TMC the metals company Inc (TMC) financial statements: income statement, balance sheet and cash flow
TMC the metals company Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters.
Income statement
TMC the metals company Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Exploration and evaluation expenses
$40.3M
$50.6M
$49.8M
$144.6M
General and administrative expenses
$99.8M
$30.6M
$22.5M
$29.5M
Operating loss
$140.1M
$81.3M
$72.4M
$174.1M
Nauru and Tonga warrant costs
$38.1M
—
—
—
Change in fair value of royalty liability
$131.0M
—
—
—
Equity-accounted investment loss
($287.0K)
$226.0K
$571.0K
—
Gain on dilution of investment
($5.6M)
—
—
—
Change in fair value of warrant liability
$12.4M
($1.1M)
$986.0K
($2.1M)
Foreign exchange loss (gain)
$3.7M
($1.2M)
$310.0K
$24.0K
Interest income
($2.8M)
($176.0K)
($1.3M)
($1.1M)
Fees and interest on borrowings and credit facilities
$3.2M
$2.6M
$781.0K
—
Loss and comprehensive loss for the year, before tax
$319.7M
$81.9M
$73.7M
$170.9M
Tax Expense
$144.0K
$48.0K
$41.0K
$77.0K
Loss and comprehensive loss for the year
$319.8M
$81.9M
—
—
Loss per share - Basic (in dollars per share)
$0.83
$0.25
$0.26
$0.71
Loss per share - Diluted (in dollars per share)
$0.83
$0.25
$0.26
$0.71
Weighted average number of common shares outstanding - basic
384.5M
321.9M
288.6M
239.9M
Weighted average number of common shares outstanding - diluted
384.5M
321.9M
288.6M
239.9M
TMC the metals company Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Exploration and evaluation expenses
$56.1M
$13.3M
$9.6M
$10.5M
General and administrative expenses
$15.6M
$20.7M
$45.7M
$11.5M
Operating loss
$71.7M
$34.0M
$55.4M
$22.0M
Charge on Allseas settlement
$7.9M
—
—
—
Equity-accounted investment (income) loss
$1.5M
$3.0M
$492.0K
($89.0K)
Gain on dilution of investment
($18.5M)
($4.6M)
($3.0M)
—
Change in fair value of warrant liability
($2.2M)
($10.7M)
($3.9M)
$16.2M
Foreign exchange loss (gain)
($146.0K)
($690.0K)
$43.0K
$2.5M
Interest income
($1.0M)
($1.1M)
($1.3M)
($147.0K)
Fees and interest on borrowings and credit facilities
$714.0K
$665.0K
$681.0K
$833.0K
Loss and comprehensive loss for the period, before tax
$60.0M
$20.6M
$184.4M
—
Income tax expense
$116.0K
$44.0K
$123.0K
—
Net loss and comprehensive loss for the period, after tax
$60.1M
$20.6M
$184.5M
$74.3M
Net loss per share - Basic (in dollars per share)
$0.14
$0.05
$0.46
$0.20
Net loss per share - Diluted (in dollars per share)
$0.14
$0.05
$0.46
$0.20
Weighted average number of common shares outstanding - basic
433.2M
425.8M
405.5M
366.6M
Weighted average number of common shares outstanding - diluted
433.2M
425.8M
405.5M
366.6M
Balance sheet
TMC the metals company Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash
$117.6M
$3.5M
$6.8M
$46.8M
Receivables and prepayments
$3.0M
$1.9M
$2.0M
$2.8M
Total current assets
$120.7M
$5.3M
$8.8M
$49.6M
