Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>3Q25 results. TMC reported 3Q25 results, with an operating loss of $55.3 million versus $19.9 million in 3Q24, driven primarily by significantly higher share-based compensation associated with 3Q25 option and RSU grants, along with stepped-up legal and consulting expenses tied to US permitting activities.</li><li>Exploration and evaluation spending of $9.6 million decreased from $11.8 million a year ago due to lower environmental monitoring costs following the completion of Campaign 8 and reduced Allseas program expenses.</li><li>Solid liquidity position. Quarter-end cash stood at $115.6 million, rising to $121 million by mid-November with additional warrant and option exercises. </li></ul>

3Q25 results. TMC reported 3Q25 results, with an operating loss of $55.3 million versus $19.9 million in 3Q24, driven primarily by significantly higher share-based compensation associated with 3Q25 option and RSU grants, along with stepped-up legal and consulting expenses tied to US permitting activities.Exploration and evaluation spending of $9.6 million decreased from $11.8 million a year ago due to lower environmental monitoring costs following the completion of Campaign 8 and reduced Allseas program expenses.Solid liquidity position. Quarter-end cash stood at $115.6 million, rising to $121 million by mid-November with additional warrant and option exercises. 

TMC: With Plenty of Cash and Clear Regulatory Pathway, Start of Production Still on Track for 4Q27

TMC the metals co

TMC: With Plenty of Cash and Clear Regulatory Pathway, Start of Production Still on Track for 4Q27