Comstock Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 1 new, 1 kept. The quarter’s numbers.

Key takeaways

Net loss of $0.8 million: The company reported a third-quarter net loss of $0.8 million, or $(0.01) per share. Source
Metals revenue rose 45.4%: Metals segment revenue was $341,751 in the third quarter, up 45.4% from $235,074 in the second quarter. Source
Recycling plant began continuous operations: The first industry-scale solar recycling facility at Silver Springs began continuous operations in late September, after commissioning. Source
First Certificates of Destruction issued: The company issued its first Certificates of Destruction from the new production facility, including to its top 5 key customer accounts. Source
Quarterly new billings up 131.1%: New billings from key accounts were $1.04 million in the quarter, against $0.45 million a year earlier. Source
Mining sale consideration $30.2 million: Total consideration received in the quarter was $30.2 million, including $20.0 million cash, 2 million Mackay shares and relief of net reclamation liabilities. Source
SSOF stake at 48.64%: Comstock owns 48.64% of SSOF, which holds over 2,200 acres of developable land in Silver Springs, Nevada, along with a leased facility, quarry, airport and water and energy rights. Source
Buyback to be funded from asset sales: Repurchases are expected to be funded from future non-core asset sales, the Mackay payment, Mackay and Green Li-ion share sales, and any SSOF transactions, without reducing growth capital. Source

“Comstock received cash from the sale of our mining assets, completed the commissioning of recycling operations, gradually began ramping up the Metals line while receiving greater inventories from major customers,”
Corrado De Gasperis, Comstock’s Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Solar recycling operating rate Source	fourth quarter of 2026	at least 25% of capacity, if not higher	Kept
Future facility capacity Source	future phased facilities	approximately 25,000 tons per year, scaling to approximately 100,000 tons
Mining sale proceeds Source	by December 21, 2027	$7.0 million
Revenue	second half of 2026	$5 million
Share repurchase Source	no end date stated	up to 15 million shares	New

What changed from last quarter

Ended: Legacy mining assets were sold on August 21, 2026. The previous release had expected the sale to close in August. Source
New: A share repurchase program of up to 15 million shares was authorized on November 2, 2026. Source
New: A strategic process for unlocking and monetizing SSOF was launched, with Newmark engaged. Source
New: Bioleum restructuring and cost reductions continued, with a Board-level strategic assessment of the business. Source
New: The second recycling production facility site was selected in Ohio. The previous release listed a southern Nevada site for the second facility and a central Ohio site for the third. Source

Results and Metals revenue

Net loss of $0.8 million: The company reported a third-quarter net loss of $0.8 million, or $(0.01) per share. Source
Metals revenue rose 45.4%: Metals segment revenue was $341,751 in the third quarter, up 45.4% from $235,074 in the second quarter. Source
Metals deferred revenue increased 18.3%: Metals segment deferred revenue was $4.55 million, up 18.3% from $3.85 million, reflecting billed recycling services not yet processed or recognized as revenue. Source

Solar recycling plant ramp

Recycling plant began continuous operations: The first industry-scale solar recycling facility at Silver Springs began continuous operations in late September, after commissioning. Source
First Certificates of Destruction issued: The company issued its first Certificates of Destruction from the new production facility, including to its top 5 key customer accounts. Source
Larger supply contracts secured: Larger supply contracts were secured while revenue ramped toward an initial run rate of 25% of rated capacity. Source
Glass upgrading system commissioned early: A first glass upgrading system was designed, built, integrated and commissioned in Silver Springs ahead of schedule. Source

“This represents three foundational milestones for us, including completion of full commissioning, demonstration of profitable unit economics, and a stable and reliable ramp up.”
Corrado De Gasperis, Comstock’s Chief Executive Officer

Billings and panel feedstock

Quarterly new billings up 131.1%: New billings from key accounts were $1.04 million in the quarter, against $0.45 million a year earlier. Source
Nine-month billings up 20.2%: Nine-month new billings were $3.30 million against $2.75 million, a 20.2% increase the release attributes to a growing mix of tipping fees from key accounts and customers. Source
Panel feedstock roughly 10,700 tons: Unprocessed panel feedstock on hand was about 10,700 tons at September 30, 2026, and more than doubled since the prior year end. Source

