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what it is
Odyssey finds and validates seafloor mineral projects and sells marine services tied to that work.
how it gets paid
Last year Odyssey Marine made $769K in revenue. Marine Services was the main engine at $497K, or 65% of sales.
what just happened
Odyssey posted $331K of revenue last quarter and lost $0.76 per share.
At a glance
C++ balance sheet — some cracks in the foundation
20/100 earnings predictability — expect surprises
trailing p/e not meaningful — GAAP losses dominate
FY2024 revenue ~$0.8M scale
$1M fy2024 rev est
xvary composite: 31/100 — weak
What they do
Odyssey finds and validates seafloor mineral projects and sells marine services tied to that work.
Odyssey has 11 employees and a niche around seafloor rights. You are not buying scale; you are buying access to permits, ocean data, and a pipeline of projects. Its Global Prospectivity Program is lead-finding machine, so the next project can come from a cheap search instead of a big sales team.
How they make money
$769K
annual revenue
Marine Services
$497K
Project Development
$154K
Minority-Owned Projects
$78K
Prospectivity Program
$40K
The products that matter
technical consulting and services
Marine Services
$497K · ~65% of annual revenue
Marine services is the largest slice of the ~$769K annual top line in the filing-based view here. In human-speak: the paying business today is tiny and mostly services.
core services
seafloor resource exploration
Phosphate & Mineral Projects
$0 · pre-revenue
these exploration assets generated $0 in revenue. if you are underwriting OMEX, you are underwriting a future event, not a current operating line.
$0 revenue
Key numbers
$769K
annual revenue
That is only 0.9% of the $85M market cap. You are paying about 111x sales for a business this small.
$331K
quarter revenue
One quarter made up 43% of annual revenue. That makes the business lumpy, not smooth.
-$0.76
quarterly EPS
If that loss repeats four times, the year lands near -$3.04 per share.
$5M
long-term debt
Debt is 6% of capital. That is not the main problem. Revenue is.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $5M (6% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for OMEX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Odyssey posted $331K of revenue last quarter and lost $0.76 per share.
Revenue was up 443% vs. prior year, but the base is still tiny. Losses stayed negative, so the business is growing from a very small starting point.
$331K
revenue
-$0.76
eps
+443%
revenue vs. last year
revenue
The number that mattered was $331K because it is only 43% of annual sales.
source: company earnings report, 2026
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What could go wrong
the main risk is not abstract. OMEX is valued at about $85M while the operating business produced on the order of $0.8M of annual revenue and the mineral projects are still largely pre-revenue.
high
no core project revenue
the company's phosphate and mineral projects generated $0. essentially all current revenue came from marine services consulting on a sub-$1M annual base.
the stock trades on future conversion, not present operations
high
negative equity and heavy losses
a -3.6x price-to-book ratio points to negative equity, and the company lost $30.7M against just $467K of trailing revenue.
if capital is needed, dilution risk stops being a side issue and becomes the issue
med
permitting and joint-venture execution
the business case depends on licenses, counterparties, and deal terms moving from paper to production. the 2026-02-27 phosagmex update matters because operating proof is still absent.
delays keep revenue at $0 while expenses keep arriving on schedule
med
shrinking marine services base
marine services revenue fell 41.55% from last year. that is the only segment producing revenue today.
the one real cash line is getting smaller while the strategic narrative gets bigger
what would change our mind: mineral project revenue moving above $0 and losses dropping materially from $30.7M at the same time. one without the other is still just half a thesis.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
core project revenue above $0
until phosphate and mineral projects contribute something other than $0, this stays a development story rather than an operating one.
calendar
q1 2026 earnings report
estimated for april 7, 2026. you want evidence that revenue is not still coming almost entirely from marine services and that losses are starting to narrow.
liquidity
capital raises or debt conversions
with a $30.7M annual loss and $5M of long-term debt, financing updates matter nearly as much as operating updates.
trend
marine services revenue trend
the only revenue line fell 41.55% from last year. if that line keeps sliding, you get even more dependence on outside capital.
Analyst rankings
earnings predictability
20 / 100
in human-speak, the business is too unstable to model with much confidence.
risk rank
5
safer than just 5% of stocks. that puts OMEX near the risky end of the market.
price stability
5 / 100
this stock does not behave like ballast. it behaves like a binary project bet.
source: institutional data
Institutional activity
institutional ownership data for OMEX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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