Comstock (LODE)
Market Price (7/15/2026): $4.31 | Market Cap: $284.3 MilSector: Materials | Industry: Precious Metals & Minerals
Comstock (LODE)
Market Price (7/15/2026): $4.31Market Cap: $284.3 MilSector: MaterialsIndustry: Precious Metals & Minerals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Sustainable Resource Management, and Electrification of Everything. Themes include Renewable Fuel Production, Show more. | Weak multi-year price returns3Y Excs Rtn is -103% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -41 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3811% Expensive valuation multiplesP/SPrice/Sales ratio is 262x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -68%, Rev Chg QQuarterly Revenue Change % is -60% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2335%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3952% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 111% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% Key risksLODE key risks include [1] a reliance on unproven and unprofitable clean energy business models, Show more. |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Sustainable Resource Management, and Electrification of Everything. Themes include Renewable Fuel Production, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -103% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -41 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3811% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 262x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -68%, Rev Chg QQuarterly Revenue Change % is -60% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2335%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3952% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 111% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| Key risksLODE key risks include [1] a reliance on unproven and unprofitable clean energy business models, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Comstock (LODE) stock has gained about 40% since 3/31/2026 because of the following key factors:
1. Comstock's strategic pivot to solar panel recycling and critical metals recovery has garnered significant investor interest. The company outlined a shift from legacy mining to a scaled solar-panel recycling and refining business, targeting five recycling facilities and a one-ton-per-day demonstration refinery between 2026–2030. This transition includes the commissioning of its first industry-scale metals recycling facility in Silver Springs, Nevada, with the front-end of the 100,000 ton-per-year line fully operational and supporting planned continuous operations starting August 2026. This reorientation positions Comstock within the growing clean energy and circular economy sectors.
2. A successful oversubscribed equity financing round in fiscal Q1 2026 significantly strengthened Comstock's capital base. The company completed an equity financing that generated $57.5 million in gross proceeds, or $53.1 million net of offering expenses. This capital injection eliminated all outstanding debt obligations, with cash and cash equivalents reaching $53.0 million at March 31, 2026. This improved liquidity provides essential funding to accelerate the commercialization of its Comstock Metals recycling and metal recovery processes.
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Comstock (LODE) stock has gained about 40% since 3/31/2026 because of the following key factors:
1. Comstock's strategic pivot to solar panel recycling and critical metals recovery has garnered significant investor interest. The company outlined a shift from legacy mining to a scaled solar-panel recycling and refining business, targeting five recycling facilities and a one-ton-per-day demonstration refinery between 2026–2030. This transition includes the commissioning of its first industry-scale metals recycling facility in Silver Springs, Nevada, with the front-end of the 100,000 ton-per-year line fully operational and supporting planned continuous operations starting August 2026. This reorientation positions Comstock within the growing clean energy and circular economy sectors.
2. A successful oversubscribed equity financing round in fiscal Q1 2026 significantly strengthened Comstock's capital base. The company completed an equity financing that generated $57.5 million in gross proceeds, or $53.1 million net of offering expenses. This capital injection eliminated all outstanding debt obligations, with cash and cash equivalents reaching $53.0 million at March 31, 2026. This improved liquidity provides essential funding to accelerate the commercialization of its Comstock Metals recycling and metal recovery processes.
3. Better-than-expected fiscal Q1 2026 earnings provided a positive catalyst for the stock. Comstock reported its fiscal Q1 2026 results on May 7, 2026, posting an earnings per share (EPS) of -$0.14. This figure surpassed analysts' expectations of -$0.16 by 12.50%, representing a positive surprise and a narrower loss than anticipated. This beat on the bottom line was favorably received by the market.
4. The ongoing monetization of legacy mining assets is providing additional capital and sharpening the company's focus on its new clean energy strategy. Comstock is actively working to sell its legacy mining assets, with definitive agreements anticipated in fiscal Q3 2026. The company expects to generate approximately $50 million from these planned sales. In fiscal Q1 2026, Comstock classified $22.7 million of mining-related assets as held for sale and recorded a $1.4 million gain from the sale of royalty rights. This strategic divestment supports the funding and strategic redirection towards metals recycling technologies.
