Home / Going-concern warnings / ODYSSEY MARINE EXPLORATION INC
Filed 2025-11-12 路 Form 10-Q 路 Accession 0001193125-25-275786 micro
Price before filing: $2.04 (2025-11-11 close, split/dividend-adjusted)
Market cap at flag: $83.6M (2025-11-12) 路 Latest: $37.5M (2026-10-16)
| Window | OMEX | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +15.2% | -0.2% | +15.4% | 2025-12-12 |
| 90 days | -16.2% | +1.6% | -17.8% | 2026-02-10 |
| 180 days | -44.1% | +8.9% | -53.0% | 2026-05-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $1.6M (9 sales)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-10-13 | Gordon Mark Chief Executive Officer, Director | Sale | 20,956 | $3.50 | $73K | yes | Form 4 |
| 2025-10-13 | Longley John D Jr President & COO | Sale | 38,977 | $3.50 | $136K | yes | Form 4 |
| 2025-10-14 | Gordon Mark Chief Executive Officer, Director | Sale | 30,000 | $3.74 | $112K | yes | Form 4 |
| 2025-10-14 | Longley John D Jr President & COO | Sale | 73,572 | $3.75 | $276K | yes | Form 4 |
| 2025-10-14 | Longley John D Jr President & COO | Sale | 143,500 | $3.71 | $533K | yes | Form 4 |
| 2025-10-15 | Gordon Mark Chief Executive Officer, Director | Sale | 30,000 | $3.98 | $119K | yes | Form 4 |
| 2025-10-16 | Gordon Mark Chief Executive Officer, Director | Sale | 30,000 | $3.87 | $116K | yes | Form 4 |
| 2025-10-17 | Gordon Mark Chief Executive Officer, Director | Sale | 30,000 | $3.50 | $105K | yes | Form 4 |
| 2025-10-20 | Gordon Mark Chief Executive Officer, Director | Sale | 30,000 | $3.56 | $107K | yes | Form 4 |
| 2025-11-12: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-14 to 2025-12-12. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Our consolidated non-restricted cash balance at September 30, 2025 was $ 5.8 million . We have a working capital deficit at September 30, 2025 of $ 10.2 million . The total consolidated book value of our assets was approximately $ 17.7 million at September 30, 2025, which includes cash of $ 5.8 million . The factors noted above raise substantial doubt about our ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
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