TMC the metals (NASDAQ:TMC) Posts Earnings Results, Misses Expectations By $0.08 EPS

TMC the metals (NASDAQ:TMC) announced its quarterly earnings results on Thursday. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08), FiscalAI reports.

Here are the key takeaways from TMC the metals’ conference call:

• USA-A permitting is delayed: NOAA certification for the consolidated USA-A application is now expected in October 2026, making a permanent grant in the first quarter of 2027 unlikely, although TMC still expects approval before targeted vessel commissioning in Q4 2027.
• Commercial offshore system advances toward procurement. Allseas has completed basic engineering for key long-lead components, with fabrication planned from Q4 2026 through Q3 2027 and installation and commissioning targeted for Q4 2027; the initial system is designed for 3 million wet tons of nodules annually.
• TMC is pursuing a U.S.-based processing and refining hub in Brownsville, Texas, with feasibility work nearing completion for a potential 12-million-ton-per-year industrial park. Management said discussions with multiple U.S. agencies regarding support are ongoing, but emphasized that no government investment has yet been committed and no final investment decision has been made.
• The company reported a Q2 net loss of $60.1 million, while liquidity stood at $143 million and management believes cash will cover working-capital and capital-expenditure needs for at least the next 12 months. TMC will not seek to extend the 15 million public SPAC warrants, and it is deferring other capital-market transactions while confidential government-funding discussions continue.
• TMC reiterated the substantial estimated economics of its resource, citing combined project NPVs of $23.6 billion, approximately $369 billion of potential lifetime revenue, and more than $200 billion of EBITDA based on its technical studies, though these remain project estimates subject to permitting, financing, construction, and execution risks.

TMC the metals Stock Down 10.2%

NASDAQ:TMC traded down $0.45 during trading hours on Friday, hitting $3.96. 5,124,404 shares of the stock were exchanged, compared to its average volume of 6,338,948. The company’s 50 day moving average is $4.34 and its two-hundred day moving average is $5.23. TMC the metals has a twelve month low of $3.40 and a twelve month high of $11.35. The company has a market capitalization of $1.71 billion, a P/E ratio of -5.02 and a beta of 2.06.

Analyst Ratings Changes

Several analysts have weighed in on TMC shares. Wall Street Zen raised shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Maxim Group initiated coverage on shares of TMC the metals in a research note on Thursday, June 4th. They issued a “buy” rating and a $10.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a report on Tuesday, June 2nd. Wedbush increased their price target on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.58.

Key Stories Impacting TMC the metals

Here are the key news stories impacting TMC the metals this week:

• Positive Sentiment: TMC is targeting a commercial production system capable of processing approximately 3 million wet tonnes annually, highlighting the potential scale of its polymetallic-nodule business and exposure to nickel, copper, cobalt and manganese demand. TMC targets 3M wet tonnes/year system as NOAA timing shifts to October 2026 certification
• Positive Sentiment: Recent corporate updates and earnings materials keep investor attention focused on TMC’s regulatory pathway and efforts to advance its deep-sea resource project, which could provide substantial upside if commercial execution and approvals progress. TMC Provides Second Quarter 2026 Corporate Update
• Neutral Sentiment: An investment comparison described TMC as offering greater potential upside than MP Materials, but also substantially higher risk because TMC remains dependent on regulatory approval and successful commercial execution. MP Materials was viewed as having the stronger near-term operating position. MP Materials vs. The Metals Company: Which Critical-Minerals Stock Is the Smarter Long-Term Buy?
• Negative Sentiment: The company reported a second-quarter loss of $0.14 per share, wider than the consensus loss estimate of $0.06. The earnings miss reinforces concerns about TMC’s ongoing losses and lack of near-term revenue generation. TMC second-quarter earnings results
• Negative Sentiment: The expected NOAA certification timing shifted to October 2026. Although the process remains active, the delay extends regulatory uncertainty and postpones potential project development milestones, weighing on the stock’s risk-sensitive valuation. NOAA certification timing update

Insider Buying and Selling

In other news, Director Brendan May sold 20,768 shares of TMC the metals stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the completion of the sale, the director directly owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. This trade represents a 9.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

Several large investors have recently made changes to their positions in TMC. NewEdge Advisors LLC bought a new position in TMC the metals in the second quarter valued at about $28,000. Caitong International Asset Management Co. Ltd bought a new stake in TMC the metals during the 4th quarter worth about $29,000. Osterweis Capital Management Inc. acquired a new position in TMC the metals during the 4th quarter valued at about $29,000. Sunbelt Securities Inc. acquired a new position in TMC the metals during the 3rd quarter valued at about $34,000. Finally, Quantbot Technologies LP acquired a new position in TMC the metals during the 2nd quarter valued at about $48,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

TMC the metals Company Profile

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.