The earnings call highlighted TMC's strong liquidity position, significant resource valuation, and progress in regulatory applications, alongside strategic international collaborations. However, these positives were tempered by increased net losses and regulatory delays due to the government shutdown.

Company Guidance

During TMC the metals company Inc.'s Third Quarter 2025 Earnings Conference Call, several metrics and projections were provided. The company highlighted its strong liquidity position with approximately $165 million in liquidity and potential additional proceeds of over $400 million from warrant exercises. The resource value was reported to exceed $23 billion, with anticipated revenues of nearly $600 per dry ton of nodules during steady-state production from 2031 to 2043. The projected EBITDA margin per ton during this period is about 43%, or $250 per dry ton. TMC also reported a net loss of $184.5 million for the quarter. The company reiterated its confidence in achieving a commercial recovery permit in 2027, supported by regulatory progress with NOAA and the US government, and emphasized its strategic positioning to address the US's dependency on foreign critical minerals.

Strong Liquidity Position

TMC has approximately $165 million of liquidity, with potential additional proceeds from in-the-money warrants and other sources amounting to over $400 million. This financial strength is seen as sufficient to meet working capital and CapEx requirements for the foreseeable future.

Significant Resource Valuation

The company has published SEC-compliant technical reports showing a total resource value of more than $23 billion, with a combined project net present value (NPV) of $23.6 billion.

First Commercial Recovery Permit Application

TMC has launched three applications with NOAA, including the first-ever application for a commercial recovery permit, showing significant progress towards operational readiness.

Milestone in Battery-Grade Manganese Production

Successfully converted nodule-derived manganese silicate into battery-grade manganese sulfate, demonstrating capability to produce key metals in sulfate form for next-generation EV platforms.

Strategic International Partnerships

TMC's Hidden Gem vessel will participate in Japanese nodule collection trials, highlighting international collaboration and commercial opportunities.

TMC the metals company Inc. (TMC) Earnings, Revenues Date & History

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TMC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 19, 2026	2025 (Q4)	-0.06 / -	-0.05	―	―	―
Nov 13, 2025	2025 (Q3)	-0.06 / -0.46	-0.06	-666.67% (-0.40)
Aug 14, 2025	2025 (Q2)	-0.05 / -0.20	-0.06	-233.33% (-0.14)
May 14, 2025	2025 (Q1)	-0.04 / -0.06	-0.08	25.00% (+0.02)
Mar 27, 2025	2024 (Q4)	-0.05 / -0.05	-0.11	54.55% (+0.06)
Nov 14, 2024	2024 (Q3)	-0.06 / -0.06	-0.04	-50.00% (-0.02)
Aug 14, 2024	2024 (Q2)	-0.05 / -0.06	-0.05	-20.00% (>-0.01)
May 13, 2024	2024 (Q1)	-0.05 / -0.08	0	―
Mar 25, 2024	2023 (Q4)	-0.16 / -0.11	-0.41	73.17% (+0.30)
Nov 09, 2023	2023 (Q3)	-0.11 / -0.04	-0.12	66.67% (+0.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TMC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 13, 2025	$5.17	$5.08	-1.74%
Aug 14, 2025	$5.41	$4.92	-9.06%
May 14, 2025	$2.99	$3.30	+10.37%
Mar 27, 2025	$1.70	$1.72	+1.18%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.