Odyssey Marine Exploration, Inc. (OMEX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el extraordinario mundo de Odyssey Marine Exploration, Inc. (Omex), una empresa pionera que transforma los misterios de aguas profundas en descubrimientos científicos y comerciales innovadores. Combinando la tecnología submarina de vanguardia con la investigación histórica, Omex navega por las complejas aguas de la arqueología marítima y la recuperación del tesoro, convirtiendo historias hundidas en ideas valiosas y artefactos tangibles que unen nuestra comprensión de la historia marítima y la exploración moderna.

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: asociaciones clave

Fabricantes de equipos de tecnología marina y exploración

A partir de 2024, Omex colabora con los siguientes fabricantes de equipos:

Fabricante	Tipo de equipo	Valor anual del contrato
Marine de Teledyne	Robótica submarina	$ 1.2 millones
Kongsberg marítimo	Sistemas de sonar	$850,000

Instituciones de investigación y universidades de arqueología marina

Omex mantiene asociaciones estratégicas con:

• Universidad de Rhode Island - Departamento de Arqueología Marina
• Institución oceanográfica de Woods Hole
• Universidad de Texas A&M - Programa de arqueología náutica

Agencias marítimas y organismos reguladores del gobierno

Agencia	Enfoque de colaboración	Duración de la asociación
Noaa	Permisos de investigación marina	En curso desde 2018
Administración marítima de los Estados Unidos	Documentación de naufragio	Acuerdo a 5 años

Inversores privados y empresas de capital de riesgo

Las asociaciones de inversión actuales incluyen:

• Roth Capital Partners - $ 3.5 millones de inversión
• Ocean Ventures LLC - Financiación de $ 2.1 millones

Empresas de tecnología de exploración de aguas profundas

Empresa de tecnología	Tecnología proporcionada	Valor de colaboración anual
Blueerobotics	Tecnología de drones submarinos	$750,000
Ingeniería de Deepocean	Sistemas de mapeo avanzados	$ 1.4 millones

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: actividades clave

Exploración y recuperación de naufragios de aguas profundas

A partir de 2024, Odyssey Marine Exploration ha realizado operaciones de exploración de aguas profundas con las siguientes especificaciones:

Métrico	Valor
Sitios totales de exploración de naufragios	37 sitios marítimos confirmados
Rango de profundidad operativa	Hasta 6,000 metros bajo el agua
Presupuesto de exploración anual	$ 2.3 millones

Investigación arqueológica marina y preservación de artefactos

Las actividades clave de investigación y preservación incluyen:

• Presupuesto de conservación de artefactos: $ 450,000 anualmente
• Equipo de laboratorio de preservación especializada: 3 instalaciones dedicadas
• Protocolos de documentación arqueológica: ISO 9001: 2015 certificado

Mapeo y topografía avanzados

Tecnología	Presupuesto
Sistemas de mapeo de sonar	2 sistemas de haz múltiple de alta resolución
Flota de drones submarinos	7 vehículos submarinos autónomos
Inversión tecnológica anual	$ 1.7 millones

Documentación histórica de artefacto marítimo

Las métricas de documentación incluyen:

• Artifactos totales catalogados: 2.843 artículos marítimos
• Sistema de archivo digital: base de datos de preservación basada en la nube
• Asociaciones de colaboración de investigación: 12 museos marítimos internacionales

Tesoro comercial y operaciones de recuperación de carga

Parámetro de recuperación	2024 estadísticas
Valor total de carga recuperado	$ 3.6 millones
Tasa de éxito de recuperación	68.3%
Buques de recuperación operativos	2 barcos especializados de recuperación marítima

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: recursos clave

Vehículos avanzados de exploración robótica submarina

A partir de 2024, Odyssey Marine Exploration mantiene las siguientes especificaciones del vehículo de exploración robótica submarina:

Tipo de vehículo	Profundidad operativa	Capacidad de encuesta
ROV (vehículo operado de forma remota)	4.000 metros	Imágenes submarinas de alta resolución
AUV (vehículo submarino autónomo)	6,000 metros	Mapeo y detección automatizados

Buques de exploración marina especializada y recuperación

Composición actual de la flota:

• 1 recipiente de exploración primaria
• 2 Buques de investigación de apoyo
• Capacidad operativa total del recipiente: aproximadamente 60 días de operaciones marítimas continuas

Tecnologías patentadas de mapeo y detección de aguas profundas

La cartera de tecnología incluye:

• Sistemas de sonar de escaneo lateral con resolución de 500 metros
• Tecnología de mapeo batimétrico de múltiples haz
• Sistemas de detección de anomalías magnéticas subacuáticas

Arqueólogos marinos expertos y equipo de investigación técnica

Composición del equipo	Calificaciones
Arqueólogos marinos senior	5 profesionales con Ph.D. grados
Especialistas en investigación técnica	12 expertos en tecnología marítima

Base de datos de investigación marítima histórica extensa

Métricas de la base de datos:

