Comstock Raises $53M, Doubles Assets but Sees Revenue Drop to $1.4M
Comstock Inc doubled its assets in 2025, eliminated legacy debt and raised $53 million net through an equity offering to fund its first industry-scale metals recycling plant. Revenues fell from $4.4 million in 2024 to $1.4 million in 2025, while equipment delays and capital-access risks could slow its growth.
1. Balance Sheet Strengthening
Comstock doubled its asset base in 2025, eliminated all legacy debt and obligations, and completed an equity offering that raised $53 million net to fund its first industry-scale metals recycling plant.
2. Revenue Decline and Operational Delays
Full-year revenues fell from $4.4 million in 2024 to $1.4 million in 2025 as equipment delivery and installation delays for its Silver Springs recycling facility slowed production ramp-up in a competitive market and exacerbated historical capital-access challenges.
3. Growth Pipeline and Facility Outlook
The company has signed master service agreements covering about 80% of the utility market and 10-15% of the e-recycler market for its Silver Springs plant, projecting monthly recycling revenues to reach $2 million by late 2027.
4. Asset Monetization Plan
Comstock is monetizing non-core mining and real estate assets, aiming to use proceeds to accelerate its metals recycling expansion across the Southwest, with plans for national and international growth.