Odyssey Marine Exploration Reports Full Year 2023 and First Quarter 2024 Results and Provides Company Update

Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a global subsea mineral exploration and validation company, filed a Comprehensive Form 10-K for the year ended December 31, 2023, which included restated financial statements for the year ended December 31, 2022, and interim periods. The company also reported first quarter financials for the period ended March 31, 2024.

"The comprehensive audit and restatement of our financials serves as a critical step towards further ensuring transparency, accuracy, and accountability within our company. Although a technical accounting matter led to the restatement of our financial statements, we anticipate this to be a one-time event that will not impede our future filings," stated Mark Gordon, Odyssey’s Chief Executive Officer and Chairman of the Board of Directors. "The restatement has had no adverse effect on our business where we remain focused on building a portfolio of projects that will have a net positive impact by providing critical mineral resources in demand by society."

As previously disclosed in a Form 8-K filed with the Securities and Exchange Commission (SEC) on February 26, 2024, the company’s Audit Committee of the Board of Directors concluded that certain previously issued consolidated financial statements could not be relied upon and that certain financial statements would be restated. The restatement addresses the correction of accounting treatments for certain transactions, including the company’s litigation financing, which has been reclassified as a derivative liability under GAAP. The company's unaudited consolidated financial statements for the quarter ended September 30, 2023, are included in the Comprehensive Form 10-K, along with restated audited consolidated financial statements for the year ended December 31, 2022, and restated unaudited consolidated financial statements for interim periods ended March 31, 2022, and 2023, June 30, 2022, and 2023, and September 30, 2022. With this filing, Odyssey has now filed all previously delinquent SEC periodic reports.

Odyssey recently announced that it received a payment of approximately $9.4 million arising from its residual economic interest in a shipwreck project. The company expects to use the funds primarily to support the company's ongoing operations.

The company’s consolidated financial statements and Comprehensive Form 10-K for the year ended December 31, 2023, and the company’s consolidated financial statements and Form 10-Q for the period ended March 31, 2024, are available on the company's web site at www.odysseymarine.com as well as at www.sec.gov.