LODE · Comstock Inc.
Comstock Inc. commercializes technologies, systems, and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and clean energy supporting products in the United States. It operates through the Fuels, Metals, Mining, and Strategic Investments segments. The company develops and commercializes technology that extracts and converts wasted and unused lignocellulosic biomass into intermediates for refining into advanced renewable fuels. It also owns 100% in the Lucerne Project located in the Storey County, Nevada; and the Spring Valley Project situated in the Lyon County, Nevada. In addition, the company offers engineering and construction services; and invests in non-mining real estate, water rights, and securities investments. Comstock Inc. company was incorporated in 1999 and is based in Virginia City, Nevada.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $3.32 |
| SO | 75.9M |
| Options | 0.0M |
| Warrants | 2.8M |
| FD SO | 78.7M |
| MC | $261.2M |
| Cash | $53.0M |
| Total debt | $0.0M |
| EV | $208.2M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 192.5x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.31 | 0.37 | 0.05 | 0.34 |
| Revenue YoY % | (60.1%) | (76.6%) | (90.3%) | (21.9%) |
| Cost of Revenue | 0.60 | 0.60 | 0.32 | 0.81 |
| Gross Profit | (0.29) | (0.23) | (0.27) | (0.47) |
| Gross Profit YoY % | (183.6%) | (119.8%) | (148.6%) | (209.1%) |
| Gross Margin % | (91.4%) | (60.7%) | (499.9%) | (139.7%) |
| SG&A | 6.57 | 6.67 | 6.11 | 4.64 |
| R&D | 2.10 | 4.67 | 2.23 | 2.12 |
| Operating Expense | 8.66 | 13.00 | 9.94 | 7.19 |
| Operating Income | (8.94) | (13.23) | (10.22) | (7.67) |
| Operating Income YoY % | (27.1%) | 16.5% | 25.0% | (37.8%) |
| Operating Margin % | (2853.0%) | (3533.6%) | (18889.3%) | (2258.0%) |
| EBITDA | (7.55) | (11.56) | (9.05) | (7.03) |
| EBITDA Margin % | (2409.1%) | (3088.1%) | (16740.2%) | (2070.5%) |
| Interest Expense | 0.15 | 0.16 | 0.34 | 0.77 |
| Pretax Income | (9.38) | (13.36) | (12.89) | (7.83) |
| Net Income | (9.38) | (13.36) | (12.89) | (7.83) |
| Net Income to Common | (9.38) | (13.27) | (12.89) | (7.83) |
| Net Margin % | (2993.5%) | (3568.2%) | (23832.4%) | (2305.1%) |
| Basic EPS | -$0.14 | -$0.23 | -$0.31 | -$0.27 |
| Basic Avg Shares | 66.0 | 4.9 | 41.7 | 29.3 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 1.08 | 1.55 | 3.02 | 1.27 | 0.18 |
| Revenue YoY % | (30.4%) | (48.5%) | 136.7% | 615.4% | — |
| Cost of Revenue | 2.34 | 2.63 | 0.45 | 0.00 | 0.00 |
| Gross Profit | (1.26) | (1.07) | 2.56 | 1.27 | 0.18 |
| Gross Profit YoY % | (17.3%) | (141.9%) | 101.2% | 615.4% | — |
| Gross Margin % | (116.4%) | (69.1%) | 85.0% | 100.0% | 100.0% |
| SG&A | 23.98 | 20.67 | 12.70 | 12.59 | 10.24 |
| R&D | 11.11 | 12.32 | 19.10 | 6.12 | 7.02 |
| Operating Expense | 38.79 | 37.08 | 42.23 | 13.88 | 19.54 |
| Operating Income | (40.05) | (38.15) | (39.67) | (12.60) | (19.36) |
| Operating Income YoY % | (5.0%) | 3.8% | (214.7%) | 34.9% | — |
| Operating Margin % | (3703.7%) | (2455.2%) | (1315.1%) | (989.0%) | (10868.0%) |
| EBITDA | (35.19) | (34.31) | (37.42) | (10.13) | (16.03) |
