The company exhibits structural margin deficits, with gross margins reaching -30.0% in 2026Q1 as administrative overheads like the $5.7M SG&A expense continue to dwarf nominal revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 | Feb'96 |
|---|
| Sales/Revenue | 241.22K | 353.72K | 768.68K | 803.8K | 1.33M | 921.24K | 2.04M | 3.07M | 3.28M | 1.25M | 4.68M | 5.33M | 1.32M | 23.91M | 13.2M | 15.73M | 21M | 4.35M | 4.1M | 6.15M | 5.06M | 10.04M | 73.88K | 0 | 9.97K | 0 | 250 | 235.75K | 13.5K | 0 | 2.11K |
| Revenue Growth % | -65.57% | -53.98% | -4.37% | -39.78% | 44.88% | -54.8% | -33.67% | -6.19% | 162.38% | -73.34% | -12.14% | 302.93% | -94.47% | 81.2% | -16.08% | -25.11% | 383.06% | 5.91% | -33.22% | 21.39% | -49.55% | 13485.15% | - | -100% | - | -100% | -99.89% | 1646.3% | - | -100% | - |
| Cost of Goods Sold | 2.95M | 2.88M | 3.1M | 4.3M | 9.76M | 9.55M | 10.92M | 7.93M | 3.69M | 3.44M | 8.27M | 12.88M | 19.72M | 26.72M | 18.18M | 21.7M | 19.76M | 680.53K | 631.61K | 2.29M | 1.09M | 1.1M | 2.41M | 1.16M | 782.96K | 605.87K | 404.29K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 815.03% | 403.87% | 534.73% | 731.28% | 1036.72% | 535.92% | 257.98% | 112.6% | 275.41% | 176.54% | 241.56% | 1491.01% | 111.73% | 137.73% | 138% | 94.1% | 15.65% | 15.39% | 37.28% | 21.48% | 10.94% | 3256.99% | - | 7849.19% | - | 161716.8% | - | - | - | - |
| Gross Profit | -2.71M | -2.53M | -2.34M | -3.49M | -8.43M | -8.63M | -8.89M | -4.85M | -412.81K | -2.19M | -3.58M | -7.55M | -18.4M | -2.81M | -4.98M | -5.98M | 1.24M | 3.67M | 3.47M | 3.86M | 3.98M | 8.94M | -2.33M | -1.16M | -772.98K | -605.87K | -404.04K | 235.75K | 13.5K | 0 | 2.11K |
| Gross Margin % | -1123.92% | -715.03% | -303.87% | -434.73% | -631.28% | -936.72% | -435.92% | -157.98% | -12.6% | -175.41% | -76.54% | -141.56% | -1391.01% | -11.73% | -37.73% | -38% | 5.9% | 84.35% | 84.61% | 62.72% | 78.52% | 89.06% | -3156.99% | - | -7749.19% | - | -161616.8% | 100% | 100% | - | 100% |
| Gross Profit Growth % | - | -8.28% | 33.16% | 58.53% | 2.36% | 2.88% | -83.02% | -1076.06% | 81.15% | 38.9% | 52.5% | 58.99% | -555.93% | 43.66% | 16.68% | -582.37% | -66.21% | 5.58% | -9.91% | -3.04% | -55.52% | 483.24% | -100.94% | -50.16% | -27.58% | -49.95% | -271.39% | 1646.3% | - | -100% | - |
| Operating Expenses | 14.9M | 10.9M | 9.67M | 6.84M | 9.43M | 6.32M | 3.75M | 5.49M | 5.65M | 6.17M | 7.96M | 11.46M | 9.79M | 14.16M | 10.61M | 9.39M | 17.65M | 22.02M | 28.44M | 27.62M | 23.72M | 20.59M | 5.21M | 1.46M | 850.38K | 1.01M | 743.94K | 1.05M | 1.02M | 38.01K | 76.26K |
| OpEx % of Revenue | - | 3082.1% | 1257.89% | 851.35% | 706.33% | 686.23% | 183.97% | 178.71% | 172.61% | 493.98% | 169.96% | 214.97% | 740.15% | 59.22% | 80.37% | 59.72% | 84.03% | 506.54% | 692.81% | 449.26% | 468.43% | 205.13% | 7053.22% | - | 8525.16% | - | 297576.8% | 443.87% | 7544.87% | - | 3609.28% |
| Selling, General & Admin | 14.9M | 10.9M | 9.67M | 6.84M | 9.43M | 6.32M | 3.75M | 5.49M | 5.65M | 6.17M | 7.96M | 11.46M | 9.79M | 14.16M | 10.61M | 9.39M | 9.15M | 9.43M | 9.83M | 27.62M | 23.72M | 20.59M | 5.21M | 1.44M | 681.07K | 804.85K | 486.07K | 472.92K | 572.31K | 0 | 0 |
