Odyssey Marine Exploration
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Odyssey Marine Exploration (OMEX) investor relations material

Odyssey Marine Exploration Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary2 Nov, 2026

Executive summary

  • Q3 revenue was $108.9K; net loss was $4.6M, down from $13.5M YoY, with lower derivative-liability expense supporting the improvement.

  • Nine-month net loss was $13.9M versus $31.1M; cash fell to $1.1M and working capital deficit reached $26.4M, leaving substantial doubt about going concern.

  • AOM merger remained pending shareholder approval, with a special meeting scheduled for Dec. 2, 2026; completion was expected in Q4 2026.

Financial highlights

  • Q3 revenue rose to $108.9K from $61.0K YoY, primarily due to the OML lease and related mobilization and marine service fees.

  • 9M revenue declined to $209.3K from $331.0K, mainly reflecting expiration of the CIC Services Agreement in Q3 2025.

  • Q3 operating expenses increased to $4.5M from $2.2M; 9M expenses rose to $18.7M from $9.1M, largely due to merger-related professional fees.

  • 9M other income was $4.6M versus $22.3M expense in 2025, including a $6.5M derivative fair-value gain versus a $16.1M loss; these non-cash valuation changes materially affected comparisons.

Outlook and guidance

  • 2026–27 plans require new cash inflows from equity-stake monetization, financings, syndications, partnerships, contracted services or exploration charters; insufficient inflows could trigger curtailed spending.

  • The AOM merger was expected to close in Q4 2026, subject to shareholder approval and other closing conditions; the vote was scheduled for Dec. 2, 2026.

  • MML expected additional benthic and pelagic campaigns by year-end 2026 to support an environmental impact assessment; six metallurgical processes were being tested for the EL3 pre-feasibility study.

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Q4 202631 Mar, 2027
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Q4 202631 Mar, 2027

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Frequently asked questions

Odyssey Marine Exploration, Inc. is a company specializing in deep-ocean exploration with a focus on discovering, validating, and developing subsea mineral resources. Originally known for its work in shipwreck recovery, the company has shifted its focus toward the exploration and extraction of critical underwater minerals. The company is headquartered in Tampa, Florida, and its shares are listed on the NASDAQ.