OMEX
Odyssey Marine Exploration, Inc.2.3300
+0.1600+7.37%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
129.87MP/E (TTM)
-Basic EPS (TTM)
-1.02Dividend Yield
0%Recent Filings
8-K
Debt conversions issue 3.7M shares
Odyssey Marine Exploration converted $2.1 million of March 2023 Notes and $3.1 million of December 2023 Notes into 3.7 million shares of common stock on October 6-8, 2025, exempt from registration under Section 4(a)(2). This fully retires the December notes while leaving $1.05 million on the March notes, boosting outstanding shares to 54.1 million. Conversions reduce debt load. Yet dilution hits shareholders hard.
8-K
Debt conversion reduces obligations
Odyssey Marine Exploration converted $2.84 million from its March 2023 Notes and $0.68 million from its December 2023 Notes into 2.24 million and 0.53 million common shares, respectively, on September 24, 2025. This unregistered issuance under Section 4(a)(2) trimmed outstanding debt to $3.14 million and $3.05 million. Shares now total 50.38 million. Debt shrinks, but dilution hits shareholders.
10-Q
Q2 FY2025 results
Odyssey Marine Exploration's Q2 FY2025 revenue fell 37.5% y/y to $135,000 from marine services to related parties, while operating expenses rose 39.6% y/y to $4.5 million, driven by higher administrative costs tied to Mexican corporate transactions, yielding an operating loss of $4.4 million, up 45.2% y/y (derived). Net loss widened sharply to $17.1 million from $3.7 million y/y, with the gap to operating loss attributed to $10.7 million in derivative fair value changes and $1.2 million interest expense, per the filing. Cash dropped q/q to $3.6 million with $3.9 million used in operations, offset by $2.7 million from equity issuances; free cash flow not disclosed in the 10-Q. In June 2025, Odyssey formed Phosagmex JV with CapLat for Mexican phosphate extraction, converting $137.7 million intercompany debt to 78.3% ownership in ORM (parent of 90% Oceanica), recognizing no goodwill. Total debt stood at $24.7 million (up q/q, derived), mostly short-term notes at 11% maturing December 2025, with $3.6 million cash and no revolver. Regulatory hurdles persist in Mexican permitting.
8-K
Debt-to-equity conversion completed
Odyssey Marine Exploration converted $6.7 million of its March 2023 convertible notes into 6.1 million shares of common stock on August 8 and 12, 2025, slashing outstanding debt while boosting shares outstanding to 45.2 million. This unregistered issuance under Section 4(a)(2) eases financial pressure from the original $14 million notes. Conversions dilute equity holders. No further terms disclosed.
8-K
Share issuances and conversions
Odyssey Marine Exploration converted $1 million of March 2023 note debt into 909,090 shares and sold 4,018,033 shares under its December 2024 agreement for $4.42 million in cash on July 28-31, 2025. These unregistered issuances boosted outstanding shares to 39.1 million. Investors retain rights to buy another 3.2 million shares at $1.10 each. Equity dilution mounts.
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