Odyssey Marine Exploration, Inc. (OMEX): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, Odyssey Marine Exploration, Inc. (OMEX), making a high-stakes pivot from marine services into the speculative, long-term game of deep-sea critical mineral development. Honestly, the numbers tell a stark story right now: with only $330,975 in revenue for the first nine months of 2025, the business is heavily leveraged, carrying $24.67 million in debt as of June 2025. As a seasoned analyst, I see this as a classic pre-revenue bet on future resource monetization, but understanding how they plan to fund this massive transition is key. Dive into the full Business Model Canvas below to see the specific partnerships, resources, and revenue streams Odyssey Marine Exploration, Inc. (OMEX) is banking on to pull this off.

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

You're looking at the network of entities that make Odyssey Marine Exploration, Inc. (OMEX) tick, the crucial external relationships that provide access to resources, capital, and operational know-how. These aren't just names on a page; they represent concrete financial stakes and operational agreements as of late 2025.

Phosagmex Joint Venture with Capital Latinoamericano (CapLat) for Mexico Phosphate

The PHOSAGMEX joint venture, formed with Capital Latinoamericano (CapLat) on June 4, 2025, is central to developing the subsea phosphate resource in Mexico's Exclusive Economic Zone (EEZ) to boost North American food security. Initially, Odyssey and CapLat held an equal 50% stake in the joint venture entity.

Significant financial restructuring occurred in June 2025; Odyssey Marine Exploration's Board authorized the capitalization of intercompany receivables, converting approximately $137.3 million into member interests of Oceanica Panama. This move is structured to result in Odyssey Marine Exploration directly or indirectly holding approximately 69.5% of Oceanica Mexico, the entity developing the project. CapLat is led by Juan Cortina Gallardo, former President of Mexico's National Agricultural Council.

Related-Party Entities: CIC Limited and Ocean Minerals, LLC (OML)

Odyssey Marine Exploration, Inc. provides essential marine services, including technical support, to both Ocean Minerals, LLC (OML) and CIC Limited. Compensation for these services comes as a mix of cash and equity. As of the latest reports, Odyssey holds approximately 7.0% of the equity interests in OML.

These two entities are key to Odyssey's Cook Islands operations, as Odyssey is active in advancing two of the three licensed exploration programs within the Cook Islands' Exclusive Economic Zone (EEZ). This EEZ is estimated to hold approximately 12 billion wet tonnes of polymetallic nodules. OML's license area alone is reported to contain approximately 519 million metric tonnes of indicated and inferred polymetallic nodules, which includes an inferred resource of about one million tonnes of contained cobalt.

The financial contribution from these service relationships is tracked under marine services revenue:

• Revenue from marine services (to OML and CIC) for the nine months ended September 30, 2025: $330,975.
• Revenue from marine services for the nine months ended September 30, 2024: $590,248.

Strategic Investors like CapLat and Two Seas Capital for Equity Funding

Your company relies on strategic investors to maintain operational runway. In 2025, Odyssey Marine Exploration announced it secured additional funding sufficient to fully fund operations through the remainder of 2025. This capital came through investor stock purchase options, with both Capital Latinoamericano (CapLat) and Two Seas Capital participating in the equity financing.

Here's the quick math on the 2025 capital activity:

• Total funding received in 2025 (through August 2025): Over $8 million.
• Convertible notes converted to equity (through August 2025): More than $2.4 million, representing over 10% of outstanding convertible notes.

Regarding specific investor positions as of mid-2025 filings:

• CapLat beneficially owned approximately 11.64% of Odyssey Marine Exploration, Inc. Common Stock as of June 30, 2025.
• Two Seas Capital LP reduced its stake by 43.9% in the second quarter of 2025, selling 1,118,280 shares.
• Two Seas Capital LP held 1,430,769 shares (about 4.57% of the company) valued at roughly $1.69 million at the end of Q2 2025.

Collaboration with Great Lakes Dredge & Dock Corporation (GLDD)

Odyssey Marine Exploration has a recent collaboration agreement with Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), noted as the nation's largest dredging contractor. This partnership is designed to enhance Odyssey's capability to advance its U.S. offshore project, should the Bureau of Ocean Energy Management (BOEM) grant the requested lease sale. GLDD has a history of federal partnership, including maintaining over 300 miles of navigation channels in the Chesapeake Bay area.

Government and Regulatory Bodies (Cook Islands, U.S. BOEM)

Engagement with governmental bodies is a critical partnership for securing rights and legitimacy. Odyssey Marine Exploration has been pre-qualified by the U.S. Bureau of Ocean Energy Management (BOEM) to hold mineral leases since 2021. In November 2025, Odyssey submitted an Unsolicited Request for Lease Sale to BOEM for an area off the Mid-Atlantic coast.

Furthermore, a significant bilateral development occurred on August 4, 2025, when the United States and the Cook Islands announced a new cooperation agreement focused on advancing scientific research and the responsible development of seabed mineral resources. Odyssey has collaborated with the Cook Islands government for over ten years, supporting exploration and the development of its regulatory framework.

If you're assessing the near-term risk, the advancement of the U.S. lease application is tied directly to the operational readiness provided by the GLDD agreement. Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Odyssey Marine Exploration, Inc. (OMEX) is taking to move its strategic mineral assets toward commercialization, which is where the real work is happening right now.

Deep-ocean exploration and technical marine services for related parties.