Exploration assets
$43.0M
$43.0M
$43.1M
$43.1M
Right of use asset
$1.9M
$3.8M
$5.7M
—
Equipment
$519.0K
$771.0K
$2.8M
$2.0M
Software
$2.1M
$1.9M
—
—
Investments
$13.4M
$8.2M
$8.4M
—
Total non-current assets
$60.9M
$57.7M
$60.1M
$45.2M
TOTAL ASSETS
$181.6M
$63.0M
$68.9M
$94.8M
Accounts payable and accrued liabilities
$46.0M
$42.8M
$31.3M
$41.6M
Warrants liability
$13.4M
$912.0K
$2.0M
$983.0K
Total current liabilities
$59.4M
$54.5M
$31.3M
$41.6M
Deferred tax liability
$10.7M
$10.7M
$10.7M
$10.7M
Royalty liability
$145.0M
$14.0M
$14.0M
—
Total non-current liabilities
$155.7M
$25.6M
—
—
TOTAL LIABILITIES
$215.1M
$80.1M
$58.0M
$53.3M
Common shares (unlimited shares, no par value - issued: 422,966,333 (December 31, 2024 - 340,708,460))
681.3M
477.2M
438.2M
332.9M
Additional paid - in capital
$237.7M
$138.3M
$122.8M
$185.0M
Accumulated other comprehensive loss
($1.2M)
($1.2M)
($1.2M)
($1.2M)
Deficit
($951.3M)
($631.4M)
($548.9M)
($475.1M)
TOTAL EQUITY
($33.4M)
($17.1M)
$10.9M
$41.5M
TOTAL LIABILITIES AND EQUITY
$181.6M
$63.0M
$68.9M
$94.8M
TMC the metals company Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash
$98.7M
$119.7M
$115.6M
$115.8M
Receivables and prepayments
$2.8M
$3.1M
$1.6M
$1.5M
Total current assets
$101.4M
$122.8M
$117.2M
$117.3M
Exploration assets
$43.0M
$43.0M
$43.0M
$43.0M
Equipment
$441.0K
$480.0K
$597.0K
$655.0K
Software development costs
$2.3M
$2.2M
$2.1M
$2.0M
Right-of-use asset
$953.0K
$1.4M
$2.4M
$2.9M
Investments
$32.8M
$15.1M
$10.4M
$7.9M
Total non-current assets
$79.5M
$62.1M
$58.4M
$56.4M
TOTAL ASSETS
$180.9M
$184.9M
$175.6M
$173.7M
Accounts payable and accrued liabilities
$52.1M
$53.9M
$46.8M
$47.1M
Warrant liability
$527.0K
$2.7M
—
—
Total current liabilities
$52.6M
$56.5M
$46.8M
$49.6M
Deferred tax liability
$10.7M
$10.7M
$10.7M
$10.7M
Royalty liability
$145.0M
$145.0M
$145.0M
$14.0M
Total non-current liabilities
$155.7M
$155.7M
$169.4M
$42.3M
TOTAL LIABILITIES
$208.3M
$212.2M
$216.2M
$91.8M
Common shares (unlimited shares, no par value - issued: 433,726,201 (December 31, 2025-422,966,333))
707.4M
705.3M
638.9M
606.2M
Additional paid in capital
$298.4M
$240.4M
$232.6M
$203.2M
Accumulated other comprehensive loss
($1.2M)
($1.2M)
($1.2M)
($1.2M)
Deficit
($1.0B)
($971.9M)
($910.9M)
($726.4M)
TOTAL EQUITY
($27.4M)
($27.3M)
($40.6M)
$81.9M
TOTAL LIABILITIES AND EQUITY
$180.9M
$184.9M
$175.6M
$173.7M
Cash flow statement
TMC the metals company Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Loss for the year
($319.8M)
($81.9M)
—
($171.0M)
Nauru and Tonga warrant costs
$38.1M
—
—
—
Amortization
$252.0K
$362.0K
$360.0K
$418.0K
Lease expense
$1.9M
$1.9M
$795.0K
—
Accrued interest on credit facilities
$100.0K
$416.0K
—
—
Share-based compensation and expenses settled with equity
$96.7M
$25.3M
$12.4M
$18.4M
Equity-accounted investment loss
($287.0K)
$226.0K
$571.0K
—
Gain on dilution of investment
