Comstock Inc. reported its financial results for the third quarter of 2025, revealing a significant decline in revenue and an increase in operating expenses compared to the same period in 2024. The company generated revenue of $54,079 for the three months ended September 30, 2025, a decrease of approximately 90% from $556,383 in the prior year. For the nine-month period, total revenue was $1,179,440, down from $1,417,158 in 2024. The decline in revenue was primarily attributed to lower contributions from the Mining Segment, which experienced a significant drop due to the termination of the Mackay Mining Lease, and reduced decommissioning services in the Metals Segment.
Operating expenses for the third quarter increased to $9,944,839, compared to $14,171,112 in the same quarter of 2024. This rise was driven by higher selling, general, and administrative expenses, which surged to $6,110,011 from $3,176,373, largely due to increased employee-related costs and higher property-related acquisition costs. Research and development expenses also rose to $2,229,838, reflecting ongoing investments in renewable fuel projects. The company reported a net loss of $12,888,336 for the quarter, an improvement from a net loss of $14,994,583 in the prior year.
In terms of strategic developments, Comstock has made significant investments in its operations, including the establishment of its first commercial demonstration facility for solar panel recycling, which has been operational for nearly 21 months. The company is also advancing plans for its first industry-scale facility, expected to process up to 100,000 tons of material annually, with construction anticipated to begin in early 2026. Additionally, Comstock has been actively involved in securing financing, raising $30 million through a public offering in August 2025, and has plans for further equity investments in its subsidiary, Bioleum.
Operationally, Comstock's total assets increased to $176,291,084 as of September 30, 2025, up from $91,309,881 at the end of 2024. The company reported cash and cash equivalents of $31,712,352, a significant increase from $954,271 at the end of the previous year. The increase in cash is attributed to successful financing activities, which have provided the company with the liquidity needed to support its ongoing operations and strategic initiatives. Looking ahead, Comstock aims to continue its focus on the commercialization of its technologies and the expansion of its metals recycling operations, while also managing its investments in Bioleum and other strategic ventures.
About Comstock Inc.
Comstock Inc. develops and commercializes technologies for renewable fuels from waste biomass, critical metals from electronics recycling, and mineral resources. Its core segments include renewable fuels, metals recycling, and mining, serving energy, manufacturing, and resource industries. The company leverages proprietary processes, strategic investments, and licensing to promote sustainable energy, resource independence, and environmental stewardship. It operates through innovative, technology-driven business models focused on long-term value creation.
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