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Jun 30
Tmc Q2 2025 Earnings Report
TMC reported a wider net loss in Q2 2025 driven by non-recurring warrant-related charges.
Key Takeaways
The Metals Company reported a net loss of $74.3 million with no revenue in Q2 2025. The loss was primarily attributed to non-cash expenses including warrant issuance and fair value adjustments. However, the company secured over $120 million in new equity financing and achieved key regulatory and strategic milestones for its NORI-D seabed mining project.
Reported net loss of $74.3M and EPS of $(0.20)
No revenue generated during the quarter
Secured $120M+ in equity from Korea Zinc and other investors
Received NOAA full compliance notice for U.S. exploration license
Tmc
Tmc
Forward Guidance
TMC expects to commence commercial production from NORI-D in Q4 2027, following progress in U.S. regulatory approvals and capital infusion.
Positive Outlook
- NORI-D project declared first-ever polymetallic nodule mineral reserves
- Combined NPV of $23.6B across NORI and TOML regions
- NOAA confirmed full compliance on U.S. exploration licenses
- Strategic $85.2M investment from Korea Zinc completed
- Updated sponsorship agreements signed with Nauru and Tonga
Challenges Ahead
- No revenue recognized in Q2 2025
- Net loss increased significantly YoY due to warrant charges
- Ongoing high operating and G&A expenses
- Regulatory timelines remain uncertain for full commercial permits
- International Seabed Authority (ISA) failed to finalize Mining Code