Odyssey Marine Exploration, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 2, 2026, reporting a net loss attributable to the company of $13,605,332 for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: Net loss attributable to Odyssey Marine Exploration, Inc. was $13,605,332 for the nine months ended September 30, 2026, compared to $25,679,139 for the same period in 2025.
  • Third-quarter net loss: Net loss attributable to the company for the three months ended September 30, 2026 was $4,642,891, or $(1.98) per basic and diluted share.
  • Total revenue declined: Total revenue for the nine months ended September 30, 2026 was $209,268, down from $330,975 in the nine months ended September 30, 2025.
  • Stockholders' deficit widened: Total stockholders' deficit was $(84,360,758) as of September 30, 2026, compared to $(75,544,646) as of December 31, 2025.
  • Cash decreased sharply: Cash and cash equivalents fell to $1,142,544 as of September 30, 2026, from $3,515,881 as of December 31, 2025.
  • Total liabilities increased: Total liabilities rose to $95,927,417 as of September 30, 2026, from $91,384,550 as of December 31, 2025, with litigation financing of $67,419,137 representing the largest component.
  • Shares outstanding: Common shares issued and outstanding as of October 29, 2026 were 2,347,568.

Odyssey Marine's Financial Position and Operating Results for the Nine Months Ended September 30, 2026

According to the filing, Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) reported total revenue of $209,268 for the nine months ended September 30, 2026, consisting of $147,529 in marine services revenue and $61,739 in operating lease income from a related party. This compared to total revenue of $330,975 for the same period in 2025, which was entirely derived from marine services. For the third quarter alone, the company reported total revenue of $108,913, up from $60,975 in the third quarter of 2025.

Total operating expenses for the nine months ended September 30, 2026 were $18,671,036, versus $9,062,642 for the same period in 2025. The filing attributed the increase primarily to marketing, general and administrative expenses of $16,745,583 for the nine-month period, compared to $6,977,550 a year earlier. Loss from operations for the nine months was $(18,461,768). Other income for the nine-month period included a change in derivative liabilities fair value of $6,526,003, which partially offset operating losses.

On the balance sheet, total assets were $11,566,659 as of September 30, 2026, down from $15,839,904 as of December 31, 2025. Current liabilities reached $27,879,730, with loans payable current portion of $14,859,832 and accrued expenses of $10,283,637. The accumulated deficit stood at $(337,129,540) as of September 30, 2026. During the nine months ended September 30, 2026, the company received proceeds from warrants exercised of $2,635,001 and reclassified warrant liabilities of $1,368,300 to additional paid-in capital upon exercise, according to the filing.

What Was Disclosed

Odyssey Marine Exploration filed its unaudited quarterly report for the period ended September 30, 2026, disclosing a net loss of $13,862,187 on a consolidated basis, a total stockholders' deficit of $(84,360,758), and cash of $1,142,544, with total liabilities of $95,927,417.