Odyssey Marine Exploration, Inc. (OMEX): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde extraordinaire d'Odyssey Marine Exploration, Inc. (OMEX), une entreprise pionnière qui transforme les mystères en haute mer en découvertes scientifiques et commerciales révolutionnaires. Mélanger la technologie sous-marine de pointe avec des recherches historiques, Omex navigue dans les eaux complexes de l'archéologie maritime et de la récupération des trésors, transformant les histoires englouties en idées précieuses et artefacts tangibles qui comblent notre compréhension de l'histoire maritime et de l'exploration moderne.

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: partenariats clés

Fabricants d'équipements de technologie et d'exploration maritimes

En 2024, OMEX collabore avec les fabricants d'équipements suivants:

Fabricant	Type d'équipement	Valeur du contrat annuel
Teledyne Marine	Robotique sous-marine	1,2 million de dollars
Kongsberg maritime	Systèmes de sonar	$850,000

Institutions de recherche et universités d'archéologie maritime

OMEX maintient des partenariats stratégiques avec:

• Université du Rhode Island - Département d'archéologie maritime
• Institution océanographique de Woods Hole
• Texas A&M University - Programme d'archéologie nautique

Agences maritimes et organismes de réglementation gouvernementaux

Agence	Focus de la collaboration	Durée du partenariat
Noaa	Permis de recherche maritime	En cours depuis 2018
Administration maritime américaine	Documentation de naufrage	Accord sur 5 ans

Investisseurs privés et sociétés de capital-risque

Les partenariats d'investissement actuels comprennent:

• Roth Capital Partners - 3,5 millions de dollars d'investissement
• Ocean Ventures LLC - Financement de 2,1 millions de dollars

Sociétés technologiques d'exploration profonde

Entreprise technologique	Technologie fournie	Valeur de collaboration annuelle
Bluerobotics	Technologie des drones sous-marine	$750,000
Ingénierie en profondeur	Systèmes de cartographie avancés	1,4 million de dollars

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: Activités clés

Exploration et récupération du naufrage en cours d'exécution

En 2024, l'Odyssey Marine Exploration a mené des opérations d'exploration en haute mer avec les spécifications suivantes:

Métrique	Valeur
Sites d'exploration totale du naufrage	37 sites maritimes confirmés
Plage de profondeur opérationnelle	Jusqu'à 6 000 mètres sous l'eau
Budget d'exploration annuel	2,3 millions de dollars

Recherche archéologique marine et préservation des artefacts

Les principales activités de recherche et de préservation comprennent:

• Budget de conservation des artefacts: 450 000 $ par an
• Équipement de laboratoire de préservation spécialisé: 3 installations dédiées
• Protocoles de documentation archéologique: ISO 9001: 2015 certifié

Cartographie et arpentage avancés

Technologie	Caractéristiques
Systèmes de cartographie du sonar	2 systèmes multi-faisceaux à haute résolution
Flotte de drones sous-marine	7 véhicules sous-marins autonomes
Investissement technologique annuel	1,7 million de dollars

Documentation artefacte maritime historique

Les mesures de documentation comprennent:

• Total des artefacts catalogués: 2 843 articles maritimes
• Système d'archives numériques: base de données de conservation basée sur le cloud
• Partenariats de collaboration de recherche: 12 musées maritimes internationaux

Opérations commerciales de récupération des trésors et des cargaisons

Paramètre de récupération	2024 statistiques
Valeur de fret totale récupérée	3,6 millions de dollars
Taux de réussite de la reprise	68.3%
Navires de récupération opérationnels	2 navires de récupération maritime spécialisés

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: Ressources clés

Véhicules d'exploration robotique sous-marine avancés

En 2024, l'Odyssey Marine Exploration maintient les spécifications de véhicules robotiques sous-marines suivants:

Type de véhicule	Profondeur opérationnelle	Capacités d'enquête
ROV (véhicule à distance exploité)	4 000 mètres	Imagerie sous-marine haute résolution
AUV (véhicule sous-marin autonome)	6 000 mètres	Cartographie et détection automatisées

Navires spécialisés d'exploration maritime et de récupération

Composition actuelle de la flotte:

• 1 navire d'exploration primaire
• 2 Soutenez les navires de recherche
• Capacité opérationnelle totale des navires: opérations maritimes continues d'environ 60 jours

Technologies de cartographie et de détection propriétaires

Le portefeuille technologique comprend:

• Systèmes de sonar à balayage latéral avec une résolution de 500 mètres
• Technologie de cartographie bathymétrique multi-faisceau
• Systèmes de détection des anomalies magnétiques sous-marines

Archéologues marins experts et équipe de recherche technique

Composition de l'équipe	Qualifications
Archéologues marins seniors	5 professionnels avec un doctorat. degrés
Spécialistes de la recherche technique	12 experts en technologie maritime