This activity is the legacy revenue stream, supporting the larger asset development goals. Revenue from this segment is minimal but essential for immediate operational needs.

• Revenue for the nine months ended September 30, 2025, totaled $330,975.
• Third quarter of 2025 revenue was reported as only $61,000, or $0.3 million in another filing.
• Services are provided to related parties, specifically mentioning CIC Limited and Ocean Minerals, LLC.

Developing and advancing the Mexico subsea phosphate fertilizer project.

The Mexico project, focused on subsea phosphate for fertilizer, is advancing through its joint venture structure and legal confirmations.

Odyssey Marine Exploration, Inc. formed the joint venture, formally named PHOSAGMEX, with Capital Latinoamericano (CapLat) to enhance North American food security. An Odyssey subsidiary initiated the transfer of legal rights to certain mining concessions to this joint venture. A Mexican court issued orders in Q3/Early Q4 2025 annulling earlier cancellations of the subsidiary's concessions, restoring their legal validity, pending resolution of concession-fee matters before assignment to PHOSAGMEX. Management estimates the Net Present Value (NPV) for this asset at approximately $1.3 billion.

Conducting polymetallic nodule exploration in the Cook Islands EEZ.

This activity targets battery metals and involves significant technical deployment within the Cook Islands Exclusive Economic Zone (EEZ).

Odyssey Marine Exploration, Inc. is invested in two exploration license holders, CIC Limited and Ocean Minerals LLC (OML). The deployment of two Autonomous Benthic Mini Landers (ABMLs) was a key technical execution milestone, successfully completed on October 7, 2025. These systems are engineered to collect environmental data at depths around 4,900 meters to 5,500 meters.

Securing financing and managing debt/equity conversions (over $8 million raised in 2025).

The company prioritized strengthening its balance sheet to fund operations through 2025 and into 2026. You need to see the specific cash inflows that achieved this.

Since April 2025, investors have elected to purchase shares for approximately $7.6 million, and warrants were exercised for $506,000, contributing to the total raised. Furthermore, holders of convertible notes exercised their right to convert approximately $2.5 million of the note balances to equity. Separately, $20.0 million of the Company's debt was converted into common stock in the third quarter and early fourth quarter of 2025, eliminating all outstanding obligations under promissory notes.

• Total funding raised from investor option/warrant exercise since April 2025: Approximately $8.106 million ($7.6 million + $506,000).
• Convertible note balance converted to equity: Approximately $2.5 million.
• Total debt converted to common stock (Q3/Early Q4 2025): $20.0 million.

Pursuing NAFTA arbitration case against the United Mexican States.

The pursuit resulted in a significant award, though Odyssey Marine Exploration, Inc. expects most proceeds will satisfy litigation financing obligations.

The arbitration proceedings against Mexico were initiated on April 5, 2019, under the North American Free Trade Agreement (NAFTA). The final award was released on September 17, 2024. The Tribunal ordered Mexico to pay $37.1 million for breaching its NAFTA obligations. The initial claim filed by the subsidiary, Exploraciones Oceánicas S.de R.L. (ExO), was for US$2.36 billion dollars. The award includes interest compounded annually at the one-year Mexico Treasury bond rate starting from October 12, 2018, plus arbitrators' fees and ICSID administrative costs.

Finance: review the cash flow impact of the $20.0 million debt conversion by next Tuesday.

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

Odyssey Marine Exploration, Inc. (OMEX) relies on a distinct set of tangible and intangible assets to pursue its deep-ocean critical mineral projects.

The company possesses over 30 years of deep-ocean technical and operational expertise, positioning it as a global leader in ocean exploration. This experience is crucial for navigating the regulatory and technical hurdles of seabed resource development. Furthermore, Odyssey Marine Exploration, Inc. holds licenses and has achieved pre-qualification necessary to hold U.S. offshore mineral leases, a key enabler for projects within U.S. jurisdiction, such as the recent Unsolicited Request for Lease Sale submitted to the Bureau of Ocean Energy Management (BOEM) off the Mid-Atlantic coast. This request targets areas prospective for heavy mineral sands rich in titanium, zirconium, rare earth elements (REEs), and phosphate.

Intangible resources include proprietary deep-ocean exploration technology and equipment, which the company uses to advance its discovery, validation, and development work. Operationally, the company's asset base includes equity stakes and mineral exploration rights in subsea assets globally, such as the Cook Islands Polymetallic Nodule Project and the PHOSAGMEX joint venture focused on subsea phosphate deposits in Mexico.

Financially, the capital structure shows recent activity supporting operations. Cash and cash equivalents of $2.46 million were reported as of March 31, 2025. However, subsequent capital infusions strengthened this position; for instance, investors exercised options and warrants in the second quarter of 2025, generating approximately $8.2 million in cash proceeds. This funding helped secure operations through at least the remainder of 2025.

Here's a look at the balance sheet movements around that time:

The company has actively managed its liabilities, converting significant debt to equity during 2025. Holders of convertible notes converted more than $9.6 million of indebtedness into equity in the second quarter of 2025, and another $6,661,684 in outstanding debt was converted into common stock in September 2025. This focus on debt reduction is a clear action to manage financial risk.

Key operational and financial milestones related to these resources include:

• Regained Nasdaq compliance on May 9, 2025.
• Q1 2025 revenue was $135,000.
• Q3 2025 revenue was reported at only $61,000.
• Q3 2025 Free Cash Flow was negative at -$2.1 million.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

Finance: draft 13-week cash view by Friday.