Key Highlights

  • Net loss was $60.1 million, or $0.14 per share, for Q2 2026.
  • Cash used in operations was $20.1 million, including a $9 million Equity award withholding.
  • USA-A exploration area spans approximately 65,000 km² with an estimated 619 million tonne resource.
  • Shares closed at $2.82, down $0.07, or 2%, at Tuesday's close.

TMC the metals company Inc. (NASDAQ:TMC)'s second quarter net loss narrowed from a year earlier as the company continued engineering, project management and vessel-use activities tied to its deep-sea mineral collection system. Chief Executive Gerard Barron said the company is advancing toward the certifications needed to begin operations.

TMC is a developer of critical metals from seafloor polymetallic nodules, focused on energy, defense, Manufacturing and infrastructure Supply chains. The company's USA-A area covers approximately 65,000 square kilometers with an estimated resource of 619 million tonnes.

The company said it is actively engaged in funding processes with multiple U.S. government entities, and that it does not currently intend to pursue other Capital raises while those processes continue confidentially.

Second quarter 2026 compared with the prior-year quarter

Net loss was $60.1 million, or $0.14 per share, against a loss of $0.20 per share a year earlier. Cash used in operations for the quarter was $20.1 million, which the company said included a $9 million Withholding related to equity awards in March.

The company said it continued engineering, project management and vessel-use activities during the quarter related to its planned offshore collection system.

Management outlook and stated risks

Management said that, based on NOAA guidance, the company continues to expect its permit in advance of its targeted fourth-quarter 2027 offshore collection system commissioning. The company said it expects to award contracts for several components of its offshore system through the second half of 2026, including navigation equipment and a storage and offloading system.

The company said it will not extend its September 2026 warrants or pursue capital raises until its government funding discussions progress further, and that it will provide more substantive detail on those discussions at the appropriate time.

The Bottom Line

Management said its agreement with Mariana involves concept development and technical design work to assess project feasibility, part of the company's broader efforts to build out a critical minerals supply chain beyond its single Mining operation. The company said its subsidiary, Nauru Ocean Resources Inc., and exploration company Eco Minerals intend to expand related activities.