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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.
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Q3 2025 earnings summary30 Oct, 2025

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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Frequently asked questions

Comstock Inc. is a diversified technology and resource company focused on sustainable innovation in areas such as renewable energy, mining, and environmental remediation. The company is involved in developing technologies for carbon capture, clean energy production, and extracting metals through environmentally friendly processes. Comstock's initiatives aim to drive sustainable solutions for industries including mining and renewable resources. The company is headquartered in Virginia City, Nevada, and its shares are listed on the NYSE American.

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