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EarningsQ2 2026 Earnings Report
TMC Q2 2026 EPS Results
Actual EPS-$0.14
Consensus EPS-$0.06
Beat/MissMissed by -$0.08
One Year Ago EPS-$0.20
TMC Q2 2026 Revenue Results
Actual Revenue$0.00
Expected Revenue$0.00
Beat/MissMet expectations
YoY Revenue Growth―
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeAfter Close
Conference CallThursday, August 13, 2026
TMC Upcoming Earnings
TMC the metals company Inc.'s next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
TMC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed substantial progress on multiple strategic fronts — regulatory milestones entering public review, a binding development/operating agreement with Allseas advancing into procurement and fabrication, strong resource economics (combined NPV $23.6B), growing U.S. government support, and concrete onshore planning and partner commitments (Mariana, Eco Minerals, PAMCO). At the same time, near-term financial metrics show significant increased exploration spend, negative free cash flow, payables tied to preproduction work, and a modest permitting delay that introduces schedule uncertainty. Overall, the updates indicate positive momentum toward commercial development and an attractive long-term resource case, tempered by clear near-term cash burn and timing risks.Company Guidance
Regulatory Progress in U.S. Permitting
NOAA advanced both TMC USA applications: USA-A consolidated application to be posted in the Federal Register imminently and USA-B expected to receive a notice of intent for an EIS; certification now expected in October 2026, with management still expecting a permit well in advance of targeted vessel commissioning in Q4 2027.
Commercial Offshore System Agreement with Allseas
Agreement with Allseas to complete development, commissioning and operation of the first commercial nodule production system (initial capacity 3 million wet tonnes/year) — basic engineering complete for critical long-lead systems and program moving into procurement; fabrication expected Q4 2026–Q3 2027 with installation/commissioning targeted Q4 2027. Allseas will fund a significant portion of preproduction development costs recoverable through production revenues.
Strong Resource Economics from Technical Studies
Pre-feasibility study (PFS) NPV of $5.5 billion and initial assessment NPV of $18.1 billion, implying a combined estimated resource NPV of $23.6 billion; studies point to approximately $369 billion in aggregate revenue and more than $200 billion of EBITDA on an undiscounted basis.
Meaningful Government and Policy Support
White House engagement and roundtable highlighted administration commitment to reshoring critical mineral supply chains; disclosed industry-related announcements included ~$3 billion of new critical minerals and battery investments and $180 million for U.S. mining workforce initiatives, and ongoing confidential funding discussions with multiple U.S. agencies named in the executive order.
Onshore Processing Planning and Strategic Partnerships
Exclusive right of negotiation for a 1,466-acre Brownsville ("Nodule City") lease option; pre-feasibility engineering for a potential 12 million tpa industry park nearing completion; strategic partnerships with Mariana Minerals (processing/engineering/automation partner, Mariana recently raised $310 million) and PAMCO (Japan) to preserve processing optionality.
Legal and International Developments Favorable to Rights Preservation
ITLOS Seabed Disputes Chamber prescribed provisional measures protecting NORI and TOML's rights; ISA approved a 5-year extension of NORI's exploration contract by consensus, reinforcing legal protections and continued scientific presence in the CCZ.
Liquidity and Offtake Logistics
Reported liquidity (cash + borrowing capacity) of $143 million at June 30, 2026 (including $44 million available from an undrawn credit facility); logistics planning indicated typical bulk carrier shipments ~60,000 tonnes and a ~3,800 nautical mile voyage to Brownsville (Panama Canal base case).
Improved GAAP Net Loss vs Prior Year Quarter
Net loss for Q2 2026 was $60.1 million ($0.14/share) versus $74.3 million ($0.20/share) in Q2 2025 — an improvement of approximately 19% in net loss year-over-year.
TMC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed