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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Average market price during the period

 

$

1.61

 

 

$

3.75

 

 

$

1.02

 

 

$

4.16

 

Option awards

 

 

2,159,574

 

 

 

1,233,090

 

 

 

2,159,574

 

 

 

1,529,824

 

Unvested restricted stock awards

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,087

 

Convertible notes

 

 

5,474,613

 

 

 

—

 

 

 

5,474,613

 

 

 

—

 

Common stock warrant related

 

 

10,267,387

 

 

 

5,878,427

 

 

 

10,727,387

 

 

 

2,174,716

 

Put options

 

 

—

 

 

 

—

 

 

 

3,871,880

 

 

 

—

 

Equity exchange rights in connection with Mexican Corporate Transactions

 

 

1,841,132

 

 

 

—

 

 

 

640,687

 

 

 

—

 
Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share

The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Odyssey Marine Exploration, Inc.

 

$

(13,072,746

)

 

$

18,688,236

 

 

$

(25,679,139

)

 

$

20,659,157

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net (loss) income available to stockholders

 

$

(13,072,746

)

 

$

18,688,236

 

 

$

(25,679,139

)

 

$

20,659,157

 

Income (loss) on equity method investment

 

 

—

 

 

 

746,505

 

 

 

—

 

 

 

(256,062

)

Fair value change of debt instruments

 

 

—

 

 

 

(5,285,472

)

 

 

—

 

 

 

(5,528,725

)

Fair value change of warrants

 

 

—

 

 

 

(10,798,965

)

 

 

—

 

 

 

(17,394,715

)

Fair value change of convertible debt

 

 

—

 

 

 

(6,279

)

 

 

—

 

 

 

(360,690

)

Diluted net (loss) income available to stockholders

 

$

(13,072,746

)

 

$

3,344,025

 

 

$

(25,679,139

)

 

$

(2,881,035

)

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

41,582,879

 

 

 

20,665,783

 

 

 

33,857,748

 

 

 

20,524,779

 

Dilutive effect of options

 

 

—

 

 

 

24,862

 

 

 

—

 

 

 

—

 

Dilutive effect of other derivative instruments

 

 

—

 

 

 

3,871,880

 

 

 

—

 

 

 

3,871,880

 

Dilutive effect of warrants

 

 

—

 

 

 

519,690

 

 

 

—

 

 

 

1,386,386

 

Dilutive effect of convertible debt instruments

 

 

—

 

 

 

137,043

 

 

 

—

 

 

 

131,488

 

Weighted average common shares outstanding – Diluted

 

 

41,582,879

 

 

 

25,219,258

 

 

 

33,857,748

 

 

 

25,914,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.31

)

 

$

0.90

 

 

$

(0.76

)

 

$

1.01

 

Diluted

 

$

(0.31

)

 

$

0.13

 

 

$

(0.76

)

 

$

(0.11

)