Metal recovery progress

Bench-scale silver recovery testing done: Bench-scale testing for the first phase of silver and other metal recovery was completed. Source
Recovery process ahead of plan: Management said the metals recovery process is ahead of its original plans. Source
Downstream recovery plant finalized: Design, procurement and testing of the downstream one-ton-per-day silver recovery process and plant were finalized. Source

“This represents one of our most critical milestones associated with the commencement of our recycling operations”
Dr. Fortunato Villamagna, President of Comstock Metals

Mining exit and Mackay sale

Mining sale consideration $30.2 million: Total consideration received in the quarter was $30.2 million, including $20.0 million cash, 2 million Mackay shares and relief of net reclamation liabilities. Source
$14.0 million gain recorded: The company recorded a $14.0 million gain on the sale of the remaining mining segment assets in the third quarter. Source
Mackay assumed reclamation obligations: Mackay also assumed all reclamation liabilities and associated surety bond obligations and related collateral. Source

SSOF land and monetization

SSOF stake at 48.64%: Comstock owns 48.64% of SSOF, which holds over 2,200 acres of developable land in Silver Springs, Nevada, along with a leased facility, quarry, airport and water and energy rights. Source
Newmark engaged on monetization: Newmark is facilitating exploration of SSOF monetization and development. Completion of any transaction is not guaranteed. Source
Land and energy access: The company describes SSOF land as positioned near established energy and data infrastructure, advanced manufacturing and computing centers. Source

Capital, cash and buyback

Cash of $43.5 million, no debt: Management reported $39.5 million unrestricted cash and $4.0 million restricted cash at quarter end, with no outstanding debt, totaling $43.5 million. Source
Buyback to be funded from asset sales: Repurchases are expected to be funded from future non-core asset sales, the Mackay payment, Mackay and Green Li-ion share sales, and any SSOF transactions, without reducing growth capital. Source
Board views share price below asset value: The Board authorized the program because it believes the current share price does not reflect the value of the company's assets, including cash, SSOF and the recycling platform. Source
Shares outstanding 76.1 million: Common shares outstanding were 76.0 million at September 30, 2026, and 76.1 million at November 4, 2026. Source

Customers and facility expansion

Supply agreements across four regions: Master Service Agreements were signed with multiple major utility and electronics-recycling aggregators across the Southwest, Midwest, Southeast and Texas. Source
Second facility equipment after stabilization: Equipment for the second facility will be ordered after the first plant stabilizes, with additional sites to follow as profitability is demonstrated. Source
Remaining 2026 objectives listed: Remaining 2026 objectives are securing larger, longer-term supply contracts, ordering second-facility equipment, and operating the one-ton-per-day pilot. Source

Coming up, as management said on 4 November 2026

Results webinar on November 4: Management planned a webinar on November 4, 2026 at 4:30 p.m. ET covering results, plant ramp-up, land monetization, liquidity and milestones. Source
Repurchases to occur from time to time: Repurchases may be made in the open market, in privately negotiated transactions or otherwise, at the Board's discretion, under Rule 10b-18. Source

Figures management reported

Figure	Reported
Unprocessed panel feedstock on hand Source	approximately 10,700 tons at September 30, 2026
Unprocessed panels on hand, change since prior quarter Source	2,271 tons, up 26.9% since June 30, 2026
Comstock Metals new billings, three months Source	$1.04 million
Comstock Metals new billings, nine months Source	$3.30 million
Metals segment revenue, Q3 2026 Source	$341,751
Metals segment deferred revenue Source	$4.55 million

Risks management discussed

Operational: Revenue growth depends on operating performance as production scales, the pace of repowering and replacement contracts, pricing and recovery economics. Source
External: Completion of any development partnership or transaction for SSOF is not guaranteed. Source
Financial: The share repurchase program may be modified, suspended or discontinued at any time, and does not obligate the company to buy any particular number of shares. Source

