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Comstock Inc.

The following are defined terms and naming conventions used in this Annual Report on Form 10-K, unless otherwise specified:.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerLODE on NYSE2
  • IndustryIndustrial Organic Chemicals2
  • HeadquartersVirginia City, United States2
  • Incorporated inNV3
  • Business address500 Damonte Ranch Parkway, Suite 980, Reno, Nv 895213
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300PX1C7TOIY9SK202
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CORPORATE SERVICES OF NEVADA, 502 NORTH DIVISION STREET, 89703 Carson City, United States2
  • Registered withBusiness Center (Secretary of State), E0695212008-62

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The following are defined terms and naming conventions used in this Annual Report on Form 10-K, unless otherwise specified:4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-2455.2%Operating margin5
-2772.3%Net margin5
-48.5%Revenue growth, 20255
-40.0%Return on equity5
0.00×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Decommissioning Services brought in 70% of the revenue Comstock Inc. broke down this way in fiscal 2025.

  1. Decommissioning Services$1.1M570%up 284% from 2024
  2. Recycling$216.1K514%up 291% from 2024
  3. Mining and Real Estate$153.1K510%down 94% from 2024
  4. Off-take$101.8K57%up 59% from 2024
Products and services by year
Products and services20242025
Decommissioning Services$282.1K$1.1M
Recycling$55.2K$216.1K
Mining and Real Estate$2.6M$153.1K
Off-take$63.9K$101.8K

Business segments

Metals brought in 90% of the revenue Comstock Inc. broke down this way in fiscal 2025.

  1. Metals$1.4M590%up 249% from 2024
  2. Mining$136.0K59%down 95% from 2024
  3. Corporate Segment and Other Operating$17.1K51%down 11% from 2024
Business segments by year
Business segments20242025
Metals$401.2K$1.4M
Mining$2.6M$136.0K
Corporate Segment and Other Operating$19.2K$17.1K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$2.6M
  • Research and development35¢$12.3M
  • Selling, general and admin58¢$20.7M

Out of $1.6M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$1.6M in 2025+765% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $179.6K$179.6K20192020: $201.7K$201.7K2020+12%2021: $862.2K$862.2K2021+327%2022: $178.2K$178.2K2022−79%2023: $1.3M$1.3M2023+615%2024: $3.0M$3.0M2024+137%2025: $1.6M$1.6M2025−48%
Gross profit78$178.2K in 2022+19% since 2020
0$200.0K$400.0K$600.0K2020: $149.8K$149.8K20202021: $590.1K$590.1K2021+294%2022: $178.2K$178.2K2022−70%
Operating income6789105-$38.1M in 2025+614% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$5.3M-$5.3M20192020: -$5.5M-$5.5M2020+2%2021: -$6.4M-$6.4M2021+17%2022: -$19.4M-$19.4M2022+202%2023: -$12.6M-$12.6M2023−35%2024: -$39.7M-$39.7M2024+215%2025: -$38.1M-$38.1M2025−4%
Net income6789105-$43.1M in 2025+1032% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$3.8M-$3.8M20192020: $14.9M$14.9M20202021: -$24.6M-$24.6M20212022: -$46.7M-$46.7M2022+90%2023: $9.2M$9.2M20232024: -$53.3M-$53.3M20242025: -$43.1M-$43.1M2025−19%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenue$1.6M$3.0M
Cost of goods sold$2.6M$451.9K
Selling, general and administrative expenses$20.7M$12.7M
Research and development$12.3M$19.1M
Depreciation and amortization$3.8M$2.2M
Goodwill and Intangible Asset Impairment$9.3K$8.7M
Impairment of properties, plant and equipment (Note 6)$433.4K$324.0K
Gain on sale of mineral rights (Note 6)-$200.0K-$804.5K
Total operating expenses$37.1M$42.2M
Loss from operations-$38.1M-$39.7M
Loss on investments$0-$711.9K
Interest expense-$1.9M-$3.0M
Interest income$831.4K$302.1K
Derivative, Gain (Loss) on Derivative, Net$1.4M$1.3M
Loss on conversion of debt-$3.1M-$9.8M
Loss on debt extinguishment-$2.8M-$817.5K
Gain on extinguishment of liability$845.0K$0
Other Nonoperating Income (Expense)-$354.3K-$1.1M
Total other income (expense), net-$5.0M-$13.7M
Net loss-$43.2M-$53.4M
Net loss attributable to noncontrolling interest-$90.4K-$81.4K
Net loss attributable to Comstock Inc.-$43.1M-$53.3M
Net loss per share - basic and diluted (in dollars per share)-$1.17-$3.21
Weighted average common shares outstanding, basic and diluted (in shares)36.7M shares16.6M shares

