Comstock Financials
This page shows Comstock (LODE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 operating model remains financing-driven, with R&D and overhead far larger than commercial revenue despite a stronger FY2025 cash cushion.
FY2025’s bigger cash balance did not reflect a healthier engine: cash reached$16.95M even as operating cash flow fell to-$24.39M . Financing inflows of$62.36M and a share count that more than doubled from FY2024 indicate the company extended its development runway with external capital rather than with customer-funded operations.
This is still a development-stage cost structure, not an operating business at scale: FY2025 research and development of
The balance sheet became less debt-funded but more equity-funded: long-term debt fell from
Financial Health Signals
Scored against operating 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'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 has an operating margin of -2455.2%, meaning the company retains $-2455 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is down from -1315.2% the prior year.
Comstock's revenue declined 48.5% year-over-year, from $3.0M to $1.6M. This contraction results in a growth score of 66/100.
Comstock carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Comstock's current ratio of 2.06 indicates adequate short-term liquidity, earning a score of 59/100. The company can meet its near-term obligations, though with limited headroom.
Comstock generates a -40.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from -89.3% the prior year.
Comstock scores -1.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($236.1M) 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 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.
For every $1 of reported earnings, Comstock generates $0.56 in operating cash flow (-$24.4M OCF vs -$43.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Comstock earns $-19.8 in operating income for every $1 of interest expense (-$38.1M vs $1.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Comstock generated $1.6M in revenue in fiscal year 2025. This represents a decrease of 48.5% from the prior year.
Comstock's EBITDA was -$34.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.3% from the prior year.
Comstock reported -$43.2M in net income in fiscal year 2025. This represents an increase of 19.2% from the prior year.
Comstock earned $-1.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 63.6% from the prior year.
Cash & Balance Sheet
Comstock held $17.0M in cash against $0 in long-term debt as of fiscal year 2025.
Comstock had 52M shares outstanding in fiscal year 2025. This represents an increase of 120.6% from the prior year.
Margins & Returns
Comstock's gross margin was -69.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 154.1 percentage points from the prior year.
Comstock's operating margin was -2455.2% in fiscal year 2025, reflecting core business profitability. This is down 1140.1 percentage points from the prior year.
Comstock's net profit margin was -2778.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1007.6 percentage points from the prior year.
Comstock's ROE was -40.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 49.2 percentage points from the prior year.
Capital Allocation
Comstock invested $12.3M in research and development in fiscal year 2025. This represents a decrease of 35.5% from the prior year.
LODE Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $273K-13.0% | $313K-16.3% | $374K+592.2% | $54K-84.1% | $340K-56.8% | $786K-50.9% | $1.6M+187.4% | $556K |
| Cost of Revenue | $1.2M+94.9% | $600K-0.3% | $602K+85.5% | $324K-60.1% | $814K-8.2% | $887K+96.2% | $452K | $0 |
| Gross Profit | -$896K-212.9% | -$286K-25.9% | -$227K+15.9% | -$270K+43.0% | -$474K-369.8% | -$101K-108.8% | $1.1M+106.2% | $556K |
| R&D Expenses | $2.3M+9.0% | $2.1M-55.1% | $4.7M+109.2% | $2.2M+5.1% | $2.1M-35.8% | $3.3M-76.8% | $14.2M+887.1% | $1.4M |
| SG&A Expenses | $7.3M+11.9% | $6.6M-1.5% | $6.7M+9.1% | $6.1M+31.8% | $4.6M+42.2% | $3.3M+1.6% | $3.2M+0.9% | $3.2M |
| Operating Income | -$26.9M-201.2% | -$8.9M+32.4% | -$13.2M-29.5% | -$10.2M-33.2% | -$7.7M-8.9% | -$7.0M+55.6% | -$15.8M-16.3% | -$13.6M |
| Interest Expense | $222K+50.3% | $148K-6.6% | $159K-52.8% | $336K-56.6% | $774K+17.4% | $659K-2.1% | $673K-3.4% | $697K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$25.5M-171.4% | -$9.4M+29.8% | -$13.4M-3.6% | -$12.9M-64.7% | -$7.8M+13.9% | -$9.1M+60.3% | -$22.9M-53.0% | -$15.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $-0.08 |
LODE Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $193.5M-11.3% | $218.1M+28.6% | $169.6M-3.8% | $176.3M+18.9% | $148.2M-12.6% | $169.6M+85.7% | $91.3M-11.9% | $103.7M |
| Current Assets | $58.1M-24.5% | $77.0M+272.6% | $20.7M-41.2% | $35.1M+52.8% | $23.0M+11.3% | $20.7M+64.5% | $12.6M-58.0% | $29.9M |
