Quarterly ResultMay 14, 2026, 04:03 PM
TMC signs Allseas deal, NOAA approves permit; Q1 Net Loss $20.6M
AI Summary
TMC the metals Co Inc. announced a corporate update and first quarter 2026 financial results. The company signed a commercial agreement with Allseas for the first offshore nodule recovery operation, targeting 3.0 million wet tonnes per annum with commissioning in Q4 2027. Additionally, the National Oceanic and Atmospheric Administration (NOAA) determined TMC USA's consolidated exploration license and commercial recovery permit application is in full compliance, with the process expected to conclude before Q1 2027. For Q1 2026, TMC reported a net loss of $20.6 million ($0.05 per share) and maintained approximately $164 million in liquidity.
Key Highlights
- TMC signed a commercial agreement with Allseas for the first offshore nodule recovery operation.
- Commercial system capacity: 3.0 million wet tonnes per annum; commissioning targeted for Q4 2027.
- NOAA determined TMC USA's commercial recovery permit application is in full compliance.
- NOAA permit process for TMC USA A expected to conclude before end of Q1 2027.
- Q1 2026 net loss of $20.6 million, or $0.05 per share.
- Current liquidity (cash + credit facilities) of approximately $164 million as of March 31, 2026.
- Cash used in operations for Q1 2026 was $0.6 million.
- TMC USA's commercial recovery permit area increased from ~25,000 to ~65,000 km2.