Comstock Inc. Segments Disclosure

NOTE 20         SEGMENT REPORTING

 

We have the following segments and reporting units: Fuels, Metals, Mining, Strategic Investments and Corporate. Summarized financial information relating to our reportable segments is provided below. For the Strategic Investments and Corporate Segments, our chief operating decision maker (“CODM”) is our chief executive officer. For our Fuels Segment, our CODM is the chief executive officer of Bioleum. For the Metals segment, our CODM is the Metals President. For the Mining segment, our CODM is its President and our chief financial officer.

 

The Company plans, executes and monitors each reporting segment and has dedicated personnel responsible for each reportable segment. Our Fuels Segment represents our lignocellulosic biomass into biointermediates for refining into renewable fuels. Our Metals Segment represents our recycling of electrification products. Our Mining Segment includes our gold and silver mining assets and related real estate. Our Strategic Investments Segment includes our investments in Green Li-ion and SSOF and our Corporate Segment includes all other assets and general corporate costs. Mining revenue is from leasing mineral claims and other real estate.

 

The Company’s total revenue for the year ending  December 31, 2025, consisted of the following:

 

										Strategic
		Metals				Mining				Investments				Corporate				Bioleum				Total
Mining and Real Estate		$	—			$	136,000			$	—			$	17,100			$	—			$	153,100
Recycling			216,143				—				—				—				—				216,143
Decommissioning Services			1,082,752				—				—				—				—				1,082,752
Off-take			101,801				—				—				—				—				101,801
Total Revenue		$	1,400,696			$	136,000			$	—			$	17,100			$	—			$	1,553,796

 

The Company’s total revenue for the year ending December 31, 2024, consisted of the following:

 

										Strategic
		Metals				Mining				Investments				Corporate				Bioleum				Total
Mining and Real Estate		$	—			$	2,595,725			$	—			$	19,200			$	—			$	2,614,925
Recycling			55,245				—				—				—				—				55,245
Decommissioning Services			282,117				—				—				—				—				282,117
Off-take			63,876				—				—				—				—				63,876
Total Revenue		$	401,238			$	2,595,725			$	—			$	19,200			$	—			$	3,016,163

 

At  December 31, 2025, one customer, RWE, accounted for over 10% of our revenues and two customers, Illuminate and Alpaugh North LLC, accounted for over 10% of our accounts receivable balance. At  December 31, 2024, the Company has one customer, Mackay Precious Metals Inc., that accounted for over 10% of our revenues and accounts receivable balance. At  December 31, 2025, Comstock Metals billed $3.5 million of which $1.4 million was for decommissioning services, recycling fees and off-take revenue and $1.8 million of which represents fees for recycling services that have not yet been completed and are recognized as deferred revenue. As of  December 31, 2025, total deferred revenue for these services were $2.1 million.

 

Twelve-Months Ended
December 31, 2025		Metals				Mining				Strategic Investments				Corporate / Other				Total of Segments before Bioleum Corp.				Bioleum				Consolidated
Revenue		$	1,400,696			$	136,000			$	—			$	17,100			$	1,553,796			$	—			$	1,553,796
Cost of goods sold		$	2,626,962			$	—			$	—			$	—			$	2,626,962			$	—			$	2,626,962
Selling and marketing		$	110,237			$	—			$	—			$	580,249			$	690,486			$	362,943			$	1,053,429
General and administrative		$	3,110,984			$	1,418,171			$	13,604			$	8,774,102			$	13,316,861			$	6,300,726			$	19,617,587
Research and development		$	176,495			$	4,188			$	—			$	591,731			$	772,414			$	11,547,490			$	12,319,904
Depreciation and amortization		$	255,212			$	168,707			$	—			$	79,085			$	503,004			$	3,339,222			$	3,842,226
Impairment of intangible assets		$	—			$	—			$	—			$	9,333			$	9,333			$	—			$	9,333
Impairment of properties, plant and equipment		$	30,480			$	402,931			$	—			$	—			$	433,411			$	—			$	433,411
(Gain) on sale of mineral rights		$	—			$	(200,000	)		$	—			$	—			$	(200,000	)		$	—			$	(200,000	)
(Loss) income from operations		$	(4,909,674	)		$	(1,657,997	)		$	(13,604	)		$	(10,017,400	)		$	(16,598,675	)		$	(21,550,381	)		$	(38,149,056	)
Total other income (expense), net		$	1,397			$	(1,905,951	)		$	25,170			$	(3,699,692	)		$	(5,579,076	)		$	561,246			$	(5,017,830	)
Net income (loss)		$	(4,908,277	)		$	(3,563,948	)		$	11,566			$	(13,717,092	)		$	(22,177,751	)		$	(20,989,135	)		$	(43,166,886	)
Interest expense		$	—			$	3,396			$	—			$	1,473,213			$	1,476,609			$	451,191			$	1,927,800
Equity method investment income (loss)		$	—			$	—			$	—			$	—			$	—			$	(30,562	)		$	(30,562	)
Acquisitions to intangible assets		$	—			$	—			$	—			$	—			$	—			$	21,725,616			$	21,725,616
Capital Expenditures		$	367,044			$	1,000			$	—			$	—			$	368,044			$	1,969,508			$	2,337,552

 

