Comstock Mining (LODE) AI Stock Analysis

• Market Cap: $151.23M
• Dividend Yield: N/A
• Average Volume (3M): 1.76M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.34
• Revenue Growth: 48.99%
• EPS Growth: -47.78%
• Country: US
• Employees: 46
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Real Estate - Services
• EPS (TTM): -0.31
• Shares Outstanding: 51,264,248
• 10 Day Avg. Volume: 2,857,402
• 30 Day Avg. Volume: 1,761,769
• PEG Ratio: <0.01
• Price to Book (P/B): 2.23
• Price to Sales (P/S): 44.12
• P/FCF Ratio: -8.95
• Enterprise Value/Market Cap: 0.67
• Enterprise Value/Revenue: 36.72
• Enterprise Value/Gross Profit: -69.10
• Enterprise Value/Ebitda: -2.16
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $3.00 ▼(-7.41% Downside)

Overall score is held down primarily by weak financial performance (losses, declining TTM revenue, and negative operating/free cash flow) and a bearish technical trend (price below key moving averages with negative MACD). Offsetting factors include improved balance sheet positioning and liquidity from the earnings-call capital raise/debt elimination and subsequent positive financing events, but execution and profitability risks remain the key overhang.

Positive Factors

Strengthened liquidity from equity raise and cash balance

A net $31.8M equity raise and $31.7M cash balance materially extend the company’s runway, enabling funding of capital projects and working capital needs without immediate market stress. This durable liquidity buffer supports project commissioning and reduces short-term funding risk over the next several quarters.

Debt elimination improving balance sheet flexibility

Removing $8.5M of prior debt eliminates interest expense and covenant pressure, improving cash flow retention and credit optionality. A debt-free position materially lowers default risk and provides management flexibility to allocate cash to growth initiatives and capital projects over the medium term.

Diversification into R2v3 solar panel recycling

Building an industrial-scale, certified solar recycling business diversifies revenue beyond cyclical mining. If commissioned as planned, it creates recurring processing income, leverages sustainability trends and regulatory tailwinds, and can lower revenue volatility relative to precious-metal price cycles over coming quarters.

Negative Factors

Deeply negative margins and shrinking revenue

A gross loss and deeply negative net margin indicate costs materially exceed sales in core operations, undermining the earning power of the business. Coupled with a 15% TTM revenue decline, these trends suggest structural operational inefficiencies or low-yield assets that must be fixed to achieve sustainable profitability.

Persistent negative operating and free cash flow

Ongoing negative operating and free cash flow constrain the company’s ability to self-fund capex and working capital, forcing external financing for growth. Even with improving FCF growth, persistent cash deficits raise execution risk and pressure liquidity if project timelines or revenue recovery slip.

Continued reliance on equity offerings to fund expansion

Repeated use of equity offerings to finance capital needs signals limited internal cash generation and dependence on capital markets. This creates dilution risk, ties project execution to external funding availability, and can limit long-term shareholder value if the company cannot transition to internally funded operations.

Comstock Mining Business Overview & Revenue Model

Company Description

Comstock Inc. engages in the exploration, development, and production of mineral properties in Nevada. The company explores for gold, silver, lithium, nickel, cobalt, and mercury ores. It operates in two segments, Mining and Real Estate. The Mining segment owns and controls approximately 9,358 acres of mining claims and parcels, including approximately 2,396 acres of patented claims and surface parcels; and approximately 6,962 acres of unpatented mining claims in the Comstock and Silver City districts, as well as focuses on exploring and developing properties in the Lucerne and Dayton resource areas; and Occidental and Gold Hill mineral properties. The Real Estate segment comprises land and real estate rental properties, as well as the Gold Hill Hotel and Daney Ranch properties. It has collaboration agreements with Oro Industries Inc. and Mercury Clean Up, LLC for the manufacture and deployment of mercury remediation systems with proprietary mechanical, hydro, electro-chemical, and oxidation processes to reclaim and remediate mercury from soils, waste, and tailings. The company was formerly known as Comstock Mining Inc. and changed its name to Comstock Inc. in May 2022. Comstock Inc. was incorporated in 2008 and is based in Virginia City, Nevada.

