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- **Debt-Free & Cash Flush**: $31.7M liquidity post-debt elimination, no equity dilution plans.
- **Solar Recycling Momentum**: 3.3M panels/year facility set to commission Q1 2026, 30 new customer MSAs signed.
- **Silver Gold Rush**: 2025 silver demand up 50%, Dayton mine valued at $0.5B+ at $3,500 gold.
- **Bioleum Breakthrough**: Oklahoma refinery with $152M bond, Series A funding secured for 120 gallons/ton yield.
- **Strategic Focus**: 95%+ resources on solar recycling, 5-year plan for Bioleum IPO.

**【CFO Financial Commentary】**
- **Debt-Free Balance Sheet**: Eliminated $8.5M debt, resulting in a clean balance sheet with $31.7M cash and $12.4M at Bioleum.
- **Equity Raise Success**: Oversubscribed $34.5M raise netted $31.8M, expanding institutional investor base by 30 new shareholders.
- **Facility Investment**: Placed $5.1M in equipment deposits for a 100,000-ton/year solar recycling facility in Nevada.
- **Cost Efficiency**: $1M annual savings from extinguishing legacy obligations.

**【CEO Business Update】**
- **Solar Recycling Growth**: Nevada facility to process 3.3M panels/year, with permits finalized for Q1 2026 commissioning.
- **Silver Demand Surge**: 2025 silver demand hit records, driven by industrial uses in EVs, GPUs, and robotics.
- **Bioleum Progress**: Series A funding secured, Oklahoma refinery with $152M bond allocation on track.
- **Mining Assets**: Dayton resource valued at $0.5B+ at $3,500 gold, exploring joint ventures for monetization.

**【Q&A Highlights】**
- **Liquidity & Runway**: $31.7M cash, no dilution plans; Bioleum self-funded through Series A.
- **Revenue Decline**: Q3 Metals revenue $3M (vs. $3.5M guidance) due to permit delays and customer wait times.
- **Future Expansion**: 2027 Nevada Site 2 and 2028 East Coast Site 3 targeting 300,000+ tons/year capacity.
- **Silver Refining**: Early-stage R&D with potential DOE/DOD funding; focuses on full material recovery.
- **Mining Prioritization**: Solar recycling ($350M+ annual cash flow potential) over mining restarts.


Comstock Inc. (LODE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LODE

LODE fundamentals

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