the metals Co Inc. TMC
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| 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 | 0.83 | 0.25 | 0.26 | 0.71 | 0.69 | 0.32 | — |
| EPS, diluted | 0.83 | 0.25 | 0.26 | 0.71 | 0.69 | 0.32 | — |
| Shares, diluted (wtd. avg.) | $384.5M | $321.9M | $288.6M | $239.9M | $204.9M | $178.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| 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.
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