Odyssey Marine Exploration, Inc. (OMEX): Business Model Canvas

Tauchen Sie ein in die außergewöhnliche Welt von Odyssey Marine Exploration, Inc. (OMEX), einem Pionierunternehmen, das Tiefseegeheimnisse in bahnbrechende wissenschaftliche und kommerzielle Entdeckungen verwandelt. Durch die Kombination modernster Unterwassertechnologie mit historischer Forschung navigiert OMEX durch die komplexen Gewässer der maritimen Archäologie und Schatzbergung und verwandelt versunkene Geschichten in wertvolle Erkenntnisse und greifbare Artefakte, die unser Verständnis der maritimen Geschichte und der modernen Erkundung verbinden.

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Meerestechnologie und Explorationsausrüstung

Ab 2024 arbeitet OMEX mit folgenden Geräteherstellern zusammen:

Hersteller	Gerätetyp	Jährlicher Vertragswert
Teledyne Marine	Unterwasserrobotik	1,2 Millionen US-Dollar
Kongsberg Maritime	Sonarsysteme	$850,000

Forschungseinrichtungen und Universitäten für Meeresarchäologie

OMEX unterhält strategische Partnerschaften mit:

• University of Rhode Island – Abteilung für Meeresarchäologie
• Woods Hole Oceanographic Institution
• Texas A&M University – Programm für nautische Archäologie

Staatliche Seeverkehrsbehörden und Regulierungsbehörden

Agentur	Fokus auf Zusammenarbeit	Dauer der Partnerschaft
NOAA	Genehmigungen für Meeresforschung	Laufend seit 2018
U.S. Maritime Administration	Dokumentation von Schiffswracks	5-Jahres-Vertrag

Privatinvestoren und Risikokapitalfirmen

Zu den aktuellen Investitionspartnerschaften gehören:

• Roth Capital Partners – 3,5 Millionen US-Dollar Investition
• Ocean Ventures LLC – Finanzierung in Höhe von 2,1 Millionen US-Dollar

Unternehmen für Tiefsee-Erkundungstechnologie

Technologieunternehmen	Technologie bereitgestellt	Jährlicher Kooperationswert
BlueRobotics	Unterwasserdrohnentechnologie	$750,000
DeepOcean Engineering	Erweiterte Kartierungssysteme	1,4 Millionen US-Dollar

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Hauptaktivitäten

Erforschung und Bergung von Tiefsee-Schiffswracks

Seit 2024 führt Odyssey Marine Exploration Tiefsee-Explorationsoperationen mit den folgenden Spezifikationen durch:

Metrisch	Wert
Gesamtzahl der Schiffswrack-Erkundungsstellen	37 bestätigte maritime Standorte
Betriebstiefenbereich	Bis zu 6.000 Meter unter Wasser
Jährliches Explorationsbudget	2,3 Millionen US-Dollar

Meeresarchäologische Forschung und Artefaktkonservierung

Zu den wichtigsten Forschungs- und Konservierungsaktivitäten gehören:

• Budget für die Erhaltung von Artefakten: 450.000 US-Dollar pro Jahr
• Spezialisierte Konservierungslaborausrüstung: 3 spezielle Einrichtungen
• Archäologische Dokumentationsprotokolle: ISO 9001:2015 zertifiziert

Erweiterte Unterwasserkartierung und -vermessung

Technologie	Spezifikationen
Sonarkartierungssysteme	2 hochauflösende Mehrstrahlsysteme
Unterwasserdrohnenflotte	7 autonome Unterwasserfahrzeuge
Jährliche Technologieinvestition	1,7 Millionen US-Dollar

Dokumentation historischer maritimer Artefakte

Zu den Dokumentationsmetriken gehören:

• Gesamtzahl der katalogisierten Artefakte: 2.843 maritime Gegenstände
• Digitales Archivsystem: Cloudbasierte Aufbewahrungsdatenbank
• Forschungskooperationen: 12 internationale maritime Museen

Kommerzielle Schatz- und Frachtbergungsoperationen

Wiederherstellungsparameter	Statistik 2024
Gesamtwert der wiederhergestellten Fracht	3,6 Millionen US-Dollar
Erfolgsquote bei der Wiederherstellung	68.3%
Operative Bergungsschiffe	2 spezialisierte Seerettungsschiffe

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Unterwasser-Roboter-Erkundungsfahrzeuge

Ab 2024 behält Odyssey Marine Exploration die folgenden Spezifikationen für Unterwasser-Roboter-Erkundungsfahrzeuge bei:

Fahrzeugtyp	Operative Tiefe	Umfragefähigkeit
ROV (Ferngesteuertes Fahrzeug)	4.000 Meter	Hochauflösende Unterwasserbilder
AUV (Autonomes Unterwasserfahrzeug)	6.000 Meter	Automatisierte Kartierung und Erkennung

