Here are a few analogies for Odyssey Marine Exploration (OMEX):

• BHP Group for deep-ocean minerals

• Schlumberger for deep-ocean projects

• Deep-Ocean Exploration: The company conducts deep-ocean exploration activities globally for various purposes.
• Specialized Mineral Exploration: They provide services focused on the exploration and identification of deep-sea mineral resources.
• Marine Project Development & Management: Odyssey offers services for planning, developing, and managing complex marine projects for clients.
• Marine Research & Scientific Services: This includes providing research, scientific analysis, and resource assessment services in marine environments.
• Marine Operations Services: The company provides planning and execution management for various marine operations.

Odyssey Marine Exploration (OMEX) primarily sells its specialized services and partners in resource development to other companies and governmental entities rather than directly to individuals. Due to the project-based and often confidential nature of their work, specific major customer names, particularly public companies, are not typically disclosed in their public filings as consistent, recurring major revenue sources.

Based on their business description, OMEX serves the following categories of clients:

• Mining and Resource Development Companies: These clients are typically corporations or joint ventures focused on identifying, exploring, and potentially extracting deep-sea mineral resources such as polymetallic nodules, seafloor massive sulfides, or phosphate deposits. They engage OMEX for its specialized expertise, technology, and operational capabilities in deep-ocean exploration and project development.
• Governmental Agencies: National governments and their relevant agencies (e.g., environmental ministries, natural resource departments, maritime authorities) contract OMEX for services like resource assessment, environmental impact studies, marine spatial planning, and scientific research within their Exclusive Economic Zones. An example of a significant entity they deal with is the Government of Mexico, particularly concerning marine phosphate projects.
• Scientific and Research Institutions: Universities, oceanographic institutes, and other research organizations may utilize OMEX's vessels, remotely operated vehicles (ROVs), and deep-ocean operational experience for various scientific endeavors, including marine biology studies, geological surveys, and archaeological projects.

Mark D. Gordon, Chief Executive Officer, Chairman of the Board, and Principal Financial Officer

Mark D. Gordon was appointed Chief Executive Officer of Odyssey Marine Exploration in 2014 and Chairman of the Board in 2019, having also served as the company's President from 2007-2019. He joined Odyssey in 2005 as an independent consultant. Before joining Odyssey, Mr. Gordon founded, owned, or managed four different entrepreneurial ventures between 1987 and 2003. This included Synergy Networks, which he founded in 1993 and led as CEO until its sale to the Rockefeller Group in September 2003. He then continued as President of Rockefeller Group Technology Services Mid Atlantic until December 2004. His prior experience also includes a two-year tenure as a Management Consultant at Arthur Andersen Consulting. Mr. Gordon holds a B.S./Business Administration and an MBA in Finance from American University.

John D. Longley, Jr., President and Chief Operating Officer

John D. Longley was appointed Chief Operating Officer in October 2014 and became President of Odyssey Marine Exploration in 2019. He joined the company in 2005, serving as Senior Vice President since 2012 and Director of Business Operations since 2005. With over 25 years of marketing and business strategy experience, Mr. Longley has been instrumental in developing the company's business opportunities. Prior to joining Odyssey, he served as Vice President of Sales and Marketing for Public Imagery from 2003 to 2005 and Director of Retail Marketing for Office Depot North American stores from 1998 to 2003. Mr. Longley received a Bachelor of Science degree in Communications with a specialty in Advertising from Florida State University in 1989.

Susan Fennessey, General Counsel

Susan Fennessey joined Odyssey Marine Exploration as General Counsel in 2022. She is responsible for directing the company's overall legal function, providing legal counsel, and guiding the management team in developing and implementing projects and ensuring legal compliance. Ms. Fennessey is described as a solution-oriented general counsel and executive leader with over 20 years of experience.

The key risks to Odyssey Marine Exploration (OMEX) are:

