Key Highlights

  • The company ended June 30, 2026 with USD 98.7 million in cash, down from USD 117.6 million at the close of 2025, and total Liquidity of USD 143 million that includes an undrawn USD 44 million facility.
  • Quarterly losses narrowed: USD 60.1 million in the second quarter of 2026 compared with USD 74.3 million a year earlier, which equals USD 0.14 a share against USD 0.20. Exploration and evaluation spending came to USD 56.1 million.
  • NOAA deemed the USA-A filing fully compliant on April 28, 2026, and on August 17 it issued a Notice of Intent covering an environmental impact statement for USA-B. No permit has been issued yet.
  • An undated market snapshot priced the stock at USD 2.33, up 0.65%, beside an 88.54% one-year EPS change that no filing matched.

Permit Steps Advance Without a Granted License

TMC the metals company (NASDAQ:TMC) wants to gather polymetallic nodules from the Pacific seabed, a deposit holding nickel, cobalt, copper and manganese. According to the company, the consolidated USA-A filing was judged fully compliant by NOAA on April 28, 2026. The planned commercial recovery zone has grown from roughly 25,000 square kilometers to about 65,000, and it contains an estimated 619 million wet tonnes of nodules. The USA-B application passed certification on May 26, 2026, and the environmental impact statement Notice of Intent came on August 17. Still to come are USA-A certification, a draft environmental statement open to comment and NOAA's final ruling. The approval path has several separate stages, so each one is a possible source of timing slippage.

Cash Burn, Allseas Costs and the Equity Deficit

At June 30, 2026, Assets totaled USD 180.9 million against liabilities of USD 208.3 million, which leaves a USD 27.4 million equity shortfall. A USD 145.0 million Royalty Liability sits inside those liabilities. Within exploration and evaluation costs, USD 37.5 million went to Allseas, and USD 34.8 million of that is deferred, payable once tonnage flows after production begins. Shares outstanding were 441,135,482 on August 11, 2026. Management says cash can fund Working Capital and capital spending commitments for at least 12 months and has planned no further capital-markets deals until more public updates arrive.

An Earnings Label Built on a Negative Base, Plus Permit Timing

The screen's 88.54% one-year EPS gain does not square with the filing: second-quarter loss per share shrank from USD 0.20 to USD 0.14. A smaller loss is not profit growth, and growth off a negative starting point often looks exaggerated. On the August 13 call, management dropped the expectation of a permanent permit in the first quarter of 2027 but still anticipates one ahead of offshore commissioning, aimed at the fourth quarter of 2027. The company had also pencilled in USA-A certification for October 2026, and whether that occurred is unconfirmed. Market Capitalization was not verified.

Where Things Stand

Roughly a year of cash cover is the company's own view, not a verified figure. The company put June 30, 2026 cash at USD 98.7 million and says commitments are covered for at least 12 months, while the quarterly loss reached USD 60.1 million, partly from non-cash and deferred Allseas items. Permit timing has moved back, no license is in hand, and talks with U.S. agencies about funding continue. The 0.65% screen move remains unverified. Watch the third-quarter numbers and whether USA-A certification arrives.