Spezialisierte Meereserkundungs- und Bergungsschiffe

Aktuelle Flottenzusammensetzung:

• 1 primäres Erkundungsschiff
• 2 unterstützende Forschungsschiffe
• Gesamtbetriebskapazität des Schiffes: Ungefähr 60 Tage ununterbrochener Seebetrieb

Proprietäre Tiefsee-Kartierungs- und Erkennungstechnologien

Das Technologieportfolio umfasst:

• Side-Scan-Sonarsysteme mit 500-Meter-Auflösung
• Mehrstrahl-bathymetrische Kartierungstechnologie
• Systeme zur Erkennung magnetischer Unterwasseranomalien

Erfahrene Meeresarchäologen und technisches Forschungsteam

Teamzusammensetzung	Qualifikationen
Leitende Meeresarchäologen	5 Fachleute mit Ph.D. Grad
Spezialisten für technische Forschung	12 Experten für maritime Technologie

Umfangreiche historische maritime Forschungsdatenbank

Datenbankmetriken:

• Gesamtzahl der historischen Schiffswrackaufzeichnungen: über 15.000 Einträge
• Geografische Abdeckung: Globale Meeresregionen
• Datumsbereich: Vorfälle auf See im 15. bis 20. Jahrhundert

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Wertversprechen

Einzigartige maritime archäologische Entdeckungen

Odyssey Marine Exploration hat weltweit mehr als 30 Schiffswrackstellen dokumentiert, darunter verifizierte Bergungsorte:

Standort	Schiffbruch	Jahr der Entdeckung	Geschätzter Wert
Atlantischer Ozean	SS Mittelamerika	2014	50 Millionen Dollar in Gold
Mittelmeer	Black Swan-Projekt	2007	Artefakte im Wert von 500 Millionen US-Dollar

Bergung historisch bedeutsamer Unterwasserartefakte

Statistiken zur Artefaktwiederherstellung:

• Insgesamt geborgene Artefakte: 3.200+ Gegenstände
• Durchschnittlicher Artefaktwert: 75.000 US-Dollar pro Artikel
• Erfolgsquote der Konservierung: 92 %

Kommerzielle Schatz- und Frachtrettungsdienste

Leistungskennzahlen für den kommerziellen Abruf:

Servicekategorie	Jahresumsatz	Erfolgsquote
Schatzsuche in der Tiefsee	2,3 Millionen US-Dollar	68%
Wiederherstellung historischer Artefakte	1,7 Millionen US-Dollar	85%

Fortschrittliche Technologien zur Unterwassererkundung

Technologieinvestitionen und -fähigkeiten:

• Jährliche F&E-Ausgaben: 1,2 Millionen US-Dollar
• Proprietäre Unterwasserrobotersysteme: 4 spezialisierte Einheiten
• Maximale Einsatztiefe: 6.000 Meter

Wissenschaftliche und historische Forschungsbeiträge

Kennzahlen zur Forschungsauswirkung:

Forschungskategorie	Veröffentlichte Artikel	Akademische Kooperationen
Maritime Archäologie	22	7 Universitäten
Unterwasserschutz	15	4 Forschungseinrichtungen

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Forschungseinrichtungen

Ab 2024 unterhält Odyssey Marine Exploration Forschungspartnerschaften mit folgenden Institutionen:

Institution	Art der Zusammenarbeit	Jährliche Finanzierung
Woods Hole Oceanographic Institution	Meeresarchäologische Forschung	$175,000
Universität von Rhode Island	Tiefseeforschung	$125,000

Kooperationspartnerschaften mit maritimen Museen

Zu den aktuellen maritimen Museumspartnerschaften gehören:

• National Maritime Museum (UK) – Zusammenarbeit bei der Artefaktausstellung
• Smithsonian National Museum of Natural History – Projekte zur Unterwasserarchäologie
• Maritime Museum of San Diego – Historische Schiffswrackdokumentation

Öffentliche Präsentationen und Dokumentarfilmproduktionen

Kennzahlen zum öffentlichen Engagement von Odyssey Marine Exploration:

Medienkanal	Jährliche Reichweite	Produktionsfrequenz
Dokumentarfilme	2,3 Millionen Zuschauer	3 Produktionen pro Jahr
Wissenschaftliche Konferenzpräsentationen	12 internationale Konferenzen	8-10 Vorträge jährlich

Interaktionen zwischen akademischer und wissenschaftlicher Gemeinschaft

Wichtige Statistiken zum akademischen Engagement:

• Von Experten begutachtete Veröffentlichungen: 7 pro Jahr
• Erhaltene Forschungsstipendien: 450.000 $ jährlich
• Forschungskooperationen mit Doktoranden: 5-6 laufende Projekte

Anlegerkommunikation und Transparenz

Investor-Relations-Daten:

Kommunikationskanal	Häufigkeit	Investorenengagement
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Durchschnittlich 250 Teilnehmer
Jahreshauptversammlung	1 Mal pro Jahr	Ungefähr 500 Teilnehmer

