COMSTOCK REPORTS THIRD QUARTER 2026 RESULTS
Comstock Inc. (LODE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE COMSTOCK REPORTS THIRD QUARTER 2026 RESULTS SOLAR RECYCLING UNDERWAY; MINE SALE GAIN; SSOF MONETIZATION; BUYBACK AUTHORIZED RENO, NEVADA, November 4, 2026 - Comstock Inc. (NYSE American: LODE) (“Comstock,” “we,” “our,” and the “Company”), today announced
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on cash, a one‑time asset sale gain, and a buyback authorization, offering traders a basis for short‑term positioning.
Market read
Primary earnings disclosure for a micro‑cap; modest impact expected, with potential upside from cash and buyback news.
What to watch
Progress on the second recycling facility and SSOF land monetization could drive future upside if executed.
COMSTOCK REPORTS THIRD QUARTER 2026 RESULTS SOLAR RECYCLING UNDERWAY; MINE SALE GAIN; SSOF MONETIZATION; BUYBACK AUTHORIZED
Comstock exited its legacy mining business, reported $43.5 million of cash, cash equivalents, and restricted cash and authorized a share repurchase program, while Metals revenue remained $341,751 and the Company reported a Q3 2026 net loss of $0.8 million despite a $14.0 million mining-sale gain.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 net lossother | $800K | – | – |
| Q3 2026 net loss per shareother | $(0.01) per share | – | – |
| Q3 2026 gain associated with sale of remaining mining segment assetsother | $14M | – | – |
| Total consideration received from sale of remaining mining segment assets in the third quarterother | $30.2M | – | – |
| Q3 2026 Metals Segment revenueother | $341,751 | 45.4% | – |
| Q3 2026 Metals Segment deferred revenueother | $4.55M | 18.3% | – |
| Comstock Metals new billings for the nine months ended September 30, 2026other | $3.3M | – | 20.2% |
| Comstock Metals new billings for the three months ended September 30, 2026other | $1.04M | – | 131.1% |
| Unprocessed panel feedstocks on hand at September 30, 2026other | approximately 10,700 tons of materials | – | 131.1% as compared to December 31, 2025 |
| Increase in unprocessed panels on hand since the prior quarterother | 2,271 tons of material | 26.9% since June 30, 2026 | – |
| Common shares outstanding at September 30, 2026other | 76M | – | – |
| Common shares outstanding at November 4, 2026other | 76.1 million shares | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Comstock MetalsThe first industry-scale solar recycling facility began continuous operations in late September, the Company commenced issuing Certificates of Destruction for major customers, and deferred revenue increased to $4.55 million for billed recycling services not yet processed or recognized as revenue. | $341,751 | 45.4% | – |
fourth quarter 2026 and future facilities outlook
- NoteThe Company is currently ramping up to operate at a rate of at least 25% of our capacity, if not higher, during the fourth quarter.
- NoteThe Company plans on operating our one-ton-per-day metal extraction pilot during the fourth quarter.
- NoteFuture facilities are expected to be phased, starting at approximately 25,000 tons per year and scaling to approximately 100,000 tons as local demand grows.
- NoteMackay is scheduled to pay Comstock an additional $7.0 million by December 21, 2027, with an option to pay up to $2.0 million of that payment in shares of Mackay common stock.
Capital returns
- On November 2, 2026, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to 15 million shares of its common stock.
- The Program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the number of shares to be repurchased, if any.
- The Company expects to fund repurchases from the proceeds of future non-core asset sales, the remaining $7.0 million Mackay payment, the sale of its Mackay and Green Li-ion shareholdings and/or any potential SSOF-related transactions without reducing the capital committed to Comstock Metals’ growth plan.
What drove it
- Comstock completed the sale of its remaining mining and mining-related entities on August 21, 2026 and divested all of its legacy mining assets, liabilities and related costs.
- The first solar panel recycling production plant at Silver Springs, Nevada was commissioned, with continuous operations beginning in late September.
- Comstock Metals secured larger supply contracts, signed Master Service Agreements with multiple major utility and electronics-recycling aggregators, and increased panel flow.
- The Company completed bench-scale testing for recovery of silver and other metals and finalized the design, procurement and testing of its downstream one-ton-per-day silver recovery process and plant.
- Comstock owns 48.64% of SSOF, which has amalgamated over 2,200 acres of developable land in Silver Springs, Nevada, and has engaged Newmark to explore maximizing the value of the SSOF portfolio.
Concerns
- The Company reported a Q3 2026 net loss of $0.8 million, including the $14.0 million gain on the mining sale.
- Metals revenue was $341,751 in Q3 2026 while the recycling plant began continuous operations only in late September.
- Future revenue growth will depend on operating performance as production scales, the pace of new and ongoing repowering and replacement customer contracts, pricing and ultimate recovery economics.
- The completion of any SSOF development partnership or transaction is not guaranteed.
- The share repurchase program may be modified, suspended or discontinued at any time.
What to watch
- The ramp toward operation at a rate of at least 25% of capacity during the fourth quarter.
- Consistent throughput, crew proficiency, recovered-product quality and customer deliveries from the Silver Springs recycling plant.
- Operation of the one-ton-per-day metal extraction pilot during the fourth quarter and validation of higher-yielding silver extraction.
- Progress on larger and longer-term supply contracts and the solar recycling revenue and production ramp-up.
- Stabilization of the first plant before ordering industry-scale equipment for the second facility.