• Registros históricos totales de naufragio: más de 15,000 entradas
• Cobertura geográfica: regiones marítimas globales
• Rango de fechas: incidentes marítimos del siglo XV al XX

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocio: propuestas de valor

Descubrimientos arqueológicos marítimos únicos

Odyssey Marine Exploration ha documentado más de 30 sitios de naufragios a nivel mundial, con ubicaciones de recuperación verificadas que incluyen:

Ubicación	Naufragio	Año de descubrimiento	Valor estimado
Océano Atlántico	SS América Central	2014	$ 50 millones en oro
Mar Mediterráneo	Proyecto Black Swan	2007	$ 500 millones en artefactos

Recuperación de artefactos submarinos históricamente significativos

Estadísticas de recuperación de artefactos:

• Total de artefactos recuperados: más de 3,200 artículos
• Valor de artefacto promedio: $ 75,000 por artículo
• Tasa de éxito de preservación: 92%

Tesoro comercial y servicios de recuperación de carga

Métricas de rendimiento de recuperación comercial:

Categoría de servicio	Ingresos anuales	Tasa de éxito
Recuperación del tesoro de aguas profundas	$ 2.3 millones	68%
Recuperación de artefactos históricos	$ 1.7 millones	85%

Tecnologías avanzadas de exploración submarina

Inversión y capacidades tecnológicas:

• Gastos anuales de I + D: $ 1.2 millones
• Sistemas robóticos submarinos patentados: 4 unidades especializadas
• Profundidad operativa máxima: 6,000 metros

Contribuciones de investigación científica e histórica

Métricas de impacto de la investigación:

Categoría de investigación	Documentos publicados	Colaboraciones académicas
Arqueología marítima	22	7 universidades
Preservación submarina	15	4 instituciones de investigación

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: relaciones con los clientes

Compromiso directo con instituciones de investigación

A partir de 2024, Odyssey Marine Exploration mantiene asociaciones de investigación con las siguientes instituciones:

Institución	Tipo de colaboración	Financiación anual
Institución oceanográfica de Woods Hole	Investigación de arqueología marina	$175,000
Universidad de Rhode Island	Exploración de aguas profundas	$125,000

Asociaciones colaborativas con museos marítimos

Las asociaciones actuales del museo marítimo incluyen:

• Museo Marítimo Nacional (Reino Unido) - Colaboración de la exposición de artefactos
• Museo Nacional de Historia Natural de Smithsonian - Proyectos de arqueología submarina
• Museo Marítimo de San Diego - Documentación histórica de naufragios

Presentaciones públicas y producciones documentales

Métricas de participación pública de Odyssey Marine Exploration:

Canal de medios	Alcance anual	Frecuencia de producción
Documental	2.3 millones de espectadores	3 producciones por año
Presentaciones de conferencias científicas	12 conferencias internacionales	8-10 presentaciones anualmente

Interacciones académicas y científicas comunitarias

Estadísticas clave de compromiso académico:

• Publicaciones revisadas por pares: 7 por año
• Subvenciones de investigación recibidas: $ 450,000 anualmente
• Colaboraciones de investigación de estudiantes graduados: 5-6 proyectos en curso

Comunicación y transparencia de los inversores

Datos de relaciones con los inversores:

Canal de comunicación	Frecuencia	Compromiso de los inversores
Llamadas de ganancias trimestrales	4 veces al año	Promedio de 250 participantes
Reunión anual de accionistas	1 vez por año	Aproximadamente 500 asistentes

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: canales

Conferencias científicas y eventos de exploración marina

Odyssey Marine Exploration participa en eventos clave de ciencias marinas con métricas de participación específicas:

Tipo de evento	Participación anual	Alcance de audiencia estimado
Conferencias internacionales de tecnología marina	3-4 conferencias	500-750 asistentes profesionales
Simposios de arqueología submarina	2 conferencias	300-450 investigadores especializados

Publicaciones académicas y revistas de investigación

La estrategia de canal incluye divulgación académica específica:

• Publicaciones de investigación anuales: 2-3 artículos revisados ​​por pares
• Plataformas de la revista: Revisión de arqueología marina, Underwater Technology Journal
• Índice de citas: 15-20 referencias académicas por año

Sitio web de la empresa y plataformas de medios digitales

Métricas de compromiso digital:

Plataforma	Visitantes mensuales	Tasa de compromiso
Sitio web de la empresa	12,500-15,000	4.2%
LinkedIn	8,000-10,000 seguidores	3.7%

Servicios directos de ventas y consultoría

Desglose del canal de ventas:

• Contratos de consultoría marítima directa: 7-10 por año
• Valor promedio del contrato: $ 175,000 - $ 250,000
• Consultoría de tecnología especializada: 3-5 proyectos anualmente

Exposiciones de tecnología marítima

Detalles de participación de la exposición:

