The company has recorded zero commercial revenue over the last ten quarters, while operating expenses remain elevated, evidenced by a peak SG&A spend of $45.7 million in 2025Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 118K | 252K | 362K | 360K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -118K | -252K | -362K | -360K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 30.39% | -0.56% | - | - | - | - | - |
| Operating Expenses | 155.9M | 139.8M | 80.92M | 72.03M | 174.12M | -149.59M | -56.6M | 42.08M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 106.97M | 99.77M | 30.64M | 72.03M | 29.52M | 144.19M | 56.6M | 42.08M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 40.03M | 50.28M | 0 | 144.6M | -293.78M | -113.21M | 0 |
| Operating Income | -156.02M | -140.05M | -81.29M | -72.39M | -174.12M | 149.59M | 56.6M | -42.08M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -72.3% | -12.29% | 58.43% | -216.4% | 164.27% | 234.53% | - |
| EBITDA | -155.79M | -139.8M | -80.92M | -72.03M | -173.7M | 150.04M | 57.17M | -41.74M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -109.72% | -72.76% | -12.35% | 58.53% | -215.77% | 162.46% | 236.97% | - |
| D&A (Non-Cash Add-back) | 233K | 252K | 362K | 360K | 418K | 453K | 563K | 339.44K |
| EBIT | -330.9M | -140.05M | -79.29M | -73.74M | -170.89M | -144.19M | -56.6M | -42.08M |
| Net Interest Income | 1.05M | -422K | -2.43M | 1.3M | 1.11M | -1M | 53K | 300 |
| Interest Income | 3.91M | 2.79M | 176K | 1.3M | 1.11M | 1K | 53K | 300 |
| Interest Expense | 2.86M | 3.21M | 2.6M | 0 | 1.11K | 1M | 0 | 0 |
| Other Income/Expense | -163.65M | -179.65M | -608K | -1.35M | 3.23M | -290.89M | -113.23M | -997.34K |
| Pretax Income | -319.67M | -319.7M | -81.89M | -73.74M | -170.89M | -141.3M | -56.63M | -43.07M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 188K | 144K | 48K | 41K | 77K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.06% | -0.05% | -0.06% | -0.06% | -0.05% | 0% | 0% | 0% |
| Net Income | -319.86M | -319.84M | -81.94M | -73.78M | -170.96M | -141.3M | -56.63M | -43.07M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -313.59% | -290.32% | -11.06% | 56.84% | -20.99% | -149.51% | -31.48% | - |
| Net Income (Continuing) | -319.86M | -319.84M | -81.94M | -73.78M | -170.96M | -141.3M | -56.63M | -43.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.99 | -0.83 | -0.25 | -0.00 | -0.71 | -0.69 | -0.32 | -0.00 |
| EPS Growth % | -287.74% | -232% | - | 99.96% | -2.9% | -115.63% | - | - |
| EPS (Basic) | - | -0.83 | -0.25 | -0.00 | -0.71 | -0.69 | -0.32 | -0.00 |
| Diluted Shares Outstanding | 321.88M | 384.51M | 321.88M | 288.64M | 239.87M | 204.93M | 178.57M | 131.31M |
| Basic Shares Outstanding | 321.88M | 384.51M | 321.88M | 288.64M | 239.87M | 204.93M | 178.57M | 131.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Regulatory and liquidity dependency
As indicated by the company's financial filings, TMC remains entirely pre-revenue, with no commercial sales recorded over the last ten quarters, underscoring the speculative nature of its business model while it awaits the finalization of the International Seabed Authority's regulatory framework for deep-sea mineral extraction.
The absence of revenue confirms that the company is currently in a pure exploration and development phase. Investors should monitor the transition from regulatory compliance to commercial production, as the current trajectory is defined by external policy milestones rather than market-driven sales growth.
According to reported financial statements, SG&A expenses have fluctuated significantly, peaking at $45.7 million in 2025Q3, which highlights the substantial capital requirements necessary to maintain offshore operations and navigate the complex regulatory environment surrounding the Clarion Clipperton Zone exploration activities.
The volatility in SG&A suggests that management is aggressively managing costs in response to project-specific needs, yet the lack of revenue makes these expenses purely dilutive. This cost structure warrants further investigation into whether these expenditures are effectively accelerating the path to a mining permit or merely sustaining corporate overhead.
Based on the provided income statement data, stock-based compensation has been a recurring feature of the company's expense profile, reaching as high as $43.0 million in 2025Q3, which significantly exacerbates the reported net losses and dilutes the value for existing shareholders over time.
The reliance on equity-based incentives in a pre-revenue environment suggests that management is attempting to preserve cash, though this comes at the expense of shareholder equity. Analysts should adjust for these non-cash charges to better understand the underlying cash burn rate required to sustain the business.
As evidenced by the consistent net losses and lack of revenue, the company faces a binary outcome where the failure to secure timely ISA exploitation regulations could render the current capital-intensive business model unsustainable, potentially leading to further dilutive financing rounds or total asset impairment.
Short-sellers would likely focus on the company's inability to generate cash flow while burning through liquidity to fund administrative and exploration costs. The reliance on external capital markets to bridge the gap until commercialization remains the most significant risk to the company's long-term viability.
Quick answers to the most common questions about buying TMC stock.
For fiscal year 2025, TMC the metals company Inc. (TMC) reported total revenue of $0.0M.
TMC the metals company Inc. (TMC) reported a net loss of $319.8M for the fiscal year ending 2025.