Financial Performance - Total revenues increased to $390,000 in Q2 2022 from $182,000 in Q2 2021, representing a growth of 214.3%[113] - Total revenue for the three months ended June 30, 2022 was $0.4 million, consistent with the same period a year ago[114] - Total revenues for the six months ended June 30, 2022 were $690 million, an increase of $216 million or 45.5% compared to $474 million for the same period in 2021[120] Expenses - Marketing, general and administrative expenses rose by 48.5% to $2,292,000 in Q2 2022 compared to $1,700,000 in Q2 2021[113] - Operating expenses increased by $0.6 million to $2.3 million for the three months ended June 30, 2022, compared to $1.7 million for the same period in 2021, driven by increases in employee benefits and legal fees[115] - Marketing, general and administrative expenses increased by $1.2 million to $4.2 million for the six months ended June 30, 2022, representing a 40.7% increase from $3.0 million in 2021[122] - Total operating expenses decreased by 125.8% to $3,522,000 in Q2 2022 from $5,129,000 in Q2 2021[113] - Operations and research expenses decreased significantly by 181.3% to $1,230,000 in Q2 2022 from $3,429,000 in Q2 2021[113] - Operations and research expenses decreased by $2.2 million to $3.0 million for the three months ended June 30, 2022, primarily due to a $2.6 million decrease in litigation financed costs[116] - Total other income and expense resulted in a net expense of $3.4 million for the three months ended June 30, 2022, an increase of $4.6 million compared to a net income of $1.2 million in the same period in 2021[117] - Total other income and expense for the six months ended June 30, 2022 was a net expense of $6.8 million, an increase of $5.7 million from a net expense of $1.1 million in 2021[125] Net Loss and Financial Position - Net loss increased to $4,683,000 in Q2 2022 from a loss of $2,227,000 in Q2 2021, reflecting a deterioration of 121.2%[113] - The company has experienced several years of net losses and may continue to do so, raising doubt about its ability to continue as a going concern[146] - As of June 30, 2022, the company had a consolidated non-restricted cash balance of $10.5 million and a working capital deficit of $45.9 million[146] - The total consolidated book value of the company's assets was approximately $17.8 million as of June 30, 2022[146] Non-controlling Interest - Non-controlling interest increased by 32.6% to $1,858,000 in Q2 2022 from $1,528,000 in Q2 2021[113] - Non-controlling interest adjustment for the six months ended June 30, 2022 was $3.7 million, up from $2.9 million in the same period in 2021, reflecting a 27.6% increase[126] Cash Flow and Financing - Cash and cash equivalents increased to $10.5 million as of June 30, 2022, up from $2.3 million at December 31, 2021, representing an increase of $8.3 million[132] - Financial debt of the company was $44.6 million at June 30, 2022, an increase from $41.3 million at December 31, 2021[133] - The company entered into a Note Purchase Agreement with 37North SPV 11, LLC for a loan of up to $2,000,000, which was fully received on March 25, 2022[137] - The company prepaid $2,200,000 of the outstanding amounts under the Note Agreement on June 29, 2022, and the remaining $100,000 on July 6, 2022[139] - The company generated net proceeds of $14.7 million from the sale of 4,939,515 shares of common stock and warrants on June 10, 2022, after offering expenses of $1.8 million[144] Project Developments - The ExO Phosphate Project is expected to provide significant benefits to Mexico's agricultural development due to its high-grade phosphate rock[88] - Odyssey is pursuing a NAFTA claim against Mexico seeking over $2 billion in compensation for the repeated denial of environmental permits for the ExO project[94] - The South American Phosphate Project will cover 366 square kilometers of seabed and is anticipated to be developed using environmentally responsible methods[110] - Odyssey holds an 85.6% interest in Bismarck Mining Corporation, which is exploring the Lihir Gold Project in Papua New Guinea[98] Accounting and Risk Management - The company adopted ASC 2020-06, which affects the accounting for convertible instruments and requires the entire expected repayment amount of $2.2 million to be recorded upon issuance of the Note Agreement[140] - The company does not engage in off-balance sheet financing arrangements and has no interest in limited purpose entities[151] - The company does not believe it has material market risk exposure and has not entered into any market risk sensitive instruments[153]

