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Odyssey Marine Exploration cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$6.0M in Q3 2026 · −$17.3M over twelve months

Operating cash flow−$6.0M
Free cash flow−$6.0M

Analysis

In Q3 2026, Odyssey Marine Exploration generated −$6.0M of operating cash flow. That is $3.9M less than in Q3 2025 (−$2.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$17.3M; the largest uses were operating cash flow ($17.3M), net borrowing (+) / repaid (−) ($822K), capital spending ($15K); besides operations, cash came from other financing ($13.5M), shares issued ($1); the cash balance fell by $4.7M.

Operating cash flow was −$6.0M against net income of −$4.6M. The largest differences: payables −$2.2M, prepaid and other assets +$178K, stock-based pay +$117K.

Free cash flow

Odyssey Marine Exploration: free cash flow by quarterOdyssey Marine Exploration: free cash flow by quarter−$1.8MQ4 2024−$2.0MQ1 2025−$2.0MQ2 2025−$2.1MQ3 2025−$2.8MQ4 2025−$3.8MQ1 2026−$4.7MQ2 2026−$6.0MQ3 2026
Operating cash flow less capital spending.
Odyssey Marine Exploration: operating cash flow against capital spendingOdyssey Marine Exploration: operating cash flow against capital spendingOperating cash flowCapital spending−$1.8M−$4KQ4 2024−$2.0M$0Q1 2025−$2.0M$0Q2 2025−$2.1M$2KQ3 2025−$2.8M$15KQ4 2025−$3.8M$0Q1 2026−$4.7M$0Q2 2026−$6.0M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$6.0M, Capital spending $0.

Capital allocation, year by year

Odyssey Marine Exploration: where the cash came from (up) and went (down), by fiscal yearOdyssey Marine Exploration: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$5.4MFY2021: Net borrowing $1.0MFY2021: Asset sales $342KFY2021: Capital spending −$19K$1.4MFY2021FY2022: Operating cash flow −$10.2MFY2022: Net borrowing −$5.5MFY2022: Shares issued $16.5MFY2022: Capital spending −$1.5M$16.5MFY2022FY2023: Operating cash flow −$10.2MFY2023: Net borrowing $9.9MFY2023: Shares issued $239KFY2023: Asset sales $3.5MFY2023: Capital spending −$1.3M$13.7MFY2023FY2024: Operating cash flow $642KFY2024: Net borrowing −$3.0MFY2024: Shares issued $3.9MFY2024: Capital spending −$84K$4.5MFY2024FY2025: Operating cash flow −$8.8MFY2025: Net borrowing −$816KFY2025: Shares issued $7.7MFY2025: Capital spending −$16K$7.7MFY2025
Over these 5 years operating cash flow totalled −$34.0M; the largest uses were operating cash flow ($34.7M) and net borrowing ($9.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1M
Debtnone
Net cash$1.1M
Cash runway1 month

Odyssey Marine Exploration is burning cash: its operations consume cash, a free cash flow of −$17.3M a year at the current rate against $1.1M of cash and investments: a runway of about 1 month before any new financing.

Where the cash came from and went

Odyssey Marine Exploration: sources (+) and uses (−) of cash, Q3 2026Odyssey Marine Exploration: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$6.0MNet borrowing (+) / repaid (−)$4.9MCash drawn (+) / kept (−)$1.2MOther financing−$135KShares issued−$1K
Odyssey Marine Exploration: sources (+) and uses (−) of cash, TTM to Q3 2026Odyssey Marine Exploration: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$17.3MOther financing$13.5MCash drawn (+) / kept (−)$4.7MNet borrowing (+) / repaid (−)−$822KCapital spending−$15KShares issued$1

From profit to cash

Odyssey Marine Exploration: net income to operating cash flow, Q3 2026Odyssey Marine Exploration: net income to operating cash flow, Q3 2026Net income−$4.6MDepreciation & amortization$18KStock-based pay$117KPayables−$2.2MAccrued liabilities−$83KPrepaid and other assets$178KOperating cash flow−$6.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$6.0M—$4.9M−$1K$1.2M−$6.0M
Q2 2026−$4.7M—−$210K$60K−$244K−$4.7M
Q1 2026−$3.8M—−$155K$75K$1.4M−$3.8M
Q4 2025−$2.8M−$15K−$351K$1$2.3M−$2.8M
Q3 2025−$2.1M−$2K−$158K$4.8M−$2.3M−$2.1M
Q2 2025−$2.0M—−$155K—−$1.1M−$2.0M
Q1 2025−$2.0M—−$153K—$2.3M−$2.0M
Q4 2024−$1.8M$4K$465K—−$1.9M−$1.8M

Odyssey Marine Exploration: income statement and cash flow

Odyssey Marine Exploration, Q3 2026: revenue $109K (+79% year over year). The chart follows the revenue to costs, profit and cash.

Odyssey Marine Exploration: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.