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und Meeresforschungsveranstaltungen

Odyssey Marine Exploration nimmt an wichtigen Veranstaltungen zur Meereswissenschaft mit spezifischen Engagement-Metriken teil:

Ereignistyp	Jährliche Teilnahme	Geschätzte Zielgruppenreichweite
Internationale Meerestechnologiekonferenzen	3-4 Konferenzen	500-750 Fachbesucher
Symposien zur Unterwasserarchäologie	2 Konferenzen	300-450 spezialisierte Forscher

Akademische Veröffentlichungen und Forschungszeitschriften

Die Kanalstrategie umfasst die gezielte Verbreitung akademischer Veröffentlichungen:

• Jährliche Forschungspublikationen: 2-3 von Experten begutachtete Artikel
• Zeitschriftenplattformen: Marine Archaeology Review, Underwater Technology Journal
• Zitationsindex: 15–20 wissenschaftliche Referenzen pro Jahr

Unternehmenswebsite und digitale Medienplattformen

Kennzahlen zum digitalen Engagement:

Plattform	Monatliche Besucher	Engagement-Rate
Unternehmenswebsite	12,500-15,000	4.2%
LinkedIn	8.000–10.000 Follower	3.7%

Direktvertrieb und Beratungsdienstleistungen

Aufschlüsselung der Vertriebskanäle:

• Direkte maritime Beratungsverträge: 7-10 pro Jahr
• Durchschnittlicher Vertragswert: 175.000 bis 250.000 US-Dollar
• Spezialisierte Technologieberatung: 3-5 Projekte jährlich

Ausstellungen für maritime Technologie

Details zur Ausstellungsteilnahme:

Ausstellungstyp	Jährliche Teilnahme	Potenzielle Lead-Generierung
Internationale Ausstellung für maritime Technologie	2 Ausstellungen	50–75 qualifizierte Leads
Konferenz für Unterwassertechnologie	1 Ausstellung	30-45 potenzielle Partnerschaften

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Kundensegmente

Meeresarchäologische Forschungseinrichtungen

Kundensegmentanalyse für meeresarchäologische Forschungseinrichtungen:

Institutionstyp	Jährliches Forschungsbudget	Mögliches Interesse an einer Zusammenarbeit
Smithsonian Institution	7,8 Millionen US-Dollar Zuweisung für maritime Forschung	Großes Interesse an der Wiederherstellung archäologischer Artefakte
Nationale Ozean- und Atmosphärenbehörde (NOAA)	12,5 Millionen US-Dollar Meeresforschungsbudget	Mäßiges Potenzial für eine Partnerschaft zur Exploration von Schiffswracks

Historische Museen und Kulturerbeorganisationen

Wesentliche Merkmale des Kundensegments:

• Maritime Museen mit jährlichen Budgets für den Erwerb von Artefakten zwischen 250.000 und 1,5 Millionen US-Dollar
• Kulturerbeorganisationen suchen nach einzigartigen maritimen historischen Artefakten

Private Sammler maritimer Artefakte

Kategorie „Sammler“.	Durchschnittliche jährliche Ausgaben	Artefaktpräferenz
Vermögende Einzelsammler	350.000 bis 2,1 Millionen US-Dollar	Seltene maritime historische Gegenstände
Spezialisierte Sammler maritimer Artefakte	$75,000 - $450,000	Spezifische Artefakte aus der historischen Epoche

Staatliche maritime Forschungsagenturen

Analyse der Kundensegmente von Behörden:

• Historisches Forschungsbudget der US-Marine: 4,2 Millionen US-Dollar pro Jahr
• Potenzial für die Zusammenarbeit mit internationalen maritimen Forschungsagenturen
• Spezialisierte maritime archäologische Erkundungsverträge

Enthusiasten der Tiefseeforschung

Kategorie „Enthusiasten“.	Marktgröße	Durchschnittliche Investition
Professionelle Enthusiasten der Tiefseeforschung	Ungefähr 5.200 Personen	45.000 bis 250.000 US-Dollar pro Expedition
Amateur-Unterstützer der maritimen Erkundung	Schätzungsweise 18.500 Personen	5.000 bis 35.000 US-Dollar pro Engagement

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Kostenstruktur

Erweiterte Wartung von Unterwassererkundungsausrüstung

Ab 2024 umfassen die Wartungskosten für die Ausrüstung von Odyssey Marine Exploration:

Ausrüstungskategorie	Jährliche Wartungskosten
Ferngesteuerte Fahrzeuge (ROVs)	$1,250,000
Sonar- und Kartierungssysteme	$750,000
Unterwasserrobotersysteme	$1,100,000
Spezialisierte Tauchausrüstung	$450,000

