TMC the metals company Inc.
- Open
- 4.75
- Day high
- 4.79
- Day low
- 4.61
- Prev close
- 4.81
- Volume
- 6.8M
- Mkt cap
- $2.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -76.7
- P/S
- —
- Yield
- —
- Per share
- —
- ▲Insiders net buying $34.0M over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
TMC the metals company Inc. (TMC) is a Basic Materials company listed on NASDAQ. The stock is down 13% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering TMC.
TMC the metals company Inc. (TMC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TMC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.06 | $-0.14 | -121.1% | — | — |
| May 14, 2026 | $-0.06 | $-0.05 | +16.7% | — | — |
| Mar 27, 2026 | $-0.06 | $-0.08 | -33.3% | — | — |
| Nov 13, 2025 | $-0.06 | $-0.14 | -154.5% | — | — |
| Aug 14, 2025 | $-0.06 | $-0.07 | -16.7% | — | — |
| Mar 27, 2025 | $-0.06 | $-0.05 | +16.7% | $20M | — |
| Nov 14, 2024 | $-0.06 | $-0.06 | +0.0% | — | — |
| Aug 14, 2024 | $-0.05 | $-0.06 | -20.0% | — | — |
| Nov 9, 2023 | $-0.15 | $-0.04 | +73.3% | — | — |
| Aug 14, 2023 | $-0.12 | $-0.05 | +58.3% | — | — |
| May 11, 2023 | $-0.06 | $-0.05 | +16.7% | — | — |
| Mar 23, 2023 | $-0.08 | $-0.41 | -412.5% | — | — |
TMC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Allseas Group S.A.10 percent owner | Buy | 7,305,567 | $4.66 |
| Jun 2, 2026 | Hall Andrewdirector | Grant | 16,528 | — |
| Jun 2, 2026 | Greig Andrew Carlyledirector | Grant | 20,292 | — |
| Jun 2, 2026 | Greig Andrew Carlyledirector | Grant | 16,528 | — |
| Jun 2, 2026 | Madsbjerg Christiandirector | Grant | 19,075 | — |
| Jun 2, 2026 | May Brendandirector | Sell | 20,768 | $6.42 |
| Jun 2, 2026 | Hall Andrewdirector | Grant | 18,263 | — |
| Jun 2, 2026 | Khama Sheiladirector | Grant | 16,528 | — |
| Jun 2, 2026 | Khama Sheiladirector | Grant | 17,316 | — |
| Jun 2, 2026 | May Brendandirector | Grant | 16,528 | — |
| Jun 2, 2026 | Madsbjerg Christiandirector | Grant | 16,528 | — |
| Jun 2, 2026 | Karkar Andreidirector, 10 percent owner: | Grant | 17,857 | — |
| Jun 2, 2026 | Karkar Andreidirector, 10 percent owner: | Grant | 16,528 | — |
| Apr 15, 2026 | Barron Gerarddirector, officer: Chairman & CEO | Grant | 816,327 | — |
| Apr 15, 2026 | Shesky Craigofficer: Chief Financial Officer | Grant | 453,515 | — |
Source: TMC SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full TMC insider & 13F page →TMC the metals company Inc. company profile
Overview
TMC the metals company Inc. (NASDAQ:TMC) is a deep-sea minerals exploration company founded in 2019 and based in Vancouver, Canada. The company was formerly known as Sustainable Opportunities Acquisition Corporation before changing its name and going public in September 2021. TMC focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in the Clarion Clipperton Zone of the Pacific Ocean, approximately southwest of San Diego, California. The company holds exploration rights in three polymetallic nodule contract areas and has positioned itself as a potential pioneer in commercial deep-sea mining for critical battery metals including nickel, cobalt, copper, and manganese.
Business
TMC operates in the emerging deep-sea mining industry, specifically targeting polymetallic nodules - potato-sized rock formations that naturally occur on the ocean floor containing high concentrations of battery metals. These nodules form over millions of years through natural geological processes and contain four critical metals in a single ore body: nickel, cobalt, copper, and manganese. The company's primary focus area is the Clarion Clipperton Zone (CCZ), a vast abyssal plain in the Pacific Ocean between Hawaii and Mexico that contains one of the world's largest known concentrations of these nodules. The company's business model centers around three main operational phases. First, exploration and resource assessment, where TMC conducts environmental studies and maps nodule deposits across its three contract areas covering approximately 200,000 square kilometers. Second, collection operations, which involve using specialized seafloor collection vehicles to gather nodules from depths of 4,000-6,000 meters below sea level. Third, processing and refining, where collected nodules are processed into battery-grade metals for use in electric vehicle batteries, renewable energy storage systems, and steel production. TMC's products serve the rapidly growing electric vehicle and clean energy markets. The metals extracted from polymetallic nodules are essential components in lithium-ion batteries, with nickel and cobalt being particularly critical for battery cathodes. Copper is used in EV wiring and clean energy transmission infrastructure, while manganese is required for steel production and battery manufacturing. The company estimates its resources contain over 1.6 billion tons of nodules, representing a significant potential supply of these critical materials.
