Odyssey Marine Exploration Reports 37.5% Revenue Decline and $17.1 Million Net Loss in Q2 2025

Odyssey Marine Exploration, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $135,000, down 37.5% from $215,565 in the same period last year. For the first half of 2025, revenue totaled $270,000, a decrease of 35.6% compared to $418,629 in the first half of 2024. The company attributed this decline primarily to reduced marine services provided to related parties, including CIC Limited and Ocean Minerals, LLC, which accounted for all of its revenue during both periods.

Operating expenses for the second quarter increased by 39.6% to $4.5 million, compared to $3.2 million in the prior year. This rise was largely driven by a substantial increase in marketing, general, and administrative expenses, which rose to $3.8 million from $2.2 million, primarily due to higher director fees associated with recent corporate transactions. In contrast, operations and research expenses decreased to $697,566 from $1 million, reflecting a reduction in costs related to licenses and permits. The net loss for the quarter was $17.1 million, a significant increase from a loss of $3.7 million in the same quarter of 2024.

The company's balance sheet as of June 30, 2025, showed total assets of approximately $16.6 million, down from $18.5 million at the end of 2024. Current liabilities surged to $30.9 million, up from $22.5 million, primarily due to an increase in loans payable, which rose to $20.8 million from $13.1 million. The total stockholders' deficit also widened to $90.3 million from $79.1 million, reflecting ongoing operational losses and increased liabilities.

Strategically, Odyssey has been active in forming joint ventures, notably with Capital Latinoamericano, S.A. de C.V. to develop the Phosagmex Project, which aims to extract phosphate resources in Mexico's Exclusive Economic Zone. The joint venture was officially established on June 4, 2025, and is expected to leverage local expertise and resources. However, the company faces challenges, including ongoing legal disputes regarding mining concessions and the need for regulatory approvals, which could impact future operations.

Looking ahead, Odyssey's management has expressed concerns about the company's ability to continue as a going concern, citing a working capital deficit of $26.9 million and the need for new cash inflows to support ongoing projects. The company plans to generate cash through the monetization of its equity stakes in mineral exploration entities and other financing activities. Despite the current financial challenges, Odyssey remains focused on its strategic initiatives and aims to stabilize its financial position in the coming months.