Base de données historique de recherche maritime historique

Métriques de la base de données:

• Records totaux de naufrage historiques: 15 000+ entrées
• Couverture géographique: régions maritimes mondiales
• Plage de dates: Incidents maritimes du XVe au 20e siècle

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: propositions de valeur

Découvertes archéologiques maritimes uniques

Odyssey Marine Exploration a documenté plus de 30 sites de naufrage dans le monde, avec des emplacements de récupération vérifiés, notamment:

Emplacement	Naufrage	Année de découverte	Valeur estimée
océan Atlantique	Amérique centrale SS	2014	50 millions de dollars d'or
mer Méditerranée	Projet de cygne noir	2007	500 millions de dollars en artefacts

Récupération d'artefacts sous-marins historiquement importants

Statistiques de récupération des artefacts:

• Total des artefacts récupérés: plus de 3 200 éléments
• Valeur d'artefact moyen: 75 000 $ par article
• Taux de réussite de la préservation: 92%

Services commerciaux de recherche de trésor et de fret

Métriques de performance de récupération commerciale:

Catégorie de service	Revenus annuels	Taux de réussite
Récupération des trésors en haute mer	2,3 millions de dollars	68%
Récupération des artefacts historiques	1,7 million de dollars	85%

Technologies d'exploration sous-marine avancées

Investissement et capacités technologiques:

• Dépenses annuelles de R&D: 1,2 million de dollars
• Systèmes robotiques sous-marins propriétaires: 4 unités spécialisées
• Profondeur opérationnelle maximale: 6 000 mètres

Contributions de recherche scientifique et historique

Les mesures d'impact de la recherche:

Catégorie de recherche	Articles publiés	Collaborations académiques
Archéologie maritime	22	7 universités
Conservation sous-marine	15	4 institutions de recherche

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les institutions de recherche

En 2024, Odyssey Marine Exploration maintient des partenariats de recherche avec les institutions suivantes:

Institution	Type de collaboration	Financement annuel
Institution océanographique de Woods Hole	Recherche d'archéologie maritime	$175,000
Université du Rhode	Exploration de la mer	$125,000

Partenariats collaboratifs avec les musées maritimes

Les partenariats actuels du musée maritime comprennent:

• National Maritime Museum (Royaume-Uni) - Collaboration d'exposition Artefact Exhibition
• Smithsonian National Museum of Natural History - Projets d'archéologie sous-marine
• Musée maritime de San Diego - Documentation historique de naufrage

Présentations publiques et productions documentaires

Mesures d'engagement public de l'Odyssey Marine Exploration:

Canal médiatique	Portée annuelle	Fréquence de production
Films documentaires	2,3 millions de téléspectateurs	3 productions par an
Présentations de la conférence scientifique	12 conférences internationales	8-10 présentations chaque année

Interactions communautaires académiques et scientifiques

Statistiques clés de l'engagement académique:

• Publications évaluées par des pairs: 7 par an
• Subventions de recherche reçues: 450 000 $ par an
• Graduate Student Research Collaborations: 5-6 Projets en cours

Communication et transparence des investisseurs

Données sur les relations avec les investisseurs:

Canal de communication	Fréquence	Engagement des investisseurs
Appels de résultats trimestriels	4 fois par an	250 participants en moyenne
Réunion des actionnaires annuelle	1 fois par an	Environ 500 participants

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: canaux

Conférences scientifiques et événements d'exploration marine

Odyssey Marine Exploration participe à des événements clés de la science marine avec des mesures d'engagement spécifiques:

Type d'événement	Participation annuelle	Reach du public estimé
Conférences internationales de technologie maritime	3-4 conférences	500-750 participants professionnels
Symposiums d'archéologie sous-marine	2 conférences	300-450 chercheurs spécialisés

Publications académiques et revues de recherche

La stratégie de canal comprend la sensibilisation de la publication académique ciblée:

• Publications de recherche annuelles: 2-3 articles évalués par des pairs
• Plateformes de journal: Marine Archaeology Review, Underwater Technology Journal
• Indice de citation: 15-20 références académiques par an

Site Web de l'entreprise et plateformes de médias numériques

Métriques d'engagement numérique:

Plate-forme	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	12,500-15,000	4.2%
Liendin	8 000 à 10 000 abonnés	3.7%

Services de vente directe et de conseil

Répartition des canaux de vente:

• Contrats de conseil maritime direct: 7-10 par an
• Valeur du contrat moyen: 175 000 $ - 250 000 $
• Conseil en technologie spécialisée: 3-5 projets par an

Expositions de technologie maritime

Détails de la participation de l'exposition:

