Key Highlights

  • Third quarter Revenue was USD 367,251 against an estimate of USD 1.69 million and USD 54,079 a year earlier.
  • Loss per share was USD 0.01 against an estimate of USD 0.03 earnings, with a net loss of USD 753,455.
  • The Mining entities sale closed August 21, bringing USD 20 million in cash and a USD 14.02 million gain.
  • Cash stood at USD 39.45 million at September 30, against USD 16.95 million at December 31, 2025.

Comstock Inc. (NYSE American:LODE) closed its third quarter with a reshaped business. It sold its mining entities to Mackay Precious Metals on August 21, commissioned its first industry-scale solar panel recycling plant in northern Nevada, and moved that plant into continuous operation in late September. Revenue was USD 367,251, against USD 54,079 a year earlier.

Results Around the Mining Sale

Management attributed the revenue increase to higher solar decommissioning services in the Metals segment. Cost of Goods Sold was USD 973,312, against USD 324,397, which the company tied to commissioning and start-up labor at the new facility. Selling, general and administrative expense was USD 8.12 million against USD 6.11 million, with higher employee costs, legal fees and stock-based compensation cited, partly offset by a USD 473,695 gain on the cancellation of the Bioleum Tulsa lease.

The sale produced a gain of USD 14.02 million on properties, mineral and Royalty rights. Against that, the company booked a derivative Fair Value loss of USD 3.10 million tied to the Flux Photon Liability and a USD 260,000 unrealized loss on the Mackay Parent shares it received. The net loss was USD 753,455, against USD 12.89 million in the third quarter of 2025. Nine-month net loss was USD 35.61 million, or USD 0.49 per share.

Metals, Fuels and Strategic Investments

Comstock Metals is described as the primary commercial growth platform. The first plant is designed to recycle up to 3.3 million panels, or about 100,000 tons, per year on one line, at Capital spending of approximately USD 14.5 million. Later facilities are designed to start at about 825,000 panels, or about 25,000 tons, per year, which management said allows more efficient capital deployment. The company plans at least four more similar facilities in the United States over the next five years, with a central Ohio site identified for the second.

In Fuels, Bioleum recorded nine-month Impairment losses of USD 16.42 million, covering USD 13.65 million on intangibles, USD 1.74 million on property, plant and equipment and USD 1.03 million on investments. Strategic Investments includes a 47.63% stake in Sierra Springs Opportunity Fund, which moved to 48.64% after a USD 1.5 million October investment.

Liquidity and the Great Basin Commitment

Current Assets were USD 47.74 million and current liabilities USD 14.42 million, with Working Capital stated at USD 33.31 million. Over nine months, financing activities generated USD 56.37 million, while Operating Activities used USD 25.32 million and investing activities used USD 8.54 million. A January offering raised USD 50 million in gross proceeds at USD 2.75 per share.

Under a precedent agreement with Great Basin Gas Transmission Company, the company must provide financial assurance of about USD 39.0 million by December 31, 2026 and about USD 54.0 million by December 2027. Management said it plans to meet this through third-party surety bonding and support from the Sierra Springs fund, though that financing is not finalized.

Metrics to Track

Revenue of USD 367,251 sits alongside cash of USD 39.45 million, a nine-month net loss of USD 35.61 million and a USD 54.0 million Great Basin assurance amount due by December 2027. Management named 2026 Metals objectives that include larger and longer-term Supply contracts, permitting for facilities two and three, and a one-ton-per-day pilot to recover silver and other metals.

For the Sierra Springs fund, goals include zoning changes for the first development phase, with updates scheduled through the fourth quarter of 2026. Remaining Mackay Parent shares are restricted until February 21, 2028.