Shares of The Metals Company (TMC) tumbled 5.54% in after-hours trading on Thursday following the release of its second quarter 2025 financial results, which fell short of analyst expectations.

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 company's operating loss also increased to $22 million, up from $20.3 million in Q2 2024.

Despite some positive developments highlighted in the earnings report, including a strategic investment from Korea Zinc and progress on regulatory approvals, investors seemed to focus on the disappointing financial performance. TMC Chairman and CEO Gerard Barron emphasized the company's 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 long-term prospects were overshadowed by the immediate financial results.

The sharp decline in after-hours trading compounds an earlier drop of 3.14% immediately following the earnings release. While TMC reported a cash position of $115.8 million, which it believes is sufficient for at least the next twelve months of operations, the wider-than-expected loss has clearly shaken investor confidence in the near term.