Wed, May 14, 8:17 PM (60 days ago)
**TMC the Metals Company Inc. (TMC, Ticker: TMC) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $0 (pre-revenue company). - **Net Loss:** $20.6 million (Q1 2025) vs. $25.2 million (Q1 2024). - **Accumulated Deficit:** $652.0 million (from inception through March 31, 2025). - **Cash on Hand:** $2.3 million (March 31, 2025). **Profit Margins:** - Not applicable (pre-revenue stage). **Cash Flow:** - **Operating Activities:** Net cash used: $9.3 million (Q1 2025) vs. $11.9 million (Q1 2024). - **Investing Activities:** Net cash used: $70,000 (Q1 2025) vs. $340,000 (Q1 2024). - **Financing Activities:** Net cash provided: $8.3 million (Q1 2025) vs. $9.0 million (Q1 2024). **Earnings Changes:** - **Exploration & Evaluation Expenses:** $9.5 million (Q1 2025) vs. $18.1 million (Q1 2024). - **General & Administrative Expenses:** $8.5 million (Q1 2025) vs. $6.6 million (Q1 2024). - **Equity-Accounted Investment Loss:** $35,000 (Q1 2025) vs. $78,000 (Q1 2024). **Quarterly Performance Discussion:** - **Q1 2025:** Focus on pre-feasibility studies, permit applications, and environmental work. - **Q1 2024:** Costs related to nodule transportation, resource definition, and environmental studies. **Trends & Uncertainties:** - Pre-revenue stage; reliant on financing (private placements, public offerings, credit facilities). - Uncertainties in regulatory approvals, environmental permitting, and technological development. - Strategic focus on U.S. regulatory pathway (DSHMRA) and maintaining ISA exploration contracts. **Future Operations Impact:** - Continued reliance on financing; potential delays in commercial production due to regulatory and technological challenges. - Strategic partnerships with Allseas, PAMCO, and Glencore for nodule collection and processing. - Exploration licenses and commercial recovery permit applications submitted to NOAA under DSHMRA. **Legal & Regulatory:** - Pending lawsuits related to alleged misstatements and breaches of representations. - Regulatory risks associated with DSHMRA and ISA exploration contracts. - Potential diplomatic and legal challenges due to dual regulatory strategy.