Odyssey Marine Exploration (OMEX) investor relations material

Executive summary

• Entered into a merger agreement with American Ocean Minerals (AOM), valuing the combined company at $900 million, with $156 million PIPE investment and $75 million pre-public financing by AOM; merger expected to close in Q3 2026, pending stockholder approval.

• Ongoing focus on subsea mineral exploration projects, including Phosagmex (Mexico), CIC (Cook Islands), OML (Cook Islands), and Bismarck (Papua New Guinea).

• Significant legal and regulatory developments, including restoration of Mexican mining concessions and a $37.1 million NAFTA arbitration award in favor of the company, though the award is under appeal.

Financial highlights

• Revenue for Q2 2026 was $78,000, down 42% year-over-year, and $100,000 for the six months, down 63% year-over-year, due to expiration of a key services agreement.

• Net loss attributable to the company was $9.3 million for Q2 2026 (improved from $14.8 million loss in Q2 2025) and $9.0 million for the six months (improved from $12.6 million loss in 2025).

• Operating expenses increased to $7.8 million in Q2 2026 (up 72% year-over-year), mainly due to higher professional fees related to the AOM merger.

• Total other income/expense improved significantly, with a $1.7 million expense in Q2 2026 versus $12.8 million in Q2 2025, driven by favorable changes in derivative liabilities and lower interest expense.

• Cash and cash equivalents were $2.3 million at June 30, 2026, down from $3.5 million at year-end 2025.

Outlook and guidance

• Management expects the AOM merger and related financings to alleviate going concern risks, but substantial doubt remains until the transaction closes.

• The company plans to generate new cash inflows through monetization of equity stakes, financings, and partnerships to support its 2026-2027 business plan.

• Ongoing regulatory and permitting milestones for key projects, including environmental permit applications and feasibility studies, are expected to drive future value.