The call highlighted TMC's strategic steps towards financial and operational resilience, including new funding, cost-cutting measures, and potential new revenue streams from a services business. However, regulatory uncertainties and increased expenses pose challenges. The sentiment leans towards optimism but is tempered by ongoing hurdles.

Company Guidance

During TMC's Q3 2024 earnings call, significant guidance was provided on several key metrics and strategic decisions. The company announced plans to submit NORI's application for an exploitation contract on June 27, 2025, and highlighted a registered direct offering led by a major institutional shareholder to bolster financial resilience. TMC aims to cut operating expenses to under $5 million per quarter and deferred capital expenditures for the Hidden Gem vessel until regulatory clarity is achieved. The company's free cash flow for Q3 2024 was negative $5.8 million, compared to negative $4.6 million in the same quarter of 2023. Additionally, TMC is developing a new services business targeting seafloor resource development, leveraging over $0.5 billion in investments and capabilities, with discussions already underway with potential clients. The strategic focus extends beyond the NORI application, aiming to position TMC as a key player in the evolving landscape of seafloor mining.

Successful Funding and Financial Resilience

TMC announced a registered direct offering led by their largest nonaffiliated institutional shareholder, ensuring financial resiliency. They have over $60 million in credit facility capacity.

New Services Business Development

TMC is developing a new services business for seafloor resource development, engaging in discussions for service contracts to leverage their expertise in exploration, resource definition, and environmental impact assessments.

Completion of Pre-Feasibility Study

TMC completed a pre-feasibility study for a capital-light strategy, with further details to be shared in an upcoming Strategy Day.

Government Engagement and Potential Support

TMC is optimistic about a $9 million grant application from the Pentagon for refining capacity in the U.S. and sees potential increased government support following the U.S. election results.

Cost Reduction Strategy

TMC plans to cut operational spending to less than $5 million per quarter and delay capital expenditures until certain regulatory milestones are achieved.

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

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TMC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2021	2021 (Q3)	-0.02 / -0.18	-0.033	-445.45% (-0.15)	―	―
Mar 24, 2022	2021 (Q4)	-0.10 / -0.09	0	―	―	―
May 09, 2022	2022 (Q1)	-0.11 / -0.09	0.85	-110.59% (-0.94)	―	―
Aug 15, 2022	2022 (Q2)	-0.11 / -0.05	-0.12	58.33% (+0.07)	―	―
Nov 14, 2022	2022 (Q3)	-0.09 / -0.12	-0.18	33.33% (+0.06)
Mar 23, 2023	2022 (Q4)	-0.08 / -0.41	-0.09	-355.56% (-0.32)
May 11, 2023	2023 (Q1)	- / 0.00	-0.09	―
Aug 14, 2023	2023 (Q2)	-0.12 / -0.05	-0.05	0.00% (0.00)
Nov 09, 2023	2023 (Q3)	-0.11 / -0.04	-0.12	66.67% (+0.08)
Mar 25, 2024	2023 (Q4)	-0.16 / -0.11	-0.41	73.17% (+0.30)

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

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TMC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 14, 2024	$0.96	$1.00	+4.17%
Aug 14, 2024	$0.98	$1.10	+12.24%
May 13, 2024	$1.52	$1.46	-3.95%
Mar 25, 2024	$1.55	$1.34	-13.55%

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.

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