Financial Performance - Total revenues for Q1 2022 remained unchanged at $0.3 million compared to Q1 2021[110] - Marketing, general and administrative expenses increased by 48.5% to $1.9 million in Q1 2022 from $1.3 million in Q1 2021[110] - Operations and research expenses surged by 181.3% to $5.1 million in Q1 2022 from $1.8 million in Q1 2021[110] - Total operating expenses rose by 125.8% to $7.0 million in Q1 2022 compared to $3.1 million in Q1 2021[110] - Net loss increased by 121.2% to $8.2 million in Q1 2022 from a loss of $3.7 million in Q1 2021[110] - Total revenue for the current quarter was $0.3 million, consistent with the same period last year[111] - Operating expenses increased by $0.6 million to $1.9 million for the three-month period ended March 31, 2022, compared to $1.3 million in the prior year[113] - Operations and research expenses rose by $3.3 million from 2021 to 2022, primarily due to a $3.0 million increase in litigation financed costs related to NAFTA litigation[114] - Total other income and expense was a net expense of $3.4 million in 2022, up from $2.3 million in 2021, reflecting a $0.6 million increase in interest expense[115] - Net cash used in operating activities for the first three months of 2022 was $2.1 million, an increase of approximately $0.7 million compared to $1.4 million in the same period of 2021[119] - Cash flows provided by financing activities for the first three months of 2022 were $2.0 million, compared to $0.5 million in the same period of 2021[121] Financial Position - Financial debt of the company was $44.5 million at March 31, 2022, up from $42.2 million at December 31, 2021[123] - The non-controlling interest adjustment in Q1 2022 was $1.9 million, compared to $1.4 million in Q1 2021[117] - As of March 31, 2022, the consolidated non-restricted cash balance was $2.1 million, with a working capital deficit of $58.5 million[136] - The total consolidated book value of assets was approximately $9.0 million, which includes cash of $2.1 million[136] Going Concern and Future Outlook - The company has experienced several years of net losses and may continue to do so, with future cash flows dependent on financings and monetizing interests in mineral exploration[132] - The company plans to generate new cash inflows through the monetization of receivables and equity stakes in seabed mineral companies[133] - The ability to continue as a going concern is in doubt due to reliance on the outcome of an environmental permit application and ongoing litigation[136] Regulatory and Accounting Matters - The company has not engaged in off-balance sheet financing arrangements and does not have interests in limited purpose entities[141] - There is no material market risk exposure, and the company has not entered into market risk sensitive instruments[142] - The company currently has no debt obligations with variable interest rates[143] - The adoption of ASU No. 2020-06 was effective as of January 1, 2022, impacting the accounting for convertible instruments and disclosure requirements[138] - The New Final Rule adopted by the SEC requires compliance for fiscal years beginning on or after January 1, 2021[139] - Recent accounting pronouncements are not believed to have a material effect on the company's financial statements[140] Project Developments - The ExO Phosphate Project is located 70-90 meters deep in Mexico's Exclusive Economic Zone and contains high-grade phosphate rock[84] - Odyssey holds a 56.29% interest in Oceanica, which owns 99.99% of ExO, the company licensed for the phosphate project[85] - The Lihir Gold Project has an 85.6% interest in Bismarck Mining Corporation, which holds the exploration license for gold in Papua New Guinea[94] - Odyssey has secured a five-year exploration license for the CIC Project in the Cook Islands, with a potential 16.0% interest in CIC[101][102] - A joint venture with BlueSea Group will allow Odyssey to manage the South American Phosphate Project, covering 366 square kilometers of seabed[105][107]

Revenue and Income - Total revenue for 2021 was $0.9 million, a decrease of $1.1 million or 54.8% compared to 2020[141] - Net income loss improved to $(10.0) million in 2021, a reduction of $4.9 million or 32.8% compared to $(14.8) million in 2020[141] - Total other income (expense) improved by $7.3 million, from $(8.5) million in 2020 to $(1.2) million in 2021[145] Expenses - Operating expenses increased by $1.2 million to $15.9 million in 2021, representing an 8.2% increase from the previous year[141] - Marketing, general and administrative expenses rose by $2.6 million to $6.3 million, a 68.6% increase year-over-year[141] - The company reported a gain on the sale of equipment of $0.3 million in 2021, contributing to the reduction in operating expenses[144] - Marketing, general and administrative expenses decreased by $1.7 million to $3.6 million in 2020 from $5.5 million in 2019, primarily