Comstock Reports Third Quarter 2026 Results
The quarterly loss included a $14.0 million mining-sale gain, while recycling billings continued to exceed recognized revenue.
Sentiment and the balance of points
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Rhea-AI Summary
Comstock (NYSE American: LODE) reported a third-quarter 2026 net loss of $0.8 million as its solar recycling facility began continuous operations. The loss was $0.01 per share and included a $14.0 million mining-sale gain. Quarter-end cash, cash equivalents and restricted cash totaled $43.5 million, with no outstanding debt.
The completed mining exit delivered $30.2 million in third-quarter consideration; another $7.0 million is scheduled by December 21, 2027. Metals revenue rose 45.4% from Q2 to $341,751, while deferred revenue reached $4.55 million. Comstock targets at least 25% recycling capacity during Q4 and selected Ohio for its second facility. SSOF engaged Newmark to explore monetization and development; Comstock owns 48.64% of the fund. The board authorized repurchases of up to 15 million shares, which the company expects to fund through future asset monetizations and the remaining Mackay payment.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointMining exit completed August 21, 2026, delivering $30.2 million in third-quarter consideration and transferring reclamation obligations. 29% of market cap
- Moderate point$43.5 million in cash, cash equivalents and restricted cash at quarter-end, with no outstanding debt.
- Moderate pointUp to 15 million shares authorized for repurchase on November 2, 2026.
- Moderate pointFirst solar recycling plant commissioned; continuous operations began in late September, with customer destruction certificates now issued.
- Moderate pointLarger supply contracts secured, alongside signed service agreements with multiple utility and electronics-recycling aggregators.
12 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.$7.0 million additional Mackay payment scheduled by December 21, 2027; up to $2.0 million payable in shares.
- Minor pointMetals Q3 revenue rose 45.4% from $235,074 in Q2 2026 to $341,751.
- Minor pointMetals deferred revenue rose 18.3% from $3.85 million at Q2 to $4.55 million in Q3.
- Minor pointQ3 Metals new billings rose 131.1% year over year, from $0.45 million to $1.04 million.
- Minor pointNine-month Metals new billings rose 20.2% year over year, from $2.75 million to $3.30 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.Q4 recycling target is operation at at least 25% of capacity.
- Minor pointGlass upgrading system commissioned ahead of schedule; the upgrading production line is operating.
- Minor point. Forward-looking: it has not happened yet and may not happen.Silver-recovery bench testing and pilot design completed; Comstock plans one-ton-per-day pilot operation during Q4.
- Minor pointOhio selected for second recycling facility, with permitting commenced.
- Minor point. Forward-looking: it has not happened yet and may not happen.Future facilities expected to start at approximately 25,000 tons annually, scaling to approximately 100,000 tons as demand grows.
- Minor pointSSOF engaged Newmark to explore monetization and development of its portfolio; Comstock owns 48.64%.
- Minor pointBioleum cost reductions continued, alongside restructuring and a board-level strategic assessment.
Negative
- Minor pointQ3 net loss of $0.8 million, or $0.01 per share, persisted despite a $14.0 million mining-sale gain.
- Minor point. Forward-looking: it has not happened yet and may not happen.Repurchase funding depends on future monetizations and the remaining Mackay payment under the company's expected funding plan.
- Minor point. Forward-looking: it has not happened yet and may not happen.Second-facility equipment ordering depends on first-plant stabilization; additional sites are planned as Metals demonstrates profitability.
- Minor point. Forward-looking: it has not happened yet and may not happen.Revenue growth depends on scaling performance, customer contracts, pricing and ultimate recovery economics.
News Explained
Although the board authorized the program, it does not require Comstock to buy shares; any repurchases are at the board’s discretion and become treasury stock, so this disclosure commits to no purchase.
Details
Market Reaction – LODE
On Nov 4, the day this news came out, the latest delayed price for LODE is 10.22% above the previous close. Argus tracked a peak move of +12.4% during the session. Our momentum scanner has recorded 11 alerts for this stock so far that day. The latest delayed price is $1.64. Relative volume is above average at 1.9x what this stock usually trades by this time of day.
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Key Figures
- Quarter-end cash
- $43.5 million
- Cash, cash equivalents, and restricted cash at the end of Q3 2026
- Mining asset sale consideration
- $30.2 million
- Total consideration received in Q3 2026
- Mining sale gain
- $14.0 million
- Gain recorded in Q3 2026
- Net loss
- $0.8 million; $(0.01) per share
- Q3 2026, including the mining sale gain
- Share repurchase authorization
- Up to 15 million shares
- Board-authorized program; repurchases are discretionary
- Additional Mackay payment
- $7.0 million
- Scheduled by December 21, 2027; up to $2.0 million may be paid in Mackay shares
- Metals Segment revenue
- $341,751; up 45.4%
- Q3 2026 compared with Q2 2026
- Metals Segment deferred revenue
- $4.55 million; up 18.3%
- Q3 2026 compared with $3.85 million at Q2 2026
Previous Earnings Reports
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Legacy mining monetization remained active, with definitive agreements expected in Q3.
