ODYSSEY MARINE EXPLORATION INC

Listed Company

OMEXCIK 0000798528NasdaqNon-AcceleratedSmaller ReportingWater TransportationNevadaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-43.09M

Total Assets

$15.80M

Equity

$-37.65M

Shares Out

58.23M

Op. Cash Flow

$-8.85M

Business

ODYSSEY MARINE EXPLORATION INC discovers, validates, and develops high-value seafloor mineral resources using environmentally responsible methods. It offers specialized mineral exploration, project development and marine services, including environmental baseline studies, extraction system design, sampling and validation to prepare projects for permitting and commercial operations. The company advances a diversified portfolio through projects it controls and through minority ownership or service-for-equity arrangements, with named projects including ExO Phosphate, CIC, OML/Moana and the Lihir Gold Project. Odyssey operates globally in various countries’ exclusive economic zones, working with governments, partners and ship-based distribution and deployment channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	353,719	768,677	803,799	1	921,238
Marketing, general and administrative	11	10	7	9	6
Operations and research	3	3	4	10	10
Total operating expenses	14	13	11	19	16
LOSS FROM OPERATIONS	−13	−12	−10	−18	−15
Interest income	119,363	169,360	412,625	96,478	4,036
Interest expense	−5	−7	−5	—	—
Loss on equity method investment	−2	−271,830	−278,910	—	—
Change in derivative liabilities fair value	−28	19	−8	−10	0
Gain / (Loss) on debt extinguishment	587,019	−729,723	21	0	374,835
Gain on disposal of equipment	164,000	4,029	—	—	—
Residual economic interest in shipwreck	0	10	0	—	—
Loss on Termination Agreement (Note 5)	0	−4	0	—	—
Other	−1	1	−2	−164,609	4
Total other (expense) / income	−35	18	6	−12	−1
Total	−48	6	−4	—	—
Income tax benefit	0	0	0	0	0
NET (LOSS) / INCOME	−48	6	−4	−30	−16
Net loss attributable to non-controlling interest	5	9	9	8	6
NET (LOSS) / INCOME attributable to Odyssey Marine Exploration, Inc.	−43	16	5	−22	−10
Basic (per share)	−1.1	0.75	0.27	−1.28	−0.75
Diluted (per share)	−1.1	0.07	0.27	−1.28	−0.75
Basic (shares)	39	21	20	17	13
Diluted (shares)	39	28	20	17	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash and cash equivalents	4	5	4	511,809	—
Accounts and other related party receivables	67,323	285,764	110,320	71,509	—
Other current assets	772,616	683,626	743,439	734,585	—
Total current assets	4	6	5	1	—
Investment in unconsolidated entities	9	10	9	9	503,100
Option to purchase equity securities in related party	334,974	455,416	6	—	—
Bismarck exploration license	2	2	2	2	—
Property and equipment, net	474,816	534,016	524,656	—	—
Other non-current assets	34,295	34,295	34,295	34,295	—
Total non-current assets	11	13	18	17	—
Total assets	16	18	23	19	—
Accounts payable	770,750	748,403	345,378	586,687	—
Accrued expenses	10	9	8	8	—
Loans payable, current portion	1	13	15	14	—
Total current liabilities	12	22	31	29	—
Loans payable	4	10	8	4	—
Debt derivative liability	0	3	0	—	—
Warrant liabilities	12	5	16	—	—
Litigation financing and other	63	57	53	—	—
Deferred contract liability	334,974	455,416	679,706	700,353	—
Total long-term liabilities	80	75	77	66	—
Total liabilities	91	98	109	95	—
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock - $0.0001 par value; 24,984,166 shares authorized; none issued and outstanding	0	0	0	—	—
Common stock - $.0001 par value; 75,000,000 shares authorized; 55,771,913 and 28,825,333 issued and outstanding	5,577	2,883	2,042	2,007	—
Additional paid-in capital	286	264	264	263	—
Accumulated deficit	−324	−280	−296	−288	—
Total stockholders' deficit before non-controlling interest	−38	−16	−32	−25	—
Non-controlling interest	−38	−63	−53	−51	—
Total stockholders' deficit	−76	−79	−86	−76	−71
Total liabilities and stockholders' deficit	16	18	23	19	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Services provided to unconsolidated entities	−353,719	−726,395	−779,581	—	—
Depreciation	75,299	79,019	242,970	88,389	8,821
Financing fees amortization	171,854	90,794	724,185	146,896	133,993
Amortization of finance liability	652,439	638,271	432,332	0	—
Amortization of deferred discount	2	3	2	—	—
Note payable interest accretion	2	2	985,671	295,932	45,171
"Note interest paid-in-kind (""PIK"")"	2	2	858,816	0	—
"Right-of-use (""ROU"") asset amortization"	0	121,568	178,457	161,084	145,930
Share-based compensation	222,100	2	585,654	2	1
Director compensation paid in stock	191,549	288,000	178,493	0	—
Consulting compensation paid in stock	239,744	0	—	—	—
Equity exchange in connection with Mexican corporate transactions	2	0	—	—	—
Loss on equity method investment	2	271,830	278,910	—	—
Accounts receivable and other related party receivables	218,127	−175,444	−103,899	−241,707	−108,610
Changes in operating lease liability	0	−129,140	−186,656	−163,171	—
Other assets	−88,990	59,813	203,991	−170,798	−181,725
Accounts payable	26,927	372,209	−2	6	6
Accrued expenses and other	2	−2	3	3	14
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	−9	642,341	−10	−10	−5
Purchase of property and equipment	−16,098	−84,350	−1	−1	−19,137
Cash paid for investment in unconsolidated entity	−157,508	0	—	—	—
NET CASH USED IN INVESTING ACTIVITIES	−173,606	−84,350	−1	−2	322,988
Proceeds from issuance of common stock	8	4	239,303	17	0
Proceeds from employees stock options	62,115	0	—	—	—
Costs paid for stock issuances	−97,135	0	0	−723,546	0
Repurchase of stock-based awards withheld for payment of withholding tax requirements	0	−18,277	−218,618	−585,936	−20,503
Offering costs paid on financing	0	−122,954	−160,283	—	—
Payment of debt obligations	−816,436	−3	−11	−6	−355,273
Payment on financing obligations	−540,000	−540,000	—	—	—
NET CASH PROVIDED BY FINANCING ACTIVITIES	8	212,032	14	12	1
NET (DECREASE) INCREASE IN CASH	−1	770,023	3	−831,330	−4
Cash paid for interest	0	430,282	172,346	222,731	0
Director and consultant compensation paid in stock	431,293	288,000	125,000	403,000	100,000
Conversion of debt to common stock	22	2	300,003	—	—
Fair value of liability warrants issued	3	1	2	—	—
Contribution to Phosagmex (Note 6)	2	0	—	—	—
Embedded debt derivative liability	0	851,000	0	—	—
Gain on disposal of equipment	164,000	0	—	—	—
Warrants reclassification from Equity to Liability classification	0	8	0	—	—

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