Odyssey Marine Exploration, Inc. announced its results for the second quarter ended June 30, 2025, reporting total revenue of $0.1 million, an $81,000 decrease from $0.2 million in the prior year. The net loss attributable to Odyssey widened to $14.85 million in Q2 2025, compared to a $1.53 million loss in Q2 2024. This widening loss was primarily due to a $12.1 million increase in net other expenses, including a $1.8 million increase in derivative liabilities and the absence of $9.4 million in other income from legacy shipwreck business present in 2024.
Despite the Q2 loss, Odyssey significantly strengthened its financial position, with existing investors exercising options and warrants during the quarter, generating approximately $8.2 million in cash proceeds. Additionally, holders of convertible notes converted over $9.6 million of indebtedness, representing more than 53% of outstanding note obligations, into common stock. These transactions secure working capital to fund operations into 2026 and reduce the company’s debt.
The company provided updates on its Cook Islands Polymetallic Nodule Project, noting the August 4, 2025, cooperation agreement between the U.S. and the Cook Islands. Ocean Minerals LLC (OML), in which Odyssey holds equity, obtained a JORC compliant report indicating its license area contains approximately 519 million metric tonnes of indicated and inferred polymetallic nodules, including an inferred resource of about one million tonnes of contained cobalt. This is believed to be the largest primary cobalt resource in the world.
Odyssey also highlighted the U.S. Executive Order on Offshore Critical Minerals from April 24, 2025, which directs federal agencies to accelerate offshore critical minerals development. The company is qualified by the U.S. Bureau of Ocean Energy Management (BOEM) to hold marine minerals leases since 2021. Furthermore, Odyssey marked a significant milestone in its PHOSAGMEX joint venture, initiating the transfer of legal rights for mining concessions into the venture.
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