Business
The Metals Company Provides First Quarter 2026 Corporate Update
NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading developer of the world’s largest
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":" NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading developer of the world’s largest resource of critical metals essential to energy, defense, manufacturing and infrastructure, today provided a corporate update and first quarter financial results for the period ending March 31, 2026. Q1 2026 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approximately $164 million as of March 31, 2026 $0.6 million cash used in operations for the quarter ended March 31, 2026 Net loss of $20.6 million and net loss per share of $0.05 for the quarter ended March 31, 2026 TMC and Allseas Sign Commercial Agreement for the First Offshore Nodule Recovery Operation Allseas, a global leader in offshore pipeline installation, heavy lift and subsea construction, will complete the development of and operate the first commercial nodule collection system The commercial system will have a nameplate production capacity of 3.0 million wet tonnes per annum with the surface vessel Hidden Gem receiving nodules collected by two collector vehicles operating at depths of over four kilometers TMC and Allseas are advancing detailed engineering and offshore logistics planning to support reliable, continuous commercial-scale nodule collection operations, including the coordination of fuel supply, crew changes, nodule transfer and transport activities essential to transitioning from pilot operations to sustained commercial offshore production TMC expects system commissioning to begin in Q4 2027 National Oceanic and Atmospheric Administration (NOAA) Determines Consolidated Exploration License and Commercial Recovery Permit Application for TMC USA A is in Full Compliance Determination of full compliance represents another key step in a steady, transparent cadence of expected regulatory milestones: The consolidated application now moves into the certification stage and is expected to be posted to the Federal Register Following certification, a Notice of Intent to Prepare an Environmental Impact Statement will be published, followed by the development and then publication for public comment of a draft Environmental Impact Statement (EIS) and draft Terms, Conditions and Restrictions (TCRs) for TMC USA’s USA A project Following the public comment period, the ...