The following is a summary of the TMC the Metals Company Inc. (TMC) Q3 2024 Earnings Call Transcript:
Financial Performance:
TMC reported a net loss of approximately $20.5 million or $0.06 per share in Q3 2024, compared to a net loss of $12.5 million or $0.04 per share for the same period in 2023.
Exploration and evaluation expenses increased to $11.8 million in Q3 2024 from $7.9 million in Q3 2023, mainly due to an uptick in engineering work and personnel costs.
General and administrative expenses rose to $8.2 million in Q3 2024 from $4.6 million in Q3 2023. The increase was attributed to higher legal, consulting, and personnel costs.Free cash flow for the quarter was negative $5.8 million, an improvement from negative $12.6 million in the third quarter of 2023.
Business Progress:
TMC announced plans to submit NORI's application for an exploitation contract to the ISA on June 27, 2025, as part of its strategic preparations.
Revealed the development of a new services business focusing on resource development across seafloor operations,
Introduction of a cost reduction strategy aiming for less than $5 million in operating expenses per quarter.
Opportunities:
With strong support from the incoming U.S. administration, TMC signals a robust opportunity to capitalize on the seafloor metal resources critical for the energy transition, defense infrastructure, and more.
Risks:
TMC faces regulatory uncertainty and scrutiny concerning environmental impacts, which could affect timelines and operational approvals.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