| Cash & Equivalents | $31.4M-40.7% | $53.0M+212.5% | $17.0M-46.5% | $31.7M+70.6% | $18.6M+9.7% | $17.0M+1676.4% | $954K-30.0% | $1.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.3M+330.2% | $312K-75.8% | $1.3M-28.6% | $1.8M-44.0% | $3.2M+150.2% | $1.3M-46.8% | $2.4M | N/A |
| Goodwill | $1.5M0.0% | $1.5M0.0% | $1.5M | N/A | N/A | $1.5M | $0 | N/A |
| Total Liabilities | $52.9M-9.4% | $58.4M-0.6% | $58.7M+7.5% | $54.6M-3.1% | $56.4M-48.8% | $110.1M+248.9% | $31.5M-11.5% | $35.6M |
| Current Liabilities | $18.2M+6.5% | $17.1M+70.3% | $10.0M-27.4% | $13.8M-10.1% | $15.4M+78.2% | $8.6M+6.3% | $8.1M-33.5% | $12.2M |
| Long-Term Debt | N/A | N/A | $0 | $0-100.0% | $8.4M-39.7% | $13.9M+65.7% | $8.4M-20.9% | $10.6M |
| Total Equity | $137.3M-12.2% | $156.4M+45.4% | $107.6M-9.1% | $118.4M+33.7% | $88.6M+48.7% | $59.5M-0.4% | $59.8M-12.1% | $68.0M |
| Retained Earnings | -$413.6M-6.6% | -$388.1M-2.5% | -$378.7M-3.6% | -$365.5M-3.7% | -$352.6M-2.3% | -$344.7M-2.7% | -$335.7M-7.3% | -$312.8M |
LODE Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.1M-73.5% | -$5.8M+1.3% | -$5.9M+32.2% | -$8.7M-80.8% | -$4.8M+2.9% | -$5.0M-14.7% | -$4.3M-14.2% | -$3.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$11.5M+21.1% | -$14.5M-33.6% | -$10.9M-49.5% | -$7.3M-263.5% | -$2.0M-10.2% | -$1.8M-573.1% | $384K+117.5% | -$2.2M |
| Financing Cash Flow | -$2K-100.0% | $56.4M+2692.7% | $2.0M-93.1% | $29.1M+35.4% | $21.5M+120.9% | $9.7M+175.5% | $3.5M-51.2% | $7.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LODE Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -328.4%-237.1pp | -91.3%-30.6pp | -60.8%+439.1pp | -499.9%-360.1pp | -139.7%-126.9pp | -12.8%-84.6pp | 71.7%-28.3pp | 100.0% |
| Operating Margin | -9872.8%-7019.9pp | -2852.9%+680.7pp | -3533.6%+15355.7pp | -18889.3%-16631.3pp | -2258.0%-1362.2pp | -895.7%+94.9pp | -990.6%+1456.4pp | -2447.0% |
| Net Margin | -9335.1%-6341.6pp | -2993.5%+574.6pp | -3568.2%+20264.3pp | -23832.4%-21527.3pp | -2305.1%-1147.9pp | -1157.3%+274.9pp | -1432.1%+1258.1pp | -2690.2% |
| Return on Equity | -18.5%-12.5pp | -6.0%+6.4pp | -12.4%-1.5pp | -10.9%-2.0pp | -8.8%+6.4pp | -15.3%+23.0pp | -38.3%-16.3pp | -22.0% |
| Return on Assets | -13.2%-8.9pp | -4.3%+3.6pp | -7.9%-0.6pp | -7.3%-2.0pp | -5.3%+0.1pp | -5.4%+19.7pp | -25.1%-10.7pp | -14.4% |
| Current Ratio | 3.20-1.3 | 4.51+2.4 | 2.06-0.5 | 2.54+1.0 | 1.50-0.9 | 2.40+0.8 | 1.55-0.9 | 2.45 |
| Debt-to-Equity | 0.39+0.0 | 0.37+0.4 | 0.000.0 | 0.00-0.1 | 0.09-0.1 | 0.23+0.1 | 0.14-0.0 | 0.16 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Comstock's annual revenue?
Comstock (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's revenue growing?
Comstock (LODE) revenue declined by 48.5% year-over-year, from $3.0M to $1.6M in fiscal year 2025.
Is Comstock profitable?
No, Comstock (LODE) reported a net income of -$43.2M in fiscal year 2025, with a net profit margin of -2778.2%.
What is Comstock's EBITDA?
Comstock (LODE) had EBITDA of -$34.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Comstock have?
As of fiscal year 2025, Comstock (LODE) had $17.0M in cash and equivalents against $0 in long-term debt.
What is Comstock's gross margin?
Comstock (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's operating margin?
Comstock (LODE) had an operating margin of -2455.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Comstock's net profit margin?
Comstock (LODE) had a net profit margin of -2778.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Comstock's return on equity (ROE)?
Comstock (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's operating cash flow?
Comstock (LODE) generated -$24.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Comstock's total assets?
Comstock (LODE) had $169.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Comstock spend on research and development?
Comstock (LODE) invested $12.3M in research and development during fiscal year 2025.
What is Comstock's current ratio?
Comstock (LODE) had a current ratio of 2.06 as of fiscal year 2025, which is generally considered healthy.
What is Comstock's debt-to-equity ratio?
Comstock (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's return on assets (ROA)?
Comstock (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's cash runway?
Based on fiscal year 2025 data, Comstock (LODE) had $17.0M in cash against an annual operating cash burn of $24.4M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Comstock's Altman Z-Score?
Comstock (LODE) has an Altman Z-Score of -1.37, 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's Piotroski F-Score?
Comstock (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's earnings high quality?
Comstock (LODE) has an earnings quality ratio of 0.56x, considered low quality (accrual-driven). 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 cover its interest payments?
Comstock (LODE) has an interest coverage ratio of -19.8x, meaning it can struggle to cover its interest obligations. 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?
Comstock (LODE) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.