The company reported a 2026Q1 gross margin of -5.4%, highlighting a fundamental inability to cover direct costs despite significant corporate overhead of $6.6M in SG&A expenses.
| 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 |
|---|
| Sales/Revenue | 1.08M | 1.55M | 3.02M | 1.27M | 178.15K | 862.16K | 201.7K | 179.63K | 150.29K | 104.33K | 5.07M | 18.49M | 25.58M | 24.83M | 5.14M | 473.39K | 169.25B | 0 | 0 | 395.54K | 1.26M | 2.63M | 955.38K | 1.89K | 1.16K | 3.47K |
| Revenue Growth % | -67.97% | -48.48% | 136.65% | 615.38% | -79.34% | 327.45% | 12.29% | 19.52% | 44.05% | -97.94% | -72.58% | -27.72% | 3.05% | 383.14% | 985.5% | -100% | - | - | -100% | -68.48% | -52.32% | 175.5% | 50422.47% | 63.44% | -66.67% | - |
| Cost of Goods Sold | 7.33M | 6.47M | 451.94K | 0 | 0 | 272.08K | 51.89K | 1.54M | 2.81M | 3.47M | 4.69M | 11M | 20.39M | 27.61M | 4.48M | 9.82M | 3.81M | 2.86M | 3.9M | 473.59K | 1.99M | 4.81M | 1.95M | 0 | 0 | 0 |
| COGS % of Revenue | - | 416.35% | 14.98% | - | - | 31.56% | 25.73% | 855.21% | 1867.24% | 3322.02% | 92.47% | 59.46% | 79.69% | 111.22% | 87.25% | 2075.24% | 0% | - | - | 119.73% | 158.21% | 182.77% | 203.73% | - | - | - |
| Gross Profit | -6.24M | -4.92M | 2.56M | 1.27M | 178.15K | 590.08K | 149.81K | -1.36M | -2.66M | -3.36M | 381.98K | 7.5M | 5.2M | -2.79M | 654.99K | -9.35M | 169.24B | -2.86M | -3.9M | -78.05K | -730.6K | -2.18M | -991.05K | 1.89K | 1.16K | 3.47K |
| Gross Margin % | -577.43% | -316.35% | 85.01% | 100% | 100% | 68.44% | 74.27% | -755.21% | -1767.24% | -3222.02% | 7.53% | 40.54% | 20.31% | -11.22% | 12.75% | -1975.24% | 100% | - | - | -19.73% | -58.21% | -82.77% | -103.73% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -291.71% | 101.18% | 615.38% | -69.81% | 293.89% | 111.04% | 48.92% | 20.99% | -980.01% | -94.91% | 44.31% | 286.47% | -525.39% | 107% | -100.01% | 5907667.82% | 26.48% | -4892.67% | 89.32% | 66.46% | -119.82% | -52508.94% | 63.44% | -66.67% | - |
| Operating Expenses | 34.97M | 32.99M | 42.23M | 13.88M | 19.54M | 7M | 5.62M | 3.99M | 4.74M | 5.52M | 10.6M | 19.92M | 10.14M | 18.15M | 30.97M | 6.2M | 3.26M | 1.7M | 4.24M | 1.11M | 1.42M | 2.26M | 2.67M | 388.68K | 80.09K | 88.21K |
| OpEx % of Revenue | - | 2123.25% | 1400.23% | 1089.01% | 10967.97% | 811.45% | 2788.33% | 2220.01% | 3156.89% | 5287.57% | 208.97% | 107.74% | 39.63% | 73.09% | 602.78% | 1310.57% | 0% | - | - | 280.84% | 112.82% | 85.84% | 279.93% | 20553.94% | 6921.87% | 2541.4% |
| Selling, General & Admin | 23.85M | 20.67M | 12.7M | 12.59M | 10.24M | 5.55M | 4.4M | 3.31M | 3.4M | 2.6M | 3.6M | 9.61M | 6.37M | 9.64M | 12.67M | 5.93M | 3.13M | 1.55M | 4.1M | 833.27K | 1.04M | 1.96M | 2.23M | 387.56K | 80.09K | 88.21K |
| SG&A % of Revenue | - | 1330.36% | 421.19% | 987.77% | 5749.85% | 643.35% | 2182.27% | 1841.09% | 2264.86% | 2487.64% | 70.95% | 51.97% | 24.91% | 38.84% | 246.55% | 1253.63% | 0% | - | - | 210.67% | 83.08% | 74.34% | 233.48% | 20494.82% | 6921.87% | 2541.4% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -41.21M | -37.91M | -39.67M | -12.6M | -19.36M | -6.41M | -5.47M | -5.34M | -7.4M | -8.88M | -10.21M | -12.43M | -8.69M | -20.93M | -30.32M | -15.55M | -7.06M | -4.57M | -8.14M | -1.19M | -2.06M | -9.06M | -5.05M | -386.78K | -78.93K | -84.74K |
