TAMPA — Tampa-based Odyssey Marine Exploration Inc.'s revenue shrunk to nearly nothing in the year's third quarter.
The deep-sea exploration company reported just $11,854 in revenue, down from $2.9 million the same quarter last year. The company's previous multi-million-dollar revenue came from a contract with Magellan Offshore Services, for which Odyssey conducted shipwreck expedition services.
The company recorded a net loss of $2.3 million for the third quarter, amounting to 27 cents per share. In the same quarter last year, the company reported a loss of $2.1 million, or 28 cents per share.
Just last quarter, Odyssey brought in $587,000 in revenue from marine surveys and recovery services for Magellan.
The services stem from a 2015 agreement Odyssey entered with Magellan when it sold $21 million in assets from its shipwreck business. That sale was used to wipe out Odyssey's $11.7 million in debt.
"I've stated for the past nine months that although we intended to focus corporate capital on the mineral exploration side of the business, we do not intend to abandon our shipwreck roots," Odyssey CEO Mark Gordon said in a release at the time.
Per the deal, Magellan owns Odyssey's proprietary shipwreck database and rights to shipwreck projects. Odyssey was the sole provider of shipwreck search and recovery expeditions for Magellan. It also gets just over 21 percent of proceeds from any shipwreck projects.
The company expects a turnaround soon, however, with a contract project on the horizon for 2018 that is expected "to produce cash returns for 12 to 18 months," Gordon said in a Wednesday release.
"As a company, we are in an excellent position with several opportunities that could unleash significant value for our company and shareholders in the near future," he said. "Significant progress has been made on the company transition, and the management team appreciates our shareholders patience as we continue to transform the company."
Odyssey shares closed at $3.41 per share Wednesday, down nearly 12 percent.
Contact Malena Carollo at firstname.lastname@example.org or (727) 892-2249. Follow @malenacarollo on Twitter.