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Odyssey Marine Exploration Inc. (OMEX-5.81%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on discovering and developing high-value seafloor mineral resources. Odyssey Marine Exploration Inc. operates through a diversified mineral portfolio, including projects in which it holds controlling and minority interests.
The company reported total revenue of $768,677 for the year, a slight decrease from $803,799 in the previous year. The revenue was primarily generated from marine services and operating activities.
Operating expenses for the year totaled $12,773,604, an increase from $11,141,360 in the prior year. This increase was mainly due to higher marketing, general, and administrative expenses.
Odyssey Marine Exploration Inc. reported a net income of $6,247,129, a significant improvement from a net loss of $3,884,602 in the previous year. The improvement was largely driven by other income, including changes in derivative liabilities fair value and a residual economic interest in a shipwreck.
The company's ExO Phosphate Project in Mexico remains a key focus, although it faces legal challenges. Odyssey Marine Exploration Inc. is appealing a ruling by the Mexican court and has filed a NAFTA arbitration claim against Mexico.
The company has entered into a joint venture agreement with Capital Latinoamericano to develop a strategic fertilizer production project in Mexico, building on its subsea phosphate resource validation work.
Odyssey Marine Exploration Inc. continues to explore opportunities in deep-sea mineral exploration through its involvement in projects such as the CIC Project in the Cook Islands and the Ocean Minerals, LLC Project.
The company acknowledges its reliance on securing additional financing to meet its future obligations and continue operations. It has taken steps to address liquidity, including extending the maturity dates of certain notes and entering into a securities purchase agreement.
Odyssey Marine Exploration Inc. identified a material weakness in its internal control over financial reporting, which it is actively working to remediate. The company has engaged additional resources to strengthen its financial reporting processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Odyssey Marine Exploration Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.