TMC reports Q3 net loss of $12.5M, cash $22.5M; targeting Q4 2025 production

TMC the metals Co Inc.

2023-Q3 EPS reported $0.09

Net loss of $12.5M ($0.04/share) vs $27.9M ($0.12/share) in Q3 2022; exploration expenses fell to $7.9M from $22.7M.
Cash $22.5M at Sep 30, 2023; total liquidity ~$56M including $9M from ERAS Capital and $25M undrawn credit facility.
Pre-feasibility study and Environmental Impact Statement underway; commercial production targeted as early as Q4 2025.
November 2023 offshore campaign to revisit nodule collector test site to strengthen EIS data.
Registered Direct Offering of up to 12.5M shares at $2.00/share expected gross proceeds of $24.9M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TMC the metals Co Inc. reported third quarter ended September 30, 2023 results: net income Net loss of $12.5 million and net loss per share of $0.04 for the quarter ended September 30, 2023.

Period: third quarter ended September 30, 2023
Net income: Net loss of $12.5 million and net loss per share of $0.04 for the quarter ended September 30, 2023
Result: reported results

Exact text from the filing

Net loss of $12.5 million and net loss per share of $0.04 for the quarter ended September 30, 2023

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Source: SEC EDGAR

accession 0001104659-23-116301

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