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Comstock (LODE) investor relations material
Comstock Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed an oversubscribed equity raise of $34.5M, eliminating all debt and fully funding the launch of an industry-scale, R2V3 certified zero landfill solar panel recycling business.
Ended the quarter with $31.7M in cash and equivalents, strengthening the balance sheet and supporting growth and commercialization.
Separated the fuels portfolio into Bioleum, securing $33M in new investments and advancing commercialization of ultra-low-carbon biofuels.
Monetized non-core mining assets, expanded mineral property holdings, and advanced economic assessments for future mining plans.
Revenue for the nine months ended September 30, 2025, was $1.18M, down from $1.42M year-over-year, mainly due to the termination of a key mining lease, partially offset by growth in metals recycling operations.
Financial highlights
Raised $34.5M in gross proceeds from equity, netting $31.8M, and increased net current assets to $21.3M as of September 30, 2025.
Cash and cash equivalents totaled $31.7M at quarter-end, up from $954K at year-end 2024.
Cost of goods sold increased to $2.03M, reflecting ramp-up of commercial demonstration facilities in metals recycling.
Net loss for the nine months was $29.8M, or $(0.94) per share, a slight improvement from $30.6M in the prior year.
Common shares outstanding were 51,264,247 as of September 30, 2025.
Outlook and guidance
Fully funded to achieve commercialization and profitability for the first industry-scale solar panel recycling facility, with commissioning expected in Q1 2026 and operations commencing in Q2 2026.
Billable revenues for 2025 projected to be over $3.5M, with further increases expected in 2026.
Plans to build up to seven industry-scale U.S. recycling facilities and expand globally with strategic partners.
Bioleum aims to complete additional Series A financing and deploy a commercial biorefinery in Oklahoma.
Management anticipates sufficient liquidity for the next 12 months, with plans to monetize non-strategic assets and continue scaling operations.
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