OMEX

Odyssey is not an operating business in any conventional sense — it is a pre-revenue subsea-mineral exploration story wrapped in a broken balance sheet. FY2025 'revenue' was $354K (down 54% YoY) against a net loss of $43.1M and an operating loss of $13.4M; the P/S of 130x on a $46M market cap is meaningless because there is effectively no business to value on sales. The net loss is 12,180% of revenue. This is a binary bet on the Phosagmex phosphate JV in Mexico's EEZ paying off, not a company with a demonstrable earnings engine.

The balance sheet is the disqualifier. Stockholders' equity is NEGATIVE $37.6M against $91.4M of liabilities and just $15.8M of total assets — the company is technically insolvent, with accumulated deficit of $324M. Cash is down to $3.52M while operating cash flow ran to -$8.85M in FY2025, so at the current burn there is well under a year of runway. That gap gets funded by dilution: shares outstanding nearly doubled (+99.7% YoY) to 58.2M, directly transferring value away from existing holders, and more will be needed to survive.