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Leadership

Who has led Comstock Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert T. Faber2008
  2. Corrado F. Degasperis2010–now

Chair

  1. Corrado F. Degasperis2017–2024

President

  1. Corrado F. Degasperis2015–2018
  2. Juan Carlos Giron Jr.2019
  3. Kevin Kreisler2021

Chief financial officer

  1. Judd Merrill2015–2019
  2. Juan Carlos Giron Jr.2019

Chief operating officer

  1. James Golden V.2008
2010201520202025
Board members and other officers (25)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorCorrado De Gasperis named Dec 27, 2023 to Apr 15, 202446
  • DirectorGuez Salinas named Dec 27, 2023 to Jun 23, 202547

Former names

  • Comstock Mining Inc.Jul 21, 2010 to Jun 2, 20223
  • GOLDSPRING INCAug 16, 2004 to Jul 20, 20103
  • GOLDSPRINGSep 23, 2003 to Jul 28, 20043
  • STARTCALL COM INCMay 15, 2001 to Aug 20, 20033

Timeline

  1. Apr 27, 2010New chief executive Corrado F. Degasperis becomes CEO13
  2. Nov 12, 2008Founded Comstock Inc. is founded2
  3. Apr 23, 2008New chief executive Robert T. Faber becomes CEO14

Filings

303 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 111 major events, 59 insider forms, 9 large holders, 10 private raises, 94 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 5, 20264 EDGAR
  6. Oct 5, 20264 EDGAR
  7. Oct 5, 20264 EDGAR
  8. Sep 16, 2026SCHEDULE 13D/A EDGAR
  9. Aug 24, 20268-K EDGAR
  10. Aug 6, 20264 EDGAR
  11. Jul 27, 2026SCHEDULE 13G EDGAR
  12. Jul 24, 20268-K EDGAR
  13. Jul 23, 202610-Q EDGAR
  14. Jul 6, 20264 EDGAR
  15. Jul 6, 20264 EDGAR
  16. Jul 6, 20264 EDGAR
  17. Jul 6, 20264 EDGAR
  18. Jul 6, 20264 EDGAR
  19. Jul 6, 20264 EDGAR
  20. Jul 6, 20264 EDGAR

The 303 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

26 open-market trades by officers, directors and large owners since October 2021: 26 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 6, 2026DEGASPERIS CORRADOCEOBuy7,250$3.04$22.0KForm 4
Jun 12, 2026Pei Steven Yu-TsungDirectorBuy150,000$4.10$615.0KForm 4
Jun 11, 2026Pei Steven Yu-TsungDirectorBuy100,000$4.09$409.0KForm 4
Jun 3, 2026SPENCE ROBERTDirectorBuy24,410$3.97$96.9KForm 4
Jun 3, 2026Pei Steven Yu-TsungDirectorBuy180,000$3.93$707.4KForm 4
Jun 3, 2026DEGASPERIS CORRADOCEOBuy10,682$3.98$42.5KForm 4
Jun 3, 2026Drozdoff Leo MDirectorBuy7,000$4.11$28.8KForm 4
Jun 2, 2026Pei Steven Yu-TsungDirectorBuy153,823$4.10$630.7KForm 4
Jun 1, 2026Pei Steven Yu-TsungDirectorBuy26,177$4.14$108.4KForm 4
May 14, 2026Pei Steven Yu-TsungDirectorBuy79,559$3.43$272.9KForm 4
May 13, 2026Pei Steven Yu-TsungDirectorBuy345,000$3.38$1.2MForm 4
May 12, 2026DEGASPERIS CORRADOCEOBuy35,000$2.89$101.2KForm 4
Mar 30, 2026Drozdoff Leo MDirectorBuy28,000$3.00$84.0KForm 4
Mar 30, 2026Merrill JuddChief Financial OfficerBuy3,700$3.08$11.4KForm 4
Mar 30, 2026Drozdoff Leo MDirectorBuy28,000$3.00$84.0KForm 4
Aug 14, 2024Drozdoff Leo MDirectorBuy200,000$0.15$30.0KForm 4
May 28, 2024BOBBILI RAHULChief Engineering OfficerBuy25,000$0.25$6.2KForm 4
May 20, 2024BOBBILI RAHULChief Engineering OfficerBuy25,000$0.29$7.2KForm 4
May 17, 2024DEGASPERIS CORRADOCEOBuy1,250,000$0.40$500.0KForm 4
May 13, 2024BOBBILI RAHULChief Engineering OfficerBuy25,000$0.26$6.4KForm 4

