Comstock Inc. (LODE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LODE SEC filings page.
Comstock Inc. (LODE) reported $1.0M in revenue over the twelve months to Jun 30, 2026, down 69.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Comstock’s dominant mechanic is financing-dependent expansion while revenue remains too small to absorb operating costs.
Revenue fell from$3.0M in FY2024 to$1.6M in FY2025, but the deeper change was in unit economics: gross margin swung from85.0% to-69.1% . That combination indicates deterioration beyond a simple volume problem, because reported costs exceeded sales before overhead was considered.
The operating structure remained expensive: FY2025 selling, general and administrative expense plus research and development totaled
External financing supplied the operating model: financing cash flow provided
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Comstock Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Comstock Inc. held $56.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $24.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Comstock Inc. scores 53/100 among other emerging companies.
Comstock Inc. had 74M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Comstock Inc. scores 81/100 among other emerging companies.
Comstock Inc. spent $12.3M on research and development in fiscal year 2025, which was 31.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Comstock Inc. scores 63/100 among other emerging companies.
Comstock Inc. reported revenue of $1.6M in fiscal year 2025, against $3.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Comstock Inc. scores 56/100 among other emerging companies.
Comstock Inc.'s operations used $24.4M of cash in fiscal year 2025, against $13.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Comstock Inc. scores 21/100 among other emerging companies.
Comstock Inc.'s cash, cash equivalents and investments came to $56.5M at the end of fiscal year 2025, against $58.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Comstock Inc. scores 58/100 among other emerging companies.
Comstock Inc. scores -1.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($214.3M) relative to total liabilities ($58.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Comstock Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Comstock Inc. reported a net loss of $43.2M while operations used $24.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Comstock Inc. reported an operating loss of $38.1M against $1.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Comstock Inc. generated $273K in revenue in Q2 2026. This represents a decrease of 19.7% from the same quarter a year earlier. Against the prior quarter it is down 13.0%.
Comstock Inc.'s EBITDA was -$25.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 268.6% from the same quarter a year earlier. Against the prior quarter it is down 243.2%.
Comstock Inc. reported -$25.5M in net income in Q2 2026. This represents a decrease of 225.4% from the same quarter a year earlier. Against the prior quarter it is down 171.4%.
Not reported for Q2 2026.
Cash & Balance Sheet
Comstock Inc. held $31.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Comstock Inc.'s ROE was -18.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 9.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 12.5 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Comstock Inc. invested $2.3M in research and development in Q2 2026. This represents an increase of 7.7% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
LODE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $273K-19.7% | $313K-60.1% | $374K-76.6% | $54K-90.3% | $340K-21.9% | $786K+84.5% | $1.6M+257.2% | $556K-26.9% |
| Cost of Revenue | $1.2M+43.6% | $600K-32.4% | $602K+33.2% | $324K | $814K | $887K | $452K | $0 |
| Gross Profit | -$896K-88.9% | -$286K-183.6% | -$227K-119.8% | -$270K-148.6% | -$474K-209.1% | -$101K-123.7% | $1.1M | $556K |
| R&D Expenses | $2.3M+7.7% | $2.1M-36.6% | $4.7M-67.2% | $2.2M+54.8% | $2.1M-16.8% | $3.3M+270.4% | $14.2M+740.9% | $1.4M+3.3% |
| SG&A Expenses | $7.3M+58.6% | $6.6M+101.6% | $6.7M+107.9% | $6.1M+92.4% | $4.6M+66.0% | $3.3M-7.6% | $3.2M+25.1% | $3.2M+1.2% |
| Operating Income | -$26.9M-251.3% | -$8.9M-27.1% | -$13.2M+16.5% | -$10.2M+25.0% | -$7.7M-37.8% | -$7.0M-51.4% | -$15.8M-270.9% | -$13.6M-608.9% |
| EBITDA | -$25.9M-268.6% | -$7.6M-13.3% | -$11.6M+25.3% | -$9.1M+30.6% | -$7.0M-43.3% | -$6.7M-66.9% | -$15.5M-306.5% | -$13.1M-489.4% |
| Interest Expense | $222K-71.3% | $148K-77.5% | $159K-76.5% | $336K-51.8% | $774K-1.1% | $659K-19.5% | $673K+101.2% | $697K+117.3% |
| Net Income | -$25.5M-225.4% | -$9.4M-3.2% | -$13.4M+41.7% | -$12.9M+13.9% | -$7.8M+9.3% | -$9.1M-31.8% | -$22.9M-345.9% | -$15.0M-221.1% |
| EPS (Basic) | -$0.34-25.9% | -$0.14+62.2% | -$0.23+92.4% | -$0.31+61.3% | -$0.27+55.0% | -$0.37+37.3% | -$3.01-3862.5% | -$0.80-827.3% |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | -$3.01 | -$0.08 |
| Diluted Shares (Avg) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 188M |
Not reported in any period shown, so not listed: Income Tax.
