TMC posts Q1 net loss of $25.2M, widening from $13.7M; cash use $11.9M

TMC the metals Co Inc.

2024-Q1 EPS reported $0.08

Net loss $25.2M ($0.08/share) vs $13.7M ($0.05) year ago; exploration expenses rose to $18.1M from $7.2M.
Total liquidity ~$49M at March 31, including $4M cash and $45M undrawn credit facilities; post-quarter drew $2.9M.
Steve Jurvetson joined board as Vice Chairman and special advisor to CEO in April 2024.
World-first nickel sulfate production from seafloor nodules announced; environmental data submitted to ISA.
Company expects sufficient liquidity for at least next twelve months.

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 0.95

TMC the metals Co Inc. reported the first quarter ended March 31, 2024 results: net income Net loss of $25.2 million and net loss per share of $0.08, EPS $0.08 per share.

Period: the first quarter ended March 31, 2024
Net income: Net loss of $25.2 million and net loss per share of $0.08
EPS: $0.08 per share
Result: reported results

Exact text from the filing

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 first quarter financial results for the period ending March 31, 2024.

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Source: SEC EDGAR

accession 0001104659-24-060528

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