Seafarer Exploration Corp. Reports Q1 2025 Financial Results with Reduced Net Loss

Seafarer Exploration Corp. reported its financial results for the first quarter of 2025, revealing a net loss of $731,401, a significant reduction from the $1,312,070 loss recorded in the same period of 2024. The company did not generate any revenue during the quarter, compared to $3,170 in service income from the previous year. Operating expenses decreased by 40% to $655,691, primarily due to reductions in consulting and contractor expenses, vessel maintenance costs, and general administrative expenses. The decrease in losses reflects the company's ongoing efforts to manage costs amid challenging market conditions.

The company's total assets decreased to $262,419 as of March 31, 2025, down from $288,400 at the end of 2024. Current liabilities increased to $3,080,879, resulting in a working capital deficit of $3,055,436. This financial position raises concerns about the company's ability to meet its short-term obligations, as it continues to rely on external financing to fund operations. Seafarer has been actively seeking capital through the issuance of common stock and debt, but the lack of significant revenue generation poses a substantial risk to its ongoing viability.

In terms of operational developments, Seafarer continues to focus on its core business of exploring and recovering historic shipwrecks. The company has maintained its partnership with Marine Archaeology Partners, LLC, for the exploration of a shipwreck site off Melbourne Beach, Florida. However, the company has not reported any significant progress or revenue from this venture. Additionally, Seafarer's wholly owned subsidiary, Blockchain LogisTech, LLC, has not generated any revenue and is under evaluation for future business opportunities.

The company’s financial outlook remains uncertain, with management indicating that it does not expect to generate significant revenues in the near future. The ongoing need for capital and the potential for further dilution of existing shareholders due to convertible notes payable and other financing arrangements are critical concerns. Seafarer is in immediate need of working capital and is exploring various financing options to sustain its operations. The company’s ability to continue as a going concern is contingent upon its success in raising additional funds and managing its operational costs effectively.