LODE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $193.5M+30.6% | $218.1M+28.6% | $169.6M+85.7% | $176.3M+70.0% | $148.2M+62.3% | $169.6M+85.7% | $91.3M-14.2% | $103.7M-2.6% |
| Current Assets | $58.1M+152.8% | $77.0M+272.6% | $20.7M+64.5% | $35.1M+17.5% | $23.0M-19.0% | $20.7M-6.5% | $12.6M-45.8% | $29.9M-2.8% |
| Cash & Equivalents | $31.4M+69.0% | $53.0M+212.5% | $17.0M+1676.4% | $31.7M+2226.1% | $18.6M+16161.7% | $17.0M+3530.1% | $954K-74.8% | $1.4M-60.4% |
| Short-Term Investments | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $18.9M |
| Accounts Receivable | $1.3M-58.4% | $312K-75.8% | $1.3M-46.8% | $1.8M | $3.2M | $1.3M | $2.4M+9077.9% | N/A |
| Long-Term Investments | $67.2M+66.7% | $56.4M+42.8% | $39.5M+1.6% | $40.5M+28.9% | $40.3M+26.6% | $39.5M | $38.9M+24.4% | $31.4M |
| Goodwill | $1.5M | $1.5M0.0% | $1.5M | N/A | N/A | $1.5M | $0 | N/A |
| Total Liabilities | $52.9M-6.2% | $58.4M-47.0% | $58.7M+86.1% | $54.6M+53.3% | $56.4M+90.9% | $110.1M+256.1% | $31.5M+11.9% | $35.6M+43.8% |
| Current Liabilities | $18.2M+18.4% | $17.1M+98.1% | $10.0M+23.6% | $13.8M+13.1% | $15.4M+15.9% | $8.6M-41.7% | $8.1M-45.3% | $12.2M+4.7% |
| Non-Current Liabilities | $34.7M-15.4% | $41.3M-4.3% | $48.7M+107.8% | $40.8M+74.2% | $41.0M+152.1% | $43.2M+167.8% | $23.4M+75.5% | $23.4M+78.5% |
| Long-Term Debt | N/A | N/A | $0-100.0% | $0-100.0% | $8.4M0.0% | $13.9M+75.1% | $8.4M+56.7% | $10.6M+82.4% |
| Total Equity | $137.3M+55.1% | $156.4M+162.7% | $107.6M+80.0% | $118.4M+74.2% | $88.6M+18.2% | $59.5M-19.4% | $59.8M-23.6% | $68.0M+3.0% |
| Retained Earnings | -$413.6M-17.3% | -$388.1M-12.6% | -$378.7M-12.8% | -$365.5M-16.8% | -$352.6M-18.4% | -$344.7M-19.2% | -$335.7M-18.9% | -$312.8M-7.8% |
Not reported in any period shown, so not listed: Inventory.
