0001104659-26-037863
SEC filingFiscal 2025 was a challenging pre-revenue year for TMC, with wider non-cash losses paired with steady operational and regulatory progress toward commercial seabed nodule production.
For fiscal 2025, TMC reported a GAAP net loss of $319.8M, a 290.3% year-over-year increase from the $81.9M net loss recorded in fiscal 2024. The primary driver of the wider loss is a non-cash debit tied to the increase in fair value of the company’s private warrants, triggered by gains in the market price of TMC’s common shares and public warrants over the period. Operating loss also widened 72.3% year-over-year to $140.1M, consistent with pre-commercial operating expenses associated with advancing the company’s seabed nodule development projects. Diluted EPS for the period came to $0.83, a 232.0% increase from the $0.25 per share reported in fiscal 2024, reflecting changes to the company’s outstanding share count over the year.
TMC delivered a modest improvement in operating cash flow performance for fiscal 2025, with operating cash burn narrowing to $42.9M from $43.5M in the prior year, a result of disciplined core spending controls implemented across the organization. Capital expenditures for fiscal 2025 totaled $245k, down from $515k in fiscal 2024, as the company completed initial testing of its pilot nodule collection system developed in partnership with Allseas. In March 2025, TMC also secured an extension of its working capital loan from Allseas Investments, pushing the repayment date to September 30, 2025 to support continued operating flexibility as the company advances toward commercialization.