TMC the metals company (TMC) Q2 2026 earnings summary

Executive summary

• Provided updates on U.S. regulatory progress, including NOAA certification of the USA-B exploration license and advancement of the USA-A application, with key milestones reached and timelines adjusted due to administrative delays.

• Strategic partnerships with Allseas, Eco Minerals, and Mariana Minerals are advancing offshore collection, onshore processing, and survey capabilities, including a major agreement for the first commercial nodule production system targeting Q4 2027 commissioning.

• U.S. government support for deep-sea mining and critical minerals was reaffirmed at a White House roundtable, with significant new investments and expedited permitting directives.

• International regulatory progress remains slow, but recent tribunal rulings have favored the company’s rights, extending NORI’s exploration contract and prescribing provisional measures in disputes with the ISA.

• The company is developing an integrated U.S. supply chain, focusing on a potential processing and refining hub in Brownsville, Texas, contingent on government support.

Financial highlights

• Q2 2026 net loss was $60.1 million ($0.14/share), improved from $74.3 million ($0.20/share) in Q2 2025; net loss for H1 2026 was $80.7 million, down from $94.9 million in H1 2025.

• Exploration and evaluation expenses rose to $56.1 million, mainly due to $37.2–$37.5 million in charges to Allseas, with $34.8 million deferred until production.

• General and administrative expenses increased to $15.6 million, driven by higher share-based compensation and payroll.

• Liquidity at June 30, 2026, stood at $143 million (including $44 million undrawn credit); cash balance was $98.7 million.

• No financial debt as of June 30, 2026; total assets were $180.9 million and total liabilities $208.3 million.

Outlook and guidance

• Expect NOAA permit for USA-A well before targeted vessel commissioning in Q4 2027, despite delays; regulatory review of USA-A and USA-B is ongoing.

• Fabrication of the offshore system to run from Q4 2026 to Q3 2027, with installation and commissioning in Q4 2027; initial production system designed for 3 million wet tons/year.

• Ongoing feasibility and engineering work for a 12-million tonne per annum processing park in Brownsville, Texas, with future capital commitments contingent on U.S. government support.

• No plans to pursue additional capital market transactions until U.S. government funding processes conclude; sufficient liquidity for at least the next twelve months.