How the Company Makes Money

Comstock Mining generates revenue primarily through the sale of gold and silver extracted from its mining operations. The company employs a revenue model that includes direct sales of precious metals to refineries and bullion dealers. Key revenue streams come from the production of metals from its mining properties, particularly through milling and processing operations that enhance the value of the ore. Additionally, Comstock Mining may engage in strategic partnerships with other mining and exploration companies, which can provide access to additional resources or shared technology. Factors contributing to its earnings include fluctuations in precious metal prices, operational efficiency, and the success of ongoing exploration efforts to expand its mineral reserves.

Comstock Mining Financial Statement Overview

Summary

Weak profitability and operating performance: negative gross margin (-72.45%), deeply negative net margin (-18.94%), and revenue down 15.31% TTM. Balance sheet leverage is manageable (D/E 0.24) with a solid equity ratio (67.15%), but returns remain poor (ROE -64.52%). Cash flow is still negative, though free cash flow growth improved (25.96%) and FCF-to-net-income is positive (1.09).

Income Statement

Comstock Mining's income statement reveals significant challenges. The TTM data shows a negative gross profit margin of -72.45%, indicating that the cost of goods sold exceeds revenue. The net profit margin is deeply negative at -18.94%, reflecting substantial losses. Revenue has also declined by 15.31% in the TTM period, signaling a downturn in sales. Despite these issues, there was a positive revenue growth rate in 2023, suggesting some potential for recovery.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.24 in the TTM period, indicating manageable leverage. However, the return on equity is negative at -64.52%, highlighting inefficiencies in generating returns for shareholders. The equity ratio stands at 67.15%, suggesting a strong equity base relative to total assets, which provides some stability.

Cash Flow

Cash flow analysis indicates challenges, with a negative operating cash flow and free cash flow in the TTM period. However, the free cash flow to net income ratio is positive at 1.09, suggesting that the company is generating cash relative to its net losses. The free cash flow growth rate of 25.96% in the TTM period shows improvement, but the overall cash flow position remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.78M	3.02M	1.27M	178.15K	862.16K	201.70K
Gross Profit	-1.48M	2.56M	1.27M	178.15K	590.08K	149.81K
EBITDA	-47.20M	-47.72M	15.07M	-41.76M	-28.81M	16.58M
Net Income	-52.63M	-53.32M	9.16M	-45.95M	-24.58M	14.93M
Balance Sheet
Total Assets	176.29M	91.31M	106.47M	100.05M	126.95M	43.12M
Cash, Cash Equivalents and Short-Term Investments	31.71M	954.27K	22.70M	2.52M	6.84M	6.68M
Total Debt	27.67M	13.80M	10.93M	8.73M	17.53M	3.61M
Total Liabilities	54.60M	31.54M	28.19M	43.69M	33.98M	11.34M
Stockholders Equity	118.39M	59.77M	78.28M	53.60M	89.57M	31.78M
Cash Flow
Free Cash Flow	-30.20M	-14.88M	-15.64M	-15.30M	-7.57M	-3.90M
Operating Cash Flow	-22.81M	-13.94M	-13.63M	-12.11M	-7.49M	-3.76M
Investing Cash Flow	-10.71M	-6.48M	3.63M	-3.73M	-16.10M	3.21M
Financing Cash Flow	63.87M	17.59M	11.26M	12.45M	27.07M	1.97M

Comstock Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LODE, the sentiment is Negative. The current price of 3.24 is below the 20-day moving average (MA) of 3.83, below the 50-day MA of 3.65, and above the 200-day MA of 3.23, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 34.96 is Neutral, neither overbought nor oversold. The STOCH value of 8.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LODE.