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Solar recycling facility plans included 100,000 tons annually and commissioning targeted for Q1 2026.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
deferred revenue financial
surety bond financial
rule 10b-18 regulatory
treasury stock financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Solar Recycling Underway; Mine Sale Gain; SSOF Monetization; Buyback Authorized
RENO, Nev., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE American: LODE) (“Comstock,” “we,” “our,” and the “Company”), today announced its third quarter 2026 financial and business results, recent updates and outlook.
Selected Financial, Corporate & Business Segment Highlights for the Third Quarter of 2026
Financial Highlights
- Ended the quarter with cash, cash equivalents, and restricted cash of
$43.5 million ; - Sold the remaining mining segment assets for total consideration received in the third quarter of
$30.2 million , including cash receipt of$20.0 million , receipt of 2 million Mackay shares and relief of net reclamation liabilities; - Recorded a
$14.0 million gain associated with the sale of the remaining mining segment assets; - Increased Metals Segment revenue in Q3 2026 to
$341,751 , or45.4% from$235,074 in Q2 2026; - Increased Metals Segment deferred revenue in Q3 2026 to
$4.55 million , or18.3% , from$3.85 million at Q2 2026; - Continued Bioleum restructuring, cost reductions and Board-level strategic assessment of the business;
- Reported a Q3 2026 net loss of
$0.8 million , or$(0.01) per share, including the$14.0 million gain on the mining sale; - Authorized a share repurchase program of up to 15 million shares of the Company’s common stock, from time to time, at the discretion of the Board of Directors, on terms, conditions and liquidity favorable to the Company; and
- Common shares outstanding were 76.0 million at September 30, 2026, and 76.1 million shares at November 4, 2026.
“At quarter end, we held
Corporate and Legacy Mining Segment
On August 21, 2026, Comstock completed the sale of its remaining mining and mining-related entities, recorded a gain of
Comstock received both the initial payment of
Comstock Metals
“Our first industry-scale solar recycling facility began continuous operations in late September, and we are focused on consistent throughput and ramp up, crew proficiency, improving recovered-product quality and expanding customer deliveries,” said Dr. Fortunato Villamagna, President of Comstock Metals. “We have also concurrently designed and begun testing our first-of-a-kind metals recovery solution for the recovery of high-value silver, residual glass and other critical metals. That process is ahead of our original plans, and we expect the one-ton-per day pilot to be operating during the fourth quarter.”
- Commissioned our first solar panel recycling production plant at our flagship Silver Springs, Nevada facility;
- Designed, built, integrated, and commissioned our first glass upgrading system, ahead of schedule, in Silver Springs;
- Increased panel flow and total deferred revenue to
$4.55 million for billed recycling services (not yet processed or recognized as revenue) and commenced issuing Certificates of Destruction for major customers (recognizing revenue); - Completed bench-scale testing for the first phase of recovery of silver and other metals;
- Finalized the design, procurement and testing of our downstream one-ton-per day silver recovery process and plant;
- Secured larger supply contracts while continuing the revenue ramp to the initial run rate of
25% of rated capacity; and - Advanced site selection, design and preliminary permitting for our second recycling production facility.
“We have now issued our first Certificates of Destruction from the new production facility, including to our top 5 key customer accounts, said Dr. Villamagna. “This represents one of our most critical milestones associated with the commencement of our recycling operations and our ongoing ability to effectively certify the complete extinguishment of these environmental liabilities for our customers and to deliver on our commitment for true peace of mind.”
Comstock Metals billed
Unprocessed panel feedstocks on hand have more than doubled since the prior year end and represent approximately 10,700 tons of materials at September 30, 2026, or an increase of
Sierra Springs Opportunity Fund (SSOF)
SSOF’s land position is unique in the marketplace due to its location, connectivity, and proximity to established and expanding energy and data infrastructure, advanced manufacturing and computing centers and SSOF has engaged the Newmark Group Inc., and its subsidiaries (“Newmark,”) to preserve strategic flexibility and explore maximizing the value of the SSOF portfolio.
Comstock currently owns
“We have now added to and are further consolidating one of the most significant powered land positions for energy infrastructure, advanced manufacturing, data and computing platforms in Northern Nevada,” stated Mr. De Gasperis. “The Newmark team is directly facilitating our exploration of the monetization and development of SSOF and advancing our ultimate objective to maximize and monetize the value of those investments.”