due to a reduction in share-based compensation and employee incentives[163] - Operations and research expenses increased by $3.0 million from 2019 to 2020, driven by a $4.3 million rise in litigation-related expenses[164] Cash Flow and Liquidity - Cash and cash equivalents decreased to $2.3 million at the end of 2021, down $3.9 million from $6.2 million at the end of 2020[157] - Net cash used by operating activities was $(5.3) million in 2021, a decrease of $3.5 million compared to $(9.3) million in 2020[151] - The company reported a net cash used by operating activities of $9.3 million in 2020, an increase of $3.8 million compared to $5.4 million in 2019[170] - Cash flows provided by financing activities for 2020 were $15.2 million, a significant increase of $12.3 million from $2.9 million in 2019, including $11.3 million from a common stock sale[173] - The company had cash and cash equivalents of $6.2 million at the end of 2020, up from $0.2 million at the end of 2019, reflecting a net increase of $5.9 million[176] Financial Debt - Financial debt, excluding derivatives, was $42.2 million at December 31, 2021, down from $43.2 million at the end of 2020[158] - Financial debt increased to $43.2 million at December 31, 2020, compared to $33.9 million at December 31, 2019[177] - The total face value of the obligation as of December 31, 2021, was $19,266,818, compared to $12,207,477 in 2020[212] - The total carrying value of the obligation as of December 31, 2021, was $18,323,097, net of unamortized debt fees and discounts[212] Non-controlling Interest - Non-controlling interest for 2021 was $6.2 million, slightly down from $6.3 million in 2020[149] - The non-controlling interest adjustment for 2020 was $6.3 million, up from $5.1 million in 2019, primarily due to compounding debt interest on the Mexican subsidiary's balance sheet[167] Legal and Regulatory Matters - The company initiated arbitration against Mexico under NAFTA in January 2019, with significant legal proceedings ongoing as of September 2020[178] - The company has estimated a high likelihood of obtaining an environmental permit related to the Subject Claim, which may require interest recording under Generally Accepted Accounting Principles[201] Funding and Investment - The company raised $11.3 million from the sale of 2.5 million common shares in August 2020, contributing to its financing activities[177] - The company has a promissory note of up to $14.75 million with an interest rate of 8.0% per annum, secured by a pledge of 54.0 million shares of Oceanica Resources S. de R.L.[186] - The Funder has the right to continue funding beyond the maximum investment amount if exercised within specified timeframes[197] - The Funder agreed to make Claims Payments not exceeding $25 million under the Third Restated Agreement, an increase of $5 million from previous agreements[211] Other Financial Information - A valuation allowance of $74.1 million was recorded for deferred tax assets as of December 31, 2021, indicating they are unlikely to be realized[223] - The company executed a Termination and Settlement Agreement that removed approximately $14.5 million of indebtedness from its balance sheet in Q4 2021[216] - The consolidated non-restricted cash balance at December 31, 2021, was $2.3 million, with a working capital deficit of $49.3 million[216] - The exploration license held by the company is assessed to have an indefinite life based on historical renewal success since 2006[227] - As of December 31, 2021, the company had no contractual obligations extending beyond 12 months, except for the office lease[228] - The company does not believe it has material market risk exposure and has not entered into market risk sensitive instruments[229] - The company currently has no debt obligations or instruments that expose it to interest rate risk[230]

Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-31895 ODYSSEY MARINE EXPLORATION, INC. (Exact name of registrant as specified in its charter) Neva ...

Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021. or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-31895 ODYSSEY MARINE EXPLORATION, INC. (Exact name of registrant as specified in its charter) Nevada 84 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Washington, D.C. 20549 For the quarterly period ended March 31, 2021. FORM 10-Q or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-31895 ODYSSEY MARINE EXPLORATION, INC. (Exact name of registrant as specified in its charter) Nevada 84-1018684 (State or other jurisdicti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-31895 ODYSSEY MARINE EXPLORATION, INC. (Exact name of registrant as specified in its charter) Nevada 84-1018684 (State or other jurisdiction of incorporation ...