| SG&A % of Revenue | - | 3082.1% | 1257.89% | 851.35% | 706.33% | 686.23% | 183.97% | 178.71% | 172.61% | 493.98% | 169.96% | 214.97% | 740.15% | 59.22% | 80.37% | 59.72% | 43.58% | 216.83% | 239.36% | 449.26% | 468.43% | 205.13% | 7053.22% | - | 6827.76% | - | 194427.2% | 200.6% | 4239.36% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.69M | 3.44M | 8.27M | 11.43M | 19.48M | 26.02M | 17.94M | 21.29M | 19.57M | 12.59M | 18.61M | 0 | 0 | 0 | 0 | 23.97K | 169.32K | 171.37K | 229.61K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 112.6% | 275.41% | 176.54% | 214.41% | 1472.33% | 108.83% | 135.95% | 135.36% | 93.19% | 289.71% | 453.44% | - | - | - | - | - | 1697.4% | - | 91844.4% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.8K | 63.07K | 467.4K | 388.6K | 104.92K | 581.54K | 9K | 47.55K | 44.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.62M | -13.43M | -12M | -10.34M | -17.85M | -14.95M | -12.64M | -10.35M | -6.07M | -8.36M | -10.55M | -21.52M | -28.19M | -16.97M | -15.59M | -15.37M | -16.41M | -18.35M | -24.97M | -23.76M | -19.74M | -11.65M | -5.14M | -2.62M | -1.62M | -1.62M | -1.15M | -810.68K | -1.01M | -38.01K | -74.15K |
| Operating Margin % | -7302.95% | -3797.12% | -1561.76% | -1286.09% | -1337.62% | -1622.94% | -619.89% | -336.7% | -185.22% | -669.38% | -225.3% | -403.81% | -2131.16% | -70.95% | -118.1% | -97.72% | -78.13% | -422.19% | -608.2% | -386.54% | -389.91% | -116.07% | -6953.22% | - | -16274.36% | - | -459193.6% | -343.87% | -7444.87% | - | -3509.28% |
| Operating Income Growth % | - | -11.88% | -16.13% | 42.1% | -19.41% | -18.33% | -22.12% | -70.53% | 27.4% | 20.79% | 50.98% | 23.65% | -66.16% | -8.86% | -1.41% | 6.33% | 10.61% | 26.48% | -5.07% | -20.34% | -69.49% | -126.78% | -96% | -61.45% | -0.4% | -40.85% | -41.61% | 19.34% | -2544.54% | 48.75% | - |
| EBITDA | -17.54M | -13.36M | -11.8M | -9.92M | -17.6M | -14.8M | -12.49M | -10.18M | -5.61M | -7.6M | -9.49M | -20.1M | -22.68M | -15.03M | -14M | -13.48M | -14.25M | -16.08M | -22.35M | -20.22M | -16.61M | -10.2M | -4.76M | -2.52M | -1.55M | -1.58M | -1.12M | -783.38K | -991.16K | -38.01K | -74.15K |
| EBITDA Margin % | -7272.82% | -3775.84% | -1535.67% | -1233.66% | -1318.93% | -1606.15% | -612.92% | -331.18% | -171.37% | -608.45% | -202.6% | -377.18% | -1714.57% | -62.85% | -106.06% | -85.68% | -67.83% | -369.83% | -544.42% | -329.01% | -327.91% | -101.67% | -6438.84% | - | -15549.3% | - | -447888.4% | -332.29% | -7341.96% | - | -3509.28% |
| EBITDA Growth % | -86.95% | -13.14% | -19.04% | 43.67% | -18.97% | -18.43% | -22.76% | -81.29% | 26.1% | 19.93% | 52.81% | 11.36% | -50.92% | -7.38% | -3.87% | 5.4% | 11.4% | 28.05% | -10.5% | -21.79% | -62.73% | -114.51% | -88.8% | -62.44% | 1.96% | -41.29% | -42.93% | 20.96% | -2507.98% | 48.75% | - |
| D&A (Non-Cash Add-back) | 72.67K | 75.3K | 200.59K | 421.43K | 249.47K | 154.75K | 142.09K | 169.67K | 453.47K | 760.77K | 1.06M | 1.42M | 5.51M | 1.94M | 1.59M | 1.89M | 2.16M | 2.28M | 2.62M | 3.54M | 3.14M | 1.45M | 380.01K | 101.37K | 72.32K | 34.88K | 28.26K | 27.3K | 13.89K | 0 | 0 |