| EBITDA Margin % | (3254.4%) | (2207.9%) | (1240.8%) | (794.6%) | (8999.6%) |
| Interest Expense | 1.42 | 1.93 | 2.97 | 1.65 | 1.65 |
| Pretax Income | (43.46) | (43.17) | (53.40) | 10.53 | (46.74) |
| Tax Provision | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (43.46) | (43.17) | (53.40) | 10.53 | (46.74) |
| Net Income to Common | (43.37) | (43.17) | (53.40) | 10.53 | (46.74) |
| Net Margin % | (4018.4%) | (2778.2%) | (1770.6%) | 825.9% | (26235.3%) |
| Diluted EPS | — | -$1.17 | -$3.21 | $0.87 | -$0.62 |
| Basic EPS | -$0.95 | -$1.17 | -$3.21 | $0.87 | -$0.62 |
| Diluted Avg Shares | — | 36.7 | 16.6 | 10.5 | 74.5 |
| Basic Avg Shares | 66.0 | 36.7 | 16.6 | 10.5 | 74.5 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 52.97 | 16.95 | 31.71 | 18.59 |
| Receivables | 0.31 | 1.29 | 1.80 | 3.22 |
| Total Current Assets | 76.97 | 20.66 | 35.13 | 22.99 |
| Net PPE | 36.10 | 29.89 | 27.34 | 27.26 |
| Goodwill | 1.51 | 1.51 | — | — |
| Total Assets | 218.13 | 169.60 | 176.29 | 148.22 |
| Accounts Payable | 3.28 | 2.27 | 2.78 | 4.07 |
| Total Current Liabilities | 17.07 | 10.02 | 13.81 | 15.36 |
| Long-term Debt | — | 0.00 | 0.00 | 8.39 |
| Total Liabilities | 58.38 | 58.70 | 54.60 | 56.36 |
| Retained Earnings | (388.11) | (378.73) | (365.46) | (352.57) |
| Total Equity | 159.75 | 110.90 | 121.69 | 91.86 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 52.97 | 16.95 | 0.95 | 3.79 | 2.52 |
| Receivables | 0.31 | 1.29 | 2.42 | 0.03 | 4.99 |
| Total Current Assets | 76.97 | 20.66 | 12.56 | 23.18 | 30.77 |
| Net PPE | 36.10 | 29.89 | 8.61 | 15.20 | 13.47 |
| Goodwill | 1.51 | 1.51 | 0.00 | — | 0.00 |
| Total Assets | 218.13 | 169.60 | 91.31 | 106.47 | 100.05 |
| Accounts Payable | 3.28 | 2.27 | 2.85 | 1.33 | 0.71 |
| Total Current Liabilities | 17.07 | 10.02 | 8.11 | 14.84 | 31.63 |
| Long-term Debt | — | 0.00 | 8.39 | 5.36 | 6.12 |
| Total Liabilities | 58.38 | 58.70 | 31.54 | 28.19 | 43.69 |
| Retained Earnings | (388.11) | (378.73) | (335.65) | (282.33) | (291.49) |
| Total Equity | 159.75 | 110.90 | 59.77 | 78.28 | 56.36 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (9.38) | (13.27) | (12.89) | (7.83) |
| D&A | 1.39 | 1.67 | 1.16 | 0.64 |
| Stock-Based Comp | 0.32 | — | 0.00 | 0.00 |
| Operating Cash Flow | (5.82) | (5.90) | (8.71) | (4.82) |
| Investing Cash Flow | (14.53) | (10.88) | (7.28) | (2.00) |
| Debt Issuance | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt Repayment | 0.00 | 0.00 | (2.50) | 0.00 |
| Stock Issuance | 60.98 | 2.22 | 34.50 | 1.50 |
| Financing Cash Flow | 56.37 | 2.02 | 29.11 | 21.50 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (43.37) | (43.17) | (53.40) | 10.53 | (46.74) |
| D&A | 4.86 | 3.84 | 2.24 | 2.48 | 3.33 |
| Stock-Based Comp | — | 0.00 | 0.04 | (0.00) | 0.48 |
| Operating Cash Flow | (25.25) | (24.39) | (13.94) | (13.63) | (12.11) |
| CapEx | — | — | — | (1.82) | (1.01) |
| Investing Cash Flow | (34.69) | (21.98) | (6.48) | 3.63 | (3.73) |
| Debt Issuance | 0.00 | 10.00 | 12.00 | 4.98 | — |
| Debt Repayment | (2.50) | (2.60) | (1.36) | 0.00 | — |
| Stock Issuance | 99.20 | 38.22 | 7.21 | 6.90 | 10.79 |
