TMC restates Q1-Q3 2023 financials; Q4 net loss $33.5M, FY loss $73.8M

TMC the metals Co Inc.

Audit committee concludes Q1-Q3 2023 financials should be restated; NORI royalty transaction reclassified as debt, not gain.
Restatement had no impact on annual 2023 audited financials or cash; adjusts gain by $13.75M, adds $14M royalty liability.
Q4 2023 net loss $33.5M ($0.11/share) vs $109.6M ($0.41) YoY; full year net loss $73.8M ($0.26) vs $171M ($0.71).
Cash $6.8M at Dec 31; pro forma liquidity ~$61M including new $20M credit facility from largest shareholder.
NORI-D first production now expected Q1 2026; binding MoU with PAMCO to process 1.3M wet tonnes of nodules.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TMC the metals Co Inc. reported fourth quarter and full year ended December 31, 2023 results: net income Net loss of $33.5 million and net loss per share of $0.11 for the quarter ended December 31, 2023, EPS $0.11.

Period: fourth quarter and full year ended December 31, 2023
Net income: Net loss of $33.5 million and net loss per share of $0.11 for the quarter ended December 31, 2023
EPS: $0.11
Result: reported results

Exact text from the filing

On March 25, 2024, TMC the metals company Inc. (the “Company”) issued a press release announcing its results for the fourth quarter and full year ended December 31, 2023 and providing a business update.

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Source: SEC EDGAR

accession 0001104659-24-038460

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