TMC the metals company drops as Q2 earnings miss expectations

Investing.com -- TMC the metals company Inc. (NASDAQ:TMC), a developer of deep-sea critical metals resources, saw its shares tumble 5.9% after reporting second quarter earnings that significantly missed analyst expectations.

The company reported a second quarter loss of $0.20 per share, considerably worse than the analyst estimate of a $0.05 loss. TMC posted an operating loss of $22 million and a net loss of $74.3 million for the quarter ended June 30, 2025, compared to an operating loss of $20.3 million and a net loss of $20.2 million in the same period last year. The wider net loss includes a non-recurring charge of $33 million related to warrants issued to the Republic of Nauru.

"The publication of our PFS for the NORI-D Project marks a defining moment for TMC—showing the potential of a clear, capital-efficient path to first production," said TMC Chairman and CEO Gerard Barron. "Alongside our Initial Assessment of the broader NORI and TOML resource areas, these studies underscore the scale and durability of our portfolio, with a combined NPV of $23.6 billion."

Despite the earnings miss, TMC reported a strong cash position of $115.8 million as of June 30, 2025, bolstered by an $85.2 million strategic investment from Korea Zinc. The company also received notice of full compliance from the National Oceanic and Atmospheric Administration (NOAA) on its exploration applications, reconfirming TMC USA’s priority rights over both exploration areas.

TMC recently published two economic studies showing a combined Net Present Value of $23.6 billion for its projects, including the world’s first Pre-Feasibility Study for a polymetallic nodule project in the NORI-D area with an NPV of $5.5 billion. The company is targeting first production from NORI-D in Q4 2027.

Exploration and evaluation expenses decreased to $10.5 million from $12.4 million in the year-ago quarter, while general and administrative expenses increased to $11.5 million from $7.9 million.

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