TMC the metals company Inc. (TMC) Stock Surged 8.98% Pre-Market, Here’s Why

TMC the metals company Inc. (TMC) stock soared 8.98% in the pre-market trading session at the price of $2.67 following the completion of its North Sea driving test for collector vehicles.

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TMC explores and examines battery metals from polymetallic nodules. The company accelerates the metal economy by supplying metals for the renewable energy transition.

TMC North Sea Driving Test

On 31st March 2022, TMC reported completing its driving test for the robotic nodule collector vehicle devised by Allseas Group, its shareholder and strategic partner. During the test conducted in the North Sea, the collector vehicle experienced extensive and ample testing of mobility. Covering a 4,533m distance, Allseas engineers drove the vehicles forward and backward in several directions at different speeds. All the systems, devices, and tools of the vehicle were functional.

Management Comments

Chairman and CEO of TMC Gerard Barron remarked that this driving test is a critical milestone. The successful completion of testing demonstrates that these vehicles can be operated remotely on open seas. The tests reveal that the collector can be handled with a very high precision that will allow them to execute and build complex mine plans. These trials prove that Allseas has always been their trusted partner. This collaboration has enabled them to achieve this victory in the offshore market, Barron added.

TMC Q4 & Year 2021 Earnings Report

Earlier on 24th March 2022, TMC published its financial results for the quarter and the year ended 31st December 2021. The company has also delivered its business updates. For the year ended 31st December 2021, TMC held total cash of US$84.9M.

TMC calculated a net loss of US$141.3M, or per share of US$0.69, for the year 2021. Net loss was US$56.6M, or per share of US$0.32, the prior year. Net loss totaled US$19.8M, or per share of US$0.09, for Q4 of 2021. The company reported a net loss of US$17.1 M, or per share of US$0.09, for the same quarter of 2020.


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