The Metals Company Inc shares are tumbling in Thursday’s after-hours session after the company reported financial results for the second quarter. Here’s what you need to know.

TMC is down after-hours. Watch the momentum here.

Q2 Highlights: The Metals Company reported a second-quarter loss of 20 cents per share, missing analyst estimates for a loss of five cents per share, according to Benzinga Pro.

The company said it used $10.6 million of cash in operations during the quarter and ended the period with a total cash position of approximately $115.8 million.

“With strong signals from Washington — from proposed regulatory revisions to guidance from senior officials — the U.S. pathway to production for NORI-D is becoming clearer. Our recent notice of full compliance from NOAA on our exploration applications is yet another milestone on our path through the U.S. regulatory process,” said Gerard Barron, chairman and CEO of The Metals Company.

“Each step reduces risk, sharpens our execution timeline and strengthens the investment case. We are targeting first production from NORI-D in fourth quarter 2027, unlocking one of the largest and most strategic resources of critical metals in the world.”

Nauru Ocean Resources Inc. (NORI) is a wholly owned subsidiary of The Metals Company. The NORI-D deep-sea mining project is focused on collecting polymetallic nodules from the Clarion Clipperton Zone.

TMC Price Action: The Metals Company shares were down 6.66% in after-hours, trading at $5.05 at the time of publication on Thursday, according to Benzinga Pro.

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