Revenue model
TMC's business model is built around resource extraction and metal sales, though the company has not yet generated commercial revenue as it remains in the pre-production phase. The company's future revenue streams will primarily come from selling processed battery metals - nickel, cobalt, copper, and manganese - to manufacturers of electric vehicle batteries, renewable energy storage systems, and steel producers. The company plans to operate through strategic partnerships rather than owning all production assets, working with companies like Allseas for nodule collection and PAMCO for processing. The company's paying customers will be metal refiners, battery manufacturers, and automotive companies seeking secure supplies of critical battery materials. TMC has indicated plans to pursue offtake agreements and prepay arrangements with strategic partners, potentially including government entities interested in securing domestic critical mineral supplies. Several factors could significantly impact TMC's future margins. Commodity price volatility represents the primary revenue driver, as nickel, cobalt, and copper prices fluctuate based on global supply-demand dynamics and EV adoption rates. Regulatory approval is crucial, as the company must obtain permits from either the International Seabed Authority or national regulators like NOAA to commence commercial operations. Environmental compliance costs could be substantial, given the extensive monitoring and mitigation requirements for deep-sea mining operations. Operational efficiency in nodule collection and processing will determine unit costs, while partnership terms with collection and processing providers will affect profit margins. The company's capital-light approach aims to minimize upfront investment but may result in higher ongoing operational costs through partnership arrangements.
Competitive moat
TMC's competitive position is built on several potentially strong but unproven advantages. The company's primary moat lies in its exclusive exploration rights to three large contract areas in the Clarion Clipperton Zone, covering nearly 200,000 square kilometers of seafloor. These rights, granted by sponsoring nations under international law, provide TMC with exclusive access to an estimated 1.6 billion tons of polymetallic nodules. The company has also accumulated extensive environmental and geological data over 14 years of research, creating a knowledge base that would be difficult and expensive for competitors to replicate. However, TMC's moat faces significant challenges. The company's regulatory dependency represents a major vulnerability, as commercial operations require approval from either the International Seabed Authority or national regulators, with no guarantee of success. Technological risks remain substantial, as large-scale deep-sea mining has never been commercially proven at the depths and scales TMC proposes. The company's capital-light strategy, while reducing upfront investment, creates dependency on partners like Allseas and PAMCO, potentially limiting control over critical operations. Competition could emerge from several sources. Land-based mining companies may develop new extraction technologies or discover additional terrestrial deposits of battery metals. Other deep-sea mining companies hold adjacent or competing exploration rights in the CCZ and other ocean areas. Battery technology evolution could reduce demand for the specific metals TMC targets, while recycling technologies may provide alternative sources of battery materials. The company's first-mover advantage in deep-sea mining could prove valuable if successful, but the unproven nature of the technology and regulatory uncertainty limit the strength of this moat.
Risks & safety
TMC presents significant financial risks with limited margin of safety for investors. • Cash burn and solvency risk: The company burned $9.3 million in Q1 2025 operations with only $2.3 million in cash, creating immediate liquidity concerns. Total current liabilities of $10.0 million far exceed current assets of $2.3 million, resulting in a current ratio of 0.24. The company relies heavily on credit facilities and frequent equity raises to fund operations. • Debt and capital structure: Total liabilities of $81.3 million exceed total assets of $64.5 million, creating negative book value. The company has increased its credit facility to $44 million and raised $37 million through registered direct offerings, but continues to operate with negative working capital. • Valuation metrics: With zero revenue and negative EBITDA of -$20.5 million, traditional valuation metrics are not applicable. The company trades on speculative future potential rather than current financial performance. • Other considerations: TMC faces substantial regulatory uncertainty, unproven technology at commercial scale, and dependence on volatile commodity prices. The company has never generated commercial revenue and faces an uncertain timeline to production, making it a high-risk speculative investment.
Recent development
TMC has undergone significant strategic evolution over recent years, marked by a major regulatory pivot and operational developments. The most significant change occurred in 2024 when the company shifted from relying solely on the International Seabed Authority (ISA) regulatory pathway to pursuing permits under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA) through NOAA. This strategic shift was driven by continued delays in ISA regulation finalization and the company's belief that the U.S. regulatory framework offers a more attractive and predictable path to commercial production. The company has made substantial progress in environmental research and technology development. Over 14 years, TMC has conducted 22 pre-production offshore research campaigns, accumulating nearly one petabyte of scientific data. Key findings suggest that environmental impact from nodule collection may be less severe than initially feared, with ecosystem recovery observed within 12 months of test mining activities. The company successfully demonstrated nodule collection capabilities, gathering over 4,500 tonnes of nodules during pilot operations and achieving sustained production rates. TMC has also developed a capital-light business model through strategic partnerships. Rather than owning collection and processing equipment, the company partners with Allseas for nodule collection technology and PAMCO for processing capabilities. This approach aims to minimize upfront capital requirements while leveraging specialized expertise. Additionally, the company is developing a seafloor resource development services business, offering its expertise in exploration, environmental assessment, and offshore operations to other companies and governments interested in deep-sea mining. Recent organizational changes include the addition of key personnel such as Rutger Bosland as Chief Innovation and Offshore Technology Officer from Allseas, and new board members including Steve Jurvetson and Brendan May. The company has also strengthened its financial position through multiple funding rounds, though it continues to operate with significant cash burn and relies on periodic equity raises and credit facilities to fund operations.
TMC company profile · for informational purposes only — not investment advice.
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