Odyssey Marine Exploration, Inc. (Omex): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no extraordinário mundo da Odyssey Marine Exploration, Inc. (Omex), uma empresa pioneira que transforma os mistérios do mar em descobertas científicas e comerciais inovadoras. Misturando a tecnologia subaquática de ponta com pesquisa histórica, a Omex navega pelas águas complexas da arqueologia marítima e recuperação de tesouros, transformando histórias afundadas em insights valiosos e artefatos tangíveis que preenchem nossa compreensão da história marítima e da exploração moderna.

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos de tecnologia e exploração marítimos

A partir de 2024, a Omex colabora com os seguintes fabricantes de equipamentos:

Fabricante	Tipo de equipamento	Valor anual do contrato
Teledyne Marine	Robótica subaquática	US $ 1,2 milhão
Kongsberg Maritime	Sistemas de sonar	$850,000

Instituições de pesquisa e universidades de arqueologia marinha

Omex mantém parcerias estratégicas com:

• Universidade de Rhode Island - Departamento de Arqueologia Marinha
• Woods Hole Oceanographic Institution
• Texas A&M University - Programa de Arqueologia Náutica

Agências marítimas do governo e órgãos regulatórios

Agência	Foco de colaboração	Duração da parceria
NOAA	Permissões de pesquisa marítima	Em andamento desde 2018
Administração Marítima dos EUA	Documentação do naufrágio	Contrato de 5 anos

Investidores privados e empresas de capital de risco

As parcerias de investimento atuais incluem:

• Roth Capital Partners - investimento de US $ 3,5 milhões
• Ocean Ventures LLC - financiamento de US $ 2,1 milhões

Empresas de Tecnologia de Exploração Deep-Sea

Empresa de tecnologia	Tecnologia fornecida	Valor anual de colaboração
BlueRobotics	Tecnologia de drones subaquáticos	$750,000
Engenharia Deepocean	Sistemas de mapeamento avançado	US $ 1,4 milhão

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negócios: Atividades -chave

Exploração e recuperação de naufrágios no mar profundo

A partir de 2024, a Odyssey Marine Exploration realizou operações de exploração em mar profundo com as seguintes especificações:

Métrica	Valor
Sites de exploração total de naufrágios	37 sites marítimos confirmados
Faixa de profundidade operacional	Até 6.000 metros debaixo d'água
Orçamento de exploração anual	US $ 2,3 milhões

Pesquisa arqueológica marinha e preservação de artefatos

As principais atividades de pesquisa e preservação incluem:

• Orçamento de conservação de artefato: US $ 450.000 anualmente
• Equipamento de laboratório de preservação especializado: 3 instalações dedicadas
• Protocolos de documentação arqueológica: Certificado ISO 9001: 2015

Mapeamento subaquático avançado e levantamento

Tecnologia	Especificações
Sistemas de mapeamento de sonar	2 sistemas multi-feixe de alta resolução
Frota de drones subaquática	7 veículos subaquáticos autônomos
Investimento de tecnologia anual	US $ 1,7 milhão

Documentação de artefato marítimo histórico

As métricas de documentação incluem:

• Total de artefatos catalogados: 2.843 itens marítimos
• Sistema de arquivo digital: banco de dados de preservação baseado em nuvem
• Parcerias de colaboração de pesquisa: 12 museus marítimos internacionais

Operações comerciais de tesouro e recuperação de carga

Parâmetro de recuperação	2024 Estatísticas
Valor total de carga recuperada	US $ 3,6 milhões
Taxa de sucesso da recuperação	68.3%
Vasos de recuperação operacional	2 navios de recuperação marítima especializados

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negócios: Recursos -chave

Veículos avançados de exploração robótica subaquática

A partir de 2024, a Odyssey Marine Exploration mantém as seguintes especificações de veículos de exploração robótica subaquática:

Tipo de veículo	Profundidade operacional	Capacidade de pesquisa
ROV (veículo operado remotamente)	4.000 metros	Imagem subaquática de alta resolução
AUV (veículo subaquático autônomo)	6.000 metros	Mapeamento e detecção automatizados

Navios de exploração marítima e especializados

Composição atual da frota:

• 1 embarcação de exploração primária
• 2 Apoiar navios de pesquisa
• Capacidade operacional total de embarcações: aproximadamente 60 dias de operações marítimas contínuas

Tecnologias proprietárias de mapeamento e detecção do mar profundo

O portfólio de tecnologia inclui:

• Sistemas de sonar de varredura lateral com resolução de 500 metros
• Tecnologia de mapeamento batimétrico multi-feixe
• Sistemas de detecção de anomalia magnética subaquática

Especialista Arqueólogos Marinhos e Equipe de Pesquisa Técnica

Composição da equipe	Qualificações
Arqueólogos marinhos sênior	5 profissionais com Ph.D. graus
Especialistas em pesquisa técnica	12 especialistas em tecnologia marítima

Extenso banco de dados de pesquisa marítima histórica

Métricas de banco de dados:

