Odyssey Marine Exploration Reports 33.5% Revenue Decline and $415,654 Net Loss in Q1 2025

Odyssey Marine Exploration, Inc. reported a total revenue of $135,000 for the first quarter of 2025, a decline of 33.5% from $203,064 in the same period of 2024. The decrease in revenue is attributed to reduced marine services provided to related parties, specifically CIC Limited and Ocean Minerals, LLC, which accounted for all of the company's revenue during both periods. The company recorded a net loss of $415,654 for the quarter, compared to a net income of $920,968 in the prior year, reflecting a significant shift in financial performance.

Operating expenses for the first quarter of 2025 were $2.36 million, down 52% from $4.92 million in the previous year. This reduction was primarily driven by a decrease in marketing, general, and administrative expenses, which fell from $4.03 million to $1.79 million, largely due to lower professional service fees and a reduction in share-based compensation. The company also reported a loss from operations of $2.23 million, an improvement from a loss of $4.72 million in the same quarter of 2024.

In terms of financial position, Odyssey's total assets decreased to approximately $15.83 million as of March 31, 2025, down from $18.49 million at the end of 2024. The company's cash and cash equivalents also declined significantly, from $4.79 million to $2.46 million. Current liabilities increased to $23.15 million, leading to a working capital deficit of $20 million. The company’s total liabilities stood at $95.27 million, with long-term liabilities accounting for a substantial portion of this figure.

Strategically, Odyssey has been focusing on its mineral exploration projects, including the ExO Phosphate Project in Mexico and its investments in CIC and OML. The company is also engaged in a joint venture with Capital Latinoamericano to develop a fertilizer production project. Despite the challenges, Odyssey aims to generate new cash inflows through monetizing its equity stakes and securing financing for its projects. The company has indicated that its ability to continue operations is contingent upon successful financing and project development, raising concerns about its ability to continue as a going concern.

Looking ahead, Odyssey plans to leverage its existing projects and partnerships to improve its financial standing. The company has entered into a Securities Purchase Agreement to raise additional capital, which it expects will provide sufficient operating funds into the second quarter of 2025. However, the ongoing challenges in securing necessary permits and the impact of market conditions on its operations remain critical factors that could influence its future performance.