Core Insights - Comstock Resources, Inc. (CRK) reported third-quarter 2025 adjusted earnings of 9 cents per share, exceeding the Zacks Consensus Estimate of 4 cents, and improved from a loss of 17 cents in the prior year [1][9] - Total quarterly revenues reached $450 million, surpassing the Zacks Consensus Estimate of $401 million, and increased from $304.5 million in the previous year [1][9] - The strong performance was driven by higher average natural gas price realizations [1][9] Operational Performance - Total production averaged 111,837 million cubic feet equivalent (MMcfe), down from 133,198 MMcfe in the same quarter last year [2] - Natural gas production decreased to 111,770 million cubic feet (MMcf) from 133,116 MMcf a year ago [2] Price Realization - Average natural gas price realization (before hedging) was $2.75 per thousand cubic feet (Mcf), up from $1.90 per Mcf in the prior-year quarter [3] - Total price realization (before hedging) averaged $2.76 per thousand cubic feet equivalent (Mcfe), compared to $1.90 per Mcfe in the third quarter of 2024 [3] Costs & Expenses - Total production costs were $0.77 per Mcfe, unchanged year over year [4] - Lease operating expenses rose to 26 cents per Mcfe from 22 cents in the previous year [4] - Gathering and transportation expenses decreased to 36 cents from 41 cents per Mcfe [4] - Total operating expenses for the quarter were $399.6 million, up from $365.8 million a year ago [4] - Gas services expenses increased significantly to $141.7 million from $52.6 million in the third quarter of 2024 [4] Financials - Total exploration and development capital expenditures in the third quarter amounted to $267.1 million [6] - Operating cash flow for the third quarter was $190.3 million [6] Balance Sheet - As of September 30, 2025, Comstock Resources reported long-term debt of $3.13 billion and cash and cash equivalents of $19.2 million [5] Outlook - Comstock Resources anticipates total production in the fourth quarter to be between 1,200-1,300 million cubic feet equivalent per day (MMcfe/d) [7] - Lease operating expenses are expected to range from $0.25 to $0.29 per Mcfe, while gathering and transportation expenses are projected to be between $0.34 and $0.40 per Mcfe for the fourth quarter [7]

Core Insights - Comstock Resources (CRK) has enhanced its liquidity through divestitures amounting to $445 million, indicating a strategic move to strengthen its financial position [2] - The company continues to invest significantly in the Western Haynesville region, suggesting a commitment to growth in this area despite the need for improved capital management [2] Company Overview - Comstock Resources is actively engaged in divesting assets to improve liquidity, which is crucial for its operational flexibility [2] - The company is focusing on the energy sector, particularly in the Western Haynesville, which may present both opportunities and challenges in capital allocation [2]

Core Insights - Comstock Inc. and Comstock Metals LLC have received a Written Determination Permit from the Nevada Division of Environmental Protection for processing waste solar panels, which is crucial for their industry-scale materials recovery facility in Silver Springs, NV [1][2][3] - The facility is designed to process over 3 million solar panels annually, equating to approximately 100,000 tons of waste materials, utilizing advanced technologies for efficient recycling [2][3] - The company is positioned to lead in the solar panel recycling market, particularly in the southwestern U.S., where a significant number of solar panels are being decommissioned [3][5] Regulatory Approvals - The company anticipates receiving an Air Quality control permit in the coming weeks, which will complete the necessary regulatory approvals for the facility [2] - The timely approval of the Written Determination Permit aligns with the company's schedule for commissioning the facility [1][3] Market Position and Strategy - Comstock Metals aims to establish a leading position in the solar recycling market, addressing the increasing demand for environmentally responsible end-of-life solutions as decommissioning of solar panels accelerates [3][5] - The company is actively assessing additional sites for expansion and increased storage capabilities to capitalize on the growing market for end-of-life solar panels [5] Operational Readiness - The facility is already receiving waste panels and is preparing for commissioning activities, indicating strong demand and operational readiness [4] - All necessary equipment has been ordered, with expected deliveries by year-end, allowing for installation and testing to begin in the first quarter of 2026 [2]

