TMC Metals advances exploration license as quarterly losses widen
The company reported a net loss of $60.1 million for the second quarter ended June 30, 2026.
The metals company (TMC) moved closer to securing exploration rights for its USA-B site as it saw a sharp increase in quarterly losses and operational spending.
NOAA published a Notice of Intent to prepare an Environmental Impact Statement for the USA-B exploration license application on August 17, 2026. This step followed the certification of the application on May 26, 2026.
Financial results for the second quarter showed a widening deficit. Net loss increased to $60.1 million, or $0.14 a share, compared with a net loss of $20.6 million, or $0.05 a share, in the first quarter of 2026.
Cash outflows accelerated during the period. Cash used in operations rose to $20.1 million in the second quarter from $0.6 million in the previous quarter. The company said $9 million of that increase was driven by equity award withholdings.
Liquidity declined as a result of the increased spending and losses. Current liquidity stood at approximately $143 million as of June 30, 2026, down from approximately $164 million as of March 31, 2026.