Wed, Aug 14, 8:44 PM (153 days ago)
TMC The Metals Company Inc. reported a significant increase in net losses for Q2 2024, totaling $20.2 million, compared to $14.1 million in Q2 2023. For the first half of 2024, losses reached $45.4 million, up from $27.9 million in the prior year. The rise in losses was attributed to higher exploration and evaluation expenses, which surged 53% year-over-year to $12.4 million in Q2, driven by increased engineering work and personnel costs. General and administrative expenses also rose by 54% to $7.9 million, largely due to share-based compensation. Cash flow from operations indicated a net outflow of $23.9 million in H1 2024, reflecting ongoing pre-commercial activities. The company ended the quarter with $0.5 million in cash and is pursuing additional financing to support operations. Notably, TMC is preparing to submit an application for an exploitation contract with the International Seabed Authority, with expectations to commence production by Q1 2026, contingent on regulatory approvals. The company's financial health remains under scrutiny due to its reliance on future funding and regulatory developments.