TMC Q2 Loss Widens, Shares Decline After Hours

TMC the metals company Inc. reported a widened Q2 loss, with shares down after hours. The deep-sea minerals exploration company is focused on collecting and processing polymetallic nodules in the Pacific Ocean, which contain high grades of nickel, copper, cobalt, and manganese. These metals are used as feedstock for battery cathode precursors and other applications.

The Metals Company (TMC), a deep-sea minerals exploration company, reported a widened quarterly loss, with shares declining by 2.22% after hours. The company, focused on collecting and processing polymetallic nodules in the Pacific Ocean, reported a GAAP EPS of -$0.20 for the quarter ended June 30, 2025 [1].

TMC's Q2 operating loss reached $22 million, and the net loss was $74.3 million, with a net loss per share of $0.20. The company ended the quarter with approximately $115.8 million in cash, with $10.6 million used in operations [1].

Despite the financial setback, TMC has made significant strides in its regulatory compliance and project development. The National Oceanic and Atmospheric Administration (NOAA) confirmed full compliance of TMC USA's exploration license applications, ensuring priority rights over two exploration areas [1].

In a notable development, TMC released two economic studies with a combined Net Present Value (NPV) of $23.6 billion. The studies highlighted the potential economic viability of the NORI-D Project and significant scalability across other NORI and TOML areas. The company also declared world-first nodule mineral reserves, marking a significant milestone in deep-sea mining [1].

However, the company's ambitious plans have not been without controversy. The U.S. administration's push for deep-sea mining regulations has raised concerns among scientists and environmentalists. Beth Orcutt, an oceanographer and vice president for research at the Bigelow Laboratory for Ocean Sciences, emphasized the need for more scientific data to ensure the effective protection of the marine environment [2].

TMC's equity investments, including a strategic equity investment by Korea Zinc and a Registered Direct Offering (RDO) led by Hess Capital and SAF Group, have bolstered the company's financial position. These investments totaled $85.2 million and $35 million, respectively, providing the company with much-needed capital to pursue its deep-sea mining projects [1].

References:
[1] https://seekingalpha.com/news/4485652-the-metals-company-gaap-eps-of-0_20
[2] https://www.hawaiipublicradio.org/2025-08-10/understanding-the-impact-of-deep-sea-mining