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Comstock Mining
(NYSE MKT:LODE)
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Rating:44Neutral
Price Target:
$3.00
▲(0.00% Upside)
Action:Reiterated
Date:07/25/26
The score is held down primarily by weak financial performance (very large losses relative to revenue and sustained negative free cash flow). Technicals also remain bearish with the stock trading below all major moving averages. Offsetting these risks, the latest earnings call indicated improved liquidity from the equity raise, lower interest burden, and progress toward commissioning and scaling a facility with defined profitability targets; valuation support is limited given negative earnings and no dividend data.
Positive Factors
Strong recapitalization and cash runway
A completed oversubscribed $57.5M equity raise leaving ~ $53M cash materially extends runway, removes legacy interest burden, and funds commissioning and initial commercial runs. This durable liquidity reduces near-term refinancing risk and enables capital deployment toward scale and R&D investments.
Negative Factors
Sustained negative cash flow
Persistent, large negative operating and free cash flows indicate the business consumes cash even as it scales. Over months this erodes equity and elevates reliance on capital markets or asset sales; if commercialization faces delays, additional fundraising or spending cuts will likely be required, pressuring strategic plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recapitalization and cash runway
A completed oversubscribed $57.5M equity raise leaving ~ $53M cash materially extends runway, removes legacy interest burden, and funds commissioning and initial commercial runs. This durable liquidity reduces near-term refinancing risk and enables capital deployment toward scale and R&D investments.
Read all positive factors
Comstock Mining (LODE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$208.22M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)―
Beta (1Y)1.31
Revenue Growth-69.07%
EPS Growth56.69%
CountryUS
Employees45
SectorBasic Materials
Sector Strength58
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-1.05
Shares Outstanding75,993,050
10 Day Avg. Volume1,368,863
30 Day Avg. Volume1,590,207
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.28
Price to Sales (P/S)88.83
P/FCF Ratio-3.99
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.41
Revenue Forecast (FY)$24.56M
Comstock Mining Business Overview & Revenue Model
Company Description
Comstock Inc., a company established in 2008 and based in Virginia City, Nevada, specializes in the exploration, development, and extraction of mineral resources across the state. Its exploration efforts are focused on discovering a diverse range ...
How the Company Makes Money
Public, consistently detailed breakdowns of Comstock Mining’s current, recurring revenue streams and unit economics are not available in the provided context; therefore a definitive description of exactly how the company presently makes money (e.g...
Comstock Mining Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call communicated strong progress on recapitalization, liquidity, completion and commissioning of the first industry-scale facility, solid customer engagement and concrete monetization plans (SSOF investment, sale of mining assets, powered land at Silver Springs). Management provided clear profitability thresholds (20% facility, 50% corporate) and outlined focused capital deployment toward metal recovery. Key risks discussed include ongoing net losses, higher operating and R&D spend, limited near-term feedstock visibility (3–5 months), execution/scale-up risk as the equipment ramps, and reliance on third-party monetization and Bioleum securing outside funding. On balance, the company appears positioned to execute the next stage of commercialization with meaningful liquidity and strategic optionality, while still facing execution and timing risks.Positive Updates
Successful Recapitalization and Strong Liquidity
Completed an oversubscribed equity financing of $57.5M in gross proceeds ($53.0M net after ~$4.5M of offering expenses, ≈7.8%). Cash balance at March 31, 2026 was just over $53M. Legacy debt largely eliminated and interest expense declined significantly year-over-year with no interest expense projected going forward.
Negative Updates
Net Loss and Increased Operating Expenses
Reported net loss of approximately $9.4M for the quarter (largely in line with prior year). Total operating expenses increased by approximately $1.7M in the quarter due to higher headcount supporting metals operations, increased facility costs (including Silver Springs), and higher professional, legal and commercialization spend.
Read all updates
Q1-2026 Updates
Positive
Negative
Successful Recapitalization and Strong Liquidity
Completed an oversubscribed equity financing of $57.5M in gross proceeds ($53.0M net after ~$4.5M of offering expenses, ≈7.8%). Cash balance at March 31, 2026 was just over $53M. Legacy debt largely eliminated and interest expense declined significantly year-over-year with no interest expense projected going forward.
