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Comstock Inc.
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
75.91M
Op. Cash Flow
$-24.39M
Business
Comstock Inc. commercializes technologies that extract, process, and convert waste and underutilized resources into clean energy and materials, including renewable fuels from biomass and electrification metals from end-of-life solar panels. The company operates through Metals segment (solar panel recycling and materials recovery), Fuels segment via subsidiary Bioleum (renewable fuel production from woody biomass), Mining segment (gold and silver resources in Nevada), and Strategic Investments. Products include recycled aluminum, glass, critical metals, advanced renewable fuels (SAF, renewable diesel, cellulosic ethanol), and licensing of proprietary technologies to domestic and international partners.
Summary from 10-K filed 2026-03-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 | — | — |
Filings
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Frequently asked questions
What is Comstock Inc.'s CIK number?
Comstock Inc.'s SEC CIK number is 0001120970 (1120970). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Comstock Inc.'s SEC filings?
All of Comstock Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Comstock Inc. last report earnings?
Comstock Inc. (LODE) most recently filed an earnings 8-K with the SEC on May 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-015741). This is Comstock Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Comstock Inc.'s most recent earnings 8-K?
Comstock Inc.'s latest earnings 8-K (Item 2.02) was filed May 8, 2026 under accession 0001437749-26-015741. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Comstock Inc.'s latest earnings 8-K →
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