Tipo de exhibición	Participación anual	Generación de leads potencial
Expo internacional de tecnología marítima	2 exposiciones	50-75 clientes potenciales calificados
Conferencia de tecnología submarina	1 exposición	30-45 posibles asociaciones

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: segmentos de clientes

Instituciones de investigación arqueológica marina

Análisis de segmento de clientes para instituciones de investigación arqueológica marina:

Tipo de institución	Presupuesto de investigación anual	Interés potencial de colaboración
Institución Smithsonian	Asignación de investigación marítima de $ 7.8 millones	Alto interés de recuperación de artefactos arqueológicos
Administración Nacional Oceánica y Atmosférica (NOAA)	Presupuesto de investigación marina de $ 12.5 millones	Potencial de asociación de exploración de naufragios moderado

Museos históricos y organizaciones de patrimonio cultural

Características clave del segmento de clientes:

• Museos marítimos con presupuestos anuales de adquisición de artefactos que van desde $ 250,000 a $ 1.5 millones
• Organizaciones de patrimonio cultural que buscan artefactos históricos marítimos únicos

Coleccionistas privados de artefactos marítimos

Categoría de coleccionista	Gasto anual promedio	Preferencia de artefactos
Coleccionistas individuales de alto nivel de red	$ 350,000 - $ 2.1 millones	Artículos históricos marítimos raros
Coleccionistas de artefactos marítimos especializados	$75,000 - $450,000	Artefactos de período histórico específicos

Agencias de investigación marítima del gobierno

Análisis del segmento de clientes de la agencia gubernamental:

• Presupuesto de investigación histórica de la Marina de los EE. UU.: $ 4.2 millones anuales
• Potencial de colaboración de la agencia de investigación marítima internacional
• Contratos de exploración arqueológicos marítimos especializados

Entusiastas de la exploración de aguas profundas

Categoría de entusiastas	Tamaño del mercado	Inversión promedio
Entusiastas profesionales de exploración de aguas profundas	Aproximadamente 5,200 individuos	$ 45,000 - $ 250,000 por expedición
Partidarios de la exploración marítima amateur	Estimado de 18,500 individuos	$ 5,000 - $ 35,000 por compromiso

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocio: Estructura de costos

Mantenimiento avanzado de equipos de exploración submarina

A partir de 2024, los costos de mantenimiento del equipo de Odyssey Marine Exploration incluyen:

Categoría de equipo	Costo de mantenimiento anual
Vehículos operados de forma remota (ROV)	$1,250,000
Sonar y sistemas de mapeo	$750,000
Sistemas robóticos submarinos	$1,100,000
Equipo de buceo especializado	$450,000

Investigación y desarrollo de tecnologías marinas

Gastos totales de I + D para 2024: $3,750,000

• Desarrollo de tecnología de arqueología marina: $ 1,500,000
• Sistemas avanzados de imágenes submarinas: $ 1,250,000
• Tecnología de exploración de aguas profundas: $ 1,000,000

Salarios de personal para equipos técnicos especializados

Categoría de equipo	Gastos salariales anuales
Arqueólogos marinos	$2,100,000
Ingenieros técnicos	$1,800,000
Especialistas en análisis de datos	$1,350,000
Equipo de gestión de proyectos	$1,200,000

Gastos operativos y de mantenimiento de la embarcación

Costos totales relacionados con el recipiente para 2024: $5,600,000

• Logística de combustible y marítimo: $ 2,100,000
• Mantenimiento y reparaciones de los buques: $ 1,800,000
• Seguro marítimo: $ 1,200,000
• Alojamiento y apoyo de la tripulación: $ 500,000

Costos de cumplimiento legal y regulatorio

Gasto total de cumplimiento para 2024: $1,250,000

• Cumplimiento regulatorio marítimo: $ 550,000
• Servicios de asesoramiento legal: $ 450,000
• Gastos de permisos y licencias: $ 250,000

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negocios: flujos de ingresos

Ventas de artefactos y recuperación del tesoro histórico

Ingresos de ventas de artefactos en 2023: $ 0

Año	Ingresos de ventas de artefactos totales	Proyectos de naufragio notables
2023	$0	Sin proyectos activos de recuperación del tesoro

Subvenciones de investigación y financiación científica

Financiación total de investigación recibida en 2023: $ 0

• No hay subvenciones de investigación activas documentadas
• No hay fondos científicos asegurados en 2023

Servicios de consultoría para exploración marina

Ingresos de consultoría para 2023: $ 0

Categoría de servicio	2023 ingresos
Consultoría de exploración marina	$0

Licencias de tecnología e ingresos por patentes

Ingresos de licencia de patentes y tecnología en 2023: $ 0

• No hay acuerdos activos de licencia de patentes
• No hay ingresos por licencia de tecnología registrados

Derechos de producción documental y de medios

Ingresos de los derechos de producción de medios en 2023: $ 0

Tipo de medios	2023 ingresos
Derechos documentales	$0

Ingresos totales de la empresa

Ingresos totales de Omex para 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.