| EBIT | -17.62M | -13.43M | 12.76M | 1.16M | -27.52M | -5.3M | -14.18M | -10.14M | -5.96M | -8.29M | -6.68M | -16.7M | -27.58M | -10.78M | -11.92M | -15.07M | -22.83M | -18.29M | -24.64M | -23.76M | -19.74M | -11.65M | -5.14M | -2.61M | -1.62M | -1.62M | -1.15M | -810.68K | -1.01M | 0 | -74.15K |
| Net Interest Income | -3.87M | -4.82M | -6.35M | -4.63M | -2.21M | -10.83M | -6.91M | -5.36M | -3.09M | -2.73M | -2.4M | -4.55M | -1.53M | -3.57M | -6.24M | -1.15M | -511.98K | -296.11K | 30.74K | -140.3K | -202.06K | -63.56K | -85.27K | 27.68K | 59.95K | -70.2K | -71.79K | -51.03K | -103.79K | 0 | 2.11K |
| Interest Income | 61.23K | 119.36K | 169.36K | 412.63K | 96.48K | 4.04K | 5.12K | 151 | 56.41K | 112 | 0 | 137 | 25.3K | 9.97K | 24.42K | 3.88K | 3.9K | 38.26K | 227.15K | 335.07K | 103.58K | 57.88K | 23.96K | 33.3K | 65.7K | 23.46K | 30.11K | 10.77K | 7.86K | 0 | 2.11K |
| Interest Expense | 3.93M | 4.94M | 6.52M | 5.04M | 2.3M | 10.83M | 6.92M | 5.36M | 3.14M | 2.73M | 2.4M | 4.55M | 1.56M | 3.58M | 6.26M | 1.16M | 515.88K | 334.36K | 196.41K | 475.37K | 305.64K | 121.44K | 109.23K | 5.62K | 5.76K | 93.66K | 101.9K | 61.79K | 111.65K | 0 | 0 |
| Other Income/Expense | -30.26M | -35.04M | 18.25M | 6.45M | -11.97M | -1.18M | -8.46M | -5.15M | -3.04M | -2.66M | 1.47M | 272.87K | -950.85K | 2.6M | -2.6M | -856.61K | -6.94M | -273.52K | 123.87K | -72.96K | 656.66K | 11.13K | -58.26K | 500 | -28.68K | 901.52K | -9.05K | 81.67K | 0 | 0 | 0 |
| Pretax Income | -47.88M | -48.47M | 6.25M | -3.88M | -29.82M | -16.13M | -21.09M | -15.5M | -9.1M | -11.02M | -9.08M | -21.25M | -29.14M | -14.37M | -18.18M | -16.23M | -23.34M | -18.63M | -24.84M | -23.83M | -19.09M | -11.64M | -5.2M | -2.62M | -1.65M | -715.44K | -1.16M | -729K | 0 | -38.01K | -74.15K |
| Pretax Margin % | -19847.89% | -13703.08% | 812.71% | -483.28% | -2234.39% | -1750.66% | -1034.79% | -504.39% | -277.93% | -882.77% | -193.85% | -398.69% | -2203.03% | -60.07% | -137.78% | -103.17% | -111.15% | -428.48% | -605.18% | -387.72% | -376.94% | -115.96% | -7032.07% | - | -16561.88% | - | -462812% | -309.23% | - | - | -3509.28% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -481.06K | 496.06K | 0 | -3.53M | 0 | 0 | 196.41K | 72.96K | 0 | 3.28M | -5.76M | -28.18K | -31.26K | -831.32K | 80.83K | -30.65K | 103.79K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.65% | -3.45% | 0% | 21.76% | 0% | 0% | -0.79% | -0.31% | 0% | -28.2% | 110.91% | 1.08% | 1.89% | 116.2% | -6.99% | 4.2% | - | 0% | 0% |
| Net Income | -44.98M | -43.09M | 15.66M | 5.35M | -22.08M | -9.96M | -14.81M | -10.44M | -5.17M | -7.76M | -6.32M | -18.21M | -26.47M | -10.74M | -18.18M | -16.23M | -23.34M | -18.63M | -24.84M | -23.83M | -19.09M | -14.92M | 566.88K | -2.59M | -1.59M | -785.64K | -1.23M | -780.03K | -1.11M | -38.01K | -74.15K |
| Net Margin % | -18646.71% | -12180.63% | 2037% | 665.07% | -1654.29% | -1080.76% | -726.68% | -339.73% | -157.9% | -621.51% | -134.87% | -341.58% | -2001.17% | -44.92% | -137.78% | -103.17% | -111.15% | -428.48% | -605.18% | -387.72% | -376.94% | -148.66% | 767.31% | - | -15960.93% | - | -491527.6% | -330.87% | -8213.7% | - | -3509.28% |
