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- **Strategic Shift to U.S.**: Accelerated regulatory progress with NOAA, targeting a Commercial Recovery Permit by Q4 2027. 
- **$23B Resource Value**: PFS highlights $5.5B NPV, with $432M potential from warrant exercises. 
- **Japan Collaboration**: Commercial partnership with Japan for nodule trials, leveraging Hidden Gem vessel. 
- **Financial Strength**: $165M liquidity, despite Q3 net loss of $184.5M, with no immediate capital market needs. 
- **Production Readiness**: On track for Q4 2027 start, with technical upgrades and regulatory certainty. 


**【CEO Opening Remarks】**
- **U.S. Pivot and Regulatory Progress**: Emphasized the company's strategic shift to the U.S., with NOAA's streamlined regulatory process and the expectation of a Commercial Recovery Permit by Q4 2027. 
- **Resource Valuation**: Highlighted a total resource value of $23 billion, with a pre-feasibility study (PFS) showing a net present value (NPV) of $5.5 billion and an initial assessment of $18.1 billion. 
- **Liquidity and Warrant Potential**: Reported $165 million in liquidity, with over $432 million in potential proceeds from warrant exercises, including $48 million from Korea Zinc warrants and $48 million from SOAC business combination warrants. 
- **Japan Collaboration**: Announced the deployment of the Hidden Gem vessel to Japan for nodule collection trials, emphasizing commercial benefits and technical readiness. 
- **Production Timeline**: Targeted commercial production in Q4 2027, with regulatory certainty enabling early preparation of long-lead items. 

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Reported a net loss of $184.5 million, driven by share-based compensation and regulatory expenses. 
- **Exploration and Evaluation (E&E) Expenses**: Decreased by $2.2 million year-over-year, reflecting cost optimization. 
- **Royalty Liability and Warrants**: Noted a $145 million increase in royalty liability due to the PFS filing, alongside $5 million in Tonga warrant costs. 
- **Free Cash Flow**: Negative $11.5 million, attributed to higher operational payments, but highlighted sufficient liquidity for 12+ months. 
- **Accounts Payable**: $46.8 million, including $32.9 million owed to Allseas, with potential equity settlement. 

**【Q&A Highlights】**
- **Warrant Proceeds Clarification**: Craig confirmed $432 million in potential proceeds, excluding already exercised warrants, with the majority tied to $11.50 strike price warrants expiring in 2026. 
- **Japan Collaboration Details**: Gerard clarified the partnership is commercial, with Allseas and TMC receiving direct payments, not pro bono. 
- **NOAA Regulatory Changes**: Explained the consolidation of exploration and commercial recovery permits to streamline the process, aligning with TMC's advanced regulatory filings. 
- **U.S. Refining Capacity**: Discussed flexibility in product formats, including the first production of manganese sulfate, and potential for U.S.-based refining in the 2030s. 


TMC the metals company Inc. (TMC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

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Diluted EPS from Discontinued Operations

TMC

TMC fundamentals

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