---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-038460"
form_type: "8-K"
ticker: "TMC"
cik: "0001798562"
company_name: "TMC the metals Co Inc."
filed_at: "2024-03-25T23:59:59+00:00"
generated_at: "2026-06-04T08:35:38.913199+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-038460
- form_type: 8-K
- ticker: TMC
- cik: 0001798562
- company_name: TMC the metals Co Inc.
- filed_at: 2024-03-25T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1798562/000110465924038460/0001104659-24-038460-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1798562/000110465924038460/tm249627d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-038460
- JSON: https://secwatch.observer/filing/0001104659-24-038460.json
- Plain text: https://secwatch.observer/filing/0001104659-24-038460.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1798562/000110465924038460/0001104659-24-038460-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.