Comstock Inc
comstock.incWhat Do They Do?
Provides solar-panel removal and recycling services and sells recovered materials to customers, while developing biomass-conversion technology for renewable-fuel partners.
10-K for FY2025, filed Mar 24, 2026Our Metals Segment is administered by our wholly owned subsidiary, Comstock Metals LLC and facilitates solar panel recycling and materials…View ↗
Our Fuels Segment is administered by Bioleum, our majority-owned subsidiary, who develops and commercializes technologies that extract and…View ↗
Revenue from our Metals segment consists of decommissioning revenue, recycling revenue and off-take revenue. Decommissioning revenue is…View ↗
How Do They Make Money?
Decommissioning services are the largest revenue source: customers pay fees for panel removal, transportation and packaging when that work is completed. The company also charges for recycling, sells recovered materials when delivered, and collects rent under long-term leases.
10-K for FY2025, filed Mar 24, 2026Revenue from our Metals segment consists of decommissioning revenue, recycling revenue and off-take revenue. Decommissioning revenue is…View ↗
In 2025 and 2024, the Company’s initial revenues were recognized and were generated from the operation of the photovoltaic recycling plant.…View ↗
Recycling service revenue is deferred upon receipt of the photovoltaic panels from the customers and recognized upon completion of the…View ↗
For sale of offtake products, revenue is recognized when control of the goods has transferred, typically when the goods have been…View ↗
Real Estate Rental RevenuesView ↗
-
10-K for FY2025, filed Mar 24, 2026
FY2025 revenue by product or service ↗
$1.6M
-
10-K for FY2025, filed Mar 24, 2026
$1.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Mining and Real Estate
Recurring
10-K for FY2025, filed Mar 24, 2026 |
9.9% |
Mining and Real Estate, FY2025
$153.1K Sources
|
Recurring |
|
Recycling
Sold outright
10-K for FY2025, filed Mar 24, 2026 |
14% |
Recycling, FY2025
$216.1K Sources
|
Sold outright |
|
Decommissioning Services
Sold outright
10-K for FY2025, filed Mar 24, 2026 |
70% |
Decommissioning Services, FY2025
$1.1M Sources
|
Sold outright |
|
Off-take
Sold outright
|
6.6% |
Off-take, FY2025
$101.8K Sources
|
Sold outright |
Who Are Their Customers?
Solar-panel customers contract for removal and recycling services, and buyers purchase recovered by-products. Bioleum licenses selected technologies to partners and pursues feedstock and offtake agreements.
10-K for FY2025, filed Mar 24, 2026Revenue from our Metals segment consists of decommissioning revenue, recycling revenue and off-take revenue. Decommissioning revenue is…View ↗
Recycling service revenue is deferred upon receipt of the photovoltaic panels from the customers and recognized upon completion of the…View ↗
For sale of offtake products, revenue is recognized when control of the goods has transferred, typically when the goods have been…View ↗
Our Fuels Segment is administered by Bioleum, our majority-owned subsidiary, who develops and commercializes technologies that extract and…View ↗
Do Revenues Turn Into Profits?
No. It lost $43.1M in FY2025.
10-K for FY2025, filed Mar 24, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 23, 2026
−$25.5MView ↗
- ▲ +225% (Loss)
- vs −$7.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 23, 2026
Open tableView ↗
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Aug 24, 2026
Mackay completed its purchase of Comstock's mining and district real estate entities
The acquired entities include mineral, mining and processing businesses and mining-district-related real estate.
Sources
8-K, filed Aug 24, 2026
On August 24, 2026, Comstock Inc. announced it has closed the previously announced transaction under which Mackay Precious Metals Inc., a…View ↗
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Jun 24, 2026
Agreed to sell mining and mining-district real estate entities
The agreement excludes Comstock's Silver Springs real estate.
Sources
8-K, filed Jun 24, 2026
On June 21, 2026, Comstock Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Mackay…View ↗
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Jun 9, 2026
Changed independent auditor after Assure ceased operations
Sadler Gibb was appointed after Assure resigned; the company reported no accounting disagreements or reportable events.
Sources
8-K, filed Jun 9, 2026
As a result of the transaction, Assure has now ceased operations as a public accounting firm and resigned as the Company’s independent…View ↗
Growing. Revenue grew 80% in 4 years, from $862.2K in FY2021 to $1.6M in FY2025, about 16% a year.
From batteries to solar panels
The older report described lithium-ion battery recycling to produce black mass; the latest report centers its metals business on recycling end-of-life solar panels and recovering materials.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 24, 2026Our Electrification Metals technologies include a two-stage lithium-ion battery (“LIB”) recycling process designed to crush, separate, and…View ↗
Fuels move toward refinery operations
The older report planned to begin by licensing fuels technologies and offering engineering and project services; the latest describes a plan to build, own and operate refineries while continuing selected technology licensing.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 24, 2026Our renewable energy segment will develop technology for the deploying of extraction and refining facilities that convert wasted and unused…View ↗
Our Fuels Segment is administered by Bioleum, our majority-owned subsidiary, who develops and commercializes technologies that extract and…View ↗
Who Do They Compete With?
Competes with Sinclair, Phillips 66, Holly Frontier, Marathon, and Exxon
10-K for FY2025, filed Mar 24, 2026We also face the prospect that petroleum refiners will be increasingly competitive with our technology, either by converting oil refineries…View ↗
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