Q1 2026 TMC the metals company Inc Earnings Call Transcript
Key Points
- TMC The Metals Co Inc (TMC) signed a production agreement with Allseas, enabling the completion and operation of the first commercial polymetallic nodule collection system.
- NOAA determined TMC's application for the TMC USA project to be in full compliance with regulatory requirements, marking a significant regulatory milestone.
- TMC has established strong strategic partnerships with industry leaders like Allseas, PAMCO, Glencore's XPS, Hatch, and Korea Zinc, enhancing its operational capabilities.
- The company has advanced its offshore production system, with key engineering activities completed, keeping it on track for integration and commissioning by late 2027.
- TMC's liquidity position is strong, with $164 million in liquidity as of March 31, 2026, including a $44 million undrawn credit facility.
- TMC reported a net loss of approximately $20.6 million in the first quarter of 2026, consistent with the previous year.
- Exploration and evaluation expenses increased to $13.3 million in Q1 2026 from $9.5 million in 2025, driven by higher share-based compensation and PFS costs.
- General and administrative expenses rose significantly to $20.7 million in Q1 2026 from $8.5 million in the previous year, primarily due to executive retention grants.
- The company faces potential political risks around the 2026 midterms and a transition to a new Congress in 2027, which could impact regulatory processes.
- TMC's offshore CapEx program, originally planned to be funded 50-50 with Allseas, may require more than 50% funding from Allseas, indicating potential financial strain.
Good afternoon, everyone, and thank you for participating in the Metals Company first-quarter 2026 corporate update conference call. Joining us today are the Metals Company's Chairman and Chief Executive Officer, Gerard Barron; Chief Financial Officer, Craig Shesky; and Chief Innovation and Offshore Technology Officer, Rutger Bosland.
Following their remarks, we'll open the call for your questions.
Before we go further, I would like to turn the call over to CFO, Craig Shesky, as he reached the company's safe harbor statement within the meeting of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements and information about the use of non-GAAP measures.
Craig, please go ahead.
Thank you very much. Please note that during this call, certain statements made by the company will be forward-looking and based on management's beliefs and assumptions from information available at this time. These statements
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