| Operating Margin % | -3810.7% | -2439.59% | -1315.22% | -989.01% | -10867.97% | -743% | -2714.06% | -2975.22% | -4924.13% | -8509.59% | -201.44% | -67.19% | -33.98% | -84.32% | -590.04% | -3285.8% | -0% | - | - | -300.58% | -164.26% | -344.1% | -529.02% | -20453.94% | -6821.87% | -2441.4% |
| Operating Income Growth % | - | 4.44% | -214.71% | 34.9% | -202.24% | -17.02% | -2.43% | 27.78% | 16.64% | 13.07% | 17.8% | -42.94% | 58.47% | 30.96% | -94.92% | -120.2% | -54.63% | 43.89% | -584.77% | 42.33% | 77.24% | -79.2% | -1206.71% | -390.04% | 6.86% | - |
| EBITDA | -35.84M | -33.56M | -36.96M | -9.7M | -16.03M | -5.05M | -4.26M | -3.53M | -4.23M | -4.63M | -4.13M | -4.44M | -1.82M | -16.11M | -27.82M | -15.28M | -6.93M | -4.41M | -7.99M | -911.32K | -1.32M | -8.61M | -4.83M | -385.67K | -65.67K | -71.48K |
| EBITDA Margin % | -3313.7% | -2159.75% | -1225.43% | -761.31% | -8999.56% | -586.23% | -2110.58% | -1963.59% | -2814% | -4434% | -81.53% | -24% | -7.1% | -64.9% | -541.32% | -3228.86% | -0% | - | - | -230.4% | -105.35% | -327.19% | -506.01% | -20394.82% | -5675.45% | -2059.23% |
| EBITDA Growth % | 11.58% | 9.2% | -280.92% | 39.48% | -217.21% | -18.73% | -20.69% | 16.6% | 8.58% | -11.91% | 6.87% | -144.36% | 88.73% | 42.08% | -81.99% | -120.5% | -57.07% | 44.78% | -777.06% | 31.07% | 84.65% | -78.14% | -1153.5% | -487.32% | 8.13% | - |
| D&A (Non-Cash Add-back) | 5.37M | 4.35M | 2.71M | 2.9M | 3.33M | 1.35M | 1.22M | 1.82M | 3.17M | 4.25M | 6.08M | 7.99M | 6.88M | 4.82M | 2.5M | 269.55K | 131.78K | 154.68K | 148.47K | 277.58K | 739.35K | 445.19K | 219.83K | 1.12K | 13.26K | 13.27K |
| EBIT | -41.21M | -37.91M | -50.43M | 12.17M | -45.09M | -30.16M | 15.35M | -2.93M | -8.07M | -8.87M | -12.21M | -9.24M | -8.64M | -20.19M | -29.83M | -11.6M | -57.04M | -1.72M | -7.22M | -1.19M | -2.15M | -4.44M | -8.15M | -2.6M | -78.93K | -84.74K |
| Net Interest Income | -26.08K | -1.1M | -2.67M | -1.39M | -1.26M | 849.07K | 51.79K | -879.53K | -1.41M | -1.71M | -753.67K | -1.22M | 17.1K | -1.16M | -881.16K | -7.7K | -3.27M | 0 | 0 | 0 | 0 | 13.53K | 40.14K | 1.89K | 0 | 0 |
| Interest Income | 1.39M | 831.38K | 302.09K | 251.97K | 387.61K | 1.02M | 473.68K | 0 | 0 | 0 | 0 | 0 | 1.01M | 0 | 48.68K | 72.93K | 24.56K | 0 | 0 | 0 | 0 | 13.53K | 40.14K | 1.89K | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -43.46M | -43.17M | -53.4M | 10.53M | -46.74M | -30.33M | 14.93M | -3.81M | -9.48M | -10.58M | -12.96M | -10.45M | -9.64M | -21.35M | -30.76M | -11.68M | -57.06M | -1.72M | -6.09M | 0 | -1.55M | -18.3M | -7.83M | -4.65M | -78.93K | -84.74K |
