ODYSSEY MARINE EXPLORATION INC

For the period ended Dec 31, 2025. Filed Mar 31, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 31, 2026

OMEX$10.31-4.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$(48,470,404)	$6,247,129
Adjustments to reconcile net (loss)/income to net cash (used in) provided by operating activities:
Services provided to unconsolidated entities	(353,719)	(726,395)
Depreciation	75,299	79,019
Financing fees amortization	171,854	90,794
Amortization of finance liability	652,439	638,271
Amortization of deferred discount	1,906,850	3,345,669
Note payable interest accretion	1,541,626	2,318,779
Note interest paid-in-kind (“PIK”)	1,823,058	1,793,345
Right-of-use (“ROU”) asset amortization	—	121,568
Share-based compensation	222,100	2,011,605
Director compensation paid in stock	191,549	288,000
Consulting compensation paid in stock	239,744	—
Equity Exchange in connection with Mexican Corporate Transactions	2,229,557	—
Loss on equity method investment	1,578,573	271,830
(Gain) loss on debt extinguishment	(587,019)	729,723
Gain on disposal of equipment	(164,000)	(4,029)
Loss on Termination Agreement	—	4,246,900
Change in derivatives liability fair value	28,213,642	(18,866,862)
(Increase) decrease in:
Accounts receivable and other related party receivables	218,127	(175,444)
Changes in operating lease liability	—	(129,140)
Other assets	(88,990)	59,813
Accounts payable	26,927	372,209
Accrued expenses and other	1,723,452	(2,070,443)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(8,849,335)	642,341
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(16,098)	(84,350)
Cash paid for investment in unconsolidated entity	(157,508)	—
NET CASH USED IN INVESTING ACTIVITIES	(173,606)	(84,350)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock	7,673,011	3,896,875
Proceeds from warrants exercised	1,465,524	—
Proceeds from employees stock options	62,115	—
Costs paid for stock issuances	(97,135)	—
Repurchase of stock-based awards withheld for payment of withholding tax requirements	—	(18,277)
Offering costs paid on financing	—	(122,954)
Payment of debt obligations	(816,436)	(3,003,612)
Payment on financing obligations	(540,000)	(540,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	7,747,079	212,032
NET (DECREASE) INCREASE IN CASH	(1,275,862)	770,023
CASH AT BEGINNING OF PERIOD	4,791,743	4,021,720
CASH AT END OF PERIOD	$3,515,881	$4,791,743

	Year Ended December 31,
	2025	2024
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$—	$430,282
Director and consultant compensation paid in stock	$431,293	$288,000
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Conversion of debt to common stock	$21,740,102	$1,722,899
Changes in ownership interest in a subsidiary	$30,327,887	$429,570
Fair value of liability warrants issued	$3,293,334	$1,156,676
Contribution to Phosagmex (Note 6)	$1,968,855	$—
Embedded debt derivative liability	$—	$851,000
Gain on disposal of equipment	$164,000	$—
Warrants reclassification from Equity to Liability classification	$—	$7,754,438

The accompanying notes are an integral part of these financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.