Net loss attributable to Odyssey Marine Exploration, Inc. was $43.1 million in 2025, a significant increase from a net income of $15.7 million in 2024. Total revenue decreased by 54% to $0.4 million in 2025 from $0.8 million in 2024, primarily due to the expiration of a services agreement with CIC. Operating expenses increased by 7.9% to $13.8 million in 2025, driven by higher director fees, employee compensation, and legal fees. The company received a $37.1 million NAFTA arbitration award against Mexico, plus interest from October 12, 2018, for breaching obligations related to an unlawfully denied permit; however, Mexico has appealed this award. The Phosagmex joint venture was formed with CapLat to develop a strategic fertilizer production project in Mexico, with previously cancelled mining concessions now reinstated by the Tribunal Federal de Justicia Administrativa (TFJA). An Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights was submitted to the U.S. Bureau of Ocean Energy Management (BOEM) for a Mid-Atlantic Outer Continental Shelf (OCS) area prospective for heavy mineral sands. Debt obligations totaling $14.5 million (March 2023 Notes) and $7.3 million (December 2023 Notes) were converted into 12,051,669 and 5,774,691 shares of common stock, respectively, eliminating these liabilities. Proceeds from stock option and warrant exercises generated $9.2 million in 2025, providing short-term operating funds. As of December 31, 2025, the company had a working capital deficit of $7.3 million and a cash balance of $3.5 million. A material weakness in internal control over financial reporting identified as of December 31, 2023, has been remediated.