Odyssey Marine Exploration (OMEX) AI Stock Analysis

• Market Cap: $80.89M
• Dividend Yield: N/A
• Average Volume (3M): 3.40M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.77
• Revenue Growth: -41.55%
• EPS Growth: -249.30%
• Country: US
• Employees: 11
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Specialty Business Services
• EPS (TTM): -0.31
• Shares Outstanding: 45,190,598
• 10 Day Avg. Volume: 6,278,687
• 30 Day Avg. Volume: 3,396,252
• PEG Ratio: <0.01
• Price to Book (P/B): -0.93
• Price to Sales (P/S): 19.65
• P/FCF Ratio: 27.07
• Enterprise Value/Market Cap: 0.29
• Enterprise Value/Revenue: 50.42
• Enterprise Value/Gross Profit: -16.12
• Enterprise Value/Ebitda: 0.02
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: $1.50 ▼(-25.74% Downside)

The overall stock score is primarily driven by significant financial challenges, including negative equity and operational inefficiencies. Technical analysis provides a slightly better outlook with some short-term volatility, but the negative valuation metrics further weigh down the score. The lack of earnings call and corporate events data limits additional insights.

Positive Factors

Positive Free Cash Flow

Positive free cash flow indicates improved cash generation ability, which can support operational needs and reduce reliance on external financing.

Marine Resource Development

Investment in marine resource development can open new revenue streams, enhancing long-term growth prospects and diversifying income sources.

Improved Cash Conversion

Better cash conversion efficiency can improve liquidity, allowing the company to meet short-term obligations and invest in growth opportunities.

Negative Factors

Negative Equity

Negative equity indicates potential insolvency risks, limiting financial flexibility and increasing vulnerability to economic downturns.

Revenue Decline

A significant revenue decline undermines growth potential and may indicate challenges in market demand or competitive positioning.

Operational Inefficiencies

Operational inefficiencies can erode profitability, making it difficult to sustain margins and invest in future growth initiatives.

Odyssey Marine Exploration Business Overview & Revenue Model

Company Description

Odyssey Marine Exploration (OMEX) is a pioneering company in the field of deep-ocean exploration and recovery, specializing in the discovery and commercialization of underwater treasures, including shipwrecks and marine resources. The company operates primarily in the sectors of marine archaeology, salvage operations, and the development of marine resources. Its core services include conducting exploration missions, recovering valuable artifacts and materials from shipwrecks, and providing consulting services related to marine heritage and resource management.

How the Company Makes Money

Odyssey Marine Exploration generates revenue through several key streams, primarily from salvaging and recovering valuable artifacts from shipwrecks and underwater sites, which are then sold at auction or through private sales. The company also partners with governments, museums, and private collectors for the legal and ethical recovery of items, which can include a share of any findings. Additionally, OMEX engages in research and development projects that focus on marine resources, potentially tapping into revenues derived from the extraction and sale of precious metals and other materials discovered during their explorations. The company may also receive funding or grants related to heritage preservation and marine archaeology, contributing to its overall earnings.

Odyssey Marine Exploration Financial Statement Overview

Summary

Odyssey Marine Exploration faces considerable financial challenges, characterized by unstable revenue, consistent operating losses, and a weak capital structure. Although there are signs of improved free cash flow, the company's overall financial health remains precarious, with significant leverage and negative equity posing substantial risks.

Income Statement

Odyssey Marine Exploration shows highly volatile revenue with a significant decline from 2023 to 2024. Despite a positive net income in the latest annual report, the company has persistent negative EBIT and EBITDA margins, indicating operational inefficiencies. The gross profit margin is effectively zero, pointing to a lack of cost control and profitability.

Balance Sheet

The company's balance sheet reflects financial instability with negative stockholders' equity, indicating potential insolvency risks. The debt-to-equity ratio is not meaningful due to negative equity, and the high total liabilities suggest a heavy reliance on debt financing. ROE is not applicable due to negative equity, and the equity ratio is negative, underlining weak capital structure and financial distress.

Cash Flow

Cash flow analysis highlights some improvement with positive free cash flow in the latest year, albeit inconsistent over time. The operating cash flow to net income ratio suggests better cash conversion in 2024. However, the cash flow remains insufficient to cover financial obligations, reflecting ongoing liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	467.12K	768.68K	803.80K	1.33M	921.24K	2.04M
Gross Profit	-1.46M	-2.34M	-3.49M	-8.43M	-8.63M	-8.89M
EBITDA	1.32B	12.97M	1.58M	-27.27M	-5.14M	-14.03M
Net Income	-30.68M	15.66M	5.35M	-22.08M	-9.96M	-14.81M
Balance Sheet
Total Assets	17.74M	18.49M	22.75M	13.87M	8.91M	11.76M
Cash, Cash Equivalents and Short-Term Investments	5.82M	4.79M	4.02M	1.44M	2.27M	6.16M
Total Debt	11.86M	22.94M	23.45M	22.71M	42.36M	43.21M
Total Liabilities	101.04M	97.58M	108.66M	102.55M	71.40M	69.67M
Stockholders Equity	-45.40M	-16.24M	-32.48M	-44.48M	-26.03M	-27.63M
Cash Flow
Free Cash Flow	-7.92M	557.99K	-11.52M	-11.69M	-5.44M	-9.18M
Operating Cash Flow	-7.92M	642.34K	-10.17M	-10.21M	-5.43M	-9.18M
Investing Cash Flow	-159.09K	-84.35K	-1.03M	-2.48M	322.99K	0.00
Financing Cash Flow	11.03M	212.03K	13.78M	11.86M	1.21M	15.13M