Financial Performance - Comstock completed an oversubscribed equity raise of $34.5 million in gross proceeds, fully funding the commercialization of its zero-landfill solar panel recycling business[6] - The company eliminated all debt instruments and increased net current assets to $21.3 million, with cash and cash equivalents of $31.7 million as of September 30, 2025[6] - Comstock recorded billings of $2.9 million in 2025, compared to $65 thousand in the first nine months of 2024, indicating significant revenue growth[7] - The company expects billable revenues to be over $3.5 million in 2025, which is projected to be eight times greater than in 2024[27] Capital Expenditures and Facilities - The company has committed approximately $12.5 million in capital expenditures for its first industry-scale solar recycling facility, with operations expected to commence in Q2 2026[27] - Comstock plans to build up to 7 industry-scale U.S. based recycling facilities, with the first facility capable of recycling over 3.3 million panels per year[24] Strategic Initiatives and Acquisitions - Comstock's Bioleum Corporation secured a $20 million Series A preferred equity financing, with additional Series A planned for early 2026[16] - The company acquired the Haywood Quarry properties, enhancing its portfolio of Lyon County mineral properties[9] Market and Operational Risks - Comstock's mining operations are positioned for expansion due to rising industrial silver demand and ongoing geopolitical concerns[10] - The company acknowledges risks related to fluctuations in prices for commodities such as gold, silver, lithium, and cobalt[37] - Future financial performance may be impacted by interruptions in production capabilities due to capital constraints and equipment failures[37] - The company faces risks from geopolitical events and potential disruptions in the delivery of critical supplies and equipment[37] Innovation and Development - The company aims to advance its innovation and development efforts toward higher yields and lower costs in its biofuel production[30] - The company is exploring commercialization of cellulosic technology in bio-fuels and related material production[37] - There is a focus on developing environmentally friendly and economically enhancing clean mining and processing technologies[36] Future Outlook and Challenges - Future market conditions and operational changes are anticipated, with a focus on advancements in battery technology and generative artificial intelligence[37] - There are potential challenges in identifying, financing, and integrating future acquisitions and strategic alliances[37] - The management is aware of the need to attract and retain key personnel to support future growth initiatives[37] - The company emphasizes the speculative nature of gold and mineral exploration, highlighting risks associated with diminishing quantities or grades of qualified resources[36] - The company is committed to maintaining compliance with applicable government regulations and addressing potential legislative changes[37]

