Loading...
•
Sep 30, 2024
Tmc Q3 2024 Earnings Report
Reported financial results for the third quarter ending September 30, 2024.
Key Takeaways
The Metals Company reported a net loss of $20.5 million, or $0.06 per share, for the quarter ended September 30, 2024, compared to a net loss of $12.5 million, or $0.04 per share, for the quarter ended September 30, 2023.
Registered Direct Offering of $17.5 million of Common Shares and Class B Warrants.
NORI has set the date of June 27, 2025 for its expected submission of its ISA exploitation application.
The Company expects quarterly cash use of less than $5 million as the Application is reviewed.
The Company is exploring a new strategy to develop a services business for seafloor resource development and optimize and diversify its resource portfolio.
Tmc
Tmc
Forward Guidance
Following the expected submission of the Application by NORI, the Company expects quarterly cash use of less than $5 million as the Application is reviewed. The Company has already begun the process of reducing or eliminating certain operating expenses to ensure the Company’s financial resiliency.