TMC the metals company Inc.

NASDAQ•TMC

CEO: Mr. Gerard Barron

Sector: Basic Materials

Industry: Industrial Materials

Listing Date: 2021-09-10

TMC the metals company Inc., a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications. The company was formerly known as Sustainable Opportunities Acquisition Corporation and changed its name to TMC the metals company Inc. TMC the metals company Inc. was founded in 2011 and is based in Vancouver, Canada.

Contact Information

595 Howe Street, 10th Floor, Vancouver, BC, V6C 2T5, Canada

574-252-9333

metals.co

Market Cap

$2.30B

P/E (TTM)

-6.4

Dividend Yield

52W High

$11.35

52W Low

$2.22

52W Range

34%

Rank59Top 87.6%

2.2

F-Score

Modified Piotroski Analysis

Based on 6-year fundamentals

Weak • 2.2 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2020-2025

Financial Dashboard

Q4 2025 Data

Revenue

$0.00+0.00%

4-Quarter Trend

EPS

-$0.10+0.00%

4-Quarter Trend

FCF

-$11.22M+0.00%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Cash Position Significantly Boosted Cash balance reached $115.65M as of September 30, 2025, significantly up from $3.48M at December 31, 2024.

Financing Inflows Surge Net cash provided by financing activities totaled $143.48M for nine months, driven by Korea Zinc investment proceeds.

Net Loss Widens Substantially Net loss after tax for nine months increased 324% to $279.45M, compared to $65.88M reported in 2024.

Royalty Liability Valuation Spike Royalty liability increased $131.00M in Q3 2025 due to fair value adjustments related to NORI Area D project.

Risk Factors

Regulatory Approval Uncertainty Commercial recovery permit timing remains uncertain; NOAA review delays could impact anticipated Q4 2027 production target.

Internal Control Material Weakness Material weakness in internal controls over non-routine transactions persists; effectiveness pending successful year-end audit procedures.

Pre-Revenue Operational Status Company remains pre-revenue; profitability hinges on securing US exploration licenses and commercial recovery permits.

Warrant Liability Valuation Increase Private Warrants liability increased $12.82M in nine months due to significant changes in share price and volatility.

Outlook

US Regulatory Path Advancing TMC USA applications achieved full compliance status with NOAA; certification process is now underway following August 2025 notice.

Technical Viability Confirmed Published S-K 1300 Technical Reports confirming NORI Area D viability; planning continues for commercial scale onshore facilities.

Potential Production Timeline Potential production start anticipated in the fourth quarter of 2027, contingent upon required regulatory approvals being secured.

Manganese Sulfate Breakthrough Successfully produced battery-grade, high-purity manganese sulfate from nodules during recent bench scale trials in November 2025.

Peer Comparison

Revenue (TTM)

SSL

$27.95B

-12.5%

$9.54B

-7.2%

BCC

$6.40B

-4.8%

Gross Margin (Latest Quarter)

WDFC

55.6%

+1.4pp

FSM

54.4%

+21.3pp

USLM

48.0%

+3.7pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
SSL	$7.75B	52.2	1.6%	36.9%
CE	$6.94B	-5.9	-25.1%	59.6%
NG	$4.80B	-44.9	-42.5%	27.4%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

N/M

Revenue Volatile

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:Aug 10, 2026

EPS:-$0.06

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data