Free cash flow remains deeply negative at -$11.5M for 2026Q1, underscoring a reliance on external financing to sustain operations in the absence of positive cash conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | -25.25M | -24.39M | -13.94M | -13.63M | -12.11M | -7.49M | -3.76M | -2.31M | -4.03M | -6.53M | -2.6M | -3M | -2.42M | -10.28M | -22.41M | -11.65M | -7.89M | -3.56M | -4.51M | -1.5M | -1.48M | -3.01M | -2.21M | -494.83K | -28.74K | -70.39K |
| Operating CF Margin % | - | -1569.51% | -462.3% | -1069.11% | -6794.93% | -869.02% | -1866.42% | -1284.39% | -2679.6% | -6263.18% | -51.24% | -16.2% | -9.46% | -41.4% | -436.18% | -2460.55% | -0% | - | - | -378.74% | -117.61% | -114.17% | -230.94% | -26167.79% | -2484.1% | -2027.8% |
| Operating CF Growth % | -324.52% | -74.91% | -2.33% | -12.56% | -61.57% | -99.02% | -63.17% | 42.71% | 38.37% | -151.52% | 13.3% | -23.79% | 76.45% | 54.14% | -92.42% | -47.6% | -121.37% | 20.99% | -201.19% | -1.49% | 50.88% | -36.21% | -345.87% | -1621.7% | 59.17% | - |
| Net Income | -43.37M | -43.17M | -53.4M | 10.53M | -46.74M | -24.58M | 14.93M | -3.81M | -9.48M | -10.58M | -12.96M | -10.45M | -9.64M | -21.35M | -30.76M | -11.61M | -60.33M | -6.06M | -16.49M | -4.06M | -4.42M | -11.35M | -5.08M | -3.71M | -78.93K | -84.74K |
| Depreciation & Amortization | 4.8M | 3.79M | 2.19M | 2.43M | 2.79M | 1.09M | 1.24M | 0 | 3.15M | 4.19M | 5.89M | 7.73M | 6.88M | 4.82M | 2.5M | 269.55K | 131.78K | 154.68K | 148.47K | 277.58K | 739.35K | 445.19K | 425.71K | 1.12K | 13.26K | 13.27K |
| Stock-Based Compensation | 321.66K | 0 | 41.8K | -2.26K | 482K | 463.99K | 204.25K | 0 | 0 | 0 | 18.9K | 443.04K | 1.88M | 3.27M | 7.91M | 3.28M | 598.67K | 209.53K | 3.68T | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -5.75M | -1.24M | 0 | 0 | 0 | -357.04K | -158.15K | 1.01M | 1.79M | -424.35K | -76.08K | 26.05M | 0 | -3.68T | 0 | 0 | 0 | 0 | -940K | 0 | 0 |
| Other Non-Cash Items | 7.95M | 10.83M | 35.2M | -29.65M | 30.25M | 22.21M | -18.36M | -281.36K | 1.49M | 486.61K | 2.82M | 826.3K | 964.91K | 1.11M | 937.13K | -3.78M | 24.11M | 188.84K | 11.53M | 1.04M | 1.87M | 4.08M | 1.16M | 4.14M | 0 | 0 |
| Working Capital Changes | 5.13M | 4.15M | 2.03M | 3.06M | 1.11M | -926.31K | -545.31K | 1.78M | 816.72K | -632.42K | 1.99M | -1.38M | -3.51M | 71.56K | -2.58M | 263.21K | 1.54M | 1.95M | 391.53K | 1.24M | 328.41K | 3.83M | 1.29M | 10.66K | 36.92K | 1.09K |
| Change in Receivables | 2.9M | 1.55M | -643K | -26.36K | 0 | 0 | 0 | 0 | 0 | 0 | 24.64K | 297.76K | -307.78K | -2.1M | -634.64K | 0 | 0 | 0 | 0 | 1.56M | -677.27K | -677.27K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 450.95K | -22.72K | 163.73K | -291.35K | -662.93K | 0 | 0 | 0 | 0 | 52K | 52K | 236.69K | -288.69K | 0 | 0 | 0 |
| Change in Payables | 154.65K | -1M | 1.84M | 31.37K | 80.85K | -707K | -464.31K | 517.41K | 83.84K | -483.25K | 472.17K | 38.89K | -333.32K | -200.43K | 1.45M | 126.41K | -770.98K | 385.56K | 917.3B | -750.67K | 677.27K | 677.27K | 0 | 0 | 0 | 0 |
| Cash from Investing | -34.69M | -21.98M | -6.48M | 3.63M | -3.73M | -16.1M | 3.21M | 2.64M | -1.63M | 979.26K | 2.56M | -5.12M | -3.27M | -6.68M | -10.89M | -6M | -4.24M | -118.88K | -709.38K | 20K | 10.97K | -200.39K | -4.99M | -2.05M | 4.36K | 0 |
