TMC the metals Co Inc. TMC
- Headquarters
- Vancouver, A1
- Next results
- around Mar 26, 2027
What changed
12 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Mar 31, 2026 against Mar 27, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
9 checks on the latest 10-K. Checks, not verdicts.
2facts worth reading about the other 7 checks found nothing to note
-
Late filing notice (NT 10-K or NT 10-Q)NT 10-Q filed Nov 15, 2024: the company said its 10-Q would be late
-
Critical audit matters changedNew this year: Valuation of royalty liability (“At December 31, 2025, the fair value of the NORI D Royalty (“royalty liability”) was $130.0 million, as disclosed in Note 10 to the consolidated financial statements. The royalty liability was recognized in accordance with ASC 470 Debt, and the Company measures the royalty liability at fair value th”)
-
Cash from operations −$42.9M vs net income −$319.8M (FY ending Dec 31, 2025)
6 more checks with nothing to note
-
Same auditor in both 10-Ks: Ernst & Young LLP
-
No statement of substantial doubt about going concern
-
No 8-K item 4.02 in the last 2 years
-
No sentence in the 10-K concludes that controls were not effective because of a material weakness
-
No 8-K item 2.06 in the last 2 years
-
No 8-K item 1.03 in the last 2 years
In their words
12 paragraphs in Risk Factors that were not in the 10-K filed Mar 27, 2025. Quoted as filed.
-
Item 1A · new paragraph · not in the 10-K filed Mar 27, 2025 10-K, ITEM 1A
To date, NOAA has not issued a commercial recovery permit, and the legal framework, while established, has not yet been applied to the full lifecycle of a seabed mining project. Despite our applications now under NOAA review, there can be no assurance that such review will lead to NOAA granting TMC USA any exploration licenses or a…
-
Item 1A · new paragraph · not in the 10-K filed Mar 27, 2025 10-K, ITEM 1A
Our efforts to pursue deep-sea nodule exploration licenses and a commercial recovery permit under DSHMRA may subject us to conflicting regulatory regimes, uncertain legal interpretations, and operational risks that could adversely affect our business. As described above, we have initiated a U.S.-based regulatory pathway with the U.S.…
-
Item 1A · new paragraph · not in the 10-K filed Mar 27, 2025 10-K, ITEM 1A
All phases of exploring for, collecting and processing polymetallic nodules are subject to environmental regulation in multiple jurisdictions, including under international frameworks administered by the ISA and under national laws and regulations administered by governmental authorities, including NOAA pursuant to DSHMRA. No seafloor…
-
Item 1A · new paragraph · not in the 10-K filed Mar 27, 2025 10-K, ITEM 1A
Environmental permitting processes under both international and national regimes are expected to involve multiple layers of technical review, public scrutiny and potential legal challenge. Under the ISA framework, reviews by the Secretariat, the Legal and Technical Commission and the Council introduce procedural and political risk, and…
New risk paragraphs, against peers
Latest 10-K of each, Materials companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Recent filings
3 filings in the last 30 days · SEC EDGAR
-
8-KNov 12, 2026Quarterly results 8-K item 2.02
-
10-QNov 12, 2026Quarterly report (10-Q) period ended Sep 30, 2026
-
8-KNov 9, 2026Regulation FD disclosure 8-K item 7.01
About the company
TMC the metals Co Inc., Vancouver, A1 · from the 10-K filed Mar 31, 2026
We are a deep seabed minerals developer focused on the collection, processing and refining of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone (“CCZ”), approximately 1,500 miles (or 2,400 kilometers) south-west of San Diego, California. The CCZ is a geological submarine fracture zone of abyssal plains and other formations in the Eastern Pacific Ocean, with a length of around 7,240 kilometers (4,500 miles) that spans approximately 4,500,000 square kilometers (1,737,000 square miles).
- Headquarters
- Vancouver, A1
- Country
- United States
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Nov 12, 2026
- Incorporated in
- British Columbia, Canada
Email alerts
Sources
The 10-K filed Mar 31, 2026 (open at SEC), compared with the 10-K filed Mar 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/TMC/export.csv") into a cell.