Comstock Inc. Reports $7.8 Million Net Loss in Q2 2025, Revenue Declines to $339,546

Comstock Inc. reported a net loss of $7.8 million for the second quarter of 2025, a slight improvement from a net loss of $8.7 million in the same period last year. Revenue for the quarter decreased to $339,546, down from $434,824 in the prior year, primarily due to lower revenues from the Mining Segment following the termination of the Mackay Mining Lease. In contrast, the Metals Segment saw an increase in revenues, attributed to decommissioning services and sales of recycled materials. The company's total revenue for the first half of 2025 was $1.1 million, compared to $860,775 for the same period in 2024, driven by higher revenues from the Metals Segment.

The company's operating expenses rose significantly, totaling $7.2 million for the second quarter, compared to $6 million in the previous year. This increase was largely due to higher selling, general, and administrative expenses, which rose by $1.8 million, primarily from increased employee-related costs and higher rent and consulting expenses. Research and development expenses also increased, reflecting ongoing investments in renewable fuel projects. The cost of goods sold for the quarter was $814,001, marking a substantial increase as the company began operations at its first commercial demonstration facility.

In terms of strategic developments, Comstock has made significant investments in its Metals Segment, including the ongoing construction of its first industry-scale solar panel recycling facility, which is expected to process up to 100,000 tons annually. The company plans to build up to seven such facilities across the U.S. over the next five years. Additionally, Comstock has entered into various agreements to enhance its operational capabilities, including a recent $20 million investment in its subsidiary Bioleum, which focuses on renewable fuels.

As of June 30, 2025, Comstock's total assets increased to $148.2 million, up from $91.3 million at the end of 2024, driven by significant investments in properties, plant, and equipment. The company reported cash and cash equivalents of $18.6 million, a substantial increase from $954,271 at the end of 2024. The increase in cash is attributed to financing activities, including a $31.2 million inflow from financing operations during the first half of 2025. The company anticipates funding its operations through revenues from its solar panel recycling business, equity issuances, and sales of non-strategic assets.

Looking ahead, Comstock aims to accelerate the commercialization of its technologies and expand its operations in the renewable energy sector. The company plans to finalize the engineering and secure financing for its first industry-scale facility while also exploring additional growth opportunities in its Metals and Mining segments. Management believes that the current funding sources will be sufficient to sustain operations and meet commitments over the next twelve months, although they acknowledge the inherent risks associated with capital raising and market conditions.