--- title: "TMC the Metals | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286472261.md" datetime: "2026-05-14T21:33:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286472261.md) - [en](https://longbridge.com/en/news/286472261.md) - [zh-HK](https://longbridge.com/zh-HK/news/286472261.md) --- # TMC the Metals | 10-Q: 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, meeting the estimate of USD -0.05. EBIT: As of FY2026 Q1, the actual value is USD -34.45 M. TMC the metals company Inc. operates as a single segment focused on the exploration of seafloor polymetallic nodules and the development of processing technology for these nodules. #### Net Loss - Net loss for the three months ended March 31, 2026, was $20.6 million, consistent with the net loss of $20.6 million for the same period in 2025. - The accumulated deficit from inception through March 31, 2026, was approximately $971.9 million. #### Operating Expenses - **Exploration and Evaluation Expenses**: These expenses were $13.3 million for the three months ended March 31, 2026, an increase from $9.5 million for the same period in 2025. This increase was primarily due to a $3.6 million higher share-based compensation expense and a $1.8 million increase in prefeasibility study costs, partially offset by a $1.6 million decrease in mining, technological, and process development and a $1.0 million decrease in environmental costs. - **General and Administrative Expenses**: These expenses totaled $20.7 million for the three months ended March 31, 2026, up from $8.5 million for the same period in 2025. The $12.2 million increase was mainly driven by an $11.1 million rise in share-based compensation and increased payroll costs, partially offset by a decrease in legal costs. #### Other Financial Items - Equity-accounted investment loss was $2,998 for the three months ended March 31, 2026, compared to $35 for the same period in 2025. - A gain on dilution of investment of $4,602 was recorded for the three months ended March 31, 2026, compared to $0 for the same period in 2025. - Change in fair value of warrants liability resulted in a gain of $10,662 for the three months ended March 31, 2026, compared to a loss of $441 for the same period in 2025. - A foreign exchange gain of $690 was reported for the three months ended March 31, 2026, compared to a loss of $1,095 for the same period in 2025. - Interest income was $1,136 for the three months ended March 31, 2026, significantly higher than $19 for the same period in 2025, reflecting higher cash balances. - Fees and interest on borrowings and credit facilities amounted to $665 for the three months ended March 31, 2026, down from $1,021 for the same period in 2025. Underutilization fees remained at $0.7 million for both periods, while interest expense was $0 in Q1 2026 compared to $0.1 million in Q1 2025. - Tax expense was $44 for the three months ended March 31, 2026, compared to $0 for the same period in 2025. #### Cash Flow - Cash on hand was $119.7 million as of March 31, 2026, which included $9 million of tax withholdings remitted in early April 2026. - Net cash used in operating activities was $615 for the three months ended March 31, 2026, a decrease from $9,347 for the same period in 2025. - Net cash used in investing activities was $35 for the three months ended March 31, 2026, compared to $70 for the same period in 2025. - Net cash provided by financing activities was $2,719 for the three months ended March 31, 2026, compared to $8,293 for the same period in 2025. - An increase in cash of $2,069 was reported for the three months ended March 31, 2026, compared to a decrease of $1,124 for the same period in 2025. #### Unique Metrics - **Mineral Resources**: The TMC USA-A and TMC USA-B exploration license areas are estimated to hold approximately 1.639 billion wet tonnes of measured, indicated, and inferred mineral resources, containing an estimated 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese. - **Consolidated Application Area**: The consolidated application area (TMC USA) covers approximately 65,000 km² and has an estimated resource of 619 million tonnes of wet nodules. - **Allseas Production System**: The Production System is designed for a steady-state production capacity of 3.0 million tonnes per annum of wet nodules. - **Allseas Common Shares Issued**: TMC the metals company Inc. will issue 7,377,835 common shares to Allseas Group S.A. in settlement of $34.4 million for development work and initial costs. #### Future Outlook and Strategy TMC the metals company Inc. expects to incur significant expenses and operating losses as it advances its application for a commercial recovery permit and prepares for potential commercialization. The company believes it has sufficient funds for the next twelve months based on current cash and credit facility availability but will need additional financing for continued long-term operations. System commissioning for commercial production is expected to begin in the fourth quarter of 2027, pending required permits and regulatory approvals. ### Related Stocks - [TMC.US](https://longbridge.com/en/quote/TMC.US.md) ## Related News & Research - [US eyes deep-sea mining to counter China's mineral dominance](https://longbridge.com/en/news/286634148.md) - [TMC Forges a New EV Supply Chain at the Bottom of the Sea](https://longbridge.com/en/news/286092310.md) - [NOAA finds TMC USA application in full compliance, 65,000 km2 area, 619 Mt nodules](https://longbridge.com/en/news/284917764.md) - [Wedbush Sticks to Their Buy Rating for TMC the metals company Inc. 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