| Financing Cash Flow | 109.00 | 62.36 | 17.59 | 11.26 | 12.45 |
| Free Cash Flow | — | — | — | (15.44) | (13.12) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 4.51 | 2.06 | 2.54 | 1.50 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.37 | 0.53 | 0.45 | 0.61 |
| EBITDA Margin % | (2409.1%) | (3088.1%) | (16740.2%) | (2070.5%) |
| Working Capital | 59.89 | 10.63 | 21.32 | 7.63 |
| Net Debt | — | (16.95) | (31.71) | (10.20) |
| ROE % | (5.9%) | (12.0%) | (10.6%) | (8.5%) |
| ROA % | (4.3%) | (7.9%) | (7.3%) | (5.3%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 4.51 | 2.06 | 1.55 | 1.56 | 0.97 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 0.37 | 0.53 | 0.53 | 0.36 | 0.78 |
| EBITDA Margin % | (3254.4%) | (2207.9%) | (1240.8%) | (794.6%) | (8999.6%) |
| Working Capital | 59.89 | 10.63 | 4.45 | 8.34 | (0.86) |
| Net Debt | — | (16.95) | 7.44 | 1.57 | 3.60 |
| ROE % | (27.2%) | (38.9%) | (89.3%) | 13.4% | (82.9%) |
| ROA % | (19.9%) | (25.5%) | (58.5%) | 9.9% | (46.7%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | Pei Steven Yu-Tsung | Director | 2026-05-14 | P | 79,559 | $3.42 | $272,490 |
| 2026-05-14 | Pei Steven Yu-Tsung | Director | 2026-05-13 | P | 345,000 | $3.38 | $1,164,375 |
| 2026-05-12 | DEGASPERIS CORRADO | Director, Officer (CEO) | 2026-05-12 | P | 35,000 | $2.89 | $101,150 |
| 2026-04-17 | Pei Steven Yu-Tsung | Director | 2026-04-16 | A | 7,993 | — | $0 |
| 2026-04-13 | Salinas Mayaguez J | Director | 2026-04-09 | A | 7,993 | — | $0 |
| 2026-04-10 | SPENCE ROBERT | Director | 2026-04-08 | A | 7,993 | — | $0 |
| 2026-04-09 | COLVIN DONALD A | Director | 2026-04-08 | A | 7,993 | — | $0 |
| 2026-04-09 | Slanina Kristin | Director | 2026-04-07 | A | 7,993 | — | $0 |
| 2026-04-08 | Drozdoff Leo M | Director | 2026-04-06 | A | 7,993 | — | $0 |
| 2026-04-08 | Marting Walter A. Jr | Director | 2026-04-06 | A | 7,993 | — | $0 |
| 2026-04-08 | NANCE WILLIAM JOHN | Director | 2026-04-06 | A | 7,993 | — | $0 |
| 2026-04-02 | Drozdoff Leo M | Director | 2026-03-30 | P | 28,000 | $3.00 | $84,000 |
| 2026-04-01 | Merrill Judd | Officer (Chief Financial Officer) | 2026-03-30 | P | 3,700 | $3.08 | $11,396 |
| 2026-04-01 | Drozdoff Leo M | Director | 2026-03-30 | P | 28,000 | $3.00 | $84,000 |
| 2026-01-06 | Salinas Mayaguez J | Director | 2026-01-05 | A | 89,262 | — | $0 |
| 2026-01-06 | Drozdoff Leo M | Director | 2026-01-05 | A | 90,481 | — | $0 |
| 2026-01-06 | NANCE WILLIAM JOHN | Director | 2026-01-05 | A | 90,481 | — | $0 |
| 2026-01-06 | Slanina Kristin | Director | 2026-01-05 | A | 103,016 | — | $0 |
| 2026-01-06 | Marting Walter A. Jr | Director | 2026-01-05 | A | 90,481 | — | $0 |
| 2024-08-14 | Drozdoff Leo M | Director | 2024-08-14 | P | 200,000 | $0.15 | $29,200 |
| 2024-05-28 | BOBBILI RAHUL | Officer (Chief Engineering Officer) | 2024-05-28 | P | 25,000 | $0.25 | $6,350 |
| 2024-05-20 | BOBBILI RAHUL | Officer (Chief Engineering Officer) | 2024-05-20 | P | 25,000 | $0.29 | $7,258 |
| 2024-05-20 | DEGASPERIS CORRADO | Director, Officer (Executive Chairman and CEO) | 2024-05-17 | P | 1,250,000 | $0.40 | $500,000 |