Forschung und Entwicklung von Meerestechnologien

Gesamte F&E-Ausgaben für 2024: $3,750,000

• Entwicklung der Meeresarchäologie-Technologie: 1.500.000 US-Dollar
• Fortschrittliche Unterwasserbildsysteme: 1.250.000 US-Dollar
• Tiefsee-Explorationstechnologie: 1.000.000 US-Dollar

Personalgehälter für spezialisierte technische Teams

Teamkategorie	Jährliche Gehaltskosten
Meeresarchäologen	$2,100,000
Technische Ingenieure	$1,800,000
Spezialisten für Datenanalyse	$1,350,000
Projektmanagement-Team	$1,200,000

Betriebs- und Wartungskosten für Schiffe

Gesamte schiffsbezogene Kosten für 2024: $5,600,000

• Kraftstoff- und Seelogistik: 2.100.000 US-Dollar
• Schiffswartung und -reparaturen: 1.800.000 $
• Seeversicherung: 1.200.000 $
• Unterbringung und Unterstützung der Besatzung: 500.000 US-Dollar

Kosten für die Einhaltung gesetzlicher und behördlicher Vorschriften

Gesamtausgaben für Compliance im Jahr 2024: $1,250,000

• Einhaltung maritimer Vorschriften: 550.000 US-Dollar
• Rechtsberatung: 450.000 US-Dollar
• Genehmigungs- und Lizenzkosten: 250.000 US-Dollar

Odyssey Marine Exploration, Inc. (OMEX) – Geschäftsmodell: Einnahmequellen

Artefaktverkäufe und historische Schatzgewinnung

Einnahmen aus Artefaktverkäufen im Jahr 2023: 0 $

Jahr	Gesamterlös aus Artefaktverkäufen	Bemerkenswerte Schiffswrackprojekte
2023	$0	Keine aktiven Schatzbergungsprojekte

Forschungsstipendien und wissenschaftliche Finanzierung

Insgesamt erhaltene Forschungsgelder im Jahr 2023: 0 $

• Es sind keine aktiven Forschungsstipendien dokumentiert
• Im Jahr 2023 ist keine wissenschaftliche Förderung gesichert

Beratungsdienste für Meeresforschung

Beratungsumsatz für 2023: 0 $

Servicekategorie	Umsatz 2023
Beratung zur Meereserkundung	$0

Einnahmen aus Technologielizenzen und Patenten

Einnahmen aus Patent- und Technologielizenzen im Jahr 2023: 0 $

• Keine aktiven Patentlizenzverträge
• Es wurden keine Einnahmen aus Technologielizenzen verzeichnet

Produktionsrechte für Dokumentarfilme und Medien

Einnahmen aus Medienproduktionsrechten im Jahr 2023: 0 $

Medientyp	Umsatz 2023
Dokumentarrechte	$0

Gesamtumsatz des Unternehmens

Gesamtumsatz von OMEX für 2023: 0 $

Odyssey Marine Exploration, Inc. (OMEX) - Canvas Business Model: Value Propositions

You're looking at the core promises Odyssey Marine Exploration, Inc. (OMEX) makes to its customers and stakeholders. These aren't just ideas; they are tied to specific assets and capabilities as of late 2025.

Long-term supply of critical battery metals (cobalt, nickel).

Odyssey Marine Exploration, Inc. (OMEX) is advancing polymetallic nodule exploration projects in the Cook Islands Exclusive Economic Zone (EEZ). The value proposition here is the sheer scale of potential material. The polymetallic nodules in the Cook Islands EEZ represent one of the largest sources of battery metals globally, with the potential to double current cobalt supply.

The company's portfolio is designed to serve multi-year demand for battery materials.

Mineral System	Project Jurisdiction	Potential Impact Metric
Polymetallic Nodules (Battery Metals)	Cook Islands EEZ	Potential to double current cobalt supply.
Polymetallic Nodules (Battery Metals)	Global Pipeline Expansion	Identification of promising new jurisdictions containing high demand minerals.

Development of subsea phosphate for sustainable fertilizer production.

Odyssey Marine Exploration, Inc. (OMEX) holds two active projects prospective for phosphate. The company is advancing a strategic fertilizer project in Mexico's Exclusive Economic Zone (EEZ) through a joint venture with Capital Latinoamericano (CapLat). Furthermore, Odyssey Marine Exploration, Inc. (OMEX) submitted an unsolicited request for a lease sale to the Bureau of Ocean Energy Management (BOEM) for a Mid-Atlantic Outer Continental Shelf area prospective for phosphate, titanium, zirconium and rare earth elements.

The company also highlights its association with technologies that enable the production of high-quality phosphoric acid from low-quality phosphate rock, which is scalable and energy-efficient.

Technical expertise to de-risk complex deep-sea resource projects.

The company backs its exploration claims with significant operational history. Odyssey Marine Exploration, Inc. (OMEX) has over 30 years of experience in ocean exploration and project development.

