---
title: "TMC the Metals - CW25 | 8-K: FY2026 Q1 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286463935.md"
datetime: "2026-05-14T20:30:47.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286463935.md)
  - [en](https://longbridge.com/en/news/286463935.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286463935.md)
---

# TMC the Metals - CW25 | 8-K: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.05.

EBIT: As of FY2026 Q1, the actual value is USD -34.45 M.

### Financial Highlights (Q1 2026)

#### Current Liquidity

As of March 31, 2026, TMC the metals company Inc. had approximately $164 million in current liquidity, combining cash on hand and credit facilities. Cash on hand was $119.7 million at March 31, 2026.

#### Net Loss

The net loss for the quarter ended March 31, 2026, was $20.6 million, which is comparable to the net loss of $20.6 million for the same period in 2025.

### Operational Metrics (Three months ended March 31, 2026 vs. 2025)

#### Exploration and Evaluation Expenses

Exploration and evaluation expenses were $13.3 million in Q1 2026, an increase from $9.5 million in Q1 2025.

#### General and Administrative Expenses

These expenses increased to $20.7 million in Q1 2026 from $8.5 million in Q1 2025, primarily due to higher amortization of share-based compensation and personnel costs, partially offset by lower legal costs.

#### Operating Loss

The operating loss for Q1 2026 was $33.982 million, compared to an operating loss of $18.015 million for Q1 2025.

### Cash Flow

#### Net Cash Used in Operating Activities

For the quarter ended March 31, 2026, net cash used in operating activities was - $0.615 million, a significant reduction from - $9.347 million in the prior year period.

#### Net Cash Used in Investing Activities

Net cash used in investing activities was - $0.035 million for Q1 2026, compared to - $0.070 million for Q1 2025.

#### Net Cash Provided by Financing Activities

Net cash provided by financing activities amounted to $2.719 million for Q1 2026, down from $8.293 million for Q1 2025.

### Unique Metrics

#### Commercial Nodule Collection System Capacity

The commercial system, operated by Allseas, is expected to have a nameplate production capacity of 3.0 million wet tonnes per annum.

#### TMC USA A Resource Estimate

The consolidated application for TMC USA A covers an area with an estimated resource of 619 million tonnes (Mt) of wet nodules and a potential exploration upside of an additional 200 Mt.

#### Royalty Agreement

The Metals Royalty Co. (TMCR) holds a 2.0% Gross Overriding Royalty (GORR) on the NORI area. TMC the metals company Inc. has an equity stake representing approximately 25% of TMCR’s outstanding equity and retains the right to repurchase up to 75% of the NORI Royalty, which would reduce TMCR’s remaining royalty to 0.5%.

### Outlook / Guidance

TMC the metals company Inc. expects system commissioning for its commercial nodule collection to begin in Q4 2027, subject to regulatory approvals. The NOAA regulatory process for the consolidated exploration license and commercial recovery permit application for TMC USA A is anticipated to conclude before the end of Q1 2027. The company believes its total liquidity will be sufficient to meet working capital and capital expenditure commitments for at least the next twelve months.

### Related Stocks

- [TMCWW.US](https://longbridge.com/en/quote/TMCWW.US.md)

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