olivLaw · US equity research
Comstock Inc. LODE
Industrial Organic Chemicals · SIC 2860 · Vertical: Industrial Organic Chemicals (SIC 2860)
Comstock Inc. develops technologies for recycling end-of-life solar panels and recovering critical metals, alongside a biomass-based renewable fuels platform through its subsidiary Bioleum. In 2026 the company moves from demonstration to its first industrial facility, while it sells legacy mining assets, which could affect liquidity in the coming period. Cash of 31.4 million USD was reported at June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Comstock Inc. (LODE) stock was 1.49 USD (+7.19% on the day), with market capitalisation 113.3 m USD, beta 1.47, 52-week range 1.39–4.77 USD. Latest reported quarter (Q3 2026): revenue of 367.3 k USD (+579.1% YoY), net income of -753.5 k USD, diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.29 – 2.26
- in the lower half of the band · %B 0.20 · band width 54.4%
- SMA 50 / 200
- 2.37 / 3.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.26
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −34.6% | −1.1% | −33.6 pp | — |
| 3 months | −51.9% | −0.5% | −51.5 pp | — |
| 6 months | −54.4% | +4.4% | −58.8 pp | — |
| Year to date | −60.4% | +12.3% | −72.7 pp | — |
| 1 year | −46.0% | +13.5% | −59.6 pp | −1.7% |
| 3 years | −66.1% | +76.4% | −142.5 pp | −26.4% |
| 5 years | −93.4% | +63.7% | −157.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 m | 785.8 k | 339.5 k | 54.1 k | 374.4 k | 313.5 k | 272.8 k | 367.3 k |
| Cost of revenue | 451.9 k | 886.8 k | 814.0 k | 324.4 k | 601.8 k | 599.8 k | 1.2 m | 973.3 k |
| Research & development | 14.2 m | 3.3 m | 2.1 m | 2.2 m | 4.7 m | 2.1 m | 2.3 m | 2.4 m |
| SG&A | 3.2 m | 3.3 m | 4.6 m | 6.1 m | 6.7 m | 6.6 m | 7.3 m | 8.1 m |
| Operating income | -15.8 m | -7.0 m | -7.7 m | -10.2 m | -13.2 m | -8.9 m | -26.9 m | 2.2 m |
| Depreciation & amortisation | 367.4 k | 375.4 k | 636.7 k | 1.2 m | 1.7 m | 1.4 m | 1.0 m | 717.6 k |
| Interest expense | 673.3 k | 659.1 k | 774.1 k | 336.1 k | 158.5 k | 148.0 k | 222.4 k | 168.7 k |
| Net income | -22.8 m | -9.1 m | -7.8 m | -12.9 m | -13.3 m | -9.4 m | -25.5 m | -753.5 k |
| Diluted EPS | — | -0.37 | -0.27 | -0.31 | — | -0.14 | -0.34 | -0.01 |
| Operating cash flow | -4.3 m | -5.0 m | -4.8 m ≈ | -8.7 m ≈ | -5.9 m | -5.8 m | -10.1 m ≈ | -9.4 m ≈ |
| Capex | — | — | — | 920.6 k ≈ | — | — | — | 1.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 150.3 k | 179.6 k | 201.7 k | 862.2 k | 178.2 k | 1.3 m | 3.0 m | 1.6 m |
| Revenue YoY | +44.1% | +19.5% | +12.3% | +327.4% | −79.3% | — | +136.7% | −48.5% |
| Net income | -9.5 m | -3.8 m | 14.9 m | -24.6 m | -46.7 m | 9.2 m | -53.3 m | -43.1 m |
| Net income YoY | unavailable | unavailable | unavailable | −264.6% | unavailable | — | −682.0% | unavailable |
| Diluted EPS | unavailable | -0.20 | 0.49 | -0.49 | -0.62 | 0.87 | -3.21 | -1.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −200.0% | unavailable | — | −469.0% | unavailable |
| net % | -6,308.3% | -2,118.3% | 7,403.1% | -2,851.4% | -26,235.3% | 718.9% | -1,767.9% | -2,772.3% |
| Free cash flow | -5.7 m | -4.7 m | -3.9 m | -7.6 m | -13.1 m | -15.4 m | unavailable | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.0 m USD
- Financial debt
- 0 USD
- Net debt
- -17.0 m USD
- Equity
- 110.9 m USD
- Total assets
- 169.6 m USD
- Debt / equity
- 0.00x
- Current ratio
- 2.06x
- ROE
- -50.5%
- ROA
- -33.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 201.7 k | 862.2 k | 178.2 k | 1.3 m | 3.0 m | 1.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Cost of revenue | 51.9 k | 272.1 k | 0 | 0 | 451.9 k | 2.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Gross profit | 149.8 k | 590.1 k | 178.2 k | 1.3 m ≈ | 2.6 m ≈ | -1.1 m ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Research & development | 0 | 414.8 k | 7.0 m | 6.1 m | 19.1 m | 12.3 m | SEC (XBRL)· 24 Mar 2026verified |
