TMC the metals company Inc. (TMC) Income Statement
TMC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTMC revenue and net income
TMC profit margins
TMC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TMC quarterly EPS vs estimates
TMC the metals company beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.05).
TMC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $72.0M | $141.8M | $94.4M | $0 | $0 |
| Cost of revenue | $252,000 | $362,000 | $360,000 | $418,000 | $452,000 | $562,000 | — |
| Gross profit | −$252,000 | −$362,000 | −$360,000 | −$174.1M | −$149.6M | −$562,000 | — |
| Research & development | — | — | — | $13.6M | $10.2M | — | — |
| Sales, general & admin | $99.8M | $30.6M | $72.0M | $29.7M | $51.2M | $7.7M | $42.1M |
| Total operating expenses | $139.8M | $80.9M | $72.0M | $174.1M | −$149.6M | −$56.6M | $42.1M |
| Operating income | −$140.1M | −$81.3M | −$72.4M | −$174.1M | $149.6M | $56.6M | −$42.1M |
| Interest income | $2.8M | $176,000 | $1.3M | $1.1M | — | — | — |
| Interest expense | $3.2M | $2.6M | $781,000 | $1,111 | $1.0M | $53,000 | $0 |
| Income before taxes | −$319.7M | −$81.9M | −$73.7M | −$170.9M | −$141.3M | −$56.6M | −$43.1M |
| Income taxes | $144,000 | $48,000 | $41,000 | $77,000 | −$8.3M | $27,000 | −$339 |
| Net income | −$319.8M | −$81.9M | −$73.8M | −$171.0M | −$141.3M | −$56.6M | −$43.1M |
| EBITDA | −$316.2M | −$78.9M | −$73.4M | −$170.5M | −$143.7M | −$56.0M | −$41.7M |
| EPS (diluted) | −$0.80 | −$0.24 | −$0.31 | −$0.41 | −$2.68 | −$0.51 | −$0.09 |
| Gross margin | — | — | −0.5% | −122.8% | −158.4% | — | — |
| Operating margin | — | — | −100.5% | −122.8% | 158.4% | — | — |
| Net margin | — | — | −102.4% | −120.5% | −149.7% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $20.2M | $0 | $0 | $0 |
| Cost of revenue | $39,000 | $39,000 | $79,000 | $57,000 | $58,000 | $58,000 | $82,000 | $83,000 | $20.3M | $85,000 | $98,000 | $12.5M |
| Gross profit | −$39,000 | −$39,000 | −$79,000 | −$57,000 | −$58,000 | −$58,000 | −$82,000 | −$83,000 | −$112,000 | −$85,000 | −$98,000 | −$12.5M |
| Research & development | $56.1M | — | — | — | — | — | — | — | — | — | — | — |
| Sales, general & admin | $15.6M | $20.7M | $29.0M | $45.7M | $11.5M | $8.5M | $8.0M | $8.1M | $20.2M | $24.6M | $33.2M | $4.6M |
| Total operating expenses | $71.7M | $33.9M | $44.6M | $55.4M | $22.0M | $18.0M | $16.3M | $20.0M | $20.3M | $24.7M | $33.2M | $12.5M |
| Operating income | −$71.7M | −$34.0M | −$44.7M | −$55.4M | −$22.0M | −$18.0M | −$16.3M | −$20.0M | −$20.3M | −$24.7M | −$33.3M | −$12.5M |
| Interest income | $1.0M | $1.1M | $1.3M | $1.3M | $147,000 | $19,000 | $51,000 | $7,000 | $16,000 | $102,000 | $205,000 | $319,000 |
| Interest expense | $714,000 | $665,000 | $680,000 | $681,000 | $833,000 | $1.0M | $1.2M | $615,000 | $492,000 | $271,000 | $252,000 | $252,000 |
| Income before taxes | −$60.0M | −$20.6M | −$40.4M | −$184.4M | −$74.3M | −$20.6M | −$16.0M | −$20.5M | −$20.2M | −$25.2M | −$47.2M | −$12.5M |
| Income taxes | $116,000 | $44,000 | $21,000 | $123,000 | — | — | $48,000 | — | — | $41,724 | $41,000 | −$4.8M |
| Net income | −$60.1M | −$20.6M | −$40.4M | −$184.5M | −$74.3M | −$20.6M | −$16.1M | −$20.5M | −$20.2M | −$25.2M | −$47.2M | −$12.5M |
| EBITDA | −$59.3M | −$19.9M | −$39.6M | −$183.7M | −$73.5M | −$19.5M | −$14.7M | −$19.8M | −$19.6M | −$24.8M | −$46.8M | −$12.1M |
| EPS (diluted) | −$0.14 | −$0.04 | −$0.08 | −$0.46 | −$0.20 | −$0.06 | −$0.04 | −$0.06 | −$0.06 | −$0.08 | −$0.17 | −$0.04 |
| Gross margin | −0.2% | — | — | — | — | — | — | — | −0.6% | — | — | — |
| Operating margin | −388.3% | — | — | — | — | — | — | — | −100.6% | — | — | — |
| Net margin | −325.5% | — | — | — | — | — | — | — | −99.9% | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TMC's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TMC financial results
TMC the metals company reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $319.8 million. Diluted earnings per share came to −$0.80.
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TMC income statement FAQ
Does TMC the metals company have revenue?
TMC the metals company reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is TMC the metals company profitable?
No. TMC the metals company reported a net loss of $319.8 million in fiscal 2025.
What are TMC the metals company's earnings per share?
TMC the metals company earned $-0.80 per diluted share in fiscal 2025, compared with $-0.24 a year earlier.
When will TMC the metals company report its next earnings?
TMC the metals company is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does TMC the metals company's fiscal year end?
TMC the metals company's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.