| Pretax Margin % | -4018.39% | -2778.16% | -1770.66% | 825.95% | -26235.34% | -3518.09% | 7403.06% | -2118.7% | -6308.35% | -10137.33% | -255.7% | -56.53% | -37.68% | -85.98% | -598.65% | -2467.82% | -0.03% | - | - | - | -123.67% | -695.08% | -819.73% | -245638.23% | -6821.87% | -2441.4% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -5.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -76.08K | 53.26M | 1.5M | 8.35M | 2.87M | 2.35M | 2.3M | 25.85K | -940K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 18.95% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.65% | -93.35% | -87.18% | -137.07% | - | -151.73% | -12.55% | -0.33% | 20.24% | 0% | 0% |
| Net Income | -43.37M | -43.08M | -53.32M | 9.16M | -45.95M | -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 |
| Net Margin % | -4010.03% | -2772.34% | -1767.94% | 718.88% | -25792.17% | -2851.38% | 7403.06% | -2118.7% | -6308.35% | -10137.33% | -255.7% | -56.53% | -37.68% | -85.98% | -598.65% | -2451.75% | -0.04% | - | - | -1025.77% | -351.91% | -431.33% | -531.73% | -195929.09% | -6821.87% | -2441.4% |
| Net Income Growth % | 21.88% | 19.21% | -681.99% | 119.94% | -86.91% | -264.64% | 492.34% | 59.86% | 10.36% | 18.42% | -24.01% | -8.46% | 54.85% | 30.61% | -165.05% | 80.76% | -894.72% | 63.22% | -306.37% | 8.13% | 61.1% | -123.48% | -37.11% | -4594.12% | 6.86% | - |
| Net Income (Continuing) | -43.46M | -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 | -9.57M | -2.6M | -78.93K | -84.74K |
| Discontinued Operations | 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 |
| Minority Interest | 3.32M | 3.32M | 0 | 0 | 2.76M | 3.4M | 0 | 269.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.66 | -1.17 | -3.21 | 0.87 | -6.17 | -4.88 | 4.90 | -1.96 | -7.95 | -12.86 | -18.35 | -36.13 | -42.50 | -51.89 | -74.78 | -16.50 | -152.84 | -0.50 | -250.00 | -10.00 | -30.00 | -225.00 | -255.00 | -100.00 | -3.33 | -4035.29 |
| EPS Growth % | 69.09% | 63.55% | -468.97% | 114.1% | -26.43% | -199.59% | 350% | 75.35% | 38.18% | 29.92% | 49.21% | 14.99% | 18.1% | 30.61% | -353.21% | 89.2% | -30468% | 99.8% | -2400% | 66.67% | 86.67% | 11.76% | -155% | -2903% | 99.92% | - |
| EPS (Basic) | - | -1.17 | -3.21 | 0.87 | -6.17 | -4.88 | 4.90 | -1.96 | -7.95 | -12.86 | -18.35 | -36.13 | -42.50 | -105.00 | -217.50 | -16.50 | -795.00 | -1.71 | -5.25 | -10.00 | -30.00 | -225.00 | -255.00 | -100.00 | -3.33 | -397.85 |
| Diluted Shares Outstanding | 65.97M | 36.71M | 16.61M | 10.52M | 7.45M | 5.04M | 3.06M | 1.95M | 1.19M | 822.54K | 706.5K | 440.29K | 411.39K | 411.39K | 411.39K | 492.81K | 394.69K | 354.97K | 314.26K | 159.06K | 70.15K | 25.29K | 18.68K | 13.51K | 11.85K | 21 |
| Basic Shares Outstanding | 65.97M | 36.71M | 16.61M | 10.51M | 7.45M | 5.04M | 3.05M | 1.95M | 1.19M | 822.54K | 706.5K | 440.29K | 313.21K | 241.56K | 161.53K | 492.81K | 77.53K | 354.97K | 314.26K | 159.06K | 70.15K | 25.29K | 18.68K | 13.51K | 11.85K | 107 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Pre-commercial operational insolvency
As reported in recent financial filings, Comstock Inc. experienced a significant 60.1% year-over-year revenue decline in 2026Q1, highlighting the extreme instability of its project-based revenue model and the lack of a reliable, recurring commercial stream to support its ongoing corporate and operational overhead requirements.
