Revenue: As of FY2026 Q1, the actual value is USD 22.5 K.EPS: As of FY2026 Q1, the actual value is USD -0.04.EBIT: As of FY2026 Q1, the actual value is USD -6.242 M.奥德赛海洋探索 (Odyssey Marine Exploration, Inc.) operates as a single segment, and the following metrics reflect its consolidated performance for the three months ended March 31, 2026, compared to the same period in 2025, and balance sheet highlights as of March 31, 2026, versus December 31, 2025.<h4>Revenue</h4><ul><li>Marine services: Revenue was $22,500 in 2026, a decrease from $135,000 in 2025, primarily due to the expiration of the Services Agreement with CIC.</li><li>Total revenue: Total revenue was $22,500 in 2026, down from $135,000 in 2025.</li></ul><h4>Operating Expenses</h4><ul><li>Marketing, general and administrative: These expenses increased to $5,752,753 in 2026 from $1,788,340 in 2025, an increase of $3,964,413 (221.79%), mainly due to expenses related to the American Ocean Minerals (AOM) Merger Agreement.</li><li>Operations and research: These expenses were $680,342 in 2026, an increase of $108,033 (18.88%) from $572,309 in 2025.</li><li>Total operating expenses: Total operating expenses reached $6,433,095 in 2026, an increase of $4,072,446 (172.51%) from $2,360,649 in 2025.</li></ul><h4>Profitability</h4><ul><li>Loss from operations: The company reported a loss from operations of -$6,410,595 in 2026, compared to -$2,225,649 in 2025.</li><li>Total other income (expense): Total other income (expense) was $6,588,471 in 2026, a significant increase from $1,809,995 in 2025, driven by a $4.3 million increase in the change in fair value of derivative liabilities, partially offset by increased loss on equity method investments and foreign exchange expense.</li><li>Net income (loss): Net income was $177,876 in 2026, compared to a net loss of -$415,654 in 2025.</li><li>Net income attributable to 奥德赛海洋探索 (Odyssey Marine Exploration, Inc.): This figure was $347,346 in 2026, a decrease from $2,241,570 in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net cash used in operating activities: Net cash used in operating activities was -$3,832,000 in 2026, compared to -$1,955,000 in 2025.</li><li>Net cash provided by (used in) financing activities: Net cash provided by financing activities was $2,420,000 in 2026, a positive change from -$377,000 in 2025, primarily due to $2,635,003 from warrant exercises and $74,538 from stock option exercises.</li><li>Net decrease in cash: The net decrease in cash was -$1,412,000 in 2026, compared to -$2,332,000 in 2025.</li><li>Cash at end of period: Cash at the end of the period was $2,104,000 as of March 31, 2026, down from $3,516,000 at December 31, 2025.</li></ul><h4>Balance Sheet Highlights (as of March 31, 2026 vs. December 31, 2025)</h4><ul><li>Total assets: Total assets decreased to $13,377,214 from $15,839,904.</li><li>Total liabilities: Total liabilities decreased to $84,223,771 from $91,384,550.</li><li>Total stockholders’ deficit: The total stockholders’ deficit improved to -$70,846,557 from -$75,544,646.</li><li>Investment in unconsolidated entities: This investment decreased to $7,968,761 from $8,818,748, including changes in Phosagmex, S.A.P.I. de C.V. (-$1,097,342 from -$984,113), CIC Limited ($4,815,949 from $5,265,949), and Ocean Minerals, LLC (OML) ($4,250,154 from $4,536,912).</li><li>Warrant liabilities: Warrant liabilities significantly decreased to $1,188,453 from $12,150,360, mainly due to warrant exercises and a decrease in fair value.</li><li>Litigation financing: Litigation financing increased to $65,406,154 from $63,287,048.</li><li>Loans payable: Loans payable decreased to $4,869,503 from $4,995,398, including an unchanged Emergency Injury Disaster Loan of $150,000, a decrease in the AFCO Insurance note payable to $367,845 from $522,356, and an increase in finance liability to $4,351,658 from $4,323,042.</li></ul><h4>Future Outlook and Strategy</h4>奥德赛海洋探索 (Odyssey Marine Exploration, Inc.) anticipates completing a merger with American Ocean Minerals Corporation (AOM) in late Q2 to early Q3 2026, which is expected to address its going concern qualification, pending stockholder approval. The company plans to generate new cash inflows by monetizing equity stakes, pursuing financings, syndications, or other partnership opportunities. Additionally, 奥德赛海洋探索 (Odyssey Marine Exploration, Inc.) is developing its Phosagmex Project in Mexico, advancing exploration for the CIC Project and OML Project in the Cook Islands, and pursuing US Critical Minerals projects, including the Virginia Strategic Minerals project, to secure development rights and commence data collection.

Odyssey Marine | 10-Q: FY2026 Q1 Revenue: USD 22.5 K