Comstock Inc. (LODE)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 reporting centered on FY 2024 outcomes and 2025 commercialization milestones; FY revenue reached $3.0M (vs. $1.3M FY 2023) with a net loss of $53.0M ($3.21/share), reflecting one-time R&D reclassification and intangible write-downs .
• Strategic pivot away from the August 2024 SBCC funding package: management affirmed “the August SBCC deal is dead,” in favor of a fuels Series A targeted for Q2 2025, a $14M strategic investment from Marathon Petroleum (including Madison pilot facility), and $152M Oklahoma Qualified Private Activity Bonds to seed the first refinery .
• Metals is scaling from the demonstration facility toward the first industry-scale site in Silver Springs, NV, with 2025 billable revenue guided to ~$2.5M and $6M capex; throughput economics cited as tipping fees >$500/ton, offtake ~$250/ton, costs ~$200/ton, and a “panel every 7 seconds” design enabling 100,000 tons/year per plant .
• Potential stock reaction catalysts: closure of fuels Series A and offtake agreements, placement of $152M bonds, spin-off plan for Comstock Fuels, and progress on Metals permitting/equipment orders .

What Went Well and What Went Wrong

What Went Well

• “Record” fuels platform progress: validated up to 140 GGE/ton, integration of Madison pilot facility (2 barrels/day), and strategic capital from Marathon; Series A targeted Q2 2025 with project financing to follow .
• Metals economics and scale: 100% recovery, customer tipping/offsake arrangements, three-shift ops at demo facility, first industry-scale site moving forward; 2025 billings guided to 5–6x 2024 ($2.5M) .
• Clearer corporate roadmap: reverse split completed (24,238,453 shares outstanding post-split), explicit spin-off intention for Comstock Fuels post Series A, and plan to monetize >$50M non-core assets .

What Went Wrong

• FY 2024 loss and one-time charges: $53.0M net loss driven by $12.2M R&D reclass for GenMat and $8.7M intangible write-down; cash burn from ops of $13.9M .
• SBCC package reversal: management acknowledged prior $325M multi-tranche framework is no longer the path, necessitating new equity/dilutive capital and subsidiary-level financing to advance plan .
• Liquidity and funding dependency: year-end cash ~$1.0M, reliance on January convertible notes ($5M received, $5M pending at call) and further capital raises to bridge to profitability .

Financial Results

Reported Financials (Annual)

Segment Results (Annual)

Capital and Liquidity Snapshot

KPIs and Operating Metrics

Note: Wall Street consensus estimates from S&P Global for Q4 2024 were unavailable due to data access limits at time of analysis.

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “The August SBCC deal is dead. Please stop asking me about it.”
• “Intake revenues… are slightly above expectation… at over $500 a ton. Offtake revenues… at $250 a ton… costs are… about $200 a ton… When you think about a 75%… operating margin, it’s an extraordinarily good place to start.”
• “Marathon… capped our fuels valuation… at $700 million… Marathon’s $14 million investment… is 2% of Comstock Fuels.”
• “If you’re a holder of LODE, you will be a holder of Comstock, you will be a holder of Bioleum.”
• “We’re fully subordinating and supporting the businesses… getting the Series A… project funding done and ultimately spinning off fuels.”

Q&A Highlights

• Scaling and capital: Management outlined subsidiary-level financing and state incentives (OK bonds, grants) to scale fuels; partners/licensing to accelerate replication akin to corn ethanol industry buildout .
• Licensing economics: International licenses target ~6% engineering fees, ~6% royalties, and 20% equity stakes with zero capital contributions by Comstock Fuels .
• Metals expansion: Demand pulling from multiple states; international JV interest due to speed/efficiency/scale of Comstock’s process .
• Shelf registration: Company maintains a $50M shelf to preserve efficient capital market access .
• Spin-off mechanics: Spin timing/method contingent on Series A completion; holders to receive shares in both entities .

Estimates Context

• Wall Street consensus (S&P Global) for Q4 2024 revenue/EPS/EBITDA was unavailable at query due to SPGI access limits. As a result, estimate comparisons are not provided. If/when data is accessible, we will add consensus benchmarks and highlight beats/misses relative to reported actuals.*

Key Takeaways for Investors

• Fuels financing rerouted: Expect near-term headlines around Series A completion, offtake agreements, and bond placement; these are primary de-risking catalysts for refinery #1 .
• Metals monetization ramp: With favorable unit economics and permitting progress, watch for 2025 billings realization (~$2.5M) and tangible steps toward industry-scale commissioning in 2026 .
• Strategic clarity: Confirmed spin-off of fuels post Series A could unlock segment-specific investor demand and valuation; track spin milestones .
• Balance sheet watch: FY 2024 cash burn necessitates continued external financing; January converts and structured subsidiary funding stabilized near-term liquidity—monitor dilution vs. growth acceleration .
• Guidance credibility: Management pivot from SBCC underscores flexibility; Marathon’s validation and $700M fuels valuation cap (as a floor per management) may anchor future funding rounds .
• Mining optionality: Incremental spend ($1–2M) advancing Dayton toward reserves offers leveraged exposure to metals prices with clearer feasibility work ahead .
• Execution risk: Industrial scale-up and multi-party licensing require disciplined project management; permitting, financing timelines, and feedstock/offtake integration are key gating items .

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Sources: Company filings and earnings materials as cited: 8‑K “Announces Full Year 2024 Results” and Exhibit 99.1 , press release “Comstock Announces Full Year 2024 Results” , Q4 2024 earnings call transcripts – –, Q3 2024 press release –, Q3 2024 call –, Q2 2024 8‑K and press materials –, and Marathon Petroleum collaboration press release –.