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Mar 31, 2023
Tmc Q1 2023 Earnings Report
Estimated Revenue:$0
Estimated EPS:-$0.06
+45.5% YoY
Key Takeaways
TMC reported net income of approximately $0 for the quarter ended March 31, 2023, compared to a net loss of $21.1 million for the quarter ended March 31, 2022. The first quarter 2023 results include a gain of approximately $14 million on the sale of a 2% royalty on the NORI asset to Low Carbon Royalties. At March 31, 2023, TMC held cash of $28.4 million and held no debt.
Net income of approximately $0 for the quarter ended March 31, 2023.
Includes a gain of approximately $14 million on the sale of a 2% royalty on the NORI asset.
Cash of $28.4 million and held no debt as of March 31, 2023.
Progress on key aspects of the regulatory text at the March 2023 ISA session.
Forward Guidance
Cash on hand and borrowing availability under credit facility with an affiliate of Allseas will be sufficient to meet working capital and capital expenditure requirements for at least the next twelve months.
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