Financial Data and Key Metrics Changes - Comstock raised $34.5 million in gross proceeds from an oversubscribed equity raise, netting $31.8 million, which expanded the institutional shareholder base by over 30 new investors [6][8] - The company ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at BIOLIUM, and net current assets of $21.3 million [9][52] - Comstock eliminated all debt, transitioning from $8.5 million in debt at the end of the previous year to being completely debt-free [8][9] Business Line Data and Key Metrics Changes - The solar panel recycling business is set to process approximately 100,000 tons per year, equating to over 3.3 million panels annually, with significant equipment deposits made for the first facility in Silver Springs, Nevada [7][22] - The company reported about $500,000 in billings for the third quarter, aligning with guidance of approximately $3.5 million for the year [23][66] Market Data and Key Metrics Changes - Silver demand hit record levels in 2025, driven by industrial uses, with expectations for continued growth in demand exceeding supply, positively impacting silver pricing [14][15] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels expected by 2030, up from 3.5 million currently [27][28] Company Strategy and Development Direction - Comstock is focused on expanding its solar panel recycling operations and positioning itself as a leader in silver production through its recycling processes [17][19] - The company aims to establish two additional facilities in the U.S. to capitalize on the growing market for solar panel recycling [29][86] - The strategic rationale includes leveraging land and energy requirements for data infrastructure, which is experiencing explosive growth [62][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong backlog of orders and increased engagement with customers, despite a temporary decline in revenue due to the sale of mining assets [66][68] - The company is preparing for the commissioning of its first facility in Q1 2026, with expectations to ramp up production significantly thereafter [83][87] Other Important Information - Comstock is actively working on refining processes for silver and other metals, with plans to start development as soon as the first plant is operational [90][93] - The company has signed multiple new Master Service Agreements (MSAs) with utilities and recyclers, enhancing its market position [80][81] Q&A Session Summary Question: Where does liquidity stand today? - Comstock reported $31.7 million in cash at the end of the quarter, with $12.4 million at BIOLIUM and net current assets of $21.3 million [52] Question: How long is the cash runway? - The company is fully funded for its business plans and aims for sustained profitability and growth [53] Question: Why the loss on debt extinguishment and what's left? - The $2.77 million loss reflects the payoff of certain notes, but the elimination of debt is seen as a positive step [54] Question: Should we expect any dilution now that Comstock is funded? - There are currently 51.26 million shares outstanding, and no new shares are anticipated to be issued for funding [55] Question: What will Comstock do with revenues once Plant one has funded future plants? - Revenues will be reinvested into expanding metals recycling capacity, with a focus on stabilizing cash generation [57] Question: Are there any plans to dilute to fund mining operations? - No new equity is anticipated to fund mining; funding will likely come from joint ventures or asset-level transactions [59] Question: What is the strategic rationale for continued funding of SSOF? - The properties are well-positioned for the growing data infrastructure market, requiring engagement and capital to capitalize on opportunities [61][64] Question: Why did revenue decline in Q3? - Revenue decline was attributed to the sale of mining assets, which affected lease revenue, but engagement in the market has increased [66][68] Question: What's behind the higher SG&A and R&D? - Increased SG&A is due to scaling operations, including rent and personnel costs, while R&D expenses are related to biolium and metals marketing [70][71] Question: What happened to the metals recovery business and equipment? - The focus has shifted entirely to solar panel recycling, with no ongoing metals recovery business outside of this area [74][75] Question: Why not build smaller cookie-cutter plants to cut transportation costs? - The strategy is to locate plants close to solar panel sources to minimize logistics costs, with a focus on scalability and throughput [76][78] Question: How are you monetizing all recycled materials? - The company sells clean aluminum, glass, and silver-rich tailings, with plans to refine materials for higher value in the future [79] Question: Can you elaborate on the current MSAs and the solar panel supply? - Three new significant MSAs were signed, including with a major utility and a prominent recycler, enhancing market share [80][81] Question: When will the Silver Spring site hit capacity? - The site is expected to ramp up production starting in Q2 2026, with a goal of reaching full capacity by late 2027 [83][86] Question: What about silver refining? - Plans for silver refining are in development, with a focus on maximizing value from all materials processed [90][93]

Core Insights - Comstock Inc. has successfully strengthened its capital base, eliminated debt obligations, and is advancing its industry-scale metals launch, particularly in solar panel recycling and mining operations [1][6][11]. Financial Performance - For the nine months ended September 30, 2025, Comstock raised $34.5 million in gross proceeds from an oversubscribed equity offering, adding over 30 institutional investors to its capital base [6]. - The company reported net current assets of $21.3 million, with cash and cash equivalents totaling $31.7 million as of September 30, 2025 [6][7]. Business Developments - Comstock has ordered all equipment for its fully automated solar recycling system and is on track to receive the necessary permits for its first facility, which is expected to recycle over 3.3 million solar panels annually [4][24]. - The company has committed approximately $12.5 million in capital expenditures for its first industry-scale facility, with operations expected to commence in the second quarter of 2026 [7][25]. Strategic Partnerships and Acquisitions - Comstock has entered into a Master Services Agreement with RWE Clean Energy for end-of-life recycling services, enhancing its strategic partnerships [13]. - The acquisition of Haywood industrial mineral properties and additional land has expanded Comstock's mineral portfolio, supporting its mining operations [10][14]. Market Position and Future Outlook - The company is positioned to capitalize on the increasing demand for industrial silver and the anticipated growth in solar panel recycling, with expectations of billable revenues increasing eightfold in 2025 compared to 2024 [11][25]. - Comstock aims to establish up to seven industry-scale recycling facilities across the U.S., enhancing its market leadership in the renewable metals sector [24][21].

