Comstock Inc. Reports Significant Revenue Decline and Increased Losses in Q2 2026

Comstock Inc. reported a significant decline in financial performance for the second quarter of 2026, with revenues totaling $272,824, down from $339,546 in the same period last year. For the first half of 2026, total revenues were $586,280, compared to $1,125,361 in the first half of 2025. The decrease in revenue was primarily attributed to lower decommissioning services in the Metals Segment, which saw a reduction of $67,922. The company's cost of goods sold also increased, reaching $1,168,897 for the quarter, up from $814,001 a year earlier, reflecting the ramp-up of operations at its metal recycling facility.

The company's operating expenses surged to $26,039,316 for the second quarter, compared to $7,192,427 in the prior year, driven by a notable increase in selling, general, and administrative expenses, which rose by $2,714,580 to $7,349,670. This increase was largely due to higher employee-related costs and the accrual of annual incentive plans. Additionally, Comstock recognized a loss on impairment of intangible assets amounting to $13,648,042, as well as a loss on property, plant, and equipment impairment of $1,736,481. The net loss attributable to Comstock Inc. for the quarter was $25,468,401, compared to a loss of $7,826,943 in the same quarter of 2025.

In terms of strategic developments, Comstock is in the process of selling its mining assets, with a Securities Purchase Agreement signed with Mackay Precious Metals Inc. The deal includes an initial cash payment of $20 million, shares of Mackay Parent common stock, and a contingent payment of $10 million based on future developments. As of June 30, 2026, the company classified $22,992,892 as assets held for sale and $6,832,924 as liabilities held for sale on its balance sheet.

Operationally, Comstock's cash and cash equivalents increased to $31,405,235 as of June 30, 2026, up from $16,951,645 at the end of 2025. The company reported a working capital surplus of $39,947,071, with current liabilities totaling $18,185,790. Comstock intends to fund its operations over the next twelve months through existing cash, proceeds from the sale of mining assets, and revenue from its solar panel recycling business. The company is also finalizing the commissioning of its first industry-scale solar recycling facility, expected to enhance its operational capacity significantly.

Looking ahead, Comstock aims to establish itself as a leader in solar panel recycling and renewable fuels. The company plans to commission its first commercial plant, secure long-term supply contracts, and expand its operational footprint with additional facilities. Management believes that these initiatives, along with the monetization of non-core assets, will position the company for improved financial performance in the future.