• Revenue: Increased to $3 million in 2024 from $1.3 million in 2023.
• Net Loss: Reported a net loss of $53 million or $3.21 per share for the full year.
• Comstock Fuels Net Loss: $5.3 million, down from $7.1 million in 2023.
• Comstock Metals Net Loss: $3 million, excluding adjustments, compared to $1.9 million in 2023.
• Comstock Mining Net Income: $1.6 million, improving from a $500,000 loss in 2023.
• Cash Position: Ended the year with $1 million in cash.
• Cash from Financing Activities: Provided $17.6 million in 2024, up from $11.3 million in 2023.
• Deferred Revenue: $152,000 in deferred revenue from solar panel recycling.
• Operating Expenses: $13.9 million spent on operating activities, a $317,000 increase from the prior year.
• Investment Activities: $6.5 million spent compared to $3.6 million proceeds in 2023.
• Convertible Note Sale: $5 million received in January 2025, with an additional $5 million expected.
• Series A Investment: Marathon Petroleum's $14 million investment at a $700 million valuation cap for Comstock Fuels.

• Warning! GuruFocus has detected 5 Warning Signs with LODE.

Release Date: March 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Comstock Inc (LODE) achieved its 2024 objectives, marking a turning point for its metals and fuels segments.
• The solar cycle recycling technology reached TRL 7 and is fully operational, recovering 100% of metal, glass, and minerals, enhancing revenue by 50%.
• Comstock Fuels integrated critical technologies and partners, achieving industry-leading yields of 140 gasoline gallon equivalents per ton of dry wood.
• The company secured $3 million in incentive awards from Oklahoma and a $152 million allocation of Qualified Private Activity Bonds.
• Comstock Fuels closed a strategic Series A investment with Marathon Petroleum, valuing the fuels segment at $700 million.

Negative Points

• Comstock Inc (LODE) reported a net loss of $53 million for 2024, with several non-recurring one-time expenses impacting performance.
• The company faced an $8.7 million write-down of intangible assets related to previous battery recycling work.
• There was a $711,000 unrealized loss related to Green Li-ion, with the position not being core to current plans.
• The company is reliant on raising additional equity and debt capital to fund growth and achieve profitability.
• Comstock Inc (LODE) is still in the process of securing project-level financing for its first commercial refinery, requiring over $200 million.

Q & A Highlights

Q: Fuels seems to have a rapid growth plan on building multiple facilities. How will this be possible from a human capacity and capital perspective? A: Corrado De Gasperis, CEO, explained that the US mandate requires 50 million tons of feedstock material, and Comstock has identified four times that amount. The company is leveraging project-level financing and state incentives. After the first facility is proven, capital and human resources will be more readily available, similar to the corn ethanol industry's rapid expansion. Partnerships and international licenses will also play a crucial role in scaling operations.

Q: Is there any contingency related to capital that Comstock needs to provide for each project to obtain the 20% equity stake and 6% fees in licensing the fuels technology? A: Corrado De Gasperis clarified that there is no capital contingency for Comstock. The 20% equity stake is granted for the contribution of technology, and the 6% engineering fees are earned from site licensing to commissioning. Licensees provide 100% of the capital, and Comstock benefits from robust financials and shared wealth creation.

Q: Are there any plans for growth opportunities abroad for the urban mining business, particularly in Australia? A: Corrado De Gasperis mentioned that while the focus has been on the Southwest US, Comstock has received panels from multiple states and is being approached by multiple continents for international joint ventures. The technology's efficiency and scalability make it attractive for global expansion.

Q: Can you provide clarity on the $50 million shelf in the 10-K? A: Corrado De Gasperis explained that Comstock always maintains a registered shelf on record for efficient access to capital markets. This is a standard practice for public companies to ensure they have the ability to raise capital when needed.

Q: What are the next steps for Comstock in terms of Series A funding and the spin-out of fuels? A: Corrado De Gasperis summarized that the Series A funding involves tens of millions of dollars for Comstock Fuels, with project-level financing for the Oklahoma facility exceeding $200 million. The spin-out will create a standalone company with three legs to stand on, attracting investors focused on fuel energy.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.