TMC the metals company Inc. (TMC)

In Q3 2025, TMC reported a significant net loss after tax of $184.5 million, with a basic and diluted loss per share of $0.46. Cash increased to $115.6 million due to new equity financings. TMC USA received notice of full compliance from NOAA for its exploration license applications. Several analysts provided ratings and price targets, with Wedbush and H.C. Wainwright issuing positive ratings. The announcement of "Project Vault" was highlighted as a potential benefit for TMC. The stock has shown significant movement, with a 52-week range between $1.57 and $11.35.

The demand for TMC's products is primarily driven by the electric vehicle (EV) and renewable energy storage markets, as well as the steel production industry, which are not typically subject to strong seasonal fluctuations. Demand is influenced by broader economic trends, technological advancements, global manufacturing output, and government policies. TMC forecasts obtaining 45% of revenues from nickel and 28% from manganese, with production planned to start in late 2027, or potentially 2028.

TMC the metals company Inc. is focused on the collection, processing, and refining of polymetallic nodules from the seafloor, containing critical metals like nickel, cobalt, copper, and manganese. These metals are intended for use in electric vehicle (EV) batteries, energy storage, EV wiring, energy transmission, and steel production. The company operates within the Non-Energy Minerals sector and was founded in 2011, with its headquarters in Vancouver, Canada.

TMC's primary operational focus is the Clarion Clipperton Zone (CCZ) of the Pacific Ocean, approximately 1,300 nautical miles southwest of San Diego, California. TMC holds exploration and commercial rights in two polymetallic nodule contract areas within the CCZ through agreements with Nauru, Tonga, and Kiribati, covering approximately 224,533 square kilometers. The company's corporate headquarters are in Vancouver, British Columbia, Canada.

TMC's brand reputation has been negatively impacted by its deep-sea mining activities and opposition from environmental groups. Greenpeace International has heavily criticized TMC, accusing it of greenwashing and posing a threat to the ocean. TMC has faced criticism for its lobbying tactics at the International Seabed Authority (ISA). Pacific campaigners have criticized TMC for deepening neo-colonial extractivism. TMC is considered a pre-revenue, high-risk venture reliant on external capital.

TMC the metals co., Inc. has a diverse ownership structure. Institutional shareholders hold approximately 11.36% of the company's stock, insiders hold about 37.21%, and retail investors account for roughly 51.43%. Major institutional and key individual owners are listed.