| Net Income Growth % | -412.32% | -375.17% | 192.9% | 124.21% | -121.77% | 32.78% | -41.88% | -101.84% | 33.34% | -22.85% | 65.31% | 31.22% | -146.46% | 40.93% | -12.07% | 30.49% | -25.31% | 25.01% | -4.23% | -24.86% | -27.94% | -2731.93% | 121.86% | -62.85% | -102.65% | 36.07% | -57.54% | 29.65% | -2817.64% | 48.75% | - |
| Net Income (Continuing) | -47.88M | -48.47M | 6.25M | -3.88M | -29.82M | -16.13M | -21.09M | -15.5M | -9.1M | -11.02M | -9.08M | -21.25M | -28.66M | -14.86M | -18.18M | -16.23M | -23.34M | -18.63M | -24.84M | -23.83M | -19.09M | -14.92M | 566.88K | -2.59M | -1.59M | -785.64K | -1.23M | -780.03K | -1.11M | -38.01K | -74.15K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -38.07M | -37.9M | -62.84M | -53.43M | -44.2M | -36.45M | -30.28M | -24M | -19.31M | -15.38M | -12.12M | -9.35M | -6.31M | -4.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.79 | -1.10 | 0.07 | 0.27 | -1.34 | -0.75 | -1.41 | -1.12 | -0.60 | -0.95 | -0.84 | -2.46 | -3.74 | -1.57 | -2.95 | -2.77 | -4.27 | -3.98 | -6.06 | -6.07 | -4.96 | -4.23 | 0.24 | -1.12 | -0.90 | -0.71 | -1.39 | -0.91 | -2.33 | -0.05 | -0.00 |
| EPS Growth % | -330.81% | -1751.65% | -75.33% | 120.15% | -78.67% | 46.81% | -25.89% | -86.67% | 36.84% | -13.1% | 65.85% | 34.22% | -138.22% | 46.78% | -6.5% | 35.13% | -7.29% | 34.32% | 0.16% | -22.38% | -17.26% | -1862.5% | 121.43% | -24.44% | -26.76% | 48.92% | -52.75% | 60.94% | -4167.4% | - | - |
| EPS (Basic) | - | -1.10 | 0.75 | 0.27 | -1.34 | -0.75 | -1.41 | -1.12 | -0.60 | -0.95 | -0.84 | -2.46 | -3.74 | -1.57 | -2.95 | -2.77 | -4.27 | -3.98 | -6.06 | -6.07 | -4.96 | -4.23 | 0.24 | -1.12 | -0.90 | -0.71 | -1.39 | -0.91 | -2.33 | -0.05 | -0.00 |
| Diluted Shares Outstanding | 56.73M | 39.26M | 28.38M | 20.12M | 17.31M | 13.3M | 10.54M | 9.35M | 8.58M | 8.21M | 7.56M | 7.41M | 7.07M | 6.86M | 6.16M | 5.85M | 5.47M | 4.68M | 4.1M | 3.93M | 3.85M | 3.53M | 2.36M | 2.31M | 1.76M | 1.11M | 881.93K | 859.63K | 476.78K | 696.7K | 20.33M |
| Basic Shares Outstanding | 55.79M | 39.26M | 20.98M | 19.94M | 17.31M | 13.3M | 10.54M | 9.35M | 8.58M | 8.21M | 7.56M | 7.41M | 7.07M | 6.86M | 6.16M | 5.85M | 5.47M | 4.68M | 4.1M | 3.93M | 3.85M | 3.53M | 2.36M | 2.31M | 1.76M | 1.11M | 881.93K | 859.63K | 476.78K | 696.7K | 20.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary litigation outcome dependency
As reported in recent financial filings, OMEX experienced a severe revenue contraction, with quarterly figures plummeting to $22.5K in 2026Q1, representing a staggering 83.3% year-over-year decline that underscores the company's inability to establish a consistent, scalable commercial footprint in the deep-ocean mineral exploration sector.
The consistent downward trend in top-line performance suggests that the company's transition from historical shipwreck recovery to mineral exploration has failed to generate meaningful commercial traction. Investors should note that the absence of recurring revenue streams leaves the firm entirely dependent on sporadic, non-predictable project-based inflows.
According to the company's income statement data, gross margins have remained deeply negative, reaching -30.0% in 2026Q1, which indicates that the direct costs of maintaining exploration readiness and legal standing significantly outweigh the nominal revenue generated by the firm's current specialized marine service operations.
