TMC the metals company Inc. (TMC)
NASDAQ:TMC
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.06Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized meaningful operational, regulatory and strategic progress (NOAA consolidated application deemed substantially compliant; Allseas commercial terms for the Hidden Gem; expanded commercial area to ~65,000 km2; Port of Brownsville site work and Mariana partnership; TMCR listing; EIA completion; solid near-term liquidity). These positive milestones are tempered by material near-term costs and accounting impacts (Q4 net loss widening, G&A up ~321%), ongoing free cash outflows despite improvements, increased non-cash liabilities (royalty and warrant revaluations), and remaining permit/timeline risks. On balance the call presents substantial forward momentum and optionality tied to permit outcomes and partnerships, while also flagging short-term financial and execution risk.Company Guidance
NOAA permitting milestone and regulatory clarity
Submitted the first consolidated application under NOAA's revised DSHMRA process; application deemed "substantially compliant" and company expects grant of commercial recovery permit within 12 months, providing a clearer, streamlined regulatory path for commercial recovery.
Significant expansion of commercial area
Consolidated application expands expected commercial recovery area from 25,000 km2 to approximately 65,000 km2, materially increasing exploration upside and contiguous resource potential.
Allseas commercial agreement and Hidden Gem production system
Reached commercial agreement on key terms with Allseas to develop and operate the Hidden Gem offshore nodule collection system (nominal capacity 3 million wet tonnes per annum); Allseas progressing long-lead engineering (riser, launch & recovery systems, umbilical) and definitive agreement expected imminently.
Production system and commissioning plan
Company reiterates commissioning guidance for the production system (Hidden Gem) with a two-collector model to support ramp-up; target remains to bring the integrated system into commissioning in the multi-year timeframe discussed (company cited Q4 2027 target earlier in the call).
Onshore processing hub progress (Port of Brownsville)
Secured an exclusive right over a potential lease option at the Port of Brownsville, Texas; preliminary master plan and a pre-feasibility study underway for a 12 million tonne per annum nodule industrial park; company expects a site-specific BFS (referred to as a BFS) by end of October and added Mariana Minerals to the owners team to accelerate feasibility using AI-driven approaches.
Royalty vehicle (TMCR) NASDAQ listing and royalty terms
The Metals Royalty Co. (TMCR) to begin trading on NASDAQ in April under ticker TMCR; TMCR holds a 2% gross royalty on the NORI area, TMC retains right to repurchase up to 75% of that royalty (potentially reducing to ~0.5%) and TMC retains a 25% equity stake — creates a strategic capital/options vehicle.
Robust technical and environmental program
EIA complete and EIS nearing completion, informed by the largest environmental dataset in history (over 1 petabyte) and 15 years of scientific research; company is publishing EIA findings and video series to demonstrate environmental readiness and responsibility.
Liquidity position and cash runway near-term
Year-end 2025 cash balance $117.6M and expected ~ $110M at March 31, 2026; liquidity (cash + unsecured borrowing capacity) $162M YE2025 and expected ~ $154M at March 31, 2026. Management states no imminent need to raise funds in public markets and plans S-3/ATM refresh as a precaution.
Large project economics and valuation upside
Published PFS and initial assessment show combined NPV of $23.6B (PFS $5.5B + initial assessment $18.1B), undiscounted revenue over life ~ $369B and EBITDA in excess of $200B with first-quartile cost positioning — management highlights a significant valuation gap (trading at ~8% of underlying NPV) implying potential re-rating on permitting progress.
Strategic / defense engagement
Company joined the Defense Industrial Base Consortium (DIBC) and notes alignment with U.S. & allied critical minerals initiatives (U.S.-Japan critical minerals action plan), positioning TMC as the only seabed developer with SEC-compliant mineral reserves.
TMC Earnings History
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 |
|---|---|---|---|
Mar 27, 2026 | $4.61 | $4.27 | -7.38% |
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% |
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.
FAQ
When does TMC the metals company Inc. (TMC) report earnings?
TMC the metals company Inc. (TMC) is schdueled to report earning on May 13, 2026, After Close (Confirmed).
What is TMC the metals company Inc. (TMC) earnings time?
TMC the metals company Inc. (TMC) earnings time is at May 13, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What is TMC EPS forecast?
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