| SG&A | 4.4 m | 5.5 m | 10.2 m | 12.6 m | 12.7 m | 20.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Operating income | -5.5 m | -6.4 m | -19.4 m | -12.6 m | -39.7 m | -38.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Depreciation & amortisation | 1.2 m | 1.0 m | 3.3 m | 2.5 m | 2.2 m | 3.8 m | SEC (XBRL)· 24 Mar 2026verified |
| EBITDA | -4.3 m ≈ | -5.4 m ≈ | -16.0 m ≈ | -10.1 m ≈ | -37.4 m ≈ | -34.3 m ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Interest expense | 421.9 k | 168.9 k | 1.7 m | 1.6 m | 3.0 m | 1.9 m | SEC (XBRL)· 24 Mar 2026verified |
| Pre-tax income | 14.9 m | -30.3 m | -46.7 m | — | 53.3 m | 43.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Income tax | 0 | -5.7 m | 0 | 0 | 0 | 0 | SEC (XBRL)· 24 Mar 2026verified |
| Net income | 14.9 m | -24.6 m | -46.7 m | 9.2 m | -53.3 m | -43.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Diluted EPS | 0.49 | -0.49 | -0.62 | 0.87 | -3.21 | -1.17 | SEC (XBRL)· 24 Mar 2026verified |
| Weighted average diluted shares | 30.6 m | 50.4 m | 74.5 m | 10.5 m | 16.6 m | 36.7 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.4 m | 5.9 m | 2.5 m | 3.8 m | 954.3 k | 17.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Receivables | — | — | — | 26.4 k | 2.4 m | 1.3 m | SEC (XBRL)· 24 Mar 2026verified |
| Current assets | 20.8 m | 13.8 m | 30.8 m | 23.2 m | 12.6 m | 20.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Property, plant & equipment, net | 8.6 m | 14.6 m | 13.5 m | 15.2 m | 8.6 m | 29.9 m | SEC (XBRL)· 24 Mar 2026verified |
| Goodwill | 0 | 12.8 m | 0 | — | 0 | 1.5 m | SEC (XBRL)· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 0 | 23.2 m | 17.7 m | 15.9 m | 5.9 m | 26.5 m | SEC (XBRL)· 04 Nov 2026verified |
| Total assets | 43.1 m | 127.0 m | 100.1 m | 106.5 m | 91.3 m | 169.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Accounts payable | 313.8 k | 633.2 k | 714.1 k | 1.3 m | 2.9 m | 2.3 m | SEC (XBRL)· 24 Mar 2026verified |
| Short-term debt | 3.6 m | 0 | 1.8 m | 4.5 m | 97.6 k | 0 | SEC (XBRL)· 24 Mar 2026verified |
| Long-term debt | 0 | 4.5 m | 6.1 m | 5.4 m | 8.4 m | 0 | SEC (XBRL)· 24 Mar 2026verified |
| Current liabilities | 4.8 m | 23.9 m | 31.6 m | 14.8 m | 8.1 m | 10.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Total liabilities | 11.3 m | 34.0 m | 43.7 m | 28.2 m | 31.5 m | 58.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Equity | 31.8 m | 93.0 m | 56.4 m | 78.3 m | 59.8 m | 110.9 m | SEC (XBRL)· 24 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.8 m | -7.5 m | -12.1 m | -13.6 m | -13.9 m | -24.4 m | SEC (XBRL)· 24 Mar 2026verified |
| Capex | 130.8 k | 78.5 k | 1.0 m | 1.8 m | — | — | SEC (XBRL)· 27 Feb 2024verified |
| Free cash flow | -3.9 m ≈ | -7.6 m ≈ | -13.1 m ≈ | -15.4 m ≈ | — | — | SEC (XBRL)· 27 Feb 2024derived |
| Investing cash flow | 3.2 m | -16.1 m | -3.7 m | 3.6 m | -6.5 m | -22.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Financing cash flow | 2.0 m | 27.1 m | 12.4 m | 11.3 m | 17.6 m | 62.4 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 113.3 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3,680.5% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 105.8% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -67.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Comstock Inc. (LODE). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.6 m USD in 2025; YoY growth -48.5%; net margin -3,680.5%; ROE -38.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 105.8%
- Current ratio: 3.3x
What contradicts it
- Net margin: -3,680.5%
- Interest coverage: -67.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial Organic Chemicals (SIC 2860) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IFFInternational Flavors & Fragrances Inc | 22.0 bn | 122.1 | 1.3% | 1.6% | −5.2% | +26% / +16% |
| LYBLyondellbasell Industries N.V. | 20.4 bn | 15.6 | 11.9% | 4.1% | −9.7% | +29% / −34% |
