TMC Narrows Third-Quarter Loss to 6 Cents a Share

The Tip Desk · November 13, 2026 · 4 min read

The nodule developer posted a $28.4 million net loss, or 6 cents a share, as NOAA moved its USA-A certification decision to mid-December.

TMC the metals company Inc. (TMC), a developer of seafloor polymetallic nodules, reported a net loss of $28.4 million, or 6 cents a share, for the quarter ended September 30, 2026, compared with a $60.1 million loss, or $0.14 a share, in the prior quarter.

The company said the third quarter included higher costs to recognize the full charge of ongoing development, operating and vessel costs, higher share-based compensation, an increase in feasibility and prefeasibility study costs, and an increase in legal and professional costs related to the project.

Exploration and evaluation expenses were $23.5 million, compared with $9.6 million a year earlier. General and administrative expenses were $9.5 million, down from $45.7 million a year earlier, due to $32.7 million lower share-based compensation and a decrease in legal fees. Operating loss was $33.0 million.

Cash used in operations was $19.4 million. Liquidity from cash on hand and credit facilities was about $123 million as of September 30, 2026, down from about $143 million at June 30. Cash on hand was $79.3 million. The company said it believes that cash position will be sufficient to meet working capital and capital expenditure commitments for at least the next twelve months.

The Allseas obligation was settled with equity in the quarter, with 7.31 million shares issued at $43.2 million.

In a November 3 letter, the National Oceanic and Atmospheric Administration said it now expects to notify TMC USA of its final determination as to certification of the TMC USA-A consolidated application by mid-December 2026, rather than the end of October. The letter referenced the need for adequate time to review more than 1,600 public comments received during a comment period that closed on October 19 and did not identify any issue or deficiency with the application. Certification would be a major permitting milestone and would reflect NOAA’s determination that TMC USA has the financial and technical capacity to carry out proposed nodule collection in the USA-A area and that its commercial recovery plan meets statutory requirements.

Based on NOAA guidance, the company continues to expect issuance of the permit in advance of targeted Q4 2027 offshore collection system commissioning.

TMC and Allseas are advancing a capital-light approach intended to enable the start of commercial operations upon potential permit grant and to reduce upfront investment and operating costs through a simplified offshore system designed to meet the first two years’ production targets. A planned second production vessel is expected to be key to the transition to full-scale operations, enabling Hidden Gem to undergo its full-capacity conversion in Year 3 while maintaining continuous production. The phased approach would enable TMC to scale production and investment progressively while preserving the original timeline to reach steady-state production of 12 million wet tonnes per annum.

Chairman and CEO Gerard Barron said recent developments give the company confidence that it could have the permit in hand by this time next year and that the focus is on being ready to mobilize for production directly after it is received. He said that with Allseas the company is working to significantly reduce the capital required to bring Hidden Gem into production, prioritizing speed to first production and a lower upfront investment, and that even at lower initial volumes the operation is expected to be EBITDA-positive in its first years.

The company is actively engaged in funding processes with specific U.S. agencies named in Executive Order 14285 regarding plans to build nodule processing and refining capacity in the United States. While those processes continue confidentially, the company does not currently intend to pursue other capital market transactions until one or more of them are completed.

On July 21, 2026, TMC USA entered a Master Services Agreement with Mariana Minerals for a phased program to advance a proposed polymetallic nodule processing and refining industry park at the Port of Brownsville, Texas. On July 22, 2026, TMC and Eco Minerals entered a Mutual Master Services Agreement under which Eco Minerals will serve, subject to vessel availability, as TMC’s exclusive provider of vessel charter and marine survey services. On September 29, 2026, Liam Mallon, former President of ExxonMobil Upstream Company, joined the board.