NASDAQ$TMC
Tmc The Metals Co Inc · Q4 2026 earnings
Q4 2026 earnings · · After market close · Investor relations
Briefing
TMC The Metals Co Inc reported a net loss of $20.6 million for the first quarter of 2026.
The company continued its pre-revenue exploration activities focused on polymetallic nodules in the Clarion Clipperton Zone. Operating expenses increased year-over-year primarily due to higher share-based compensation and prefeasibility study costs. Cash position remained strong at $119.7 million with ongoing regulatory progress under the U.S. DSHMRA pathway.
- Net loss of $20.6 million for Q1 2026, flat compared to prior year despite higher operating expenses.
- Exploration and evaluation expenses rose 39% to $13.3 million driven by share-based compensation and studies.
- General and administrative expenses increased to $20.7 million mainly from equity awards amortization.
- Cash and cash equivalents grew to $119.7 million supported by financing activities and interest income.
Headline financials
Revenue & EPS history
Tmc · Revenue · Quarterly
$0
Forward guidance
Company advancing NOAA consolidated application for exploration license and commercial recovery permit with full compliance achieved in April 2026; targeting commercial production system development with Allseas.
Tailwinds
- NOAA confirmed full compliance of consolidated application advancing to certification stage.
- New offshore development agreement signed with Allseas for 3.0 Mtpa production system.
- Strong cash position and strategic partnerships support continued development.
Headwinds
- Final permit issuance remains subject to certification, EIS and public comment processes.
- Ongoing net losses and pre-revenue status require continued financing.
- Regulatory timelines and outcomes remain uncertain.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2026
+0.3%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+1.0%
Avg return
30 days after
45%
9 / 20 earnings
Positive
+31.8%
Q2 2023
Best reaction
-24.5%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -7.6% | -10.5% | — | |
| Q3 2025 | -1.6% | +3.5% | +28.4% | |
| Q2 2025 | -9.4% | -13.7% | +2.0% | |
| Q1 2025 | +10.0% | +49.5% | +45.2% | |
| Q4 2024 | +16.9% | +6.0% | +79.5% | |
| Q3 2024 | +4.0% | -4.4% | -16.3% | |
| Q2 2024 | +17.0% | +11.7% | +0.0% | |
| Q1 2024 | +0.0% | -5.5% | -3.4% | |
| Q4 2023 | -17.2% | -12.3% | -1.8% | |
| Q3 2023 | -5.7% | +5.7% | +5.7% | |
| Q2 2023 | +31.8% | +9.1% | +9.1% | |
| Q1 2023 | -5.0% | -5.3% | +17.7% | |
| Q4 2022 | -5.4% | -16.9% | +5.6% | |
| Q3 2022 | -6.9% | -8.8% | -20.7% | |
| Q2 2022 | +7.0% | -11.5% | +0.0% | |
| Q1 2022 | -13.6% | -4.8% | -4.8% | |
| Q4 2021 | -24.5% | -12.3% | -6.4% | |
| Q1 2021 | +6.6% | +17.8% | -42.9% | |
| Q4 2020 | +6.6% | +17.8% | -42.9% | |
| Q3 2021 | +1.8% | +8.6% | -34.2% |
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