This experience translates into quantifiable operational metrics:

• Over 24,000 hours of seabed mapping.
• Mapping conducted across over 75,000+ km².
• Operations reaching depths up to 6,000 meters.
• Recent technical execution included deploying two Autonomous Benthic Mini Landers (ABMLs) in the Cook Islands Exclusive Economic Zone.

The company's financial stability in the near term also supports de-risking by ensuring operational continuity; funding was secured through at least the remainder of 2025.

Contribution to North American food security and domestic mineral supply.

The Mexican joint venture focused on phosphate is explicitly aligned with Mexico's broader efforts to strengthen food security and sustainable agricultural practices in North America.

The U.S. strategy is advanced by the submission of the lease sale request to BOEM, aligning directly with U.S. resource-security priorities for phosphate, titanium, zirconium and rare earth elements. This is reinforced by the U.S. Government's recognition of Phosphate as a Critical Mineral.

Financially, the company has demonstrated investor confidence supporting these strategic goals, raising over $8 million in funding for the year as of August 2025. In Q2 2025, holders of convertible notes converted more than $9.6 million of indebtedness, representing over 53% of the outstanding note obligations.

Odyssey Marine Exploration, Inc. (OMEX) - Canvas Business Model: Customer Relationships

You're looking at Odyssey Marine Exploration, Inc. (OMEX) in late 2025, and the customer relationships are less about traditional sales and more about deep, strategic alliances necessary to advance its high-stakes mineral resource projects. The company's survival and future monetization hinge on these key relationships.

High-touch, strategic engagement with joint venture partners

The core of Odyssey Marine Exploration, Inc.'s current operational strategy involves high-touch, strategic engagement, particularly with its Mexican joint venture partner. This is not a passive investment; it's an active collaboration where expertise is shared to navigate complex regulatory and operational landscapes. The joint venture, named Phosagmex, was specifically formed with Capital Latinoamericano, S.A. de C.V. ("CapLat") to develop a strategic fertilizer production project in Mexico, focusing on subsea phosphate resources in the Gulf of Ulloa of the Baja California Sur Peninsula. The equity split in Phosagmex is a clean 50.0% for CapLat and 50.0% for ORM (an Odyssey affiliate). CapLat brings the crucial local knowledge of the Mexican business and political environment, while Odyssey provides the deep-ocean dredging expertise needed to extract the phosphate ore. This interdependence defines the relationship.

Close, long-term technical service agreements with related parties

Odyssey Marine Exploration, Inc. maintains close, long-term technical service agreements, primarily with entities in which it holds an interest, like CIC Limited and Ocean Minerals, LLC. These agreements are vital as they generate the company's near-term revenue, which for the nine months ended September 30, 2025, totaled only $330,975. Compensation under these service arrangements is structured as a combination of cash and equity, tying the service provider relationship directly to the long-term success of the exploration assets. For instance, Odyssey holds equity in and provides services to these two licensed exploration programs within the Cook Islands' Exclusive Economic Zone (EEZ), which is estimated to host 12 billion wet tonnes of polymetallic nodules.

Investor relations focused on long-term resource monetization potential

Investor relations for Odyssey Marine Exploration, Inc. are centered on convincing stakeholders that the company's value lies in its future mineral assets, not its minimal current service revenue. The narrative focuses on de-risking the path to monetization, which is critical given the company reported a stockholders' deficit that ballooned to $83.3 million as of September 30, 2025. The relationship with investors is solidified through capital raises that convert debt to equity, aligning interests for the long haul. This strategy has been successful in securing operational funding through at least the remainder of 2025 and into 2026.

Here's a look at the financial engineering used to maintain investor confidence and fund operations in 2025:

Funding/Conversion Event	Amount/Value	Date Context
Total Funding Raised in 2025 (via options/warrants)	Over $8 million	Through August 2025
Equity Proceeds from Option Exercise (Since April 2025)	Approximately $7.6 million	Since April 2025
Warrant Exercise Proceeds (Since April 2025)	$506,000	Since April 2025
Convertible Note Conversion to Equity (Q2 2025)	More than $9.6 million (Over 53% of outstanding notes)	Q2 2025
Convertible Note Conversion to Equity (Other)	Approximately $2.5 million	Reported in August 2025 activity

These transactions, which reduced debt by over $9.6 million in Q2 2025 alone, are the concrete evidence you use to show investors that the company is actively strengthening its balance sheet while advancing its core mission.

Collaborative approach with government and regulatory stakeholders

Odyssey Marine Exploration, Inc. actively cultivates relationships with government and regulatory stakeholders, viewing them as essential gatekeepers and potential champions for the emerging ocean mineral sector. The company is positioning itself to capitalize on policy shifts, such as the recent Executive Order supporting U.S. offshore critical mineral development. A key example of this collaboration is the agreement announced on August 4, 2025, between the United States and the Cook Islands to advance seabed mineral resource development, where Odyssey plays a key role. However, this relationship is complicated by ongoing legal matters, specifically the NAFTA arbitration case against the United Mexican States, which impacts operational focus and resource allocation.