($5.6M)
—
—
—
Change in fair value of royalty liability
$131.0M
—
—
—
Change in fair value of warrants liability
$12.4M
($1.1M)
$986.0K
($2.1M)
Unrealized foreign exchange
$3.5M
($1.2M)
($51.0K)
($53.0K)
Interest paid on amounts drawn from credit facilities and short-term debt
($823.0K)
—
—
—
Corporate income taxes paid during the year
($93.0K)
—
—
—
Receivables and prepayments
($1.2M)
$127.0K
$748.0K
$851.0K
Accounts payable and accrued liabilities
$1.2M
$12.3M
($1.6M)
$17.0M
Net cash used in operating activities
($42.9M)
($43.5M)
($59.6M)
($66.6M)
Proceeds from investee distribution
$692.0K
—
—
—
Acquisition of equipment and software
($245.0K)
($515.0K)
—
—
Net cash provided by (used in) investing activities
$447.0K
($515.0K)
($578.0K)
($1.2M)
Proceeds from Korea Zinc Private Placement
$85.1M
—
—
—
Proceeds from Registered Direct Offerings
$42.0M
$23.9M
$15.9M
—
Expenses paid for Registered Direct Offerings
($734.0K)
($357.0K)
($1.2M)
—
Proceeds from shares issued from At-the-Market Distribution Agreement
14.8M
4.9M
30.0K
30.4M
Proceeds from exercise
$24.1M
—
—
—
Proceeds from drawdown of Credit Facilities
$0
$4.3M
—
—
Repayment of drawn amount on Credit Facilities
($4.3M)
—
—
—
Repayment of Allseas Working Capital Loan
($7.5M)
—
—
—
Proceeds from Employee Stock Purchase Plan
$67.0K
$39.0K
$102.0K
$114.0K
Proceeds from exercise of stock options
$3.0M
$463.0K
$77.0K
$76.0K
Net cash provided by financing activities
$156.6M
$40.7M
$20.1M
$29.7M
Increase/(Decrease) in cash
$114.2M
($3.3M)
($40.1M)
($38.1M)
Impact of exchange rate changes on cash
($28.0K)
($65.0K)
$51.0K
$53.0K
Cash - beginning of year
$3.5M
$6.8M
$46.9M
$84.9M
Cash - end of year
$117.6M
$3.5M
$6.8M
$46.8M
TMC the metals company Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Loss for the period
($80.7M)
($20.6M)
($279.4M)
($94.9M)
Amortization
$78.0K
$39.0K
$173.0K
$116.0K
Accrued interest on credit facilities
$0
$0
$100.0K
$128.0K
Lease expense
$954.0K
$477.0K
$1.4M
$954.0K
Allseas obligation settled with equity
$35.3M
—
—
—
Charge on Allseas settlement
$7.9M
—
—
—
Share-based compensation and expenses settled with equity
$40.8M
$24.0M
$62.3M
$19.3M
Equity-accounted investment (income) loss
$4.5M
$3.0M
$438.0K
($54.0K)
Gain on dilution of investment
($23.1M)
($4.6M)
($3.0M)
—
Change in fair value of warrants liability
($12.8M)
($10.7M)
$12.8M
$16.7M
Unrealized foreign exchange movement
($890.0K)
($726.0K)
$3.5M
$4.7M
Receivables and prepayments
$296.0K
($48.0K)
$284.0K
$332.0K
Accounts payable and accrued liabilities
$7.0M
$8.5M
$1.8M
$401.0K
Net cash used in operating activities
($20.7M)
($615.0K)
($31.5M)
($20.0M)
Investment in Investee
($1.0M)
—
—
—
Acquisition of equipment and software
($68.0K)
($35.0K)
($140.0K)
($120.0K)
Proceeds from Investee
$152.0K
—
$346.0K
$346.0K
Net cash (used in) generated from investing activities