| Capital Expenditures | -15.35M | -2.34M | -935K | -1.82M | -3.19M | -78.47K | -130.75K | -2.44M | -1.66M | -130.17K | -746.54K | -5.77M | -2.62M | -5.99M | -13.37M | -7.8M | -376.51K | -378.88K | -161.15K | 0 | 0 | -150.39K | -4.75M | 0 | 0 | 0 |
| CapEx % of Revenue | 1418.97% | 150.44% | 31% | 142.73% | 1790.65% | 9.1% | 64.82% | 1356.3% | 1101.76% | 124.76% | 14.72% | 31.21% | 10.26% | 24.13% | 260.12% | 1647.5% | 0% | - | - | - | - | 5.71% | 496.94% | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -18.67M | -19.22M | -1.14M | -1.09M | 1.45M | -4.5M | -951.89K | 238.6K | 26.5K | 1.11M | 3.31M | 654.04K | -649.59K | -685.18K | 260.94K | 102K | 550K | 260K | -389.6K | 20K | 10.97K | -50K | -242.17K | -145K | 4.36K | 0 |
| Cash from Financing | 109M | 62.36M | 17.59M | 11.26M | 12.45M | 27.07M | 1.97M | 192.13K | 4.08M | 7.44M | -1.44M | 4.47M | 8.59M | 13.39M | 32.33M | -782.29K | 37.27M | 3.61M | 5.37M | 1.65M | 1.44M | 1.28M | 8.8M | 2.91M | 31.63K | 74.75K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 114.59M | 54.98M | 7.21M | 6.9M | 11.03M | 27.4M | 4.2M | 5.19M | 4.23M | 7.35M | 3.94M | 6M | 10.99M | 18.75M | 24.35M | 0 | 35.75M | 902.5K | 1.5M | 0 | 0 | 0 | 9.2M | 1.91M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -225K | 0 | 0 | 0 |
| Other Financing | -3.09M | 0 | -160K | -319.98K | 217.81K | -1.31M | -130.07K | -270.75K | 1.92M | -78.92K | 0 | -96.39K | -32.02K | -459.51K | -758.08K | 0 | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 49.06M | 16M | -2.83M | 1.26M | -3.39M | 3.48M | 1.42M | 527.2K | -1.58M | 1.88M | -1.48M | -3.65M | 2.9M | -3.56M | -981.93K | -18.43M | 25.14M | -76.72K | 147.94K | 148.13K | 0 | -1.92M | 1.61M | 363.82K | 7.24K | 4.36K |
| Free Cash Flow | -40.71M | -26.72M | -14.88M | -15.64M | -15.3M | -7.57M | -3.9M | -4.74M | -5.68M | -6.66M | -3.34M | -8.77M | -5.05M | -16.27M | -35.78M | -19.45M | -8.27M | -3.94M | -4.67M | -1.5M | -1.48M | -3.16M | -6.95M | -494.83K | -28.74K | -70.39K |
| FCF Margin % | -3764.71% | -1719.95% | -493.27% | -1227.53% | -8585.58% | -878.12% | -1931.25% | -2640.69% | -3781.36% | -6387.94% | -65.96% | -47.41% | -19.72% | -65.54% | -696.29% | -4108.06% | -0% | - | - | -378.74% | -117.61% | -119.89% | -727.87% | -26167.79% | -2484.1% | -2027.8% |
| FCF Growth % | -148.89% | -79.64% | 4.9% | -2.28% | -102.03% | -94.36% | 17.88% | 16.53% | 14.73% | -99.27% | 61.85% | -73.77% | 68.99% | 54.53% | -83.99% | -135.21% | -109.65% | 15.61% | -211.95% | -1.49% | 53.22% | 54.62% | -1305.31% | -1621.7% | 59.17% | - |
| FCF per Share | -0.62 | -0.73 | -0.90 | -1.49 | -2.05 | -1.50 | -1.27 | -2.44 | -4.77 | -8.10 | -4.73 | -19.91 | -12.26 | -39.55 | -86.97 | -39.46 | -20.95 | -11.11 | -14.87 | -9.42 | -21.04 | -124.76 | -372.27 | -36.62 | -2.43 | -3351.67 |
| FCF Conversion (FCF/Net Income) | 0.94x | 0.57x | 0.26x | -1.49x | 0.26x | 0.30x | -0.25x | 0.61x | 0.42x | 0.62x | 0.20x | 0.29x | 0.25x | 0.48x | 0.73x | 1.00x | 0.13x | 0.59x | 0.27x | 0.37x | 0.33x | 0.26x | 0.43x | 0.13x | 0.36x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 503.44K | 0 | 107.5K | 0 | 551.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-commercial operational insolvency
According to the provided cash flow statements, Comstock Inc. consistently reports negative net income alongside operating cash outflows, with the OCF/NI ratio fluctuating significantly, suggesting that the company's accounting losses are being compounded by a structural inability to generate positive cash from its core operations.