Twelve-Months Ended
December 31, 2024		Metals				Mining				Strategic Investments				Corporate / Other				Total of Segments before Bioleum Corp.				Bioleum				Consolidated
Revenue		$	401,238			$	2,595,725			$	—			$	19,200			$	3,016,163			$	—			$	3,016,163
Cost of goods sold		$	451,938			$	—			$	—			$	—			$	451,938			$	—			$	451,938
Selling and marketing		$	7,075			$	—			$	—			$	471,369			$	478,444			$	1,515			$	479,959
General and administrative		$	1,365,487			$	1,842,667			$	(76,080	)		$	8,170,776			$	11,302,850			$	920,247			$	12,223,097
Research and development		$	537,132			$	1,442			$	338,135			$	15,154,137			$	16,030,846			$	3,067,337			$	19,098,183
Depreciation and amortization		$	1,035,534			$	180,714			$	424,957			$	(368,737	)		$	1,272,468			$	970,086			$	2,242,554
Impairment of intangible assets		$	8,655,176			$	—			$	7,560			$	5,133			$	8,667,869			$	—			$	8,667,869
Impairment of properties, plant and equipment		$	—			$	—			$	—			$	324,047			$	324,047			$	—			$	324,047
(Gain) on sale of mineral rights		$	—			$	(804,489	)		$	—			$	—			$	(804,489	)		$	—			$	(804,489	)
(Loss) income from operations		$	(11,651,104	)		$	1,375,391			$	(694,572	)		$	(23,737,525	)		$	(34,707,810	)		$	(4,959,185	)		$	(39,666,995	)
Total other income (expense), net		$	—			$	239,817			$	(1,884,041	)		$	(11,794,916	)		$	(13,439,140	)		$	(296,763	)		$	(13,735,903	)
Net income (loss)		$	(11,651,104	)		$	1,615,208			$	(2,578,613	)		$	(35,532,441	)		$	(48,146,950	)		$	(5,255,948	)		$	(53,402,898	)
Interest expense		$	—			$	4,120			$	—			$	2,669,208			$	2,673,328			$	298,023			$	2,971,351
Equity method investment income (loss)		$	—			$	15,049			$	(1,599,011	)		$	(180,681	)		$	(1,764,643	)		$	—			$	(1,764,643	)
Acquisitions to intangible assets		$	—			$	—			$	—			$	10,000			$	10,000			$	275,000			$	285,000
Capital Expenditures		$	934,724			$	—			$	—			$	—			$	934,724			$	—			$	934,724

 

As of December 31, 2025		Metals				Mining				Strategic Investments				Corporate / Other				Total of Segments before Bioleum Corp.				Bioleum				Consolidated
ASSETS
Current Assets:
Cash and cash equivalents		$	183,458			$	149,060			$	—			$	9,425,807			$	9,758,325			$	7,193,320			$	16,951,645
Accounts receivable		$	287,874			$	(152	)		$	—			$	—			$	287,722			$	1,000,000			$	1,287,722
Derivative assets		$	—			$	—			$	—			$	1,960,796			$	1,960,796			$	—			$	1,960,796
Other current assets		$	96,180			$	1,975			$	—			$	166,977			$	265,132			$	192,684			$	457,816
Total current assets		$	567,512			$	150,883			$	—			$	11,553,580			$	12,271,975			$	8,386,004			$	20,657,979
Non-current Assets:
Investments		$	—			$	—			$	38,426,065			$	—			$	38,426,065			$	1,079,371			$	39,505,436
Properties, plant and equipment, net		$	2,387,121			$	7,160,772			$	6,328,338			$	355,841			$	16,232,072			$	13,654,137			$	29,886,209
Intangible assets, net		$	—			$	—			$	—			$	—			$	—			$	24,943,388			$	24,943,388
Goodwill		$	—			$	—			$	—			$	—			$	—			$	1,507,154			$	1,507,154
Other assets		$	13,563,776			$	16,109,357			$	730,596			$	9,400,000			$	39,803,729			$	13,300,742			$	53,104,471
Total non-current assets		$	15,950,897			$	23,270,129			$	45,484,999			$	9,755,841			$	94,461,866			$	54,484,792			$	148,946,658
TOTAL ASSETS		$	16,518,409			$	23,421,012			$	45,484,999			$	21,309,421			$	106,733,841			$	62,870,796			$	169,604,637

 

As of December 31, 2024		Metals				Mining				Strategic Investments				Corporate / Other				Total of Segments before Bioleum Corp.				Bioleum				Consolidated
ASSETS
Current Assets:
Cash and cash equivalents		$	4,040			$	26,547			$	136			$	918,842			$	949,565			$	4,706			$	954,271
Accounts receivable		$	157,280			$	512,391			$	—			$	1,750,000			$	2,419,671			$	—			$	2,419,671
Derivative assets		$	—			$	1,529,850			$	—			$	—			$	1,529,850			$	—			$	1,529,850
Other current assets		$	29,003			$	5,641			$	7,058,933			$	484,344			$	7,577,921			$	76,332			$	7,654,253
Total current assets		$	190,323			$	2,074,429			$	7,059,069			$	3,153,186			$	12,477,007			$	81,038			$	12,558,045
Non-current Assets:
Investments		$	—			$	—			$	37,776,065			$	—			$	37,776,065			$	1,109,933			$	38,885,998
Properties, plant and equipment, net		$	2,294,039			$	5,532,409			$	—			$	463,908			$	8,290,356			$	314,738			$	8,605,094
Intangible assets, net		$	—			$	—			$	—			$	9,833			$	9,833			$	5,849,319			$	5,859,152
Other assets		$	4,731,117			$	17,645,939			$	375,000			$	41,859			$	22,793,915			$	2,607,677			$	25,401,592
Total non-current assets		$	7,025,156			$	23,178,348			$	38,151,065			$	515,600			$	68,870,169			$	9,881,667			$	78,751,836
TOTAL ASSETS		$	7,215,479			$	25,252,777			$	45,210,134			$	3,668,786			$	81,347,176			$	9,962,705			$	91,309,881