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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Metals Segment
- Mining Segment
- Corporate Segment and Other Operating Segment
- Other
| Segment | FY2025 |
|---|---|
| Metals Segment | $1.4M |
| Mining Segment | $136.0K |
| Corporate Segment and Other Operating Segment | $17.1K |
| Other | $0 |
As the company reported it, from the “Note 20 - Segment Reporting - Summarized Financial Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1M | $104.3K | $150.3K | $179.6K | $201.7K | $862.2K | $178.2K | $1.3M | $3.0M | $1.6M |
| Gross profit | — | — | — | — | $149.8K | $590.1K | $178.2K | $1.3M | $2.6M | -$1.1M |
| Net income | -$13.0M | -$10.6M | -$9.5M | -$3.8M | $14.9M | -$24.6M | -$46.7M | $10.5M | -$53.4M | -$43.2M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2860
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| IFF | INTERNATIONAL FLAVORS & FRAGRANCES INC | $24.02B | — | -5.2% |
| LYB | LyondellBasell Industries N.V. | $21.47B | — | -9.7% |
| WLK | WESTLAKE CORP | $8.25B | — | -8.0% |
| NEU | NEWMARKET CORP | $8.01B | 19.6x | -2.2% |
| SXT | SENSIENT TECHNOLOGIES CORP | $5.65B | 42.0x | 3.5% |
| REX | REX AMERICAN RESOURCES Corp | $1.32B | 15.9x | 1.2% |
| GPRE | Green Plains Inc. | $979.9M | — | 16.0% |
| WLKP | Westlake Chemical Partners LP | $745.5M | — | 2.7% |