Business
The Metals Company Announces Fourth Quarter and Full Year 2023 Results
NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":" NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided a corporate update and fourth quarter and full year financial results for the period ending December 31, 2023. Q4 2023 and FY 2023 Financial Highlights $15.2 million cash used in operations for the quarter ended December 31, 2023 Net loss of $33.5 million and net loss per share of $0.11 for the quarter ended December 31, 2023 For the full year 2023, a net loss of $73.8 million or $0.26 per share (compared to $171 million and $0.71 per share in 2022) Total cash on hand of approximately $6.8 million at December 31, 2023, excluding $9 million received in January 2024 as final payment from the Registered Direct Offering announced in August 2023 Total pro forma liquidity of approximately $61 million at December 31, 2023, inclusive of: Cash of $6.8 million $9 million of additional gross proceeds received in January 2024 from the final payment in the Registered Direct Offering The undrawn $25 million unsecured credit facility from an affiliate of Allseas Group SA, the maturity date of which has been extended through August 2025 An additional $20 million unsecured credit facility with a maturity date of September 22, 2025 provided by our largest shareholder, ERAS Capital LLC (the family office of TMC director Andrei Karkar), and our Chairman & CEO, Gerard Barron Gerard Barron, CEO & Chairman of The Metals Company commented: “Over the last 12 years, we’ve completed 22 offshore campaigns on the NORI-D area to build a data-driven picture of the marine environment and how it is impacted by nodule collection. NORI’s investment in research by the world’s leading deep-sea research institutions has produced the most comprehensive dataset ever collected in the CCZ and a fair bit of excitement among the researchers. Our latest campaign to assess the state of the ecosystem 12 months after the nodule collection pilot finished earlier this month, and the observed state of the seafloor ecosystem was encouraging. We believe we now have sufficient real-world data to address most of the concerns raised by those who oppose the industry, and we look forward to researchers publishing their findings in peer-reviewed literature and NORI submittin...