Read all positive updates
Company Guidance
Management guided that Comstock is funded after an oversubscribed equity raise of $57.5M (≈$53M net) with cash of just over $53M at 3/31/26, has already deployed $14M toward its first industry‑scale facility (including $6.8M in Q1), and has spent roughly $11M on facility equipment plus ~$1.1M for power generation, ~$2.0M leasehold improvements (reimbursable), and ~$1.1M for storage; they plan ~ $1.5M more for glass/product upgrades (about half already spent) and an estimated $10M for a 1‑ton/day metal‑recovery pilot, while a second facility is estimated at $13M but won’t be purchased until the first is scaling; the plant is to be fully assembled by end‑May, operating in June and continuously by July, with the facility expected profitable at 20% utilization (≈2,000 tons/month) and the corporation profitable at 50% utilization, a shift from project‑based to throughput‑driven revenue with rising revenue/deferred revenue as commercialization proceeds; other metrics: Q1 operating expense rose ≈$1.7M, net loss ≈$9.4M, interest expense largely eliminated (no interest expense projected going forward), derivative impacts expected low-to‑zero, a $1.4M cash gain on royalty sales was recognized, $7.75M was invested in SSOF, and management expects to announce a definitive sale of remaining mining assets in Q3 that could cut cash spending by up to $1.5M annually.Comstock Mining Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
54
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01M | 1.55M | 3.02M | 1.27M | 178.15K | 862.16K |
| Gross Profit | -6.03M | -4.92M | 2.56M | 1.27M | 178.15K | 590.08K |
| EBITDA | -56.29M | -36.89M | -47.72M | 15.07M | -41.76M | -28.81M |
| Net Income | -61.01M | -43.08M | -53.32M | 9.16M | -45.95M | -24.58M |
Balance Sheet | ||||||
| Total Assets | 193.55M | 182.64M | 91.31M | 106.47M | 100.05M | 126.95M |
| Cash, Cash Equivalents and Short-Term Investments | 31.41M | 16.95M | 954.27K | 22.70M | 2.52M | 6.84M |
| Total Debt | 32.75M | 30.71M | 13.80M | 10.93M | 8.73M | 17.53M |
| Total Liabilities | 52.88M | 71.74M | 31.54M | 28.19M | 43.69M | 33.98M |
| Stockholders Equity | 137.35M | 107.58M | 59.77M | 78.28M | 53.60M | 89.57M |
Cash Flow | ||||||
| Free Cash Flow | -39.20M | -34.60M | -14.88M | -15.64M | -15.30M | -7.57M |
| Operating Cash Flow | -30.57M | -24.39M | -13.94M | -13.63M | -12.11M | -7.49M |
| Investing Cash Flow | -44.15M | -21.98M | -6.48M | 3.63M | -3.73M | -16.10M |
| Financing Cash Flow | 87.50M | 62.36M | 17.59M | 11.26M | 12.45M | 27.07M |
Comstock Mining Risk Analysis
Comstock Mining disclosed 88 risk factors in its most recent earnings report. Comstock Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Comstock Mining Peers Comparison
UnderperformOutperform
Sector (61)
LODE
Comstock Mining
2.74
-0.56
-16.97%
GYRO
Gyrodyne Company Of America
5.55
-5.10
-47.89%
MAYS
JW Mays
38.72
-0.03
-0.08%
GBR
New Concept Energy
0.67
-0.21
-24.32%
TCI
Transcontinental Realty Investors
40.79
-0.83
-1.99%
UK
Ucommune International
2.09
-8.06
-79.37%
Comstock Mining Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Comstock Advances Solar Recycling and Industrial Metals Pivot
Positive
Jul 24, 2026
Comstock Inc. reported its second-quarter 2026 results on July 23, highlighting near-complete commissioning of its first industry-scale solar recycling facility in northern Nevada, with integrated operations expected to begin continuous runs in Au...
Business Operations and StrategyM&A Transactions
Comstock Mining Divests Nevada Assets in Strategic Shift
Positive
Jun 24, 2026
On June 21, 2026, Comstock Inc. agreed to sell all of its mineral, mining, processing and related mining district real estate entities in Nevada, including four subsidiaries owning claims, town lots, processing facilities, permits and water rights...
Business Operations and StrategyExecutive/Board Changes
Comstock Mining approves performance-focused 2026 equity incentives
Positive
Jun 17, 2026
On June 15, 2026, Comstock Inc.’s Compensation Committee approved equity awards under its 2026 Equity Incentive Plan, granting a total of 1,961,986 performance stock units and 783,618 restricted stock units to certain employees and top execu...
Business Operations and StrategyRegulatory Filings and Compliance
Comstock Showcases Investor Outreach at Planet MicroCap Conference
Positive
Jun 17, 2026
On June 17, 2026, Comstock Inc. said it would participate in the Planet MicroCap Las Vegas 2026 conference at the Bellagio Resort Hotel, where Chief Executive Officer Corrado De Gasperis and Chief Financial Officer Judd Merrill planned to present...
Executive/Board ChangesShareholder Meetings
Comstock Mining Shareholders Back Board, Pay and Incentive Plan
Positive
Jun 1, 2026
On May 28, 2026, Comstock Inc. held its Annual General Meeting of Stockholders, with 49,067,531 of 74,099,140 eligible common shares represented, and shareholders elected all eight board nominees to serve until the 2027 meeting. Investors also rat...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Comstock Highlights Q1 Results, Transformation and Capital Raise
Positive
May 8, 2026
On May 7, 2026, Comstock Inc. reported its first‑quarter 2026 results and outlined a broader corporate transformation, highlighting an oversubscribed $57.5 million equity raise, expanded board, and strengthened liquidity, with cash of $53.0 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.