Comstock (NYSEAMERICAN:LODE) used its full-year 2025 results call to outline a “transformational year” focused on recapitalization, balance sheet simplification, and preparing to scale its solar panel recycling business. Management also emphasized 2026 priorities around bringing its first industry-scale metals recycling facility online, advancing a second facility in Nevada, and pursuing monetization of non-core assets to fund growth.
Balance sheet overhaul and recent financing
Chief Financial Officer Judd Merrill said 2025 was marked by a meaningful reshaping of the company’s financial position. Merrill said Comstock doubled its asset base, strengthened and simplified its balance sheet, eliminated legacy debt and obligations, and positioned the company for its “next phase of growth.” He described the company’s capital structure as “very clean” and said the balance sheet is expected to strengthen further as Comstock monetizes non-core assets.
Management highlighted a second oversubscribed equity offering completed earlier in 2026, which generated about $57.5 million in gross proceeds (approximately $53 million net of offering expenses). Merrill said the raise was driven by demand from institutional investors and “removes the largest single risk” tied to funding the spend required to capture the solar market. He said proceeds are intended to support deployment of the first industry-scale metals recycling facility, advance permitting and funding for a second facility, expand permitted storage sites in additional states, and accelerate refining capabilities, while also supporting monetization efforts for non-core assets.
2025 revenue and non-recurring impacts
On operating results, Merrill said Comstock Metals generated approximately $1.4 million of revenue in 2025, compared with about $4.4 million in 2024. He added that the company also generated approximately $2.2 million of additional billings in 2025 that were recorded as deferred revenue associated with early operations, bringing the total to about $3.5 million for the year, “just as we guided to.”
Merrill also noted that 2025 results included “several non-recurring items” tied to the balance sheet transformation, including debt conversions and extinguishments and non-cash impacts from changes in fair value of derivative instruments, which he said are now “behind us.” He said liquidity is strong and that current cash, expected metals recycling revenues later in 2026, and priority asset sales and monetization are expected to support execution. Merrill added that the company is pursuing more traditional non-dilutive sources such as grants and industrial bonds, which he said Comstock expects to qualify for once the first facility is operating.
Board changes and governance expansion
Chief Executive Officer Corrado De Gasperis emphasized increased institutional engagement following the January financing and said Comstock is adding three new independent directors. He identified the new directors as Don Colvin, Steve Pei, and Bob Spence, describing their backgrounds as spanning solar industry experience, capital markets and entrepreneurial investing, and refining and recycling operations with international exposure.
De Gasperis said the board expansion was designed to strengthen governance and public-company oversight as the company aims to scale beyond a regional footprint. He also highlighted that two of the company’s top investors will be represented on the board.
Metals recycling buildout: Facility 1 timeline, Facility 2 progress, and customer pipeline
De Gasperis described 2025 as a major permitting year for the metals team, stating Comstock secured “first of its kind” permits in Nevada and was held to a high standard that he believes could make it difficult for competitors to enter the state quickly. He tied the Nevada position to his estimate that the Southwest represents roughly half of the end-of-life solar panel market over the coming years.
Regarding the first industry-scale facility, De Gasperis said “substantially all of the equipment has arrived,” with ovens arriving on a schedule he described as spanning roughly 20 full truckloads. While he acknowledged “three or four weeks of slippage,” he said it was already buffered and reiterated that commissioning in Q1 and operating in Q2 “holds.”
Comstock is also progressing a second Nevada site. De Gasperis said the second site is expected to be in Clark County outside Las Vegas, and he said permits have already been submitted. He framed the key remaining decision as when to order equipment, citing prior lead times of 7–8 months and suggesting the next build could be faster based on experience.
On customer development, De Gasperis said Comstock is signing master service agreements and has been working through customer audits and certifications for the past two years. He listed utilities and related organizations he said the company is engaged with, including NextEra/Florida Light & Power, RWE, NV Energy (Berkshire Hathaway), Brookfield, and Edison, and said Comstock is also working with established e-recyclers. He added that Comstock has signed its “first actual solar manufacturing company,” describing manufacturers as a smaller part of the end-of-life market but potentially helpful for returns and customer connections.
For 2026, De Gasperis outlined an internal revenue ramp expectation, describing progression from roughly $100,000 per month to $200,000, then $1 million, and then $2 million per month. He said a $2 million monthly level would represent a $24 million to $25 million annual revenue run rate and characterized that as “remarkably profitable.” He also offered rough utilization expectations, stating Comstock still believes that by the end of 2027, the first facility could be running at full capacity and the second facility could be in the 20%–30% utilization range, while cautioning that the ramp may not be linear due to deferred recycling and “spiking.”
Monetization priorities: mining assets, Sierra Springs real estate, and minority investments
Management repeatedly framed monetization of non-core assets as central to funding metals growth. De Gasperis said Comstock’s priority is to monetize legacy mining assets and redeploy proceeds into recycling, arguing that mining would require substantial capital to bring into production and would divert resources from solar recycling. He compared the potential pace of silver recovery from recycling operations to mining, asserting that two Nevada recycling facilities could produce as much silver annually as the Dayton resource contains in situ, which he said would take years to mine.
On mining asset monetization, De Gasperis said the company is in discussions with “very serious counterparties” with capital, describing a targeted value range of “$50 million or $60 million,” potentially structured as all cash or cash plus milestones. In Q&A, he said discussions are “pretty deep,” and suggested that from legal and administrative steps, the timeline could be roughly 75–90 days, while noting a deal is not guaranteed.
De Gasperis also spent significant time discussing Sierra Springs, describing strong engagement for Northern Nevada industrial land where power access is critical. He said Comstock has increased its ownership in Sierra Springs from just under 17% to more than 36%–37%, and that it “could end up easily” above 50%. He said the company had to invest more capital into Sierra Springs but asserted that ownership conversion terms are now structured. He described prerequisites for monetizing the real estate portfolio—such as finalizing land positions, clean title, updated environmental reports, and water rights certification—and said he expects an approximately 60-day administrative effort followed by a 60- to 90-day process once a data room is opened, targeting completion in 2026.
De Gasperis also provided an update on Green Li-ion, stating Comstock owns 13% and that the company has an operating facility in Oklahoma. He said Green Li-ion has announced plans to pursue a public listing in Australia later in 2026, which he said could create a clearer exit path for Comstock’s investment.
On Bioleum (formerly Comstock Fuels), De Gasperis said Marathon Petroleum invested directly in March 2025 and another large investor invested in May, totaling about $35 million in Series A funding into the reestablished Bioleum Corporation. He described Bioleum’s management and technical roster as extensive and said the company is working toward a final investment decision to move into biorefining, with a longer-term path envisioned as Series B and an IPO.
Finally, when asked about potential dilution, De Gasperis said there is no intention to issue additional shares in the near term, stating “unequivocal no,” while noting that unforeseen events could change circumstances.
About Comstock (NYSEAMERICAN:LODE)
Comstock Mining, Inc (NYSE: LODE) is a growth-oriented mineral exploration and production company focused on the historic Comstock Lode in Virginia City, Nevada. The company’s primary business activities include the development, extraction and sale of gold and silver from its flagship Lucerne project. Comstock leverages modern mining techniques and infrastructure to access high-grade ore bodies in one of North America’s most renowned silver-gold districts.
In addition to its core precious metals operations, Comstock Mining maintains a commercial real estate division centered in Virginia City’s historic district.
