Tmc The Metals Co Inc · Q4 2023 earnings

Briefing

Reported a net loss and reduced exploration expenses due to completion of collector test and amortization of LTIP options.

TMC reported a net loss of $33.5 million for Q4 2023, an improvement compared to the $109.6 million loss in Q4 2022. The decrease in net loss was primarily due to a reduction in exploration and evaluation expenses. The company held $6.8 million in cash at the end of the quarter and believes its cash on hand and borrowing availability will be sufficient for the next twelve months.

• Net loss for Q4 2023 was $33.5 million, or $0.11 per share, compared to a net loss of $109.6 million, or $0.41 per share, for Q4 2022.
• Exploration and evaluation expenses decreased to $26.7 million in Q4 2023 from $81.8 million in Q4 2022, due to the completion of the collector test in 2022 and amortization of LTIP options.
• General and administrative expenses were $6.6 million for Q4 2023, compared to $7.0 million for Q4 2022.
• Cash on hand at December 31, 2023, was approximately $6.8 million with no financial debt.

Headline financials

Revenue & EPS history

Company believes that its cash on hand, and borrowing availability under its recently amended and extended credit facility with an affiliate of Allseas, and its recently announced credit facility with ERAS Capital LLC and Mr. Barron, will be sufficient to meet its working capital and capital expenditure commitments for at least the next twelve months from today.