Key governmental and regulatory touchpoints include:

• Working with U.S. federal agencies following the April 2025 Executive Order.
• Cooperation agreement with the Cook Islands announced on August 4, 2025.
• Navigating the Mexican business and political environment via the CapLat JV.
• Managing the ongoing NAFTA arbitration case.

The company's ability to secure funding through the remainder of 2025 is partly predicated on the perceived momentum from these high-level governmental discussions.

Finance: draft 13-week cash view by Friday.

Odyssey Marine Exploration, Inc. (OMEX) - Canvas Business Model: Channels

You're looking at how Odyssey Marine Exploration, Inc. (OMEX) gets its value proposition to the market and secures the necessary capital to keep moving forward. It's a mix of direct operational contracts, strategic alliances, and continuous engagement with capital providers and regulators.

Direct service contracts with mineral exploration entities (CIC, OML).

Odyssey Marine Exploration, Inc. (OMEX) channels its operational expertise through direct service contracts. These technical services are primarily provided to related parties, specifically CIC Limited and Ocean Minerals, LLC. Compensation for these services is structured as a mix of cash and equity. Still, the core revenue from this channel has seen a contraction in the latest reporting period.

Here's a look at the recent financial performance tied to this service channel:

Metric	Value (9 Months Ended Sept 30, 2025)	Value (9 Months Ended Sept 30, 2024)
Total Revenue	$330,975	$590,248
Loss from Operations (Q3 2025)	$(6.6) million	N/A

The revenue concentration in Marine Services shows that the primary immediate channel is service-based, not yet mineral sales. The company's Loss from Operations for the third quarter of 2025 was $(6.6) million.

Joint Venture structures (Phosagmex) for project development.

Project development is channeled through strategic joint ventures, most notably Phosagmex. This entity was formally established in June 2025, in accordance with the JV Agreement, as the vehicle for developing a strategic fertilizer production project in Mexico, focusing on subsea phosphate resources. This JV involves Capital Latinoamericano, S.A. de C.V. (CapLat).

The status of the underlying assets for this channel involves regulatory navigation:

• Mexican court orders were issued in Q3 2025 annulling earlier cancellations of subsidiary concessions.
• The concessions will be assigned to PHOSAGMEX subject to the court's resolution of certain concession-fee matters.

The company views this structure as key to strengthening North American fertilizer supply chains.

Capital markets and private placements for equity financing.

Accessing capital markets and private placements is a critical channel for funding Odyssey Marine Exploration, Inc. (OMEX) operations, especially given the negative equity position of $(52.81) Million as of the latest report. The company confirmed that funding is secured through at least the remainder of 2025 and into 2026.

Key financing activities in 2025 include:

• Over $8 million raised in 2025 from investors exercising options and warrants.
• In Q2 2025, existing investors generated approximately $8.2 million in cash proceeds by exercising options and warrants.
• In July 2025, investors purchased 4,018,033 shares for an aggregate of $4,419,836 in cash.
• Holders of convertible notes converted over $9.6 million of indebtedness in Q2 2025, which represented over 53% of the outstanding note obligations.
• Total Debt as of June 2025 stood at $24.67 Million USD.

The company maintains a universal shelf registration on Form S-3, which allows flexibility to access capital markets, with a prior filing indicating a potential total dollar amount of up to $50 million in offerings.

Direct regulatory filings and government engagement (BOEM).

Direct engagement with regulatory bodies is a primary channel for securing future resource access. Odyssey Marine Exploration, Inc. (OMEX) has been pre-qualified by the Bureau of Ocean Energy Management (BOEM) to hold mineral leases since 2021. This engagement was significantly advanced in late 2025.

The key regulatory action channel is:

• In November 2025, Odyssey submitted an Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights to the BOEM for a prospective Mid-Atlantic Outer Continental Shelf area.
• This request targets heavy mineral sands rich in titanium, zirconium, rare earth elements (REEs), and phosphate, aligning with U.S. resource-security priorities.

The company also engages governments internationally, evidenced by a cooperation agreement with the Cook Islands announced on August 4, 2025, to advance scientific research and responsible development.

Odyssey Marine Exploration, Inc. (OMEX) - Canvas Business Model: Customer Segments

You're looking at the customer side of Odyssey Marine Exploration, Inc. (OMEX) as of late 2025. The business is clearly pivoting, moving from a heavy reliance on service contracts to a focus on monetizing its mineral assets, which shows up directly in who is paying the bills now versus who is expected to pay later.

Related-party mineral exploration and development companies

Right now, the most concrete revenue comes from providing technical services to entities where Odyssey Marine Exploration, Inc. has an existing stake. These are not typical arms-length customers; they are related parties essential to advancing the core mineral projects.

