Comstock Inc. reported a net loss of $53.4 million for the fiscal year ended December 31, 2024, compared to a net income of $9.2 million in 2023. Revenue increased to $3.0 million in 2024 from $1.3 million in 2023, primarily due to higher revenues from the Mining segment ($1.6 million increase) resulting from the recognition of deferred revenue associated with a 2023 lease and higher revenues from the Metals segment ($401,238) attributed to the startup of a commercial demonstration facility. This increase was partially offset by lower revenues in the Strategic Investments segment. Cost of goods sold increased by $451,938 in 2024 due to the commencement of the Metals segment's operations.
Operating expenses increased significantly to $42.2 million in 2024 from $13.9 million in 2023. This increase was primarily driven by a $13 million increase in research and development expenses, largely due to a $12.2 million charge related to a GenMat transaction, and increases in impairment charges for intangible assets ($8.7 million) and property, plant, and equipment ($324,047). The gain on the sale of mineral rights ($804,489) partially offset these increases.
Significant strategic developments during the year included the sale of Comstock Northern Exploration LLC and a 25% interest in Pelen LLC for $2.75 million, resulting in an $0.8 million gain. The company also entered into several agreements with Marathon Petroleum Corporation, including a $14 million equity investment in Comstock Fuels, and various licensing agreements for its renewable fuels technology in Australia, New Zealand, Malaysia, Vietnam, and Pakistan. A one-for-ten reverse stock split was also effected on February 24, 2025.
Key operational developments included the commencement of operations at the Metals segment's demonstration-scale solar panel recycling facility, generating $401,238 in revenue. The company also initiated permitting and development of its first industry-scale metals recycling facility. In the Mining segment, the company completed a technical report summary for a portion of its mineral estate, identifying measured, indicated, and inferred mineral resources of gold and silver. The company currently employs 46 people.
Comstock's outlook for 2025 focuses on the capitalization and commercialization of its renewable fuels and metals businesses, and the monetization of legacy assets and investments. Specific objectives include securing financing for the construction of its first commercial biorefinery and industry-scale metals recycling facility, as well as expanding its renewable fuels licensing agreements and advancing exploration activities in its mining segment. The company anticipates significant revenue growth in its Fuels and Metals segments and plans to explore options for a spin-off of Comstock Fuels.
About Comstock Inc.
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