TMC the metals company Inc. reported a net loss of $184.5 million, or $0.46 per share, for the third quarter ended September 30, 2025, compared to a net loss of $20.5 million, or $0.06 per share, for the same period in 2024. The company's cash balance was approximately $115.6 million as of September 30, 2025, with $11.5 million used in operations during the quarter. The quarter's results were mainly impacted by non-cash and non-recurring items, including share-based compensation, fair value changes in royalty and warrant liabilities, and costs related to updated sponsorship agreements. During the period, TMC completed its Pre-Feasibility Study and Initial Assessment, and announced the publication of two technical economic studies with a combined net present value of $23.6 billion. The company also noted that all four key metals found in its nodules are now included on the U.S. Critical Minerals List.