Comstock Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TCI	53 Neutral	$459.78M	81.83	0.67%	―	0.13%	75.97%
LODE	47 Neutral	$151.23M	-1.54	-56.48%	―	48.99%	-47.78%
GBR	44 Neutral	$4.12M	-53.47	-1.70%	―	4.08%	-102.70%

Comstock Mining Corporate Events

Comstock Mining Completes Public Offering to Fund Expansion

On January 28, 2026, Comstock Inc. entered into an underwriting agreement with Titan Partners Group LLC for an underwritten public offering of 18,181,819 shares of common stock, with a 30‑day option for the underwriter to purchase up to an additional 2,727,272 shares to cover over‑allotments, and agreed to issue underwriter warrants equal to 7% of the total shares sold, exercisable from 180 days after signing for five years at $3.1625 per share. The offering, made off an effective shelf registration statement, closed on January 30, 2026 and generated approximately $50 million in gross proceeds, which Comstock plans to deploy primarily toward capital expenditures for Comstock Metals LLC’s second industry-scale facility, development of refining processes and solutions, accelerated site selection and metals market growth, while the company and its directors and executives are subject to a 30‑day lock‑up on share sales, underscoring a near-term focus on funding expansion of its clean metals operations.

The most recent analyst rating on (LODE) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Comstock Mining stock, see the LODE Stock Forecast page.

Comstock Mining Completes Nevada Royalty Sale, Boosts Liquidity

On January 21, 2026, Comstock Inc. announced it had completed the sale of its remaining 1.5% net smelter returns royalty on certain northern Nevada mining claims to Mackay Precious Metals Inc. for a total of $1.1 million in cash, receiving the final $1 million payment on January 20, 2026. The deal lifts total cash proceeds from the disposition of those claims, related leasehold interests and associated royalties to more than $4 million, and, combined with approximately $3.8 million in lease payments and reimbursements received from Mackay since June 30, 2023, and an additional 240 acres of mineral properties in Lyon County obtained at no extra cost, brings Comstock’s aggregate consideration from the Mackay transactions to nearly $8 million, bolstering its liquidity as it evaluates options to advance its Dayton and Lucerne mineral resources.

The most recent analyst rating on (LODE) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Comstock Mining stock, see the LODE Stock Forecast page.

Comstock Mining Grants Stock to Align Director Incentives

On January 5, 2026, Comstock Inc. granted a total of 463,721 common shares to its non-employee directors as compensation for annual director services covering the period from January 1, 2022 through March 31, 2026, under its shareholder-approved equity incentive plans. All non-employee directors chose to receive all previously earned and accrued compensation for these past service years in common stock and agreed to higher share ownership guidelines, signaling an increased alignment of board incentives with shareholders, while the company also shifted to paying this stock-based director compensation on a quarterly basis going forward.

The most recent analyst rating on (LODE) stock is a Buy with a $6.75 price target. To see the full list of analyst forecasts on Comstock Mining stock, see the LODE Stock Forecast page.

Comstock Mining’s Investee Acquires Hexas Biomass

On December 8, 2025, Comstock Inc. announced that its strategic investee, Bioleum Corporation, acquired Hexas Biomass Inc. for approximately $6.5 million. This acquisition includes Hexas’ intellectual properties and aims to enhance Bioleum’s refining platform by integrating Hexas’ high-yield purpose-grown crops, which can produce significantly more biofuel per acre than traditional crops. The acquisition is expected to boost domestic energy independence and expand rural economies by transforming marginal lands into productive biomass farms, thereby reducing variability and risk for renewable fuel projects.

The most recent analyst rating on (LODE) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Comstock Mining stock, see the LODE Stock Forecast page.

Comstock Mining’s Investee Bioleum Acquires Key Assets

On December 3, 2025, Comstock Inc. announced that its strategic investee, Bioleum Corporation, acquired most of RenFuel K2B IPCO AB’s assets, including patents and intellectual property, for $18.1 million. This acquisition aims to enhance Bioleum’s capabilities in converting woody biomass into renewable alternatives to petroleum, potentially accelerating the commercialization of these technologies globally and impacting the renewable energy industry.

The most recent analyst rating on (LODE) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Comstock Mining stock, see the LODE Stock Forecast page.