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Stock Movement Drivers
Fundamental Drivers
The 41.0% change in LODE stock from 3/31/2026 to 7/14/2026 was primarily driven by a 159.5% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.05 | 4.30 | 41.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 1 | -30.4% |
| P/S Multiple | 101.1 | 262.3 | 159.5% |
| Shares Outstanding (Mil) | 51 | 66 | -22.0% |
| Cumulative Contribution | 41.0% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LODE | 41.0% | |
| Market (SPY) | 15.6% | 13.1% |
| Sector (XLB) | 1.3% | 6.9% |
Fundamental Drivers
The 14.4% change in LODE stock from 12/31/2025 to 7/14/2026 was primarily driven by a 365.2% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.76 | 4.30 | 14.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 1 | -61.1% |
| P/S Multiple | 56.4 | 262.3 | 365.2% |
| Shares Outstanding (Mil) | 42 | 66 | -36.8% |
| Cumulative Contribution | 14.4% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LODE | 14.4% | |
| Market (SPY) | 10.6% | 31.2% |
| Sector (XLB) | 12.2% | 20.6% |
Fundamental Drivers
The 13.5% change in LODE stock from 6/30/2025 to 7/14/2026 was primarily driven by a 862.9% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.79 | 4.30 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 1 | -68.0% |
| P/S Multiple | 27.2 | 262.3 | 862.9% |
| Shares Outstanding (Mil) | 24 | 66 | -63.2% |
| Cumulative Contribution | 13.5% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LODE | 13.5% | |
| Market (SPY) | 22.7% | 31.4% |
| Sector (XLB) | 17.0% | 20.4% |
Fundamental Drivers
The -41.1% change in LODE stock from 6/30/2023 to 7/14/2026 was primarily driven by a -85.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.30 | 4.30 | -41.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 601.0% |
| P/S Multiple | 448.0 | 262.3 | -41.4% |
| Shares Outstanding (Mil) | 9 | 66 | -85.6% |
| Cumulative Contribution | -41.1% |
Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| LODE | -41.1% | |
| Market (SPY) | 75.6% | 1.4% |
| Sector (XLB) | 29.0% | 4.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LODE Return | 24% | -79% | 99% | 46% | -53% | 11% | -60% |
| Peers Return | 96% | -30% | -18% | -30% | -29% | 6% | -41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| LODE Win Rate | 17% | 25% | 75% | 25% | 50% | 71% | |
| Peers Win Rate | 52% | 43% | 43% | 33% | 40% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| LODE Max Drawdown | -80% | -87% | -59% | -76% | -96% | -48% | |
| Peers Max Drawdown | -63% | -59% | -52% | -64% | -71% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GEVO, CLNE, AQMS, AMTX, GPRE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)
How Low Can It Go
| Event | LODE | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.6% | -7.8% |
| % Gain to Breakeven | 18.5% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.6% | -9.5% |
| % Gain to Breakeven | 60.4% | 10.5% |
| Time to Breakeven | 359 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.0% | -6.7% |
| % Gain to Breakeven | 33.3% | 7.1% |
| Time to Breakeven | 46 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.4% | -33.7% |
| % Gain to Breakeven | 62.4% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.2% | -19.2% |
| % Gain to Breakeven | 70.1% | 23.8% |
| Time to Breakeven | 103 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.8% | -12.2% |
| % Gain to Breakeven | 63.4% | 13.9% |
| Time to Breakeven | 57 days | 62 days |
In The Past
Comstock's stock fell -5.0% during the 2025 US Tariff Shock. Such a loss loss requires a 5.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | LODE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.6% | -9.5% |
| % Gain to Breakeven | 60.4% | 10.5% |
| Time to Breakeven | 359 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.0% | -6.7% |
| % Gain to Breakeven | 33.3% | 7.1% |
| Time to Breakeven | 46 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.4% | -33.7% |
| % Gain to Breakeven | 62.4% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.2% | -19.2% |
| % Gain to Breakeven | 70.1% | 23.8% |
| Time to Breakeven | 103 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.8% | -12.2% |
| % Gain to Breakeven | 63.4% | 13.9% |
| Time to Breakeven | 57 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.5% | -17.9% |
| % Gain to Breakeven | 71.1% | 21.8% |
| Time to Breakeven | 357 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -35.1% | -53.4% |
| % Gain to Breakeven | 54.1% | 114.4% |
| Time to Breakeven | 573 days | 1085 days |
In The Past
Comstock's stock fell -5.0% during the 2025 US Tariff Shock. Such a loss loss requires a 5.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Comstock (LODE)
Comstock Mining Inc. (LODE) is a Nevada-based company primarily focused on the exploration and development of mineral properties across the Comstock and Silver City districts. The company targets a diverse range of valuable minerals, including gold, silver, lithium, nickel, cobalt, and mercury ores. It holds extensive mining claims and patented parcels in key resource areas like Lucerne, Dayton, Occidental, and Gold Hill, with the strategic goal of advancing these properties towards potential mineral production.