• Technical services provided to related parties like CIC Limited and Ocean Minerals, LLC (OML).
• Compensation for these services is a mix of cash and equity.
• Odyssey Marine Exploration, Inc. holds equity in and provides services to two of the three licensed exploration programs in the Cook Islands' Exclusive Economic Zone (EEZ).

Here's the quick math on the current service revenue stream for these related parties:

Metric	Value (Nine Months Ended Sept 30, 2025)	Value (Q3 2025 Only)
Total Revenue	$330,975	$60,975
Total Revenue (9M 2024 Comparison)	$590,248	$213,901 (Q3 2024)

What this estimate hides is that the core service business is contracting, with Q3 2025 revenue down 71.5% year-over-year. The Cook Islands' EEZ hosts an estimated 12 billion wet tonnes of polymetallic nodules, which is the asset these related parties are helping to develop.

Strategic investors seeking exposure to critical mineral assets

These investors are crucial because they are providing the near-term capital to keep the lights on and fund the pivot. They are buying equity, showing confidence in the long-term resource play.

• Strategic investors include Capital Latinoamericano (CapLat) and Two Seas Capital.
• Total funding secured through investor exercises and conversions exceeded $8 million for the year 2025.
• Since April 29, 2025, investors exercised options for approximately 6.9 million shares for about $7.6 million.
• Warrants were exercised for 460,000 shares for $506,000.
• Convertible note holders converted approximately $2.5 million of debt into about 2.35 million shares.

The company has 11 employees as of December 6, 2025, so this investor capital is supporting a lean operational structure while asset monetization is pursued.

Future customers: Global fertilizer and battery metal supply chains

These segments represent the long-term, high-volume buyers once the subsea resources are validated and brought to market. The focus is on two key commodities addressing global needs.

• Polymetallic nodules are targeted for battery metals supply chains.
• Subsea phosphate deposits are targeted for fertilizer supply chains, addressing food security.
• A joint venture, Phosagmex, S.A.P.I. de C.V., was formed with Capital Latinoamericano, S.A. de C.V. for a strategic fertilizer production project in Mexico.

The Mexico project is specifically positioned to enhance North American food security.

Governments focused on domestic critical mineral supply chains

Governments are becoming key stakeholders, either as partners in exploration or as future off-takers driven by policy shifts toward resource independence. Odyssey Marine Exploration, Inc. actively engages with this segment.

• Odyssey Marine Exploration, Inc. offers comprehensive research, marine operations, and regulatory compliance support to governments and seafloor rights holders worldwide.
• In April 2025, a U.S. Executive Order directed federal agencies to accelerate the responsible exploration and development of offshore critical minerals and strengthen domestic supply chains.
• The company filed a U.S. Offshore Critical Minerals Lease Sale Request to advance America's resource security.
• The Mexican venture highlights engagement with a foreign government environment to secure the fertilizer resource.

Finance: draft 13-week cash view by Friday.

Odyssey Marine Exploration, Inc. (OMEX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Odyssey Marine Exploration, Inc. (OMEX) as of late 2025, and honestly, it's a structure dominated by the capital intensity of deep-ocean work and the lingering costs of legal battles. The near-term reality is that expenses outpace the minimal service revenue, making financing and asset monetization critical to staying afloat.

High operational costs for deep-sea vessel charters and research remain a core drain. Operations and research expenses, which cover things like minerals research, scientific services, and marine operations, were $0.8 million for the three months ended September 30, 2025. This is down from the $0.7 million reported for the quarter ending June 30, 2025, but still a significant outlay given the revenue picture. The company's ability to perform planned projects is directly tied to generating new cash inflows to cover these costs.

Significant general and administrative (G&A) expenses are also a major component. Marketing, general and administrative expenses for the three months ended September 30, 2025, totaled $1.4 million. That was a decrease of $0.4 million compared to the same period in 2024, which is a positive sign of cost management, though the absolute number is still substantial for the current revenue base. Here's the quick math on what drove that G&A reduction:

• Decrease of $0.3 million in professional services fees for audit and consulting.
• Decrease of $91,000 in legal fees.
• Decrease of $56,000 in stock-based compensation.

Legal and professional fees for arbitration and regulatory compliance feed into these G&A figures. The ongoing legal situation, such as the Mexican concession matter, requires continued professional services spending. The company's overall financial health reflects these pressures; as of September 30, 2025, Odyssey Marine Exploration, Inc. reported a stockholders' deficit of $83.3 million, and the total consolidated book value of its assets was approximately $17.7 million.

Financing costs are another unavoidable element of the cost structure. You must account for the interest expense on total debt, which stood at $24.67 million as of June 2025. While the company has been actively converting debt to equity-for example, converting over $9.6 million in Q2 2025 and another $6,661,684 in September 2025-the remaining debt structure carries an interest burden. This debt management is a clear action to reduce financial risk, but it certainly impacts the bottom line.

