TMC · Tmc the Metals Co Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | $113.0K | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $20.73M | - | $45.73M | $11.48M | $8.50M | - | $8.15M | $7.89M | $6.56M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | ($33.98M) | - | ($55.36M) | ($21.98M) | ($18.02M) | - | ($19.96M) | ($20.30M) | ($24.68M) | - |
| Interest Expense | - | - | - | - | $558.0K | - | - | - | - | - |
| Income Tax | $44.0K | - | $123.0K | - | - | - | - | - | - | - |
| Net Income | ($20.60M) | - | ($184.52M) | ($74.34M) | ($20.59M) | - | ($20.52M) | ($20.17M) | ($25.19M) | - |
| EPS - Basic | $0.05 | - | $0.46 | $0.20 | $0.06 | - | $0.06 | $0.06 | $0.08 | - |
| EPS - Diluted | $0.05 | - | $0.46 | $0.20 | $0.06 | - | $0.06 | $0.06 | $0.08 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $119.68M | $117.63M | $115.65M | $115.76M | $2.35M | $3.48M | $360.0K | $474.0K | $3.99M | $6.84M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | $1.98M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $9.06M | $2.28M | $3.77M | $4.21M | $2.56M | $6.20M | - | - | - | $2.44M |
| Current Assets | $122.78M | $120.68M | $117.21M | $117.28M | $7.36M | $5.33M | $2.92M | $1.71M | $5.94M | $8.82M |
| Total Assets | $184.87M | $181.63M | $175.62M | $173.69M | $64.48M | $63.00M | $61.31M | $60.65M | $65.45M | $68.90M |
| Current Liabilities | $56.55M | $59.40M | $46.83M | $49.58M | $55.22M | $54.53M | $57.24M | $43.66M | $36.47M | $31.33M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $212.22M | $215.07M | $216.24M | $91.83M | $81.25M | $80.12M | $82.78M | $70.25M | $63.65M | $57.98M |
| Stockholders' Equity | ($27.35M) | ($33.44M) | ($40.62M) | $81.86M | ($16.77M) | ($17.12M) | ($21.47M) | ($9.61M) | $1.81M | $10.92M |
| Retained Earnings | ($971.88M) | ($951.28M) | ($910.88M) | ($726.36M) | ($652.02M) | ($631.43M) | ($614.78M) | ($594.26M) | ($574.10M) | ($548.90M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($615.0K) | - | - | - | ($9.35M) | - | - | - | ($11.85M) | - |
| Investing Cash Flow | ($35.0K) | - | - | - | ($70.0K) | - | - | - | ($340.0K) | - |
| Financing Cash Flow | $2.72M | - | - | - | $8.29M | - | - | - | $9.05M | - |
| CapEx | $35.0K | - | - | - | $70.0K | - | - | - | $340.0K | - |
| Free Cash Flow | ($650.0K) | - | - | - | ($9.42M) | - | - | - | ($12.19M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | -17960.2% | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | -17847.8% | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 0.03 | - | - | - | 0.46 | - | - | - | 0.48 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | 6984.1% | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -11.1% | - | -105.1% | -42.8% | -31.9% | - | -33.5% | -33.3% | -38.5% | - |
| Return on equity | 75.3% | - | 454.2% | -90.8% | 122.8% | - | 95.6% | 209.9% | -1391.9% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.17 | 2.03 | 2.50 | 2.37 | 0.13 | 0.10 | 0.05 | 0.04 | 0.16 | 0.28 |
| Quick ratio | 2.17 | 2.03 | 2.50 | 2.37 | 0.13 | 0.10 | 0.05 | 0.04 | 0.16 | 0.28 |
| Cash ratio | 2.12 | 1.98 | 2.47 | 2.33 | 0.04 | 0.06 | 0.01 | 0.01 | 0.11 | 0.22 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | -32.3x | - | - | - | - | - |
| Equity multiplier | -6.76 | -5.43 | -4.32 | 2.12 | -3.85 | -3.68 | -2.86 | -6.31 | 36.16 | 6.31 |
| Liabilities / Assets | 1.15 | 1.18 | 1.23 | 0.53 | 1.26 | 1.27 | 1.35 | 1.16 | 0.97 | 0.84 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | 0.00 | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 93.4x | - | 13.8x | 33.0x | 28.7x | - | 17.7x | 22.5x | 17.9x | - |
| P / B | - | - | - | 29.6x | - | - | - | - | 246.1x | - |
| P / S | - | - | - | - | - | - | - | 3833.7x | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -88.6% | - | -177.3% | -8.3% | 27.0% | - | -59.5% | -53.4% | -84.4% | - |
| Net income growth (YoY) | -0.1% | - | -799.2% | -268.6% | 18.3% | - | -64.6% | -62.9% | - | - |
| EPS growth (YoY) | -16.7% | - | 666.7% | 233.3% | -25.0% | - | 50.0% | 20.0% | - | - |
| EPS CAGR (3y) | - | - | 56.5% | - | -40.9% | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 93.1% | - | - | - | 22.8% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -63.1% | -95.4% | -89.2% | - | - | - | - | - | -96.7% | -73.7% |
Peer comparison
Same SIC group: Metal Mining
Comparing TMC the metals Co Inc. against the 5 most active filers in the same SIC group.