Comstock Mining (LODE) AI Stock Analysis

• Market Cap: $189.17M
• Dividend Yield: N/A
• Average Volume (3M): 904.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.40
• 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: 995,806
• 30 Day Avg. Volume: 904,836
• 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: 0.75
• Enterprise Value/Revenue: 51.07
• Enterprise Value/Gross Profit: -96.11
• Enterprise Value/Ebitda: -3.01
• 1Y Price Target: $6.75
• Price Target Upside: 108.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.99
• Revenue Forecast (FY): $1.28M

• Rating: 50 Neutral
• Price Target: $3.00 ▼(-7.41% Downside)

Comstock Mining's overall stock score reflects significant financial challenges, including declining revenues and substantial losses. However, the company's recent strategic moves, such as debt elimination and advancements in renewable energy, provide a positive outlook for future growth. The technical analysis and valuation metrics remain mixed, with some signs of stability but ongoing concerns about profitability and cash generation.

Positive Factors

Debt Elimination

Eliminating debt strengthens financial stability, reducing interest expenses and enhancing the company's ability to invest in growth opportunities.

Advancements in Renewable Energy

This acquisition boosts Comstock's strategic position in renewable energy, supporting long-term growth through diversification and innovation in sustainable technologies.

Strong Cash Position

A robust cash position provides financial flexibility to fund operations, invest in new projects, and weather economic downturns, supporting long-term stability.

Negative Factors

Revenue Decline

Declining revenue impacts cash flow and profitability, challenging the company's ability to sustain operations and invest in future growth.

Negative Profit Margins

Sustained negative profit margins indicate operational inefficiencies and hinder the company's ability to generate shareholder value over the long term.

High SG&A and R&D Expenses

Rising expenses without corresponding revenue growth can pressure margins and limit the company's ability to invest in strategic initiatives.

Comstock Mining Business Overview & Revenue Model

Company Description

Comstock Mining Inc. (LODE) is a Nevada-based gold and silver mining company primarily focused on the exploration, development, and production of precious metals in the historic Comstock District of Virginia City, Nevada. The company operates in the mining sector and is dedicated to environmentally responsible mining practices while also exploring innovative technologies to enhance its operations. Its core products include gold and silver, which are extracted from its mining properties and processing facilities.

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

Comstock Mining faces significant financial challenges across its income statement, balance sheet, and cash flow. The company is experiencing declining revenues and substantial losses, although there are some signs of potential recovery in revenue growth. The balance sheet shows a stable equity position but poor returns on equity. Cash flow remains a concern, despite some improvement in free cash flow growth. Overall, the company needs to address its profitability and cash generation issues to improve its financial health.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LODE, the sentiment is Positive. The current price of 3.24 is below the 20-day moving average (MA) of 3.44, below the 50-day MA of 3.30, and above the 200-day MA of 3.03, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 58.58 is Neutral, neither overbought nor oversold. The STOCH value of 60.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$502.38M	89.41	0.67%	―	0.13%	75.97%
LODE	50 Neutral	$189.17M	-1.92	-56.48%	―	48.99%	-47.78%
GBR	40 Neutral	$4.14M	-53.73	-1.70%	―	4.08%	-102.70%

Comstock Mining Corporate Events

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.

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.

Comstock Mining Reports Strong Q3 2025 Results

On October 30, 2025, Comstock Inc. announced its third quarter 2025 results, highlighting significant financial and operational achievements. The company completed a $34.5 million equity raise, eliminated debt, and funded the launch of its solar panel recycling business. Comstock also advanced its mining operations and expanded its Bioleum Corporation, securing strategic investments and partnerships. These developments position Comstock for growth in the renewable energy and mining sectors, with implications for increased production capacity and market presence.