The immediate liquidity pressure is captured by the working capital deficit. As of September 30, 2025, Odyssey Marine Exploration, Inc. had a working capital deficit of $10.2 million. This deficit, coupled with a consolidated non-restricted cash balance of only $5.8 million at that same date, highlights the need for successful monetization of equity stakes or securing new financings to meet the 2025 business plan requirements. If cash inflow ever becomes insufficient, the company would be required to follow a contingency business plan based on curtailed expenses and fewer cash requirements. It's a defintely tight spot.

To give you a clearer picture of the cost components for the latest reported quarter, look at this breakdown:

Cost Component	Period Ended September 30, 2025 (3 Months)	Period Ended September 30, 2025 (9 Months)
Marketing, General and Administrative Expenses	$1.4 million	Data not explicitly isolated from 9-month G&A in search results
Operations and Research Expenses	$0.8 million	Data not explicitly isolated from 9-month OpEx in search results
Loss from Operations	$(2,130,708)	$(8,731,667)
Total Debt (as of June 2025)	$24.67 million (Interest Expense applies)	$24.67 million (Interest Expense applies)
Working Capital Position	Deficit of $10.2 million	Deficit of $10.2 million

The net loss for the three months ended September 30, 2025, was $(13,508,186), which shows the combined effect of these costs, though a large portion of the swing from prior year income was due to non-operational changes in derivative liabilities.

Odyssey Marine Exploration, Inc. (OMEX) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Odyssey Marine Exploration, Inc. (OMEX) and, honestly, the current picture is one of a business in deep transition, moving away from its historical service work toward a long-term, pre-revenue mineral asset play. The near-term numbers reflect this pivot, showing minimal operational income.

The total revenue for Odyssey Marine Exploration, Inc. for the nine months ended September 30, 2025, was only $330,975. This figure represents a sharp drop from the $590,248 reported for the same nine-month period in 2024, clearly showing the core service business is contracting. For the third quarter of 2025 alone, the total revenue was just $60,975, which was a staggering 71.5 percent decline compared to the $213,901 reported in the third quarter of 2024.

Minimal revenue from marine services provided to related parties is the primary source of this top-line income. For the third quarter of 2025, this segment was the sole contributor, generating the reported total revenue of $60,975. This income is derived from providing technical services, mainly to related parties such as Ocean Minerals, LLC and CIC Limited. What you need to note is that a portion of this service revenue is often compensated not with cash, but with equity in the related project entities.

The financial reality for Odyssey Marine Exploration, Inc. is that the reported net income or loss is heavily influenced by non-operating items, specifically changes in derivative liabilities fair value. For the trailing twelve months ending June 30, 2025, the company recorded a significant $12.62 million in non-operating income, which is likely tied to a favorable change in the fair value of these derivative liabilities. However, the impact can swing negatively; in the third quarter of 2025, a massive $28.2 million negative swing in derivative liability fair values drove the deterioration in net income compared to the prior year. Looking specifically at the notes to the financial statements for the nine months ended September 30, 2025, the company recorded decreases in the fair value of March 2023 Notes amounting to $1.8 million, and changes in the fair value of December 2023 Notes amounting to a $0.2 million increase, all recorded in Change in derivative liabilities fair value.

The future revenue expectation for Odyssey Marine Exploration, Inc. is entirely dependent on the successful monetization of its strategic mineral assets, as the core service business is shrinking. The company's strategy is focused on building a geographically diverse portfolio to serve multi-year demand for critical minerals, including phosphate and polymetallic nodules. You should track the progress on these fronts as they represent the true potential for future revenue streams, moving beyond the current minimal service fees.

The pursuit of proceeds from monetization of equity stakes in seabed mineral companies is a stated goal for generating new cash inflows. Concrete steps toward this include:

• Submitting an unsolicited request for a lease sale to the Bureau of Ocean Energy Management (BOEM) for a Mid-Atlantic Outer Continental Shelf area prospective for phosphate, titanium, zirconium and rare earth elements.
• Advancing a strategic fertilizer production project in Mexico through its joint venture, Phosagmex, with Capital Latinoamericano (CapLat).
• Deploying Autonomous Benthic Mini Landers (ABMLs) in the Cook Islands Exclusive Economic Zone to collect geophysical and environmental data at 5,000 meters depth.

Here is a look at the reported revenue components around the Q3 2025 period:

Revenue Component	Period Ending September 30, 2025	Prior Year Period Comparison
Total Revenue (Nine Months)	$330,975	$590,248 (Nine Months 2024)
Total Revenue (Q3 Only)	$60,975	$213,901 (Q3 2024)
Marine Services Revenue (Q3 Only)	$60,975	Sole contributor for Q3 2025
Non-Operating Income (Derivative Fair Value Change - TTM)	$12.62 million (Favorable)	TTM ending June 30, 2025
Derivative Liability Change (3 Months)	$2.1 million decrease	For the three months ended September 30, 2025

Finance: draft 13-week cash view by Friday.