1. Going Concern Risk and Severe Liquidity Issues: Odyssey Marine Exploration faces substantial doubt about its ability to continue as a going concern. The company has reported negative equity, with its total liabilities significantly exceeding its total assets, and has incurred ongoing operational losses. This has led to severe liquidity issues and a very poor current ratio, indicating a high risk of insolvency if new funding or asset monetization efforts are not successful.
2. Lack of Commercialized Projects and Speculative Nature of Deep-Ocean Mining: OMEX is characterized as a speculative marine mining explorer that has not yet commercialized any projects, despite a history of substantial shareholder losses. The company's revenue from marine services has seen a significant decline, reflecting operational difficulties and a business model that is transitioning to long-term mineral asset development, which currently yields minimal and volatile revenue. The path to profitability for deep-ocean exploration and mining activities is extremely challenging due to technical complexities and insufficient capital.
3. Regulatory and Environmental Challenges of Deep-Sea Mining: The deep-sea mining industry, in which OMEX operates, is nascent and faces considerable opposition due to the potential for severe, long-term, and irreversible harm to ocean ecosystems and biodiversity. Concerns include the destruction of habitats, pollution plumes, and underwater noise affecting marine life, as well as the disturbance of critical carbon storage systems. This environmental scrutiny has led to calls for bans or moratoriums from scientists, environmental groups, and some governments, posing significant regulatory and reputational risks that can impede project development and financing.

A clear emerging threat for Odyssey Marine Exploration (OMEX) is the increasing global push for moratoriums and outright bans on deep-sea mining and exploration due to environmental concerns. Growing scientific and public opposition, along with calls from various governments and international bodies for a precautionary pause or ban on such activities, directly threatens the fundamental viability and expansion of the deep-sea mineral exploration industry, thereby impacting OMEX's core business model and future project opportunities.

Addressable Markets for Odyssey Marine Exploration (OMEX)

For Odyssey Marine Exploration (OMEX), the expected drivers of future revenue growth over the next 2-3 years are primarily tied to the successful development and commercialization of its deep-ocean mineral exploration projects, moving away from its historical shipwreck recovery business.

1. Advancement and Monetization of the Mexico Phosphate Project (PHOSAGMEX): Odyssey's joint venture in Mexico is focused on a phosphate project designed to produce fertilizer, addressing North American food security. The company has recently secured the legal validity of its concessions and is progressing with the transfer of these rights to the PHOSAGMEX joint venture, indicating potential for near-term production.
2. Development and Extraction from Cook Islands Polymetallic Nodule Projects: Odyssey holds interests in two licensed exploration projects in the Cook Islands, which target polymetallic nodules rich in critical battery metals such as cobalt, copper, and rare earth elements. These projects are moving towards trial extraction licenses, with ongoing environmental data collection to support future permit applications.
3. Expansion into U.S. Offshore Critical Mineral Development: The company is strategically positioned to capitalize on shifting U.S. policy that supports domestic ocean mineral development. Odyssey has submitted a request for a lease sale to the Bureau of Ocean Energy Management (BOEM) for a Mid-Atlantic Outer Continental Shelf area, which is believed to contain phosphate, titanium, zirconium, and rare earth elements, aligning with U.S. resource security priorities.
4. Increasing Global Demand for Critical Minerals: An overarching driver for Odyssey's future revenue is the surging global demand for critical minerals. These minerals are essential for national security, the energy transition, infrastructure modernization, and food security, creating a strong market for the resources Odyssey aims to extract.

Share Issuance

• Odyssey Marine Exploration issued 6,056,073 shares of common stock on August 14, 2025, through the conversion of $6,661,684 in outstanding debt, stemming from a Note and Warrant Purchase Agreement signed in March 2023.
• These newly issued shares were part of the conversion of a $14 million aggregate principal amount of notes from 2023.
• The number of outstanding shares increased by 32.37% in one year as of March 12, 2026.

Inbound Investments

• As of March 2, 2026, Greywolf-affiliated investors disclosed beneficial ownership of 6,051,932 shares of common stock, including warrants.
• FourWorld Capital Management LLC and John Addis reported beneficial ownership of 455,571 shares for advisory clients as of December 31, 2025.
• As of March 13, 2026, 66 institutional owners and shareholders collectively held 19,647,444 shares, with major shareholders including Old West Investment Management, LLC, Two Seas Capital LP, and Jefferies Financial Group Inc.

Outbound Investments

• On December 26, 2024, Odyssey Marine Exploration entered into a Joint Venture with Capital Latinoamericano for a Fertilizer Project.
• A joint venture named PHOSAGMEX was established on June 4, 2025, as an equal 50% partnership with Capital Latinoamericano, S.A. de C.V., aimed at developing a domestic fertilizer supply.
• As part of the PHOSAGMEX joint venture restructuring, Odyssey formed Oceánica Resources México, S. de R.L. de C.V., a direct subsidiary, and transferred legal rights to certain mining concessions to it.

Capital Expenditures

• Capital expenditures for the 12 months ending March 12, 2026, amounted to $2,443.
• Offshore explorations and research for the CIC Project began in the third quarter of 2022, providing preliminary resource sampling and informing requirements for primary operations that were to commence in 2023.