Comstock Inc.

For Q1 2026, Comstock reported a net loss of approximately $9.4 million, described as largely in line with prior year levels. Total operating expenses increased approximately $1.7 million year over year, driven mainly by higher headcount, higher facility costs, and more professional/legal/commercialization spending. Interest expense declined significantly year over year as legacy debt was eliminated, interest income increased with the strong cash balance, and derivative-related impacts were less significant than last year. Cash at March 31, 2026 was just over $53 million, following an oversubscribed equity financing of $57.5 million gross and $53 million net. Guidance: management expects revenue to grow as the commercial metals plant comes online, shifting from project-based revenue to throughput-driven revenue in 2026; they did not provide specific revenue guidance, but said the facility should be profitable at 20% utilization and the corporation as a whole at 50% utilization. They also expect a definitive agreement to sell the remaining mining assets in the third quarter, with about $1.5 million of annual cash spending reduction from that sale.

Corrado De Gasperis framed the quarter as a major operational turning point, saying the company is moving from balance-sheet recapitalization into commercialization and monetization at scale. He emphasized that the metals facility is a showcase asset, that customer traction is building, and that the business is transitioning toward selling more of its own recovered materials rather than sending material to third parties. His tone was upbeat and assertive, especially around the value of powered land at Sierra Springs and the progress toward monetizing noncore assets.

Judd Merrill focused on the financial reset and liquidity strength. He highlighted the $57.5 million gross equity raise, $53 million net proceeds, and cash of just over $53 million at quarter-end, along with the completion of substantially all capex for the first plant. He also pointed to lower interest expense after extinguishing legacy debt, higher interest income from the cash balance, and a $1.4 million cash gain from selling royalty rights, while noting the company expects no interest expense going forward and lower cash spending if the mining asset sale closes.

Analysts asked how much solar panel feedstock is already secured, and management said that is still the least certain input, though it is signing master service agreements and already has 3 to 5 months of visibility. On silver recovery, Corrado said current panels are generally yielding about 16 to 18 grams per panel, but the company’s goal is to recover 90%+ of that metal once its own process is running. Questions on revenue guidance drew a non-specific response: management declined to give fiscal-year revenue guidance and said it wants a few months of operating history before updating expectations. They also said equipment risk exists, but they do not see fatal flaws and expect only normal startup hiccups.