TMC the metals (TMC) Operating Expenses (2020 - 2026)
TMC the metals' (TMC) quarterly Operating Expenses came in at $44.7 million in Q4 2025, up 173.46% YoY from $16.3 million in Q4 2024, and down 19.25% on a QoQ basis from $55.4 million in Q3 2025.
TMC the metals (TMC) Operating Expenses (2020 - 2026) Analysis & Trends
TMC the metals (TMC) has 6 years of Operating Expenses data on file, last reported at $44.7 million in Q4 2025.
- Quarterly Operating Expenses rose 173.46% year-over-year to $44.7 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $140.1 million (up 72.3% YoY) and the FY2025 annual result came in at $6.6 million, up 456.66% from the prior year.
- Operating Expenses declined to $44.7 million in Q4 2025, from $55.4 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $111.3 million in Q4 2022 to a low of $12.5 million in Q3 2023.
- A 5-year average of $30.9 million and a median of $23.3 million in 2024 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2021 — Operating Expenses surged 93971.09% — and 2022, when it slumped 71.34%.
- Tracing TMC's Operating Expenses over 5 years: stood at $28.3 million in 2021, then jumped by 293.62% to $111.3 million in 2022, then tumbled by 70.11% to $33.3 million in 2023, then sank by 50.85% to $16.3 million in 2024, then surged by 173.46% to $44.7 million in 2025.
- The last three Operating Expenses figures came in at $44.7 million (Q4 2025), $55.4 million (Q3 2025), and $22.0 million (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Bhp | 238.03 Bn | 208.58 Bn | - | - |
| 2 | Rio Tinto | 201.39 Bn | 191.89 Bn | - | - |
| 3 | Teck Resources | 32.48 Bn | 27.27 Bn | 1.21 Bn | -63.62 Mn |
| 4 | MP Materials | 9.79 Bn | 7.32 Bn | 36.20 Mn | 158.10 Mn |
| 5 | Almonty Industries | 5.05 Bn | 4.16 Bn | 18.87 Mn | 15.85 Mn |
| 6 | Materion | 4.85 Bn | 4.83 Bn | 104.34 Mn | 49.21 Mn |
| 7 | Skeena Resources | 4.31 Bn | 3.89 Bn | - | 12.41 Mn |
| 8 | USA Rare Earth | 3.94 Bn | 3.94 Bn | -1.58 Mn | 44.73 Mn |
| 9 | Evolution Metals & Technologies | 2.06 Bn | 2.06 Bn | -115,000.00 | 12.07 Mn |
| 10 | TMC the metals | 1.71 Bn | 1.61 Bn | - | 5.81 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 5.81 Mn |
| Dec 31, 2025 | 44.71 Mn |
| Sep 30, 2025 | 55.36 Mn |
| Jun 30, 2025 | 21.98 Mn |
| Mar 31, 2025 | 18.02 Mn |
| Dec 31, 2024 | 16.35 Mn |
| Sep 30, 2024 | 19.96 Mn |
| Jun 30, 2024 | 20.30 Mn |
| Mar 31, 2024 | 24.68 Mn |
| Dec 31, 2023 | 33.26 Mn |
| Sep 30, 2023 | 12.52 Mn |
| Jun 30, 2023 | 13.23 Mn |
| Mar 31, 2023 | 13.38 Mn |
| Dec 31, 2022 | 111.28 Mn |
| Sep 30, 2022 | 28.61 Mn |
| Jun 30, 2022 | 18.33 Mn |
| Mar 31, 2022 | 15.91 Mn |
| Dec 31, 2021 | 28.27 Mn |
| Sep 30, 2021 | 37.18 Mn |
| Jun 30, 2021 | 28.70 Mn |