Odyssey Marine Exploration Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.02
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMEX, the sentiment is Positive. The current price of 2.02 is above the 20-day moving average (MA) of 1.95, below the 50-day MA of 2.34, and above the 200-day MA of 1.39, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 50.95 is Neutral, neither overbought nor oversold. The STOCH value of 78.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OMEX.

Odyssey Marine Exploration Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACTG	63 Neutral	$316.34M	―	0.90%	―	71.28%	-89.20%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CASS	60 Neutral	$558.57M	18.35	11.44%	3.26%	-4.96%	39.42%
CVEO	53 Neutral	$252.18M	―	-12.34%	4.53%	-10.51%	-247.97%
PMEC	42 Neutral	$49.56M	-24.90	-13.00%	―	2.52%	45.76%
SST	40 Underperform	$56.41M	-0.59	-99.29%	―	-20.49%	25.95%
OMEX	39 Underperform	$80.89M	-3.50	―	―	-41.55%	-249.30%

Odyssey Marine Exploration Corporate Events

Odyssey Marine Reduces Debt Through Stock Conversion

On October 6, 7, and 8, 2025, Odyssey Marine Exploration, Inc. saw investors convert significant portions of their March and December 2023 convertible promissory notes into common stock, totaling 3,674,225 shares. This conversion reduced the company’s debt, leaving a remaining balance of approximately $1.05 million on the March 2023 Notes, while the December 2023 Notes were fully satisfied, resulting in a total of 54,059,123 shares of common stock outstanding.

The most recent analyst rating on (OMEX) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Odyssey Marine Exploration stock, see the OMEX Stock Forecast page.

Odyssey Marine Exploration Debt Conversion to Equity

Odyssey Marine Exploration, Inc. announced that on September 24, 2025, investors converted significant portions of their indebtedness from notes issued in March and December 2023 into shares of the company’s common stock. This conversion resulted in the issuance of over 2.7 million shares and reduced the outstanding debt under these notes, impacting the company’s financial structure and shareholder composition.

The most recent analyst rating on (OMEX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Odyssey Marine Exploration stock, see the OMEX Stock Forecast page.

Odyssey Marine Exploration Converts Debt to Equity

In March and December of 2023, Odyssey Marine Exploration, Inc. entered into agreements with institutional investors, issuing convertible promissory notes totaling $20 million and warrants for shares of common stock. By September 2025, investors had converted over $2.3 million of this debt into shares, increasing the company’s outstanding shares to 47,616,793, reflecting a strategic move to manage debt and equity structure.

The most recent analyst rating on (OMEX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Odyssey Marine Exploration stock, see the OMEX Stock Forecast page.

Odyssey Marine Exploration Reports Continued Financial Challenges

Odyssey Marine Exploration, Inc. is a company engaged in deep-sea exploration and the recovery of shipwrecks and mineral resources, primarily operating within the marine services industry. Known for its unique focus on underwater exploration, the company aims to monetize its findings through various partnerships and ventures.

Odyssey Marine Exploration Delays Quarterly Report

Odyssey Marine Exploration, Inc. has filed a Form 12b-25 to notify the delay in filing its Form 10-Q (Quarter Report) for the financial period ending June 30, 2025. The primary reason for the delay is the company’s inability to prepare its accounting records and schedules in time for its independent accounting firm to review the financial statements. Odyssey Marine Exploration anticipates filing the delayed report within five calendar days following the original due date. The company does not expect any significant changes in its financial results compared to the previous fiscal year. The notification was signed by Mark D. Gordon, the Chief Executive Officer, indicating ongoing compliance efforts.

Odyssey Marine Exploration’s Financial Structure Shifts in August

On March 6, 2023, Odyssey Marine Exploration, Inc. entered into a Note and Warrant Purchase Agreement with institutional investors, issuing convertible promissory notes worth $14 million and warrants for common stock. By August 2025, investors converted $6,661,684 of these notes into 6,056,073 shares, increasing the company’s outstanding shares to 45,190,598, indicating a significant shift in its financial structure.