Revenue and Financial Performance - The Metals Segment generated $0.4 million in revenue during 2024, with billable revenues increasing nearly six-fold in the first nine months of 2025 due to decommissioning services and recycling end-of-life solar panels [210]. - Revenue for the three-months ended September 30, 2025 decreased by $502,304 to $54,079 from $556,383 in 2024, primarily due to lower revenues from the Mining Segment and Comstock Metals operations [233]. - For the nine-months ended September 30, 2025, revenue decreased by $237,718 to $1,179,440 from $1,417,158 in 2024, with future revenues expected to vary based on several operational factors [247]. - The company expects billable revenues to be over $3.5 million in 2025, which is projected to be eight times greater than in 2024 [272]. Costs and Expenses - Cost of goods sold for the three-months ended September 30, 2025 increased by $324,397, attributed to the commencement of the first commercial demonstration facility for metal recycling operations [234]. - Selling, general and administrative expenses for the three-months ended September 30, 2025 increased by $2,933,638 to $6,110,011, driven by higher employee-related costs and acquisition-related expenses [235]. - Research and development expenses for the three-months ended September 30, 2025 increased by $789,471 to $2,229,838, mainly for renewable fuel projects with external laboratories [236]. - Depreciation and amortization for the three-months ended September 30, 2025 increased by $599,790 to $1,162,246, primarily due to higher amortization of intangible assets [237]. Net Loss and Gains - Net loss for the three-months ended September 30, 2025 was $12,888,336, an improvement of $2,106,247 compared to the net loss of $14,994,583 in 2024 [232]. - The company recognized a gain on the conversion of debt to equity of $242,664 for the three-months ended September 30, 2025, compared to a loss of $2,218,694 in 2024 [242]. - The company recognized a loss of $3,088,167 on the conversion of debt to equity for the nine-months ended September 30, 2025, compared to a loss of $3,690,760 in 2024 [257]. Cash Flow and Financing - Cash balances at September 30, 2025, were $31,712,352, significantly up from $954,271 at December 31, 2024 [283]. - The company generated $60,341,689 in cash from financing activities during the nine-months ended September 30, 2025, compared to $14,058,395 in the same period of 2024 [287]. - The Company entered into a securities purchase agreement for an unsecured convertible promissory note with a principal amount of $10,638,298, with $5,000,000 funded in cash on January 13, 2025, and the remaining $5,000,000 funded on March 11, 2025 [293]. - The Company agreed to pay $2,500,000 in cash and issue 447,724 shares of Common Stock to Kips Bay in full satisfaction of its obligations under the Note [293]. Investments and Future Plans - The company plans to build up to seven recycling facilities in the U.S. over the next five years to support energy independence and deliver economic and environmental value [212]. - The company plans to build up to 7 industry-scale U.S. based recycling facilities, with the first facility expected to have a capacity of 100,000 tons annually, commencing operations in Q2 2026 [270]. - Bioleum plans to produce up to 200 million barrels of renewable fuel per year by 2035, starting with a 400,000 barrel per year facility in Oklahoma [219]. - Bioleum has negotiated exclusive rights to intellectual properties for producing energy crops, with proven yields exceeding 25 to 30 dry metric tons per acre per year [219]. Market Risks and Liquidity - Risks to liquidity may arise from future operating expenditures exceeding management's expectations, including research and development and capital expenditures [295]. - The Company may need to limit or discontinue certain business plans or operations if unable to obtain necessary additional funds, which could adversely affect liquidity [295]. - Changes in market prices of commodities, including precious metals and oil, may significantly affect future profitability and cash flow [297]. - The interest rates on existing long-term debt borrowings are fixed, insulating the Company from market-based interest rate changes [298]. Other Financial Metrics - Interest expense for the three-months ended September 30, 2025 decreased by $360,920 to $336,076, due to lower interest and amortization of original issue discount [239]. - Interest income for the three-months ended September 30, 2025 increased by $231,847 to $312,862, primarily from higher accrued interest related to the RenFuel note receivable [240]. - Interest expense decreased by $528,816 to $1,769,282 for the nine-months ended September 30, 2025, down from $2,298,098 in 2024 [254]. - Interest income increased by $343,084 to $563,671 for the nine-months ended September 30, 2025, compared to $220,587 in 2024 [255]. - The fair value change of derivative instruments resulted in a gain of $433,991 for the nine-months ended September 30, 2025, down from a gain of $516,756 in 2024, a decrease of $82,765 [256]. - There have been no significant changes to the critical accounting estimates disclosed in the 2024 Form 10-K [296]. - There have been no material changes in the market risks discussed in the Annual Report for the fiscal year ended December 31, 2024 [298].

