Seafarer Exploration Corp. Reports $3.9 Million Net Loss for Fiscal Year 2024

Seafarer Exploration Corp. reported a net loss of $3.9 million for the fiscal year ending December 31, 2024, an increase of approximately 23% from the $3.2 million loss recorded in 2023. The company generated minimal revenue, with total service income declining to $16,303 from $19,235 in the previous year, reflecting a 15% decrease. Operating expenses rose to $3.36 million, up from $3.07 million in 2023, primarily due to increased research and development costs and general administrative expenses. The company continues to face significant financial challenges, including a working capital deficit of $3 million and total liabilities of $3.1 million as of December 31, 2024.

In terms of strategic developments, Seafarer has been focused on the development of its proprietary SeaSearcher technology, which aims to enhance the efficiency of historic shipwreck exploration. However, the company has faced numerous technical delays and ongoing issues with this technology, which have contributed to its financial burdens. The company has also been exploring partnerships and joint ventures to bolster its revenue-generating capabilities, although no significant revenue has materialized from these efforts to date.

Operationally, Seafarer has not conducted any exploration or recovery operations at historic shipwreck sites during the reporting period. The company has been actively reviewing potential sites for future exploration, including those outside of state waters, to mitigate regulatory challenges that have previously hampered its operations. The company’s employee headcount remains stable, but it continues to rely heavily on outside financing to sustain its operations, raising concerns about its ability to continue as a going concern.

The outlook for Seafarer remains uncertain, as the company anticipates continued operating losses and negative cash flows in the foreseeable future. Management has indicated that it will need to raise additional capital through equity or debt financing to support its operations and business plan. The company’s auditors have expressed substantial doubt regarding its ability to continue as a going concern, emphasizing the high risks associated with investing in Seafarer’s securities. Without significant improvements in revenue generation or successful capital raises, the company may be forced to cease operations, resulting in a total loss of capital for investors.