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Net Loss: $20.6 million or $0.06 per share in Q1 2025, compared to $25.2 million or $0.08 per share in Q1 2024.
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Exploration and Evaluation Expenses: $9.5 million in Q1 2025, down from $18.1 million in Q1 2024.
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G&A Expenses: $8.5 million in Q1 2025, up from $6.6 million in Q1 2024.
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Net Cash Used in Operating Activities: $9.3 million in Q1 2025, compared to $11.8 million in Q1 2024.
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Free Cash Flow: Negative $9.4 million in Q1 2025, compared to negative $12.1 million in Q1 2024.
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Liquidity: $44 million as of March 31, 2025, or $81 million pro forma following a $37 million registered direct offering.
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Credit Facility: Increased by $6 million to $44 million in March 2025.
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ATM Facility: Raised $5.7 million in Q1 2025, issuing approximately 3 million shares at an average price of $1.93.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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TMC The Metals Co Inc (NASDAQ:TMC) successfully filed applications for exploration licenses and a commercial recovery permit with NOAA, marking a significant regulatory milestone.
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The company secured a $37 million registered direct offering, strengthening its cash position and ensuring sufficient funds to navigate the permitting process.
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TMC The Metals Co Inc (NASDAQ:TMC) announced the completion of a pre-feasibility study (PFS) for its commercial recovery area, expected next quarter, which will provide clarity on resource valuation.
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The company has engaged in productive dialogues with US government agencies, highlighting strong support for its strategic importance to America's energy security.
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TMC The Metals Co Inc (NASDAQ:TMC) has established strong partnerships, including with Allseas and PAMCO, to leverage existing assets and minimize upfront capital expenditures.
Negative Points
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TMC The Metals Co Inc (NASDAQ:TMC) reported a net loss of $20.6 million for Q1 2025, although this was an improvement from the previous year's loss.
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Exploration and evaluation expenses decreased, but general and administrative expenses increased due to higher share-based compensation.
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The company faces challenges from activist speculation and regulatory delays at the International Seabed Authority (ISA), which could impact its operations.
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There is uncertainty regarding the potential overlap between US and ISA regulations, which could complicate future operations.
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TMC The Metals Co Inc (NASDAQ:TMC) must navigate complex legal and regulatory frameworks to secure necessary permits and licenses for commercial production.