Comstock Inc. LODE
Comstock commercializes innovative technologies, systems and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and supporting products, including sustainable solutions that produce renewed and repurposed electrification metals and minerals from end-of-life solar panels. Bioleum Corporation ("Bioleum"), the Company's subsidiary, seeks to commercialize technologies that produce renewable fuels from waste, energy crops and other forms of woody biomass.
We approach the challenge of sustainability head-on by innovating, developing and commercializing technologies that accomplish more while utilizing fewer natural resources, protecting our ecosystem from the negative impact of carbon emissions and toxic materials, and enabling and empowering the next industrial revolution. Our plans to generate these throughputs involve deploying, integrating, partnering and licensing our technologies within a purpose-driven and designed ecosystem, including extended and interdependent partners that leverage their infrastructures, capacities, and resources, that are often directly integrated with our system.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $3.0M | $1.3M | $178.2K | $862.2K | $201.7K | $179.6K | $150.3K | $104.3K | $5.1M |
| Cost of revenue | $2.6M | $451.9K | $0 | $0 | $272.1K | $51.9K | — | — | — | — |
| Gross profit | -$1.1M | $2.6M | $1.3M | $178.2K | $590.1K | $149.8K | — | — | — | — |
| R&D | $12.3M | $19.1M | $6.1M | $7.0M | $414.8K | $0 | — | — | — | — |
| SG&A | $20.7M | $12.7M | $12.6M | $10.2M | $5.5M | $4.4M | $3.3M | $3.4M | $2.6M | $3.5M |
| Total operating expenses | $37.1M | $42.2M | $13.9M | $19.5M | $7.0M | $5.6M | $5.5M | $7.6M | $9.0M | $15.3M |
| Operating income | -$38.1M | -$39.7M | -$12.6M | -$19.4M | -$6.4M | -$5.5M | -$5.3M | -$7.4M | -$8.9M | -$10.2M |
| Interest expense | $1.9M | $3.0M | $1.6M | $1.7M | $168.9K | $421.9K | $879.5K | $1.4M | $1.7M | $753.7K |
| Pre-tax income | $43.1M | $53.3M | $10.5M | -$46.7M | -$30.3M | $14.9M | -$3.8M | -$9.5M | -$10.6M | -$13.0M |
| Income tax | $0 | $0 | $0 | $0 | $5.7M | $0 | $0 | $0 | $0 | $0 |
| Net income | -$43.2M | -$53.4M | $10.5M | -$46.7M | -$24.6M | $14.9M | -$3.8M | -$9.5M | -$10.6M | -$13.0M |
| EPS, basic | -1.17 | -3.21 | 0.87 | -0.62 | -0.49 | 0.49 | -0.20 | — | -0.26 | -0.37 |
| EPS, diluted | -1.17 | -3.21 | 0.87 | -0.62 | -0.49 | 0.49 | -0.20 | -0.79 | -1.29 | -0.37 |
| Shares, diluted (wtd. avg.) | $36.7M | $16.6M | $10.5M | $74.5M | $50.4M | $30.6M | $19.5M | — | $41.1M | $35.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.0M | $954.3K | $3.8M | $2.5M | $5.9M | $2.4M | $1.0M | $488.7K | $2.1M | $184.4K |
| Short-term investments | — | $0 | $18.9M | $0 | — | — | — | — | — | — |
| Receivables | $1.3M | $2.4M | $26.4K | $5.0M | — | — | — | — | — | $0 |
| Inventory | — | — | — | — | — | — | — | — | — | $0 |
| Total current assets | $20.7M | $12.6M | $23.2M | $30.8M | $13.8M | $20.8M | $13.3M | $8.6M | $7.7M | $8.0M |
| Property, plant and equipment | $29.9M | $8.6M | $15.2M | $13.5M | $14.6M | $8.6M | $7.9M | $9.7M | $12.8M | $15.1M |
| Goodwill | $1.5M | $0 | — | $0 | $12.8M | $0 | — | — | — | — |
| Other intangibles | $24.9M | $5.9M | $15.9M | $17.7M | $23.2M | $0 | — | — | — | — |
| Total assets | $169.6M | $91.3M | $106.5M | $100.1M | $127.0M | $43.1M | $39.6M | $28.6M | $31.0M | $33.8M |
| Accounts payable | $2.3M | $2.9M | $1.3M | $714.1K | $633.2K | $313.8K | $922.6K | $405.1K | $321.3K | $804.6K |
| Short-term debt | $0 | $97.6K | $4.5M | $1.8M | $0 | $3.6M | $328.1K | $309.8K | $291.5K | $483.7K |
| Total current liabilities | $10.0M | $8.1M | $14.8M | $31.6M | $23.9M | $4.8M | $4.4M | $2.4M | $1.1M | $2.4M |
| Long-term debt | $0 | $8.4M | $5.4M | $6.1M | $4.5M | $0 | $5.1M | $8.9M | $10.0M | $9.0M |
| Total liabilities | $58.7M | $31.5M | $28.2M | $43.7M | $34.0M | $11.3M | $16.1M | $19.2M | $19.1M | $19.4M |
| Retained earnings | -$378.7M | -$335.7M | -$282.3M | -$291.5M | -$245.5M | -$221.0M | -$235.9M | -$232.1M | -$222.6M | -$212.0M |
| Total equity | $107.6M | $59.8M | $78.3M | $56.4M | $93.0M | $31.8M | $23.5M | $9.4M | $11.9M | $14.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$24.4M | -$13.9M | -$13.6M | -$12.1M | -$7.5M | -$3.8M | -$2.3M | -$4.0M | -$6.5M | -$2.6M |
| Depreciation and amortisation | $1.2M | $567.6K | $435.7K | $3.3M | $1.0M | $1.2M | $1.8M | $3.1M | $4.2M | $5.9M |
| Stock-based compensation | — | $41.8K | -$2.3K | $482.0K | $464.0K | $204.2K | $0 | — | $0 | $18.9K |
| Capital expenditure | — | — | $1.8M | $1.0M | $78.5K | $130.8K | $2.4M | $1.7M | $1.8M | $746.5K |
| Investing cash flow | -$22.0M | -$6.5M | $3.6M | -$3.7M | -$16.1M | $3.2M | $2.6M | -$1.6M | $979.3K | $2.6M |
| Financing cash flow | $62.4M | $17.6M | $11.3M | $12.4M | $27.1M | $2.0M | $192.1K | $4.1M | $7.4M | -$1.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-011938.
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