Treasure in limbo, Odyssey Marine Exploration reports $4.4M loss

Blocked from cashing in millions of dollars worth of shipwrecked silver, Odyssey Marine Exploration Inc. reported yet another money-losing quarter Monday.

The Tampa-based deep sea treasure hunter lost $4.4 million on revenue of $845,388 for the quarter ending Sept. 30.

Odyssey is trying to take possession of proven or prospective treasure from six shipwrecks. The most lucrative appears to be the 1804 wreck of the Nuestra Senora de las Mercedes, a Spanish warship from which Odyssey recovered 17 tons of mostly silver coins. Spain is suing to seize the loot.

Odyssey has $4.1 million worth of cash on hand after spending $6.6 million so far this year. Its stock rose 4 percent to end the day at $1.54.