Odyssey Marine Exploration Reports Second Quarter 2024 Results and Provides a Company Update
Odyssey Marine Exploration (NASDAQ: OMEX) reported Q2 2024 results and provided a company update. Key highlights include:
1. The NAFTA arbitration case against Mexico for the ExO Project is nearing conclusion, with the Tribunal's decision being translated.
2. Odyssey received a $9.4 million payment from a residual interest in a shipwreck project, but emphasizes focus on subsea mineral exploration.
3. The company completed sea trials of two Autonomous Benthic Mini Landers, set for deployment in the Cook Islands.
4. Odyssey's Research and Scientific Services team developed innovative data analytics for forecasting nodule abundance, to be presented at the 52nd Underwater Minerals Conference.
5. Financial statements are available in the Q2 2024 10-Q filing.
Odyssey Marine Exploration (NASDAQ: OMEX) ha riportato i risultati del secondo trimestre 2024 e fornito aggiornamenti sull'azienda. I punti salienti includono:
1. Il caso di arbitrato NAFTA contro il Messico per il Progetto ExO è vicino alla conclusione, con la decisione del Tribunale in fase di traduzione.
2. Odyssey ha ricevuto un pagamento di 9,4 milioni di dollari da un interesse residuo in un progetto di relitto, ma sottolinea l'importanza di concentrarsi sull'esplorazione dei minerali sottomarini.
3. L'azienda ha completato le prove in mare di due Mini Landers Benthici Autonomi, previsti per essere utilizzati nelle Isole Cook.
4. Il team di Ricerca e Servizi Scientifici di Odyssey ha sviluppato innovative analisi dei dati per prevedere l'abbondanza di noduli, che saranno presentate alla 52ª Conferenza sui Minerali Sottomarini.
5. I bilanci finanziari sono disponibili nel deposito 10-Q del secondo trimestre 2024.
Odyssey Marine Exploration (NASDAQ: OMEX) informó los resultados del segundo trimestre de 2024 y proporcionó una actualización de la empresa. Los aspectos destacados incluyen:
1. El caso de arbitraje de NAFTA contra México por el Proyecto ExO está cerca de concluir, con la decisión del Tribunal siendo traducida.
2. Odyssey recibió un pago de 9,4 millones de dólares de un interés residual en un proyecto de naufragio, pero enfatiza la importancia de centrarse en la exploración de minerales submarinos.
3. La empresa completó las pruebas en el mar de dos Mini Landers Bénticos Autónomos, que están destinados a ser desplegados en las Islas Cook.
4. El equipo de Investigación y Servicios Científicos de Odyssey desarrolló innovativas analíticas de datos para pronosticar la abundancia de nódulos, que se presentarán en la 52ª Conferencia de Minerales Submarinos.
5. Los estados financieros están disponibles en el informe 10-Q del segundo trimestre de 2024.
오디세이 마린 탐사(NASDAQ: OMEX)가 2024년 2분기 실적을 발표하고 회사 업데이트를 제공했습니다. 주요 하이라이트는 다음과 같습니다:
1. ExO 프로젝트에 대한 멕시코에 대한 NAFTA 중재 사건이 마무리 단계에 있으며, 재판소의 결정이 번역되고 있습니다.
2. 오디세이는 난파선 프로젝트와 관련된 잔여 이자로부터 940만 달러의 지급을 받았지만, 해양 광물 탐사에 집중할 것임을 강조했습니다.
3. 회사는 쿡 제도에 배포될 두 개의 자율 심해 미니 랜더의 바다 시험을 완료했습니다.
4. 오디세이의 연구 및 과학 서비스 팀은 52회 수중 광물 회의에서 발표될 노드 abundancia 예측을 위한 혁신적인 데이터 분석을 개발했습니다.
5. 재무 제표는 2024년 2분기 10-Q 제출서류에서 확인할 수 있습니다.
Odyssey Marine Exploration (NASDAQ: OMEX) a rapporté les résultats du deuxième trimestre 2024 et a fourni une mise à jour de l'entreprise. Les points clés incluent :
1. L'affaire d'arbitrage NAFTA contre le Mexique pour le projet ExO est proche de sa conclusion, avec la décision du tribunal en cours de traduction.
2. Odyssey a reçu un paiement de 9,4 millions de dollars provenant d'un intérêt résiduel dans un projet de naufrage, mais souligne l'importance de se concentrer sur l'exploration des minéraux sous-marins.
3. L'entreprise a terminé les essais en mer de deux Mini Landers Benthics Autonomes, qui sont prévus pour être déployés dans les îles Cook.
4. L'équipe de recherche et de services scientifiques d'Odyssey a développé des analyses de données innovantes pour prévoir l'abondance des nodules, qui seront présentées lors de la 52ème Conférence sur les minéraux sous-marins.
5. Les états financiers sont disponibles dans le dépôt 10-Q du deuxième trimestre 2024.
Odyssey Marine Exploration (NASDAQ: OMEX) berichtete über die Ergebnisse des zweiten Quartals 2024 und gab ein Unternehmensupdate. Die wichtigsten Punkte umfassen:
1. Der NAFTA-Schiedsfall gegen Mexiko für das ExO-Projekt nähert sich dem Abschluss, wobei die Entscheidung des Schiedsgerichts übersetzt wird.