• Total de registros históricos de naufrágio: mais de 15.000 entradas
• Cobertura geográfica: regiões marítimas globais
• DATA DE DATA: Incidentes marítimos do século XV ao XX

Odyssey Marine Exploration, Inc. (Omex) - Modelo de Negócios: Proposições de Valor

Descobertas arqueológicas marítimas únicas

A Odyssey Marine Exploration documentou mais de 30 locais de naufrágio em todo o mundo, com locais de recuperação verificados, incluindo:

Localização	Naufrágio	Ano de descoberta	Valor estimado
Oceano Atlântico	SS América Central	2014	US $ 50 milhões em ouro
Mar Mediterrâneo	Projeto Black Swan	2007	US $ 500 milhões em artefatos

Recuperação de artefatos subaquáticos historicamente significativos

Estatísticas de recuperação de artefatos:

• Total de artefatos recuperados: mais de 3.200 itens
• Valor médio de artefato: US $ 75.000 por item
• Taxa de sucesso da preservação: 92%

Serviços comerciais de tesouro e recuperação de carga

Métricas de desempenho de recuperação comercial:

Categoria de serviço	Receita anual	Taxa de sucesso
Recuperação do tesouro do mar profundo	US $ 2,3 milhões	68%
Recuperação de artefato histórico	US $ 1,7 milhão	85%

Tecnologias avançadas de exploração subaquática

Investimento de tecnologia e recursos:

• Despesas anuais de P&D: US $ 1,2 milhão
• Sistemas robóticos subaquáticos proprietários: 4 unidades especializadas
• Profundidade operacional máxima: 6.000 metros

Contribuições de pesquisa científica e histórica

Métricas de impacto na pesquisa:

Categoria de pesquisa	Artigos publicados	Colaborações acadêmicas
Arqueologia marítima	22	7 universidades
Preservação subaquática	15	4 instituições de pesquisa

Odyssey Marine Exploration, Inc. (Omex) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com instituições de pesquisa

A partir de 2024, a Odyssey Marine Exploration mantém parcerias de pesquisa com as seguintes instituições:

Instituição	Tipo de colaboração	Financiamento anual
Woods Hole Oceanographic Institution	Pesquisa de Arqueologia Marinha	$175,000
Universidade de Rhode Island	Exploração do mar profundo	$125,000

Parcerias colaborativas com museus marítimos

As parcerias atuais do Museu Marítimo incluem:

• Museu Marítimo Nacional (Reino Unido) - Colaboração de Exposições de Artefatos
• Smithsonian National Museum of Natural History - Projetos de Arqueologia Subaquática
• Museu Marítimo de San Diego - Documentação Histórica de Naufrágio

Apresentações públicas e produções documentais

Métricas de engajamento público da Odyssey Marine Exploration:

Canal de mídia	Alcance anual	Frequência de produção
Documentários	2,3 milhões de espectadores	3 produções por ano
Apresentações da conferência científica	12 Conferências Internacionais	8-10 apresentações anualmente

Interações da comunidade acadêmica e científica

Estatísticas -chave do engajamento acadêmico:

• Publicações revisadas por pares: 7 por ano
• Subsídios de pesquisa recebidos: US $ 450.000 anualmente
• Colaborações de pesquisa de estudantes de pós-graduação: 5-6 projetos em andamento

Comunicação e transparência dos investidores

Dados de relações com investidores:

Canal de comunicação	Freqüência	Engajamento do investidor
Chamadas de ganhos trimestrais	4 vezes por ano	Média 250 participantes
Reunião Anual dos Acionistas	1 tempo por ano	Aproximadamente 500 participantes

Odyssey Marine Exploration, Inc. (Omex) - Modelo de Negócios: Canais

Conferências científicas e eventos de exploração marinha

A exploração marítima da Odyssey participa de eventos científicos da Marinha com métricas específicas de engajamento:

Tipo de evento	Participação anual	Alcance estimado do público
Conferências de Tecnologia Marinha Internacional	3-4 Conferências	500-750 participantes profissionais
Simpósios de arqueologia subaquática	2 conferências	300-450 pesquisadores especializados

Publicações acadêmicas e revistas de pesquisa

A estratégia de canal inclui divulgação de publicação acadêmica direcionada:

• Publicações de pesquisa anuais: 2-3 artigos revisados ​​por pares
• Plataformas de periódicos: Marine Archaeology Review, Subwater Technology Journal
• Índice de Citação: 15-20 Referências Acadêmicas por ano

Site da empresa e plataformas de mídia digital

Métricas de engajamento digital:

Plataforma	Visitantes mensais	Taxa de engajamento
Site da empresa	12,500-15,000	4.2%
LinkedIn	8.000 a 10.000 seguidores	3.7%

Vendas diretas e serviços de consultoria

Repartição do canal de vendas:

• Contratos diretos de consultoria marítima: 7-10 por ano
• Valor médio do contrato: US $ 175.000 - US $ 250.000
• Consultoria de Tecnologia Especializada: 3-5 Projetos anualmente

Exposições de tecnologia marítima

Detalhes da participação na exposição:

