Odyssey Marine Exploration, Inc.

Revenue for the second quarter of 2015 was $400,000, an increase of $100,000 versus the same period a year ago. Total operating expenses were $6.4 million compared with $5.2 million in Q2 2014, and management said adjusted operating expenses were actually down 33% after one-time items. Cash and cash equivalents were $5.6 million at June 30, 2015, up $2.5 million from December 31, 2014. On the call, Philip Devine said operating cash burn was “below $2 million” per month. Looking ahead, management said it expects to keep reducing operating cash cost into Q3 2015, and that closing the equity portion of the MINOSA/Penelope deal could improve shareholders’ equity, reduce debt, and increase cash; the equity transaction’s earliest closing date was said to be August 8, subject to conditions.

Mark Gordon framed the quarter around strategic reset and asset development rather than near-term operating growth. He emphasized shareholder approval of the MINOSA transaction, calling it potentially transformative and saying it should provide both capital and strategic support. His tone was confident on Don Diego and broader mineral opportunities, but he was careful to say several topics were limited by legal and strategic constraints.

Philip Devine focused on balance-sheet support, cost control, and the effect of financing from MINOSA. He said Q2 revenue was $400,000, operating expenses were $6.4 million, and cash and cash equivalents reached $5.6 million at quarter-end, with cash up $2.5 million from year-end largely due to MINOSA loan inflows. He also pointed to a $4.2 million improvement in operating cash flows over the first six months versus last year and said the company expects to keep reducing operating cash cost.

Analysts pressed on monthly cash burn, and Devine said the company was running “below $2 million” per month, while avoiding more specific monthly guidance. Mike Malouf also asked about receivables from the Oceanica project; Gordon said most receivables had been converted into a $16.3 million note due September 30, and management may consider a mix of cash and equity. Questions also focused on whether MINOSA could acquire Oceanica; Gordon said MINOSA repeatedly told him its intent was not to acquire Oceanica, but to proceed with the equity transaction. Another analyst asked about the stock purchase agreement and conditions to closing, and Gordon confirmed the price remained the approved terms and that environmental approval is one of the outstanding conditions.