2. Odyssey erhielt eine Zahlung von 9,4 Millionen Dollar aus einem Residualinteresse an einem Schiffswrackprojekt, betont jedoch die Fokussierung auf die Erkundung von Unterwassermineralien.
3. Das Unternehmen schloss Seetests von zwei autonomen benthischen Mini-Landern ab, die in den Cookinseln eingesetzt werden sollen.
4. Odysseys Forschungs- und wissenschaftlicher Serviceteam entwickelte innovative Datenanalysen zur Vorhersage der Nodulabundanz, die auf der 52. Konferenz über Unterwasserminerale präsentiert werden.
5. Die Finanzberichte sind im 10-Q-Bericht für das zweite Quartal 2024 verfügbar.
- Received $9.4 million payment from residual interest in a shipwreck project
- Completed sea trials of two Autonomous Benthic Mini Landers for environmental data collection
- Developed innovative data analytics for forecasting nodule abundance
- Secured contract for environmental data collection in Cook Islands exploration campaigns
- No specific financial metrics or earnings results provided in the press release
- Company does not expect legacy shipwreck projects to be an ongoing source of income
Insights
Odyssey Marine Exploration's Q2 2024 results present a mixed financial picture. The company received a
The pivot towards subsea mineral exploration shows promise, with new technological deployments and analytical services. However, the lack of detailed financial figures in this report is concerning. Without specific revenue, expense, or profit/loss data, it's challenging to assess the company's current financial health or the success of its strategic shift. Investors should approach with caution until more concrete financial metrics are available.
Odyssey's transition from shipwreck exploration to critical minerals extraction represents a strategic pivot towards a potentially lucrative but highly competitive market. The development of Autonomous Benthic Mini Landers and advanced data analytics for nodule abundance forecasting demonstrates technological leadership. These innovations could provide a competitive edge in the emerging deep-sea mining industry.
The company's involvement in Cook Islands exploration projects and its presentation at the Underwater Minerals Conference indicate a proactive approach to establishing a foothold in the South Pacific region. However, deep-sea mining faces significant environmental and regulatory challenges. The success of Odyssey's new direction will depend on navigating these hurdles and the ability to commercialize its technology and expertise in a nascent industry with uncertain timelines for profitability.
"We are approaching the conclusion of our NAFTA arbitration case against
“Odyssey is an industry leader in marine research and exploration with unique expertise that is highly sought after in the industry. We focus on multiple types of minerals in various regions and jurisdictions, which allows us to adapt to changing mineral markets and geopolitical conditions, ensuring resources are directed toward the best opportunities. Our capabilities can be used to advance our projects and those in which we invest, as well as to accelerate progress across the industry, enabling us to thrive and capitalize on the positive trends in the ocean mineral resource sector,” continued Gordon.
Odyssey also announced earlier this year that it received a payment of approximately
NAFTA ARBITRATION UPDATE
On June 10, Odyssey received a letter from the International Centre for Settlement of Investment Disputes (ICSID) advising “that the Tribunal’s determinations are in the process of being translated. The Tribunal will provide the parties with an exact date of dispatch with prior notice.” We have not received further information from ICSID since that update. Investors and interested parties are encouraged to sign up for Odyssey’s email alerts through the company’s website here to receive company news as it is released: https://ir.odysseymarine.com/investors/default.aspx.
EXPLORATION OPERATIONS UPDATE
Odyssey’s Marine Operations team recently completed a sea trial of two of its Autonomous Benthic Mini Landers. These cutting-edge pieces of equipment will next go to the South Pacific, where they will be deployed under contract to provide critical environmental data to exploration campaigns taking place in the
Odyssey’s Research and Scientific Services (RSS) team is also providing innovative analytical services for projects where Odyssey has investments. Recently, the team developed data analytics for forecasting nodule abundance using geostatistical techniques, geological sample data, and remote sensing data. This has contributed to this mineral resource assessment and precise exploration planning efforts. Odyssey’s RSS team will present this unique approach at the 52nd Underwater Minerals Conference taking place in Rarotonga,
SECOND QUARTER RESULTS
Consolidated financial statements are incorporated into Odyssey’s Quarterly Report on Form 10-Q for the period ended June 30, 2024, which is available on the company’s website at www.OdysseyMarine.com as well as at www.sec.gov.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in a socially and environmentally responsible manner. Odyssey provides marine services for private clients and governments who are interested in exploring their Exclusive Economic Zone (EEZ) to survey, map and identify any potential mineral resources present. The company focuses on the exploration of polymetallic nodules (battery metals to power the future) and subsea phosphate deposits (fertilizer to feed the future) which the company believes will provide a benefit to society now and in the future, For additional details, please visit www.odysseymarine.com.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 31, 2022. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240809321017/en/
Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776
lshows@odysseymarine.com
Source: Odyssey Marine Exploration, Inc.
FAQ
What is the status of Odyssey Marine Exploration's NAFTA arbitration case against Mexico?
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