- Progress of Newmark’s exploration of SSOF monetization and development alternatives.
Balance sheet and cash flow
- Ended the quarter with cash, cash equivalents, and restricted cash of $43.5 million.
- At quarter end, the Company held $39.5 million in unrestricted cash and $4.0 million in restricted cash.
- The Company reported no outstanding debt.
- The sale of remaining mining segment assets included cash receipt of $20.0 million, receipt of 2 million Mackay shares and relief of net reclamation liabilities.
- Mackay assumed all the reclamation liabilities and associated surety bond obligations and related collateral.
Analysis
Comstock’s quarter was defined by the completed exit from legacy mining and the start of continuous operations at its first industry-scale solar recycling facility. On August 21, 2026, the Company completed the sale of its remaining mining and mining-related entities, recorded a $14.0 million gain during the third quarter and received total consideration of $30.2 million. The Company said this transaction divested all legacy mining assets, liabilities and related costs.
Liquidity was the principal financial positive. Comstock ended the quarter with $43.5 million of cash, cash equivalents, and restricted cash, comprising $39.5 million of unrestricted cash and $4.0 million of restricted cash, and stated it had no outstanding debt. The Company also received $20.0 million in cash from the mining-asset sale, alongside 2 million Mackay shares and relief from net reclamation liabilities. The Board subsequently authorized a program to repurchase up to 15 million common shares, although the program carries no obligation to purchase shares.
The operating business remains early in its commercialization ramp. Metals Segment revenue increased to $341,751 in Q3 2026 from $235,074 in Q2 2026, while deferred revenue rose to $4.55 million from $3.85 million at Q2 2026. Comstock Metals billed $1.04 million in new billings for the three months ended September 30, 2026, compared with $0.45 million in the prior-year period. The Company linked the activity to the start of continuous operations in late September, greater panel flow, Certificates of Destruction issued to major customers and supply contracts with larger customers.
The reported bottom line remained negative despite the mining-sale gain. Comstock reported a Q3 2026 net loss of $0.8 million, or $(0.01) per share, including the $14.0 million gain. The release did not provide total revenue, gross margin, operating income, operating cash flow or free cash flow, limiting assessment of enterprise-level operating profitability and cash generation.
Management’s near-term outlook is operational rather than financial. It is targeting operation at a rate of at least 25% of capacity during the fourth quarter and plans to operate a one-ton-per-day metal extraction pilot during that period. Future revenue growth is explicitly tied to operating performance, scaling production, customer-contract timing, pricing and recovery economics. Investors will also focus on the planned second facility, supply-contract conversion, recovery-pilot results and the ongoing process to monetize or develop the SSOF portfolio.
Management, verbatim
At quarter end, we held $39.5 million in unrestricted cash and $4.0 million in restricted cash, with no outstanding debt. Comstock received cash from the sale of our mining assets, completed the commissioning of recycling operations, gradually began ramping up the Metals line while receiving greater inventories from major customers.
Corrado De Gasperis, Comstock’s Chief Executive Officer
Our first industry-scale solar recycling facility began continuous operations in late September, and we are focused on consistent throughput and ramp up, crew proficiency, improving recovered-product quality and expanding customer deliveries.
Dr. Fortunato Villamagna, President of Comstock Metals
Our first-of-a-kind solar recycling facility is up and running and we are currently ramping up to operate at a rate of at least 25% of our capacity, if not higher, during the fourth quarter.
Corrado De Gasperis
Not in the filing
stated, not guessed- Total revenue for Q3 2026 and comparable prior-year and prior-quarter total revenue
- GAAP gross profit and gross margin
- GAAP operating income or loss and operating margin
- GAAP net loss comparison for the prior-year and prior-quarter periods
- GAAP diluted weighted-average shares outstanding
- Non-GAAP revenue, earnings, operating income, margins and EPS
- Operating cash flow
- Free cash flow
- Capital expenditures
- Cash-flow statement detail
- Total debt amount other than the statement that there was no outstanding debt
- Q3 2026 Metals Segment revenue for the prior-year period
- Q3 2026 Metals Segment deferred revenue for the prior-year period
- Revenue or profit metrics for the SSOF business
- Quantitative financial guidance for revenue, gross margin, operating expenses, tax rate, earnings or cash flow
- Prior outlook or prior guidance for comparison
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Comstock Inc. (NYSE American: LODE) released its third‑quarter 2026 financial results via an SEC Form 8‑K, detailing operational updates and a new share‑repurchase program.
Ticker impact
Comstock Inc. filed an 8‑K reporting Q3 2026 results, including a $14 M gain from a mining asset sale and a new share‑repurchase authorization.
likely modest upside as the market prices the cash position and buyback potential
Primary earnings disclosure with cash and buyback news provides a fresh catalyst; the scale is limited for a micro‑cap, so impact is expected to be modest.
Market effects
Highlights growth in solar panel recycling and metals recovery, signaling potential interest for renewable‑energy equipment suppliers.
Limited to Nevada‑based operations; no broader regional effect.
Minimal, as the company is a small cap with niche exposure.
Counterpoint
The one‑time mining gain may mask underlying operational challenges; investors should watch cash burn in the metals segment.
Key entities
- partnerMackay Gold & Silver Corporation
Received two million Mackay shares as part of the mining asset sale.
- advisorNewmark Group Inc.
Advising on the monetization of the Sierra Springs Opportunity Fund.
