Comstock Inc.

Listed Company

LODECIK 0001120970NYSENon-AcceleratedSmaller ReportingIndustrial Organic ChemicalsNevadaFY ends Dec 31

Period

FY 2025

Revenue

$1.55M

Net Income

$-43.08M

Total Assets

$169.60M

Equity

$107.58M

Shares Out

74.10M

Op. Cash Flow

$-24.39M

Business

Comstock Inc. innovates and commercializes technologies that extract and convert under-utilized natural resources into clean energy products and critical materials. It offers renewable lignocellulosic fuels (including cellulosic ethanol, renewable diesel, gasoline and sustainable aviation fuel), electrification metal recycling from end-of-life electronics and solar panels, AI-driven materials development, and mineral exploration and preparation services, along with technology licensing and demonstration operations. The company organizes operations into Fuels, Metals, Mining, Strategic Investments and Corporate Services segments. It operates pilot and demonstration facilities in the United States and pursues licensing, partnerships and international projects to distribute its technologies and services.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2	3	1	—	—
Cost of goods sold	3	451,938	0	0	272,082
Selling, general and administrative expenses	21	13	13	10	6
Research and development	12	19	6	7	414,751
Depreciation and amortization	4	2	2	—	—
Goodwill and Intangible Asset Impairment	9,333	9	0	—	−6
Impairment of properties, plant and equipment (Note 6)	433,411	324,047	0	—	—
Gain on sale of mineral rights (Note 6)	−200,000	−804,489	−7	0	—
Total operating expenses	37	42	14	—	—
Loss from operations	−38	−40	−13	−19	−6
Loss on investments	0	−711,920	25	—	—
Interest expense	−2	−3	−2	—	—
Interest income	831,375	302,091	251,969	387,608	1
Derivative, Gain (Loss) on Derivative, Net	1	1	961,085	−8	−13
Loss on conversion of debt	−3	−10	129,705	0	—
Loss on debt extinguishment	−3	−817,498	0	—	—
Gain on extinguishment of liability	845,000	0	—	—	—
Other Nonoperating Income (Expense)	−354,318	−1	−2	−2	−3
Total other income (expense), net	−5	−14	23	−27	−24
Net loss	−43	−53	11	−47	−25
Net loss attributable to noncontrolling interest	−90,443	−81,444	1	−789,515	0
Net loss attributable to Comstock Inc.	−43	−53	9	—	−25
Net loss per share - basic and diluted (in dollars per share)	−1.17	−3.21	0.87	−0.62	−0.49
Weighted average common shares outstanding, basic and diluted (in shares)	37	17	11	74	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	17	954,271	4	3	6
Accounts receivable	1	2	26,364	—	—
Derivative assets	2	2	0	0	342,000
Assets held for sale - land and mineral rights and properties (Note 6)	0	7	0	22	0
Prepaid expenses and other current assets	457,816	595,320	458,213	761,393	1
Total current assets	21	13	23	31	14
Investments	40	39	31	19	—
Mineral rights and properties (Note 6)	12	11	13	13	7
Properties, plant and equipment, net	30	9	15	13	15
Deposits - equipment	8	411,268	411,268	3	3
Reclamation bond deposit (Note 7)	4	3	3	—	—
Notes receivable and advances (Note 5)	10	2	980,291	—	—
Intangible assets, net	25	6	16	18	23
Goodwill	2	0	—	0	13
Finance lease - right of use asset, net (Note 10)	836,921	3	3	3	15
Operating lease - right of use asset, net (Note 10)	18	5	237,617	—	—
Other assets	269,488	311,348	246,742	194,035	275,617
Total non-current assets	149	79	83	69	113
TOTAL ASSETS	170	91	106	100	127
Accounts payable	2	3	1	714,077	633,223
Accrued Liabilities and Other Liabilities, Current	5	4	2	—	—
Deferred revenue (Note 20)	2	151,939	78,495	422,603	420,183
Finance lease - right of use lease liability (Note 10)	0	490,075	838,676	409,143	13
Operating lease liability - current	540,542	44,758	—	—	—
Deferred liabilities	199,695	0	—	—	—
Debt, net (Note 11)	0	97,593	4	2	0
Total current liabilities	10	8	15	32	24
Reclamation liability (Note 12)	6	6	6	—	—
Operating lease - right of use lease liability (Note 10)	18	5	205,154	—	—
Deferred revenue (Note 9)	2	0	1	0	—
Debt, net (Note 11)	0	8	—	—	—
Flux Photon payable (Notes 9 and 21)	8	0	—	—	—
Other liabilities	2	4	1	306,708	142,672
Total long-term liabilities	49	23	13	12	10
TOTAL LIABILITIES	59	32	28	44	34
COMMITMENTS AND CONTINGENCIES (Notes 13 and 21)	—	—	—	—	—
Preferred Stock $0.000666 par value, 50,000,000 shares authorized, no shares outstanding	0	0	0	0	0
Common stock $0.000666 par value, 245,000,000 shares authorized, 51,853,490 and 23,507,577 shares issued and outstanding at December 31, 2025 and 2024, respectively	177,026	156,590	78,405	60,660	47,065
Additional paid-in capital	486	395	364	348	339
Accumulated deficit	−379	−336	−282	−291	−246
Total equity - Comstock Inc.	108	60	78	54	90
Non-controlling interest	3	0	0	3	3
Total stockholders' equity	111	60	78	56	93
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	170	91	106	100	127