Earlier plans management reported on

Met: The previous release expected the legacy mining sale to close in August 2026. The release says the sale was completed on August 21, 2026. Source
Not stated: The company completed initial commissioning in August and began continuous operations as the final phase of commissioning in late September 2026. Source
Not stated: The previous release described operating at least 25% of rated capacity from August through year end. The third quarter release describes the 25% rate as a fourth-quarter ramp.
Ahead: The first glass upgrading system was commissioned ahead of schedule in Silver Springs. Source
Ahead: Management said the metals recovery process is ahead of its original plans. Source
On track: Management said it believes the company is on track to complete all its 2026 objectives. Source
On track: The SSOF process is progressing on schedule, though completion of any transaction is not guaranteed. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

COMSTOCK REPORTS THIRD QUARTER 2026 RESULTS

SOLAR RECYCLING UNDERWAY; MINE SALE GAIN; SSOF MONETIZATION; BUYBACK AUTHORIZED

RENO, NEVADA, November 4, 2026 - 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, or 45.4% from $235,074 in Q2 2026;
Increased Metals Segment deferred revenue in Q3 2026 to $4.55 million, or 18.3%, 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 $39.5 million in unrestricted cash and $4.0 million in restricted cash, with no outstanding debt. Comstock received cash from the sale of our mining assets, completed the commissioning of recycling operations, gradually began ramping up the Metals line while receiving greater inventories from major customers,” said Corrado De Gasperis, Comstock’s Chief Executive Officer. “We also launched the strategic process for unlocking and monetizing SSOF while authorizing a share repurchase program available for future use as Comstock’s financial position and liquidity evolve.”

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 $14.0 million during the third quarter, and divested all of Comstock’s legacy mining assets, liabilities and related costs.

Comstock received both the initial payment of $20.0 million in cash and the first tranche payment of two million shares of Mackay Gold & Silver Corporation (“Mackay”) common stock on August 21, 2026. Mackay is scheduled to pay Comstock an additional $7.0 million by December 21, 2027, with an option to pay up to $2.0 million of that payment in shares of Mackay common stock. Mackay also assumed all the reclamation liabilities and associated surety bond obligations and related collateral.

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 $3.30 million in new billings for the nine months ended September 30, 2026, as compared to $2.75 million for the nine months ended September 30, 2025, or a 20.2% increase reflecting a growing mix of tipping fees from our key accounts and customers. Comstock Metals billed $1.04 million in new billings for the three months ended September 30, 2026, as compared to $0.45 million for the three months ended September 30, 2025, or a 131.1% increase from key accounts.

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 131.1% as compared to December 31, 2025. Unprocessed panels on hand have increased by 2,271 tons of material since the prior quarter, representing an increase of 26.9% since June 30, 2026.

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 48.64% of SSOF which has amalgamated over 2,200 acres of developable land in Silver Springs, Nevada, in addition to a leased manufacturing facility, a leased quarry, the Silver Springs Regional Airport, significant water and sewer rights, and the rights to access significant energy infrastructure assets.

“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 $7.0 million Mackay payment, the sale of its Mackay and Green Li-ion shareholdings and/or any potential SSOF-related transactions without reducing the capital committed to Comstock Metals’ growth plan.

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 25% of our capacity, if not higher, during the fourth quarter,” concluded Mr. De Gasperis. “This represents three foundational milestones for us, including completion of full commissioning, demonstration of profitable unit economics, and a stable and reliable ramp up. Our same dedicated material science and engineering teams have made significant progress and now plan on operating our one-ton-per-day metal extraction pilot during the fourth quarter to validate higher-yielding silver extraction.”

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.

Forward-Looking Statements

Forward-looking statements notice

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.

Contacts
For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222 ir@comstockinc.com
Zach Spencer, Director of External Relations
Tel (775) 847-7573 media@comstockinc.com