All 26 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 9, 2025Raised $700,000 in a private offering of equity Form D: named in the filing: Walter Marting, Guez Salinas, Leo Drozdoff, William Nance, Corrado DeGasperis, Kristin Slanina Form D
  2. May 21, 2025Raised $10.8 million in a private offering of equity Form D: named in the filing: Kristin Slanina, William Nance, Walter Marting, Guez Salinas, Corrado DeGasperis, Leo Drozdoff Form D
  3. May 12, 2025Raised $1.5 million in a private offering of equity Form D: named in the filing: Walter Marting, Kevin Kreisler, Kristin Slanina, William Nance, Leo Drozdoff, Corrado DeGasperis Form D
  4. Mar 11, 2025Raised $4.7 million in a private offering of equity Form D: named in the filing: William Nance, Kristin Slanina, Leo Drozdoff, Walter Marting, Corrado DeGasperis, Guez Salinas Form D
  5. Jul 19, 2024Raised $54,350 in a private offering of equity Form D: named in the filing: Corrado DeGasperis, Leo Drozdoff, Guez Salinas, Walter Marting, William Nance, Kristin Slanina Form D
  6. Apr 15, 2024Filed a private offering of equity Form D: $250,000 offered in all Form D
  7. Dec 27, 2023Raised $5.5 million in a private offering of securities Form D: named in the filing: William Nance, Walter Marting, Kristin Slanina, Leo Drozdoff, Guez Salinas, Corrado De Gasperis Form D
  8. Dec 16, 2022Raised $3.1 million in a private offering of debt Form D: named in the filing: Kevin Kreisler, Leo Drozdoff, Judd Merrill, Kristin Slanina, Walter Marting, William Nance Form D
  9. Oct 7, 2022Raised $375,000 in a private offering of equity Form D: named in the filing: William Nance, Walter Marting, Leo Drozdoff, Kevin Kreisler, Kristin Slanina, Judd Merrill Form D
  10. Dec 13, 2021Raised $1.4 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Hood River Capital Management LLC6,693,538$27.8M0.2%+408,580
Mak Capital One LLC5,190,177$21.6M3.0%−573,552
BlackRock, Inc.4,232,460$17.6M0.0%+3,829,970
Vanguard Capital Management LLC3,275,091$13.6M0.0%+316,134
Northern Right Capital Management, L.P.2,246,637$9.3M2.8%New
CenterBook Partners LP2,165,707$9.0M0.4%New
Geode Capital Management, LLC1,904,713$7.9M0.0%+1,084,043
Gratia Capital, LLC1,868,323$7.8M8.9%+761,902
Flax Pond Capital, LLC1,871,105$6.7M2.5%+1,021,317
Sei Investments Co1,577,910$6.6M0.0%−122,931
Citadel Advisors LLC1,260,185$5.2M0.0%−376,056
State Street Corp1,190,822$5.0M0.0%+889,808
Susquehanna International Group, Llp896,870$3.7M0.0%−1,117,715
Group One Trading LLC729,123$3.0M0.1%+34,116
Dimensional Fund Advisors LP614,408$2.6M0.0%+114,237
Northern Trust Corp593,653$2.5M0.0%+438,235
Savvy Advisors, Inc.538,265$2.2M0.0%+25,700
Corsair Capital Management, L.P.525,118$2.2M0.3%No change
Cable Car Capital, LP500,000$2.1M0.0%No change
Vanguard Fiduciary Trust Co498,258$2.1M0.0%+54,221
Vanguard Portfolio Management LLC494,791$2.1M0.0%New
Raymond James Financial Inc454,306$1.9M0.0%New
Royal Bank Of Canada446,032$1.9M0.0%−21,457
Ardsley Advisory Partners LP350,000$1.5M0.2%No change
Simplex Trading, LLC316,044$1.3M0.0%−33,282

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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