The company's revenue profile appears highly erratic, shifting between legacy real estate activities and speculative mining projects. This lack of consistent top-line growth suggests that the firm has yet to achieve a repeatable commercial model, leaving its financial trajectory entirely dependent on intermittent asset utilization.
Based on the provided income statement data, Comstock Inc. reported a gross margin of -5.4% in 2026Q1, reflecting a persistent inability to cover direct costs of production and asset maintenance through its current, limited revenue-generating activities across its mining and real estate segments.
The transition from positive gross margins in 2024 to deep negative territory in recent quarters indicates that the cost of maintaining mining claims and developing new technologies is currently uncoupled from any meaningful economic output. Investors should monitor whether this margin compression is a permanent feature of its pre-commercial phase or a sign of inefficient asset management.
According to historical income statements, Comstock Inc. continues to exhibit negative operating leverage, with SG&A expenses of $6.6M in 2026Q1 significantly outpacing the company's ability to generate gross profit, thereby deepening the operating loss to $10.3M for the most recent quarter.
The persistent gap between overhead costs and gross profit suggests that the company is scaling its administrative and development expenses without a corresponding increase in commercial throughput. This structure implies that the firm is currently operating as a venture-stage entity rather than a mature industrial business, necessitating constant capital infusions.
As indicated by the latest quarterly data, Comstock Inc. maintains a high fixed-cost structure with SG&A expenses reaching $6.6M in 2026Q1, which appears disproportionate to the $313.5K in revenue generated, signaling a lack of expense discipline during this critical pre-commercial development phase.
The company's cost structure is heavily weighted toward administrative and development overhead, which does not appear to be yielding immediate commercial results. This disconnect warrants further investigation into whether these expenditures are effectively building long-term value or simply consuming cash reserves at an unsustainable rate.
While management frames the transition to a circular economy model as a strategic evolution, the income statement reveals a company struggling with a -2439.59% operating margin, suggesting that the market may be overestimating the viability of its proprietary technology in the absence of proven commercial scale.
Short-term observers may focus on the rapid depletion of cash reserves relative to the high burn rate, which could necessitate further dilutive financing. The reliance on speculative environmental IP, while potentially transformative, currently lacks the operational track record required to justify the company's ongoing capital requirements.
Quick answers to the most common questions about buying LODE stock.
For fiscal year 2025, Comstock Inc. (LODE) reported total revenue of $1.6M. This represents a 44665.1% increase compared to $0.0M in 2001.
Comstock Inc. (LODE) reported a net loss of $43.1M for the fiscal year ending 2025.
Comstock Inc. (LODE) reported an operating income of $-37.9M, resulting in an operating profit margin of -2439.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Comstock Inc. (LODE) generated $-4.9M in gross profit for the year, representing a gross profit margin of -316.3%. This demonstrates the company's core pricing power and production efficiency.