TMC the metals company reported a $28.4 million loss for the third quarter ending September 30, 2026.

Nov 12, 2026, 4:54 PM ETResultsRead the original at SEC EDGAR

Neutral

TMC has $123 million available and plans a lower-cost start, and NOAA cited no application problem. But its permit decision slipped, it used $19.4 million in cash and lost $28.4 million, and it is waiting on agency funding before other fundraising, leaving its outlook unchanged.

TMC · TMC the metals company Inc.

AI read · Neutral

The AI's read

NOAA moved its decision to mid-December after reviewing more than 1,600 public comments, but said it found no application problem. TMC still expects a permit before its planned fourth-quarter 2027 offshore system start. A lower-cost production plan may reduce upfront spending. But agency funding is unsettled, and TMC is waiting on those funding processes before seeking other funds. Its cash use and quarterly loss add concern.

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