LODE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.1M-109.7% | -$5.8M-17.3% | -$5.9M-36.4% | -$8.7M-129.9% | -$4.8M-140.8% | -$5.0M-29.5% | -$4.3M-77.2% | -$3.8M+16.0% |
| Depreciation & Amortization | $1.0M+60.3% | $1.4M+270.7% | $1.7M+354.0% | $1.2M+106.6% | $637K-3.0% | $375K-42.8% | $367K-21.0% | $562K-16.9% |
| Stock-Based Compensation | N/A | $322K | N/A | N/A | N/A | $0-100.0% | N/A | N/A |
| Investing Cash Flow | -$11.5M-472.3% | -$14.5M-700.1% | -$10.9M-2933.5% | -$7.3M-231.0% | -$2.0M+2.0% | -$1.8M+30.7% | $384K+113.6% | -$2.2M-179.8% |
| Financing Cash Flow | -$2K-100.0% | $56.4M+479.3% | $2.0M-42.8% | $29.1M+302.4% | $21.5M+482.4% | $9.7M+210.7% | $3.5M-37.1% | $7.2M+100.7% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
LODE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -328.4% | -91.3%-78.5pp | -60.8%-132.5pp | -499.9% | -139.7% | -12.8%-112.9pp | 71.7% | 100.0% |
| Operating Margin | -9872.8% | -2852.9% | -3533.6% | -18889.3% | -2258.0% | -895.7% | -990.6% | -2447.0% |
| Net Margin | -9335.1% | -2993.5% | -3568.2% | -23832.4% | -2305.1% | -1157.3% | -1432.1% | -2690.2% |
| Return on Equity | -18.5%-9.7pp | -6.0%+9.3pp | -12.4%+25.9pp | -10.9%+11.1pp | -8.8%+2.7pp | -15.3%-5.9pp | -38.3%-50.2pp | -22.0%-40.8pp |
| Return on Assets | -13.2%-7.9pp | -4.3%+1.1pp | -7.9%+17.2pp | -7.3%+7.1pp | -5.3%+4.2pp | -5.4%+2.2pp | -25.1%-33.8pp | -14.4%-26.0pp |
| Current Ratio | 3.20+1.7x | 4.51+2.1x | 2.06+0.5x | 2.54+0.1x | 1.50-0.6x | 2.40+0.9x | 1.550.0x | 2.45-0.2x |
| Debt-to-Equity | 0.39+0.3x | 0.37+0.1x | 0.00-0.1x | 0.00-0.2x | 0.090.0x | 0.23+0.1x | 0.14+0.1x | 0.16+0.1x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.020.0x | 0.010.0x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Comstock Inc. LODE | FY2025 | $1.6M | -$43.2M | N/A | $214.3M | 55/100 |
| Platinum Group PLG | FY2025 | N/A | -$4.5M | N/A | $186.7M | — |
| Vox Royalty VOXR | FY2025 | $12.0M | $5.9M | 48.9% | $398.9M | 13/100 |
| Piedmont Lithium Inc PLL | FY2024 | $99.9M | -$64.8M | -64.8% | $159.1M | 49/100 |
| U.S. Goldmining Inc. USGO | FY2025 | N/A | -$7.0M | N/A | $115.9M | — |
| Largo Inc LGO | FY2025 | $109.9M | -$68.7M | -62.5% | $70.6M | 9/100 |
Where Comstock Inc. Ranks
Frequently Asked Questions
What is Comstock Inc.'s annual revenue?
Comstock Inc. (LODE) reported $1.6M in total revenue for fiscal year 2025. This represents a -48.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Comstock Inc.'s revenue growing?
Comstock Inc. (LODE) revenue declined by 48.5% year-over-year, from $3.0M to $1.6M in fiscal year 2025.
Is Comstock Inc. profitable?
No, Comstock Inc. (LODE) reported a net income of -$43.2M in fiscal year 2025.
What is Comstock Inc.'s EBITDA?
Comstock Inc. (LODE) had EBITDA of -$34.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Comstock Inc. have?
As of fiscal year 2025, Comstock Inc. (LODE) had $17.0M in cash and equivalents against $0 in long-term debt.
What is Comstock Inc.'s gross margin?
Comstock Inc. (LODE) had a gross margin of -69.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Comstock Inc.'s return on equity (ROE)?
Comstock Inc. (LODE) has a return on equity of -40.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Comstock Inc.'s operating cash flow?
Comstock Inc. (LODE) recorded an outflow of $24.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Comstock Inc.'s total assets?
Comstock Inc. (LODE) had $169.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Comstock Inc. spend on research and development?
Comstock Inc. (LODE) invested $12.3M in research and development during fiscal year 2025.
What is Comstock Inc.'s current ratio?
Comstock Inc. (LODE) had a current ratio of 2.06 as of fiscal year 2025, which is generally considered healthy.
What is Comstock Inc.'s debt-to-equity ratio?
Comstock Inc. (LODE) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Comstock Inc.'s return on assets (ROA)?
Comstock Inc. (LODE) had a return on assets of -25.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Comstock Inc.'s P/E ratio?
Comstock Inc. (LODE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $214.3M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Comstock Inc.'s price-to-sales ratio?
Comstock Inc. (LODE) trades at 211x sales, its market capitalization divided by revenue of $1.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $214.3M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Comstock Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Comstock Inc. (LODE) held $56.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $24.4M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Comstock Inc.'s Altman Z-Score?
Comstock Inc. (LODE) has an Altman Z-Score of -1.59, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Comstock Inc.'s Piotroski F-Score?
Comstock Inc. (LODE) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Comstock Inc.'s earnings high quality?
Comstock Inc. (LODE) reported a net loss of $43.2M while operations used $24.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Comstock Inc. cover its interest payments?
Comstock Inc. (LODE) reported an operating loss of $38.1M against $1.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Comstock Inc.?
Comstock Inc. (LODE) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.