TMC the metals Co Inc. (TMC)

Price$4.42Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkMarket value prices in meaningful permitting success, but still discounts a difficult path to commercial cash flow.

At roughly $1.9 billion of equity value, TMC trades far above its cash balance despite having no operating revenue, so standard earnings ratios are not useful. Investors are paying mainly for future rights to collect and process seafloor nodules. Recent trading has also been volatile, showing how quickly permit expectations can reprice the story. That combination supports a fair-priced view: the valuation is mostly an option on successful permitting, financing, engineering execution and future metal prices.

Big pictureTMC is a pre-revenue deep-sea minerals developer whose value hinges on permits, commissioning and metal prices.

TMC the metals company Inc. trades on the Nasdaq Global Select Market under TMC and remains a development-stage business. It has generated no operating revenue, while its first commercial collection system with Allseas is targeted for commissioning in late 2027, subject to approvals. The resource opportunity is large, but cash flow remains several execution steps away. Nickel, copper, cobalt and manganese prices are cyclical, meaning they can swing with supply and industrial demand, so a permitted project could still be worth materially more or less across a commodity cycle.

Business strengthCash and undrawn credit provide near-term runway, while Allseas reduces some financing and engineering burden.

At June 30, TMC held $98.7 million in cash and reported about $143 million of total liquidity, meaning cash plus available borrowing. It had no financial debt outstanding, although its related-party credit facility charges fees even while unused. First-half operating cash use was $20.7 million, and second-quarter use included a $9 million equity-tax remittance. Management says available resources cover at least twelve months, but sizable accrued Allseas obligations and continuing development spending mean the balance sheet still needs careful capital allocation.

What could change the storyPermits, government funding and successful commissioning could unlock upside; delays, weaker metals or new equity could erode value.

Bull case: NOAA grants the key U.S. commercial permit, environmental reviews survive challenge, Allseas commissions near plan, and government-backed funding covers a meaningful share of U.S. processing investment. That would shorten the path to revenue and reduce shareholder dilution. Bear case: permitting or litigation slips, offshore or processing costs rise, or nickel and other metal prices weaken before production. TMC says it will need more financing over time and has a new shelf registration; issuing new shares would dilute holders, meaning each current share owns a smaller percentage of the company.

AI: News

Q2 spending jumpsDevelopment spending rose sharply, but TMC still reported more than a year of stated liquidity runway.

On August 13, TMC reported a $60.1 million second-quarter net loss and $20.1 million of operating cash use. Exploration and evaluation expense reached $56.1 million, largely because of $37.2 million in Allseas-related settlement and negotiated costs. Cash was $98.7 million, total liquidity about $143 million, and no financial debt was outstanding. Management said available resources should cover at least twelve months while it pursues U.S. government funding.

USA-B EIS beginsNOAA formally started environmental review of TMC USA-B, moving the exploration-license application beyond certification.

On August 17, NOAA published a Notice of Intent to prepare an Environmental Impact Statement for the USA-B exploration application. TMC says the area covers about 122,000 square kilometers and contains an estimated 1.02 billion tonnes of nodules. The process will include a draft environmental review and public comment before a final licensing decision. This is meaningful regulatory progress, but it is not an exploration license or commercial mining authorization.

USA-A application publishedNOAA published TMC USA-A's combined exploration and commercial recovery application, opening the next public-review stage.

On August 19, NOAA published TMC USA's consolidated USA-A application in the Federal Register. The application covers roughly 65,000 square kilometers, with an estimated 619 million tonnes of wet nodules plus potential exploration upside. TMC describes it as the first filing under NOAA's consolidated process. Certification, environmental review, public comment and a final permit decision still remain, so the event advances the schedule without removing the core regulatory risk.

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Revenue

2022

2023

2024

2025

Net income

2019

2020

2021

2022

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2025

Free cash flow

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Total cash / debt

CashTotal debt

2019

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Operating expenses	$140.1M	$81.3M	$72.4M	$174.1M	—	—	—
Operating income	−$140.1M	−$81.3M	−$72.4M	−$174.1M	−$149.6M	−$56.6M	—
EBITDA	−$316.2M	−$78.9M	−$72.6M	−$170.5M	—	—	—
Net income	−$319.8M	−$81.9M	−$73.8M	−$171.0M	−$141.3M	−$56.6M	−$9,039
Basic EPSper basic share	$0.83	$0.25	$0.26	$0.71	$0.69	$0.32	—
Diluted EPSper diluted share	$0.83	$0.25	$0.26	$0.71	$0.69	$0.32	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TMC
Holder	Shares held
ERAS Capital LLC / Karkar Andrei	61.41M
Barron Gerard	41.8M
FIRST MANHATTAN CO. LLC.	15.32M
Hess Michael Bernard	11.07M
ILVES Erika	5.24M
Greig Andrew Carlyle	5.11M
CITADEL ADVISORS LLC	3.28M
MILLENNIUM MANAGEMENT LLC	2.94M
Anson Funds Management LP	2.64M
Baird Financial Group, Inc.	2.43M
JANE STREET GROUP, LLC	2.43M
SUSQUEHANNA INTERNATIONAL GROUP, LLP	2.37M
O'Sullivan Anthony	2.03M
Shesky Craig	1.88M
Spiro Alex	1.75M
TUDOR INVESTMENT CORP ET AL	1.69M
MARSHALL WACE, LLP	1.57M
BlackRock, Inc.	1.48M
Yorkville Advisors Global, LP	1.3M
Old West Investment Management, LLC	1.2M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$21.8K disclosed value

Sells (SEC code S)19$17.08M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 2, 2026Form 4	May BrendanDirector	SellCommon Shares	20.8K	$6.42	$133.3K	193.3K
Mar 26, 2026Form 4	Shesky CraigChief Financial Officer	SellCommon Shares	215.5K	$4.53	$976.2K	1.43M
Mar 25, 2026Form 4	Shesky CraigChief Financial Officer	SellCommon Shares	78.2K	$4.58	$358.1K	1.64M
Mar 24, 2026Form 4	Shesky CraigChief Financial Officer	SellCommon Shares	51.9K	$4.74	$246.2K	1.72M
Dec 2, 2025Form 4	O'Sullivan AnthonyChief Development Officer	SellCommon Shares	50.0K	$6.77	$338.5K	2.03M