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Odyssey Marine Exploration (OMEX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Odyssey Marine Exploration (OMEX) Q3 2026 earnings results →

Q3 2026 Revenue up 79% year over year to $109K

Odyssey Marine Exploration made $109K in Q3 2026 (+79% Y/Y). Operating margin n/m, net loss $4.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$109K
Year over year+79%
Operating marginn/m
Net earnings−$4.6M
Operating cash flow−$6.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $109K in Q3 2026, up 79% year over year and up 40% from the previous quarter.

Operating costs exceeded revenue by $4.4M, an operating margin of -4005.7%. Total costs grew 104% against revenue growth of 79%. The fastest-growing cost line was SG&A (+184%). The quarter ended with a net loss of $4.6M, narrower than the previous quarter's $9.4M loss.

Operating cash flow was −$6.0M. Non-cash charges added back $18K of depreciation and $117K of share-based compensation. Working capital and other items used $1.5M.

Quarterly history

Odyssey Marine Exploration revenue by quarterOdyssey Marine Exploration revenue by quarter$135KQ1 2025$135KQ2 2025$61KQ3 2025$23KQ4 2025$22KQ1 2026$78KQ2 2026$109KQ3 2026
Odyssey Marine Exploration net earnings by quarterOdyssey Marine Exploration net earnings by quarter−$416KQ1 2025−$17.1MQ2 2025−$13.5MQ3 2025−$17.4MQ4 2025$178KQ1 2026−$9.4MQ2 2026−$4.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$109K+79%n/m−$4.6M−$6.0M
Q2 202610-QAug 11, 2026$78K-42%n/m−$9.4M−$4.7M
Q1 202610-QMay 12, 2026$22K-83%n/m$178K−$3.8M
Q4 202510-KMar 31, 2026$23K-83%n/m−$17.4M−$2.8M
Q3 202510-QNov 12, 2025$61K-72%n/m−$13.5M−$2.1M
Q2 202510-QAug 19, 2025$135K-37%n/m−$17.1M−$2.0M
Q1 202510-QMay 12, 2025$135K-34%n/m−$416K−$2.0M

Charts

Odyssey Marine Exploration: revenue growth, year over year and quarter over quarterOdyssey Marine Exploration: revenue growth, year over year and quarter over quarterY/YQ/Q-34%Q1 2025-37%+0%Q2 2025-72%-55%Q3 2025-83%-63%Q4 2025-83%-1%Q1 2026-42%+246%Q2 2026+79%+40%Q3 2026
Latest (Q3 2026): Y/Y +79%, Q/Q +40%.
Odyssey Marine Exploration: where the cash came from (+) and went (−), TTM to Q3 2026Odyssey Marine Exploration: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow−$17.3MOther financing$13.5MCash drawn (+) / kept (−)$4.7MNet borrowing (+) / repaid (−)−$822KCapital spending−$15KShares issued$1
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Odyssey Marine Exploration: profit against cash, quarter by quarterOdyssey Marine Exploration: profit against cash, quarter by quarterNet incomeOperating cash flow−$7.2M−$1.8MQ4 2024−$416K−$2.0MQ1 2025−$17.1M−$2.0MQ2 2025−$13.5M−$2.1MQ3 2025−$17.4M−$2.8MQ4 2025$178K−$3.8MQ1 2026−$9.4M−$4.7MQ2 2026−$4.6M−$6.0MQ3 2026
Latest (Q3 2026): Net income −$4.6M, Operating cash flow −$6.0M.
Odyssey Marine Exploration: diluted shares by fiscal yearOdyssey Marine Exploration: diluted shares by fiscal year11MFY202013MFY202117MFY202220MFY202328MFY202439MFY2025
+272.5% since FY2020: more shares outstanding (issuance, stock pay).
Odyssey Marine Exploration in its industry: growth against margin (9 companies, SIC 4400)Odyssey Marine Exploration in its industry: growth against margin (9 companies, SIC 4400)revenue growth, year over year →↑ operating marginmedian +9%median 21%CCLRCLNCLHNCL Corp Ltd.MATXKEXINSWTDWOMEX (+79%, -100%)
Water Transportation; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Odyssey Marine Exploration against its Water Transportation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +79% against the peers' median +12%.

CompanyQuarterRevenueY/YOp. margin
OMEX Odyssey Marine ExplorationQ3 2026$109K+79%n/m
CCL CarnivalQ3 FY26$8.4B+4%26.3%
RCL Royal Caribbean CruisesQ3 2026$5.6B+9%33.5%
NCLH Norwegian Cruise Line HoldingsQ3 2026$2.9B+0.3%21.2%
MATX MatsonQ3 2026$1.1B+26%22.9%
KEX KirbyQ3 2026$977M+12%15.4%
INSW International SeawaysQ3 2026$483M+146%72.7%
TDW TidewaterQ2 2026$342M+0.3%18.3%

Source: Odyssey Marine Exploration 10-Q on SEC EDGAR · CIK 798528 · Water Transportation

13F: who owns OMEX and who is buying

Largest holders of OMEX (13F)Largest holders of OMEX (13F)Old West Investment Management, L…$3.8MTwo Seas Capital LP$3.8MVanguard Capital Management LLC$2.0MVanguard Group$1.7MJefferies Financial Group$1.3MMorgan Stanley$1.2MUBS Group AG$1.0MSusquehanna International Group, …$567KGeode Capital Management, LLC$513KBlackRock$390K
Funds' net buying of OMEX by quarter (13F)Funds' net buying of OMEX by quarter (13F)−$1.9M2024-09−$513K2024-12−$2602025-03−$496K2025-06$15.7M2025-09$4.3M2025-12$134K2026-03−$977K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on OMEX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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