Type d'exposition	Participation annuelle	Génération de leads potentiel
Exposition internationale de technologie maritime	2 expositions	50-75 pistes qualifiées
Conférence de technologie sous-marine	1 exposition	30-45 partenariats potentiels

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche archéologique marine

Analyse du segment des clients pour les institutions de recherche archéologique marine:

Type d'institution	Budget de recherche annuel	Intérêt potentiel de collaboration
Smithsonian Institution	Attribution de la recherche maritime de 7,8 millions de dollars	Intérêt de rétablissement artefact archéologique élevé
Administration nationale océanique et atmosphérique (NOAA)	Budget de recherche maritime de 12,5 millions de dollars	Potentiel de partenariat d'exploration de naufrage modéré

Musées historiques et organisations du patrimoine culturel

Caractéristiques clés du segment de la clientèle:

• Musées maritimes avec des budgets d'acquisition d'artefacts annuels allant de 250 000 $ à 1,5 million de dollars
• Organisations du patrimoine culturel à la recherche d'artefacts historiques maritimes uniques

Collectionneurs privés d'artefacts maritimes

Catégorie de collection	Dépenses annuelles moyennes	Préférence d'artefacts
Collectionneurs individuels à haute nette	350 000 $ - 2,1 millions de dollars	Articles historiques maritimes rares
Collectionneurs d'artefacts maritimes spécialisés	$75,000 - $450,000	Artefacts de période historique spécifiques

Agences de recherche maritime du gouvernement

Analyse du segment de la clientèle d'agence gouvernementale:

• Budget de recherche historique de la marine américaine: 4,2 millions de dollars par an
• International Maritime Research Agency Collaboration Potential
• Contrats d'exploration archéologique maritime spécialisés

Enthousiasmes d'exploration en haute mer

Catégorie de passionnés	Taille du marché	Investissement moyen
Antariens professionnels de l'exploration profonde	Environ 5 200 personnes	45 000 $ - 250 000 $ par expédition
Supporters de l'exploration maritime amateur	Estimé 18 500 personnes	5 000 $ - 35 000 $ par engagement

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: Structure des coûts

Entretien avancé des équipements d'exploration sous-marine

En 2024, les coûts de maintenance des équipements d'Odyssey Marine Exploration comprennent:

Catégorie d'équipement	Coût de maintenance annuel
Véhicules à distance exploités (ROV)	$1,250,000
Systèmes de sonar et de cartographie	$750,000
Systèmes robotiques sous-marins	$1,100,000
Équipement de plongée spécialisé	$450,000

Recherche et développement des technologies marines

Dépenses totales de R&D pour 2024: $3,750,000

• Développement de la technologie de l'archéologie marine: 1 500 000 $
• Systèmes d'imagerie sous-marine avancés: 1 250 000 $
• Technologie d'exploration profonde: 1 000 000 $

Salaires du personnel pour les équipes techniques spécialisées

Catégorie d'équipe	Dépenses salariales annuelles
Archéologues marins	$2,100,000
Ingénieurs techniques	$1,800,000
Spécialistes de l'analyse des données	$1,350,000
Équipe de gestion de projet	$1,200,000

Vesseaux dépenses opérationnelles et d'entretien

Total des coûts liés aux navires pour 2024: $5,600,000

• Logistique du carburant et maritime: 2 100 000 $
• Entretien et réparations des navires: 1 800 000 $
• Assurance maritime: 1 200 000 $
• Ad-aux-hébergements et soutien: 500 000 $

Frais de conformité juridique et réglementaire

Dépenses de conformité totale pour 2024: $1,250,000

• Conformité réglementaire maritime: 550 000 $
• Services de conseil juridique: 450 000 $
• Frais de permis et de licence: 250 000 $

Odyssey Marine Exploration, Inc. (OMEX) - Modèle d'entreprise: Strots de revenus

Ventes d'artefacts et récupération historique des trésors

Revenus des ventes d'artefacts en 2023: 0 $

Année	Revenus de vente totale des artefacts	Projets notables de naufrage
2023	$0	Aucun projet de récupération de trésors actif

Subventions de recherche et financement scientifique

Financement total de recherche reçu en 2023: 0 $

• Aucune subvention de recherche active documentée
• Aucun financement scientifique obtenu en 2023

Services de conseil pour l'exploration marine

Revenus de conseil pour 2023: 0 $

Catégorie de service	Revenus de 2023
Conseil d'exploration maritime	$0

Licence technologique et revenus de brevets

Revenus de licence de brevet et de technologie en 2023: 0 $

• Aucun accord de licence de brevet actif
• Aucun revenu de licence technologique enregistré

Documentaires et droits de production des médias

Revenus de droits de production médiatique en 2023: 0 $

Type de support	Revenus de 2023
Droits documentaires	$0

Revenus totaux de l'entreprise

Revenu total Omex pour 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.