| WLKWestlake Corporation | 8.7 bn | — | -4.9% | -3.9% | −8.0% | +2% / −47% |
| NEUNewmarket Corporation | 6.7 bn | 14.7 | 25.3% | 16.5% | −2.2% | −5% / +37% |
| SXTSensient Technologies Corp | 5.4 bn | 31.7 | 13.7% | 9.7% | +3.5% | +29% / +117% |
| MEOHMethanex Corporation | 5.0 bn | 70.1 | 6.4% | 4.0% | −3.5% | +83% / +53% |
| REXRex American Resources Corporation | 1.3 bn | 10.5 | 22.5% | 20.9% | +1.2% | +20% / +62% |
| GPREGreen Plains Inc. | 957.5 m | 8.6 | 15.4% | 6.8% | −14.9% | +32% / −45% |
| WLKPWestlake Chemical Partners LP | 761.8 m | 12.9 | — | 4.8% | +2.7% | +14% / −5% |
| GEVOGevo, Inc. | 316.5 m | — | -57.0% | -119.9% | +849.3% | −40% / +13% |
| ALTOAlto Ingredients, Inc. | 271.5 m | 5.3 | 22.2% | 5.5% | −4.9% | +37% / +43% |
| FFFuturefuel Corp. | 246.5 m | — | -18.3% | -19.9% | −60.7% | +70% / −5% |
| CDXSCodexis, Inc. | 118.3 m | — | -69.4% | -39.6% | +18.6% | −38% / −54% |
| LODEComstock Inc. | 113.3 m | — | -38.2% | -3,680.5% | −48.5% | −46% / −66% |
| AMTXAemetis, Inc | 90.2 m | — | — | -27.4% | −26.2% | −28% / −72% |
| TANHTantech Holdings Ltd | 90.1 m | — | -25.7% | -80.9% | −10.7% | −76% / −100% |
| LNZALanzaTech Global, Inc. | 69.2 m | 0.4 | 146.4% | 295.7% | +12.6% | −63% / −99% |
| SAFXXcf Global, Inc. | 41.0 m | — | -246.1% | — | unavailable | −87% / unavailable |
| TOMZTomi Environmental Solutions, Inc. | 18.2 m | — | -168.8% | -49.8% | −27.2% | −6% / −26% |
| CNEYCn Energy Group. Inc. | 2.5 m | — | -11.2% | -31.3% | −30.2% | −65% / −99% |
| BAKBraskem SA | — | — | — | -14.6% | +9.7% | −61% / −86% |
1- and 3-year price returns: for LODE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Comstock Inc. develops technologies for recycling end-of-life solar panels and recovering critical metals, alongside a biomass-based renewable fuels platform through its subsidiary Bioleum. In 2026 the company moves from demonstration to its first industrial facility, while it sells legacy mining assets, which could affect liquidity in the coming period. Cash of 31.4 million USD was reported at June 30, 2026 23.
SWOT
Strengths
- The company has a varied management team with experience in industrial manufacturing, carbon-based materials and recycling, which supports scaling of technologies 1.
- The recycling strategy already has a working demonstration facility and service contracts that generate revenue 1.
- Holdings in Nevada real estate and water rights offer a separate source of value apart from operations 3.
Weaknesses
- The company has not yet generated positive operating income and there is no assurance it will become profitable 1.
- The operating history is limited, and the company depends on external financing for expansion 1.
- The 2026 impairments show that some previously developed technologies are no longer considered relevant 3.
Opportunities
Risks
- Capital needs and going concernhigh
The company says it needs additional capital to continue operating, and outcomes depend on financing being available on acceptable terms 1.
- No profitability yethigh
The company has not yet earned positive operating income, and reaching profitability remains uncertain 1.
- Execution of industrial projectsmedium
Delays in starting the industrial facility could affect the announced revenue timeline 3.
- Dependence on public policymedium
Bioleum revenues depend on the RFS II, BTC and LCFS programs, and changes to them could have an adverse effect 1.
- Environmental and regulatory riskmedium
Recycling and mining activities are subject to strict environmental rules, and violations could lead to fines or shutdowns 1.
Investment thesis
What would need to be true (bull case)
- If the industrial facility operates as planned, the company could turn recycling into a source of recurring revenue with more customers and longer contracts 23.
- Selling mining assets and increasing the stake in SSOF could release capital and simplify the company's structure 3.
