Comstock (LODE) Q3 2026 earnings summary

Executive summary

• Legacy mining assets were sold, simplifying the portfolio and shifting focus to solar recycling; the first industry-scale facility began continuous operations in September.

• Priorities include scaling Metals, monetizing Sierra Springs Opportunity Fund (SSOF), and limiting funding exposure to Bioleum and other non-core investments.

Financial highlights

• Q3 revenue was $367,251 versus $54,079 YoY; net loss narrowed to $753,455 from $12.9M, including a $14.0M gain on the mining sale.

• 9M revenue was $953,531; net loss was $35.6M versus $29.8M in 9M 2025, including $16.4M of Fuels impairments and a $15.4M gain on property, mineral and royalty sales.

• Mining-sale consideration included $20M cash, 2M Mackay shares and $7M deferred consideration; the sale eliminated ~$1.5M in annual operating costs, while recurring corporate overhead fell ~15% annually.

• Metals Q3 revenue was $341,751, up 45.4% QoQ; deferred revenue for billed but unprocessed services reached $4.55M.

Outlook and guidance

• Targeting at least 25% recycling utilization by year-end 2026; positive operating cash flow is expected in 2027 as production scales.

• Plans include securing longer-term supply contracts, ramping beyond 25% as demand and performance warrant, and ordering long-lead equipment after stabilizing the first facility.

• Each additional industry-scale facility is expected to require ~$15M in capex; plans call for at least four additional facilities over five years, phased from ~25,000 tons annual capacity. Ohio was selected for facility two.

• Management expects existing cash, mining-sale proceeds, recycling receipts, asset monetization and subsidiary-level equity to fund operations and commitments for 12 months; no current equity financing is planned.