Shares of The Metals Company (NASDAQ: TMC) tumbled 5.36% in pre-market trading on Friday, extending losses from the previous after-hours session following the release of disappointing second-quarter 2025 financial results.

The deep-sea mining company reported a net loss of $74.3 million for the quarter ended June 30, 2025, significantly wider than the $20.2 million loss reported in the same period last year. Earnings per share came in at -$0.20, missing the analyst consensus estimate of -$0.05 by a wide margin. The expanded loss was primarily attributed to a non-recurring charge of $33 million for warrants issued to the Republic of Nauru, a $16.2 million charge due to an increase in warrant liability fair value, and higher general and administrative expenses.

Despite some positive developments highlighted in the earnings report, including a strategic $85 million investment from Korea Zinc and progress on regulatory approvals, investors seemed to focus on the disappointing financial performance. TMC Chairman and CEO Gerard Barron attempted to emphasize the company's long-term potential, citing a combined Net Present Value of $23.6 billion for its portfolio and targeting first production from its NORI-D project in Q4 2027. However, these future prospects were overshadowed by the immediate financial results, leading to the continued stock decline in pre-market trading.