- Recovering silver and other metals from residues could add a higher-value product line 2.
What would break the thesis
- The company has not yet reached profitability, and reliance on external financing could limit its ability to execute the plan 1.
- The 2026 impairments show that some technology investments may not recover their costs 3.
- Federal renewable fuel policy is uncertain, and changes could reduce Bioleum revenues 1.
What to watch
- Start of operations at the industrial facility in Silver Springs and continuous operationsAugust 2026
- Closing of the legacy mining asset sale to Mackay and receipt of the initial paymentAugust 2026
- Third-quarter results on Metals revenue and the pace of panel intakeQ3 2026
- Progress of Bioleum financing and the Oklahoma project2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Comstock commercializes technologies, systems and supply chains that turn under-utilized waste and natural resources into clean energy and supporting products, according to 1. The company is organized into five activities: Metals, Fuels (through Bioleum Corporation), Mining, Strategic Investments and Corporate Services 1. Its model involves founders of the technologies holding an interest in the subsidiaries until major monetization events 1.
Segments
Metals
The Metals segment recycles end-of-life solar panels and recovers aluminum, glass and concentrates containing silver and other critical metals 1. The demonstration facility generated revenues of 1.4 million USD in 2025 1, and in the first half of 2026 revenues were 0.6 million USD 2. The first industry-scale facility is scheduled to begin operations in August 2026 3.
Fuels - Bioleum
Bioleum develops technologies that convert lignocellulosic biomass into intermediates for renewable fuels such as SAF and renewable diesel 1. In the second quarter of 2026 the company realigned its strategy and impaired related technologies, with a loss of approximately 16.4 million USD 3. Bioleum does not currently generate revenue 1.
Mining and strategic assets
The Mining segment includes legacy Nevada mining assets that the company is selling to Mackay for total consideration of over 45.0 million USD 3. The stake in Sierra Springs Opportunity Fund increased to 47.63% 3. These sales could release capital for the recycling business if the transactions close as planned 23.
Market context
The solar panel recycling market is at an early stage, and competition comes from firms focused on a single type of recycling and from established waste management industries 1. The renewable fuels market faces competition from the petroleum industry and from biomass-based fuel producers 1. The company has said it aims to build up to five facilities in the United States over the next five years 2.
Trends
- Renewable fuel policymixed
Federal programs such as the RFS II and LCFS credits support demand for renewable fuels, but changing or eliminating them could affect Bioleum revenues 1.
- Demand for electrificationmixed
Demand for recycling services depends on broader adoption of renewable energy and electrification; a slowdown in that adoption could reduce demand 1.
- Metal recovery from recycling residuestailwind
Recovering metals from solar panel residues is a developing field, and the ability to extract silver and other metals could open new revenue sources 2.
- Pressure on contract pricingheadwind
Competition can put downward pressure on recycling contract prices and royalties, which could limit margins 1.
Competitive position
In solar panel recycling, Comstock competes with companies focused on a single type of recycling, some with more expertise in mechanical recycling 1. In fuels, competition comes from the petroleum industry, which converts refineries or co-processes renewable feedstock 1. Competitors with far greater financial resources could enter the market 1.
- Solar panel recycling specialists
Firms focused on a single type of recycling with more experience in mechanical recycling 1.
- Petroleum refiners converting to renewables
Oil operators converting refineries or co-processing renewable feedstock, competing directly with Bioleum 1.
- Corn ethanol producers
A fragmented industry competing with Bioleum's cellulosic ethanol 1.
- Waste management companies
Established waste management and metal processing industries compete with Comstock Metals 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Comstock (CRK) Signs a $1.65B SOCAR Letter of Intent and a $450M Drilling Venture. Does Deleveraging Outweigh the Economics It Gives Up?Yahoo Finance — News · 10 Sept 2026 · EN
- Comstock signs $1.65bn LoI with SOCAR for Haynesville asset stakesYahoo Finance — News · 02 Sept 2026 · EN
- Comstock Resources (CRK) Bags $2.1B New Deals, Climbs 11%Yahoo Finance — News · 02 Sept 2026 · EN
- Două surori românce au terminat Facultatea de Medicină din Siena, Italia cu nota maximă „110/110 e lode”, la cinci ani diferențăLibertatea.ro · 29 Jul 2026 · RO
The latest news item in our archive is from 10 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report24 Aug 2026Other events · Financial statements and exhibits
- Current report24 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report24 Jun 2026Material agreement · Financial statements and exhibits
- Current report17 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jun 2026Item 4.01 · Financial statements and exhibits
- Current report01 Jun 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Comstock Inc. · 24 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Comstock Inc. · 23 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Comstock Inc. · 24 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.