The persistent gap between net income and operating cash flow indicates that the company's losses are not merely non-cash accounting charges but reflect actual cash burn. Investors should monitor this relationship closely, as the lack of a positive conversion ratio suggests that the business model has yet to achieve the operational efficiency required to sustain its current overhead.
As reported in financial statements, Comstock Inc.'s free cash flow has remained consistently negative over the last ten quarters, with the most recent 2026Q1 period showing a cash outflow of $11.5M, highlighting the company's ongoing reliance on external financing to fund its development activities.
The deepening negative free cash flow trajectory suggests that the company's capital requirements are expanding even as revenue streams remain volatile. This trend warrants further investigation into how long the current cash reserves can support these outflows before additional dilutive financing becomes necessary.
Based on reported figures, Comstock Inc. has demonstrated extreme capital intensity, with CapEx/Revenue ratios reaching as high as 306,526.3% in 2025Q1, which underscores the speculative nature of its current investment in mining and remediation infrastructure relative to its minimal commercial output.
The high level of capital expenditure relative to revenue suggests that the company is heavily front-loading investment in assets that have yet to demonstrate commercial viability. This capital-intensive approach appears to be a primary driver of the company's cash burn, necessitating a shift toward revenue-generating operations to justify these outlays.
Data from recent filings indicates that working capital changes have been inconsistent, providing only minor, intermittent relief to the company's cash position, which remains dominated by the structural deficit between operating expenses and the limited revenue generated by its legacy real estate and mining segments.
The lack of a consistent, positive contribution from working capital suggests that the company is not effectively managing its cash conversion cycle. This volatility may indicate underlying inefficiencies in collections or inventory management that further exacerbate the company's already strained liquidity position.
Analysis of the cash flow statement reveals that Comstock Inc.'s reported figures may obscure the true extent of its operational insolvency, as the company frequently relies on non-cash adjustments and capital expenditures that do not yet translate into tangible, recurring economic value for shareholders.
The reliance on capitalized costs and the absence of meaningful operating cash flow suggest that the company's financial statements may be masking the true cost of its pivot toward environmental technology. Investors should be cautious, as the current cash flow profile appears to reflect a venture-stage entity rather than a mature industrial operator.
Quick answers to the most common questions about buying LODE stock.
Comstock Inc. (LODE) generated $-24.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Comstock Inc. (LODE) reported negative free cash flow of $26.7M in 2025, indicating capital requirements exceeded cash from operations.
Comstock Inc. (LODE) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.