Odyssey Marine Exploration (OMEX) Q3 2025 earnings summary

Executive summary

• Entered a joint venture (Phosagmex) for a strategic fertilizer project in Mexico, transferring mining concessions and forming a 50/50 partnership with CapLat.

• Advanced a diversified portfolio of critical mineral projects, including phosphate and polymetallic nodules, to address multi-year demand in battery materials, agriculture, and manufacturing.

• Focused on building exposure to multiple mineral systems and jurisdictions for long-term value through responsible, science-led operations.

• Secured a $37.1 million NAFTA arbitration award against Mexico, though collection is pending due to a legal challenge.

• Advanced U.S. critical minerals initiatives, submitting a lease request for Mid-Atlantic mineral exploration and partnering with Great Lakes Dredge & Dock.

Financial highlights

• Revenue for Q3 2025 was $61,000, down 71.5% year-over-year; nine-month revenue was $331,000, down 47.7%.

• Net loss attributable to the company was $13.1 million for Q3 2025 and $25.7 million for the nine months, compared to net income of $18.7 million and $20.7 million, respectively, in 2024.

• Operating expenses decreased year-over-year, with marketing, general and administrative down $0.4 million in Q3 and $1.0 million for nine months.

• Total other expense was $11.4 million in Q3 2025, a $30.5 million swing from prior year income, mainly due to changes in derivative liabilities.

• Cash and cash equivalents at September 30, 2025 were $5.8 million, up $1.0 million from year-end 2024.

Outlook and guidance

• Ongoing focus on monetizing equity stakes, securing new financings, and advancing mineral projects.

• Sufficient operating funds expected through Q1 2026 from recent equity and warrant exercises.

• Substantial doubt remains about ability to continue as a going concern due to recurring losses and working capital deficit.