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	4	2	2	—	—
Amortization of finance leases	51,241	49,663	—	—	—
Amortization of debt discount and other debt-related items	542,470	1	816,429	492,962	−38,656
Amortization of discount associated with finance leases and other	493,693	16,445	246,038	—	—
Accretion of reclamation liability	454,797	415,792	—	—	—
Gain on sale of mineral rights (Note 6)	−200,000	−804,489	—	—	—
Research and development expense paid with common stock (Note 10)	1	1	0	—	—
Research and development expense recognized on RenFuel IP and GenMat transactions (Notes 4 and 5)	3	12	0	—	—
Change in fair value of derivative instruments	−1	−1	−961,085	8	13
Share of net loss of equity-method investments	30,562	2	2	1	2
Interest expense paid with common stock	401,523	527,541	211,562	—	—
(Gain) Loss on expiration of LINICO and SSOF deposits	375,000	−400,000	—	—	—
Other	134,652	−69,508	−19,085	—	—
Accounts receivable	2	−643,307	−26,364	—	—
Prepaid expenses and other current assets	−56,366	253,732	77,180	—	—
Deposits - assets	−394,697	0	234,315	133,454	479,881
Other assets	732,722	−64,606	387,730	81,582	−85,817
Accounts payable	−523,352	2	31,371	80,854	−707,004
Accrued expenses and other liabilities	−42,972	−976,002	714,705	620,504	104,456
Other liabilities	942,676	3	500,000	154,438	0
Net cash used in operating activities	−24	−14	−14	−12	−7
Purchase of mineral rights and property, plant and equipment	−2	−934,724	−2	—	—
Proceeds from sale of mineral rights (Note 6)	2	1	0	—	—
Acquisition of intangible asset	−300,000	−285,000	−200,000	−500,000	0
Payments on contractual commitments associated with derivatives	−445,000	−3	−8	—	—
Funding of reclamation bond	−600,000	−274,710	0	—	—
Other	−70,122	−134,286	−109,994	4,964	7,818
Net cash used in investing activities	−22	−6	4	−4	−16
Proceeds from the issuance of common stock	−38	−7	7	11	27
Principal payments of debt	−3	−1	0	—	—
Issuances of debt	10	12	—	—	—
Debt issuance costs	0	−20,000	0	—	—
Issuance of equity in subsidiary - Bioleum Corporation	20	0	0	500,000	0
Common stock issuance costs	−3	−140,120	−249,620	−298,000	−1
Principal payments on financing leases	−23,650	−100,260	—	—	—
Net cash provided by financing activities	62	18	11	12	27
Net increase (decrease) in cash and cash equivalents	16	−3	1	−3	3
Cash paid for interest	471,274	481,743	503,438	1	107,499
Cash paid for income taxes	0	0	0	—	—
Recognition of operating lease liability and right-of-use asset	13	5	213,925	—	—
Acquisition of plant and equipment from Marathon SAFE Note	12	0	—	—	—
Issuance of common shares for Northern Comstock LLC mineral rights payments	482,500	482,500	482,500	—	—
Issuance of common stock for LINICO acquisition-related payable	2	0	—	—	—
Intangible asset acquired with common stock issued for Flux Photon amendment	6	0	—	—	—
Intangible asset acquired with derivative liability for Flux Photon amendment	5	0	—	—	—
Intangible asset acquired with issuance of equity in subsidiary	5	0	—	—	—
Intangible asset acquired with Flux Photon payable	4	0	—	—	—
Contractual commitment settled with obligation - Flux Photon	5	3	0	—	—
Issuance of common shares with debt for issuance costs	0	784,811	0	—	—
Investment acquired with payable	0	1	0	—	—
Issuance of common stock for stock issuance costs	0	85,000	350,000	—	—
Fair value of common stock held by GenMat transferred to GenMat Advances (Note 3)	0	694,969	0	—	—

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