These persistent negative margins imply a fundamental misalignment between the company's high fixed-cost structure and its current revenue-generating capacity. Without a transition to a royalty-based or production-sharing model, the firm appears trapped in a cycle of cash depletion to support its ongoing exploration and litigation activities.
Based on the provided financial statements, OMEX continues to exhibit significant operating inefficiency, with SG&A expenses of $5.7M in 2026Q1 dwarfing the $22.5K in revenue, suggesting that the company's administrative and legal cost burden is fundamentally incompatible with its current, highly limited operational scale.
The inability to scale operating income alongside gross profit highlights a lack of operational leverage, as the firm remains burdened by heavy legal and administrative expenditures. This structure suggests that the company is currently operating as a litigation-heavy entity rather than a traditional industrial services provider.
Analysis of the income statement reveals that net income is frequently decoupled from core operational performance, as evidenced by the $347.3K profit in 2026Q1 despite a $6.4M operating loss, indicating that reported earnings are likely driven by non-recurring settlements or other non-operating financial adjustments.
Investors should exercise caution when interpreting net income figures, as they appear to be heavily influenced by one-time events rather than sustainable business operations. This reliance on non-operating gains warrants further investigation into the sustainability of the company's liquidity position.
While the income statement reflects a business in distress, the primary analytical challenge remains the potential for a significant litigation windfall, as suggested by the company's historical reliance on arbitration outcomes to offset operational losses and maintain its precarious financial standing in the maritime sector.
Short-sellers would likely focus on the persistent cash burn and the lack of a clear path to commercial production, which could render the company's assets worthless in the event of an unfavorable legal ruling. The firm's valuation appears to be tied more to speculative legal outcomes than to fundamental industrial performance.
Quick answers to the most common questions about buying OMEX stock.
For fiscal year 2025, Odyssey Marine Exploration, Inc. (OMEX) reported total revenue of $0.4M. This represents a 16640.1% increase compared to $0.0M in 1995.
Odyssey Marine Exploration, Inc. (OMEX) reported a net loss of $43.1M for the fiscal year ending 2025.
Odyssey Marine Exploration, Inc. (OMEX) reported an operating income of $-13.4M, resulting in an operating profit margin of -3797.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Odyssey Marine Exploration, Inc. (OMEX) generated $-2.5M in gross profit for the year, representing a gross profit margin of -715.0%. This demonstrates the company's core pricing power and production efficiency.