Group 1 - Comstock Inc. will participate as a Silver Sponsor at the 51st Annual New Orleans Investment Conference from November 2-5, 2025, with CFO Judd B. Merrill presenting on November 3rd [1] - The New Orleans Investment Conference is a prominent event that gathers successful analysts, newsletter writers, and investors to explore major asset classes, including equities [2][3] - The conference has a rich history of featuring notable speakers, including former political leaders and economists, which adds to its prestige [4] Group 2 - This year's speaker lineup includes influential figures such as Robert Kiyosaki, Peter Schiff, and Mary Katharine Ham, indicating a diverse range of insights and expertise [5][6] - Comstock Inc. focuses on innovating and commercializing technologies for clean energy systems, particularly through the extraction and conversion of under-utilized natural resources into reusable metals [7]

Core Insights - Comstock Inc. (LODE) is set to report its third-quarter 2025 results on October 30, with total sales expected to reach $0.99 million, reflecting a 76.8% increase year-over-year [1][5] - The consensus estimate for earnings indicates a loss of 18 cents per share, an improvement from the loss of 30 cents per share in the same quarter last year [1][5] - The company has a trailing four-quarter negative earnings surprise of 47.94% on average [2][3] Financial Performance - Total revenues for Comstock in the first half of 2025 were reported at $1.12 million, marking a 31% increase year-over-year, with the Metals segment contributing approximately 93% of total revenues [6] - The Metals segment generated revenues of $1.05 million in the first half of 2025, a significant increase from $0.007 million in the prior-year period [7] - Mining revenues were reported at $0.06 million in the first half of 2025, down 92% year-over-year, primarily due to the termination of the Mackay Mining Lease [8] Segment Analysis - Comstock operates through five segments: Fuels, Metals, Mining, Strategic Investments, and Corporate, with the Metals segment being the primary growth driver [4] - The Fuels segment focuses on converting biomass into renewable fuels, while the Mining segment includes gold and silver mining assets [4] - Higher revenues from the Metals segment are expected to offset weaker results from the Mining segment in the upcoming quarter [10] Cost and Profitability - The cost of goods sold is anticipated to be higher in the third quarter due to underutilization of the commercial demonstration facility and increased research and development costs [9] - Rising employee-related and consulting costs, along with additional rent expenses, are also expected to impact profitability [9] Stock Performance - Comstock's shares have declined by 62% year-to-date, contrasting with the industry's growth of 109% [13]

Core Insights - Comstock Inc. will host a webinar on October 30, 2025, at 11:30 am ET to discuss recent financial results and business updates [1][2] - The webinar will include a Q&A session where participants can submit questions in advance [2] - Comstock Inc. focuses on innovating and commercializing technologies for clean energy systems, particularly in extracting and converting natural resources into reusable metals [3] Company Overview - Comstock Inc. operates in the clean energy sector, specializing in the extraction of metals such as silver, aluminum, and gold from end-of-life photovoltaics [3] - The company aims to support sustainable practices by efficiently utilizing under-utilized natural resources [3] Communication Strategy - Comstock Inc. utilizes various platforms, including its investor relations website and social media accounts, to disclose material non-public information and comply with regulatory obligations [4]