Research Reports

Summary

Comstock Inc. (LODE) reported FY 2025 revenue of $1.6M, down 48.5% YoY from $3.0M in 2024, primarily due to lower Mining segment lease revenues following the termination of the Mackay Mining Lease. Cost of goods sold rose to $2.6M from $0.5M, driven by ramp-up of the Metals demonstration facility. Total operating expenses decreased 12.4% to $37.1M, reflecting lower R&D spend ($12.3M vs. $19.1M) after GenMat disposition, offset by higher SG&A ($20.7M). Loss from operations improved to -$38.1M from -$39.7M. Other expenses narrowed to -$5.0M from -$13.7M, aided by debt conversions and gains. Net loss attributable to Comstock narrowed to -$43.1M (-19.2% YoY) from -$53.3M, with EPS at -$1 vs. -$3.21. Balance sheet strengthened: cash rose to $17.0M (from implied prior ~$1.0M), total assets $169.6M, equity $110.9M. Operating cash use -$24.4M, offset by $62.4M financing inflows. Forward, Metals targets industry-scale facilities in 2026; Fuels advances Bioleum commercialization; Mining focuses on asset monetization.

Full analysis

Performance Summary

Comstock Inc. posted FY 2025 revenue of $1.6M, a 48.5% YoY decline from $3.0M, driven by Mining segment drop after Mackay lease end ($0.1M vs. $2.6M). Metals revenue tripled to $1.4M from demonstration ops. Net loss attributable improved 19.2% to -$43.1M from -$53.3M, with EPS -$1 vs. -$3.21. Operating loss narrowed to -$38.1M (+3.8% YoY) on lower R&D. Cash surged to $17.0M via $62.4M financing; assets $169.6M, equity $110.9M.

Revenue Analysis

Revenue split: Metals $1.4M (90%), Mining $0.1M (9%), Corporate $0.02M. Metals up 249% YoY on recycling/decommissioning/offtake. Mining down 95% post-Mackay termination (Dec 2024). No Fuels revenue yet. Billings $3.5M, $2.2M deferred. No geographic breakdown disclosed.

Margins & Profitability

Gross loss -$1.0M (no margin). Op margin -2382% (vs. prior). SG&A $20.7M (+65% YoY) on headcount/rent. R&D $12.3M (-35% YoY) post-GenMat. Impairments minimal $0.4M. Other net -$5.0M improved on debt gains.

Cash Flow & Balance Sheet

Op cash -$24.4M (vs. -$13.9M). Invest -$22.0M (advances/deposits). Fin +$62.4M (equity/debt). Net cash +$16.0M. BS: Assets $169.6M (investments $39.5M, PPE $29.9M). Liabs $58.7M (no debt). Equity $110.9M. Current ratio strong at 2.1x.

Outlook

Metals: Commission industry-scale plant Q2 2026, 3+ facilities by 2028. Fuels: Bioleum Series A close H1 2026, OK demo refinery. Mining: Monetize assets. Risks: Capital needs, execution delays.

LODE · Comstock Inc.