TMC the metals company inc.

Q2 2026 net loss was approximately $60.1 million, or $0.14 per share, versus a net loss of $74.3 million, or $0.20 per share, in Q2 2025. Exploration and evaluation expenses were $56.1 million versus $10.5 million a year ago, G&A was $15.6 million versus $11.5 million, and other items produced an $11.6 million gain versus a $52.3 million loss last year. Net cash used in operating activities was $20.1 million versus $10.7 million, and free cash flow was -$20.2 million versus -$10.7 million, both affected by a $9 million tax withholding timing item. Liquidity at June 30, 2026 was $143 million, including $44 million available from the Barron and ERAS undrawn credit facility. Accounts payable and accrued liabilities were $52.1 million, including $40.5 million owed to Allseas, $36.1 million of which is due once production begins. Management said its cash should be sufficient to meet working capital and capital expenditure commitments for at least the next 12 months. For the project outlook, NOAA certification for USA-A is now expected in October 2026, delaying a permanent grant that had been expected in Q1 2027; even so, management still expects the permit well before targeted vessel commissioning in Q4 2027. The first operating configuration is designed for 3 million wet tons of nodules per year, with fabrication expected from Q4 this year through Q3 2027 and offshore installation/commissioning targeted for Q4 2027. Pre-feasibility work for a potential 12-million-ton-per-annum industry park at Brownsville is nearing completion, and feasibility-level engineering for the first smelting stage is underway.

Gerard Barron framed the quarter as a period of steady progress on a U.S. regulatory and industrial pathway, emphasizing that the company is building not just an offshore system but an integrated American deep seabed critical mineral supply chain. He highlighted NOAA milestones, the shift of the first commercial collection system into procurement, and growing partnerships across marine operations, processing, logistics, and refining. His tone was confident and optimistic, though he acknowledged NOAA is moving slower than desired and said the company must remain careful about what it says regarding government support.

Craig Shesky focused on the legal and financial foundation for the U.S. path, arguing that the U.S. position outside the UNCLOS/ISA framework supports TMC USA’s DISHRA route while the ISA remains delayed. He cited the resource studies' combined $23.6 billion estimated NPV, approximately $369 billion in revenue, and more than $200 billion of EBITDA across the life of both projects, while also noting the stock has lagged and management views the market cap as undervaluing the resource. On liquidity and capital allocation, he said cash plus borrowing capacity was $143 million at June 30, 2026, including $44 million of undrawn credit, that the company will not seek a SPAC warrant extension, and that cash should cover working capital and capex for at least the next 12 months.

Analysts asked for more color on the Mariana Minerals partnership, including spending and timing; management said the work is still early, with Mariana acting like an owner's team and the initial spend expected to be relatively modest, in the mid-single-digit millions over multiple quarters. Questions also focused on the Eco Minerals arrangement and whether joint work would be on TMC or Eco ground; management said it would cover both, with a goal of increasing resource certainty in TMC areas and potentially doing some work on Eco's ground if permitted. Other questions covered Allseas exclusivity and cost treatment: management confirmed the arrangement is exclusive, said some costs have been and will continue to be accrued pre-production, and noted Allseas is funding a large portion of pre-production development costs. Analysts also asked about government support and China activity; management said support is being discussed confidentially with multiple agencies and that China remains active in the area, based on public survey-vessel tracking and media reports.