Comstock Inc.

What they do

Comstock operates through a Metals Segment (Comstock Metals LLC), which runs a demonstration-scale solar panel recycling facility in northern Nevada and is commissioning an industry-scale facility at Silver Springs, Nevada, with additional storage and logistics operations in California and Ohio. Its Fuels Segment (Bioleum Corporation) develops lignocellulosic biomass conversion technologies and owns an interest in Hexas Biomass, which supplies the XanoGrass/XanoFiber feedstock grown at pilot sites. A corporate segment manages monetization of legacy assets, including northern Nevada mining claims, water rights and real estate.

Revenue drivers

• Metals — recycling service, tipping and offtake fees — Comstock Metals generated $1.4 million of revenue in 2025 (versus $0.4 million in 2024) from decommissioning service fees, tipping fees for receiving and processing end-of-life solar panels, and offtake sales of recycled aluminum, copper, glass and concentrated metals; total billings including deferred revenue were $3.5 million in 2025.
• Metals — industry-scale facility (not yet producing revenue) — The first industry-scale facility in Silver Springs, NV has completed permitting with equipment and installation estimated at approximately $13 million; equipment arrival and installation began in Q1 2026 and commissioning was targeted for August 2026, so it had not yet contributed recurring revenue at the last report.
• Fuels — Bioleum renewable fuels — Bioleum is developing a Farm-to-Fuel platform using lignocellulosic biomass and Hexas XanoFiber feedstock, with two Wisconsin demonstration facilities and two pilot farms plus a Tulsa, Oklahoma site planned for a first integrated biorefinery; the segment is described as a longer-term opportunity rather than a current revenue source.
• Legacy assets and strategic investments — The Company is monetizing legacy gold and silver mining claims, real estate including the Gold Hill Hotel, water rights and non-strategic investments; the June 2026 agreement to sell Comstock Mining, Comstock Processing, Comstock Exploration and Development and Comstock Real Estate to Mackay includes a 1.5% NSR royalty on minerals produced.

Recent performance

Comstock reported quarterly revenue that declined sequentially through the first half of 2026: $540,079 in Q3 2025, $374,356 in Q4 2025, $313,456 in Q1 2026 and $272,824 in Q2 2026 (June 30, 2026). Annual revenue was $1.6 million in 2025 versus $3.0 million in 2024, while 2025 net loss was $43.2 million and operating cash flow was negative $24.4 million. The Metals segment generated $0.6 million of revenue in the six months ended June 30, 2026, down from $1.1 million in the prior-year period. The latest balance sheet shows total assets of $193.5 million, total liabilities of $52.9 million, shareholder equity of $137.3 million and cash and equivalents of $31.4 million as of June 30, 2026, with no long-term debt at December 31, 2025. In the July 2026 earnings release, management said commissioning of the Silver Springs industry-scale facility was near complete with four of six unit operations installed and continuous operations expected in August 2026.

Strategy

Management's stated priority is building a scalable domestic solar panel recycling platform, anchored by the first industry-scale facility at Silver Springs, Nevada and a second planned facility in southern Nevada, plus a Cambridge, Ohio site supported by a JobsOhio grant and an OEM Material Recycling Services Agreement with Illuminate USA LLC. The Company is also developing a metals recovery solution, with bench and pilot-scale testing begun on the first phase (silver recovery) to extract high-value metals from its own industrial tailings. Bioleum is being reoriented toward nearer-term revenue opportunities using existing technologies while retaining its longer-term Farm-to-Fuel vision based on Hexas XanoFiber feedstock. Legacy mining assets are being sold to Mackay Precious Metals in a transaction expected to close in August 2026, subject to TSX-V clearance, retaining a 1.5% net smelter return royalty. The Company also states it needs additional capital to continue as a going concern and to fund its business.

Risks

• Going-concern liquidity risk — The Company states it needs additional capital and that if its Metals Segment cannot generate cash flows, Strategic Investments alone are unlikely to fund anticipated working capital.
• Industry-scale facility execution — The Silver Springs plant is still being commissioned (four of six unit operations as of July 2026) and requires ramp-up of panel flow before it can generate meaningful offtake revenue.
• Bioleum impairment and redirection — In Q2 2026 the Company impaired the full net carrying value of development costs tied to Flux Photon and related technologies that its realigned Bioleum plans no longer consider relevant or effective.
• Contract and commodity concentration — Metals revenue depends on tipping and decommissioning fees and on offtake sales of aluminum, copper, glass and metals, exposing results to panel supply volumes and recycled commodity pricing.

Outlook

Management expects Silver Springs to complete commissioning and move to continuous operations in August 2026, with all six major unit operations finished, and says panel flow into the facility is ramping up. It cites the Illuminate USA agreement and the JobsOhio grant as support for the planned Cambridge, Ohio facility and for higher offtake product revenues, particularly glass. The Mackay sale of legacy mining entities is expected to close in August 2026 subject to TSX-V clearance. Bioleum's outlook is narrowed to nearer-term revenue and profit opportunities using already-developed technologies.