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Jun 30, 2023
Tmc Q2 2023 Earnings Report
Reported a net loss for the second quarter of 2023 and provided a corporate update.
Key Takeaways
TMC reported a net loss of $14.1 million, or $0.05 per share, for the quarter ended June 30, 2023. The company held $20.0 million in cash and no debt as of June 30, 2023. They believe that their cash on hand and expected proceeds will be sufficient to meet the commitments for at least the next twelve months.
TMC held cash of $20.0 million and had no debt as of June 30, 2023.
The company reported a net loss of $14.1 million, or $0.05 per share, for Q2 2023.
Exploration evaluation expenses for Q2 2023 were $8.1 million.
General and administrative expenses for Q2 2023 were $5.1 million.
Tmc
Tmc
Forward Guidance
TMC believes that their cash on hand, the expected net proceeds from the registered direct offering and borrowing availability under their recently amended and extended credit facility with an affiliate of Allseas will be sufficient to meet their working capital and capital expenditure commitments for at least the next twelve months from today.