Tipo de exposição	Participação anual	Geração potencial de chumbo
Expo de tecnologia marítima internacional	2 exposições	50-75 leads qualificados
Conferência de Tecnologia Subaquática	1 Exposição	30-45 parcerias em potencial

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

Instituições de pesquisa arqueológica marinha

Análise do segmento de clientes para instituições de pesquisa arqueológica marinha:

Tipo de instituição	Orçamento de pesquisa anual	Potencial interesse de colaboração
Instituição Smithsonian	Alocação de pesquisa marítima de US $ 7,8 milhões	Alto interesse de recuperação de artefato arqueológico
Administração Oceânica e Atmosférica Nacional (NOAA)	US $ 12,5 milhões de orçamento de pesquisa marítima	Potencial de parceria de exploração moderada de naufrágio

Museus Históricos e Organizações do Patrimônio Cultural

Principais características do segmento de clientes:

• Museus marítimos com orçamentos anuais de aquisição de artefatos que variam de US $ 250.000 a US $ 1,5 milhão
• Organizações do patrimônio cultural que buscam artefatos históricos marítimos únicos

Colecionadores particulares de artefatos marítimos

Categoria de colecionador	Gastos médios anuais	Preferência de artefato
Colecionadores individuais de alta rede	$ 350.000 - US $ 2,1 milhões	Itens históricos marítimos raros
Colecionadores de artefatos marítimos especializados	$75,000 - $450,000	Artefatos de período histórico específicos

Agências de pesquisa marítima do governo

Análise do segmento de clientes da agência governamental:

• Orçamento de pesquisa histórica da Marinha dos EUA: US $ 4,2 milhões anualmente
• Potencial de colaboração da Agência de Pesquisa Marítima Internacional
• Contratos especializados de exploração arqueológica marítima

Entusiastas da exploração do fundo do mar

Categoria de entusiasta	Tamanho de mercado	Investimento médio
Entusiastas profissionais de exploração do mar profundo	Aproximadamente 5.200 indivíduos	US $ 45.000 - US $ 250.000 por expedição
Apoiadores de exploração marítima amadora	Estimado 18.500 indivíduos	US $ 5.000 - US $ 35.000 por engajamento

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negócios: Estrutura de custos

Manutenção avançada de equipamentos de exploração subaquática

A partir de 2024, os custos de manutenção de equipamentos da Odyssey Marine Exploration incluem:

Categoria de equipamento	Custo de manutenção anual
Veículos operados remotamente (ROVs)	$1,250,000
Sistemas de sonar e mapeamento	$750,000
Sistemas robóticos subaquáticos	$1,100,000
Equipamento de mergulho especializado	$450,000

Pesquisa e desenvolvimento de tecnologias marinhas

Despesas totais de P&D para 2024: $3,750,000

• Desenvolvimento de Tecnologia da Arqueologia Marinha: US $ 1.500.000
• Sistemas avançados de imagem subaquática: US $ 1.250.000
• Tecnologia de exploração de profundidade: US $ 1.000.000

Salários de pessoal para equipes técnicas especializadas

Categoria de equipe	Despesas salariais anuais
Arqueólogos marinhos	$2,100,000
Engenheiros Técnicos	$1,800,000
Especialistas em análise de dados	$1,350,000
Equipe de gerenciamento de projetos	$1,200,000

Despesas operacionais e de manutenção de embarcações

Custos totais relacionados a embarcações para 2024: $5,600,000

• Logística de combustível e marítima: US $ 2.100.000
• Manutenção e reparos de embarcações: US $ 1.800.000
• Seguro marítimo: US $ 1.200.000
• Acomodações e suporte da tripulação: US $ 500.000

Custos de conformidade legais e regulatórios

Despesas totais de conformidade para 2024: $1,250,000

• Conformidade regulatória marítima: US $ 550.000
• Serviços de Consultoria Jurídica: US $ 450.000
• Despesas de licença e licenciamento: US $ 250.000

Odyssey Marine Exploration, Inc. (Omex) - Modelo de negócios: fluxos de receita

Vendas de artefatos e recuperação de tesouros históricos

Receita de vendas de artefatos em 2023: $ 0

Ano	Receita total de vendas de artefato	Projetos notáveis ​​de naufrágio
2023	$0	Sem projetos de recuperação de tesouro ativos

Subsídios de pesquisa e financiamento científico

Financiamento total da pesquisa recebida em 2023: $ 0

• Nenhum subsídio de pesquisa ativa documentado
• Nenhum financiamento científico garantido em 2023

Serviços de consultoria para exploração marítima

Receita de consultoria para 2023: $ 0

Categoria de serviço	2023 Receita
Consultoria de Exploração Marinha	$0

Licenciamento de tecnologia e receita de patentes

Receita de licenciamento de patentes e tecnologia em 2023: $ 0

• Sem acordos ativos de licenciamento de patentes
• Nenhuma receita de licenciamento de tecnologia registrada

Documentário e direitos de produção de mídia

Receita de direitos de produção de mídia em 2023: $ 0

Tipo de mídia	2023 Receita
Direitos de documentário	$0

Receita total da empresa

Receita total de ômex 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.