While the completion of any development partnership or transaction is not guaranteed, the process is progressing on schedule.
Share Repurchase Program
On November 2, 2026, the Company’s Board of Directors authorized a share repurchase program (the “Program”) under which the Company may repurchase up to 15 million shares of its common stock. The Board authorized the Program because it believes the current share price does not reflect the value of the Company’s assets, including its cash, its interest in SSOF and its growing solar recycling platform. The Company expects to fund repurchases from the proceeds of future non-core asset sales, the remaining
Repurchases may be made from time to time in the open market, in privately negotiated transactions or otherwise, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The manner, timing, price and volume of repurchases will be determined by the Board, at its discretion, subject to market conditions, relevant securities laws and other factors. All common stock repurchased by the Company will become treasury stock. The Program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the number of shares to be repurchased, if any. The Program may be modified, suspended or discontinued at any time. Investors can access information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission at www.sec.gov.
Comstock Metals Outlook
Comstock Metals completed the initial commissioning of its first fully integrated industry-scale solar-recycling facility in August 2026 and began continuous operations as the final phase of commissioning in late September 2026.
The Company has completed the bench testing and design of its one-ton-per-day pilot-scale metal-recovery process and plant to recover the silver and other metals from the tailings generated in our recycling facilities and commenced pilot operations.
We have signed Master Service Agreements (“MSA”) with multiple major utility and electronics-recycling aggregators across the Southwest, Midwest, Southeast and Texas. Comstock Metals has selected an Ohio site for its second recycling production facility, with additional sites to follow as Comstock Metals demonstrates profitability. Future facilities are expected to be phased, starting at approximately 25,000 tons per year and scaling to approximately 100,000 tons as local demand grows.
Comstock Metals has completed the following objectives for 2026:
- Commissioned our first commercial plant with continuous operations;
- Selected the site for our second production facility and commenced permitting;
- Extended and operated an upgrading production line capable of making high specification glass materials; and
- Finalized the design for downstream metal recovery of the solar panel tailings.
Comstock Metals has the remaining objectives for 2026:
- Securing larger and longer-term supply contracts and continuing the solar recycling revenue and production ramp up;
- Ordering the industry-scale equipment for our second facility post stabilization of our first plant; and
- Operating a one-ton-per-day pilot that can recover silver and other metals.
We believe we are on track for completing all our 2026 objectives.
“Our first-of-a-kind solar recycling facility is up and running and we are currently ramping up to operate at a rate of at least
Future revenue growth will depend on our operating performance as we scale production, the pace of new and ongoing repowering and replacement customer contracts, pricing and ultimate recovery economics.
CONFERENCE CALL DETAILS
Comstock’s Chief Executive Officer, Corrado De Gasperis, and Chief Financial Officer, Judd Merrill, will discuss third quarter 2026 results, recycling plant ramp-up, strategic land monetization, liquidity and milestones on Wednesday, November 4, 2026.
We invite all investors and other interested parties to register for the webinar at the link below.
| Date: | Wednesday, November 4, 2026 |
| Time: | 4:30 p.m. ET |
| Register: | Webinar Registration |
The call includes a live presentation and a Q&A session.
You may submit your question(s) beforehand in the registration form (linked above) or by email at: ir@comstockinc.com.
About Comstock Inc.
Comstock Inc. (NYSE American: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, and other critical minerals, primarily from end-of-life photovoltaics and renewable fuels, chemicals and animal feedstocks, primarily derived from proprietary crops and other forms of woody biomass for energy. To learn more, please visit www.comstock.inc.
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com
For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances and business combinations; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings of equity or debt securities; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company or any other issuer.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Comstock's Q3 2026 financial results?
Comstock reported a $0.8 million net loss, or $0.01 per share, including a $14.0 million gain on its mining sale. Metals revenue was $341,751, up 45.4% from Q2 2026. Quarter-end cash, cash equivalents and restricted cash totaled $43.5 million, with no outstanding debt.
What does Comstock's Metals deferred revenue represent?
The $4.55 million deferred revenue represents billed recycling services for panels not yet processed or recognized as revenue. Unprocessed feedstocks totaled approximately 10,700 tons at September 30, 2026, up 131.1% from December 31, 2025, and 2,271 tons, or 26.9%, above June 30, 2026.
What assets are included in Comstock's SSOF investment?
SSOF holds over 2,200 acres of developable land in Silver Springs, Nevada, plus a leased manufacturing facility, a leased quarry and the Silver Springs Regional Airport. Its portfolio also includes water and sewer rights and rights to access energy infrastructure assets.