In addition to its core mining activities, Comstock operates a Real Estate segment, which includes land and real estate rental properties, along with the historic Gold Hill Hotel and Daney Ranch. The company has also expanded into environmental technology through collaboration agreements, manufacturing and deploying advanced mercury remediation systems. These proprietary systems utilize mechanical, hydro, electro-chemical, and oxidation processes to effectively reclaim and remediate mercury from contaminated soils, waste, and tailings, offering a solution for environmental clean-up.
AI Analysis | Feedback
Comstock (LODE) can be described with the following analogies:
- Like a junior Rio Tinto that's focused on finding both precious metals (gold, silver) and critical battery minerals (lithium, nickel) in Nevada's historic mining regions.
- Imagine a smaller Barrick Gold that also develops specialized technology to clean up mercury pollution from historical mining sites.
AI Analysis | Feedback
- Minerals: Exploration, development, and production of precious and base metals including gold, silver, lithium, nickel, cobalt, and mercury.
- Real Estate Rental: Rental of land and various real estate properties.
- Hospitality Services: Operation of the Gold Hill Hotel.
- Mercury Remediation Systems and Services: Manufacture and deployment of proprietary systems to reclaim and remediate mercury from soils, waste, and tailings.
AI Analysis | Feedback
Comstock (LODE) operates in two distinct segments, Mining and Real Estate, serving different categories of customers. Based on the company's name and the primary description of its activities, it is inferred that its mining segment's sales to other companies constitute its primary customer base, although specific names are not provided.
For its **Mining segment**, Comstock Mining Inc. engages in the exploration, development, and production of various mineral properties, including gold, silver, lithium, nickel, cobalt, and mercury ores. The output of these operations is typically sold as raw materials to other companies for further processing, refining, or industrial use. These customers would primarily be:
- Mineral refiners and smelters.
- Manufacturers requiring specific metals or minerals.
- Commodity trading firms.
The provided company description does not list the specific names of these customer companies.
For its **Real Estate segment**, the company operates land and real estate rental properties, as well as the Gold Hill Hotel and Daney Ranch properties. The customers for this segment are primarily individuals and businesses, categorized as:
- Hotel guests (e.g., tourists and travelers staying at the Gold Hill Hotel).
- Property renters (e.g., individuals or businesses leasing land or real estate properties).
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Corrado De Gasperis, Executive Chairman and Chief Executive Officer
Mr. De Gasperis has over 35 years of industrial manufacturing, financial, governance, operational, and project management experience in the metals, mining, and recycling industries. He has served as Comstock's Chief Executive Officer since 2010 and Executive Chairman since 2015. Previously, he was the Chief Executive Officer of Barzel Industries Inc. from 2006 to 2009. Before that, he served as the Chief Financial Officer of GrafTech International Ltd., a global manufacturer of industrial graphite and carbon-based materials, from 1998 to 2006. Mr. De Gasperis was also a Certified Public Accountant with KPMG LLP, where he was admitted as a Partner in 1998. He is also a co-founder, CEO, and director of Sierra Springs Opportunity Fund Inc., a strategic investee of Comstock, since 2019.
Judd B. Merrill, Chief Financial Officer and President of Comstock Mining
Mr. Merrill serves as the Chief Financial Officer and President of Comstock Mining. He brings an extensive background in mining to his role, leading the company's mining portfolio.
William J. McCarthy, Chief Operating Officer
Mr. McCarthy holds the position of Chief Operating Officer at Comstock Inc.
David J. Winsness, President, Comstock Fuels Corporation and Chief Technology Officer, Bioleum
Mr. Winsness is the President of Comstock Fuels Corporation and also serves as the Chief Technology Officer for Bioleum.
Matthew J. Bieberly, Chief Accounting Officer
Mr. Bieberly is the Chief Accounting Officer for Comstock Inc.
AI Analysis | Feedback
- Commodity Price Volatility: Comstock Mining Inc. is engaged in the exploration, development, and production of various minerals, including gold, silver, lithium, nickel, cobalt, and mercury. The revenue and profitability of the company are highly dependent on the market prices of these commodities, which are subject to significant fluctuations due to global supply and demand, economic conditions, and geopolitical factors.
- Exploration, Development, and Production Risks: The success of Comstock's mining segment relies on its ability to successfully explore for, develop, and produce mineral properties. There is inherent uncertainty in exploration, and there is no guarantee that discovered deposits will be economically viable or that development efforts will lead to profitable production. Mining operations also face technical challenges, operational disruptions, and geological risks that can impact production levels and costs.
- Environmental and Regulatory Compliance: Comstock's mining and remediation activities are subject to extensive and evolving environmental laws, regulations, and permitting requirements in Nevada. Compliance with these regulations, including those related to mercury remediation through its collaboration agreements, can be costly and time-consuming. Failure to comply could result in significant fines, penalties, operational shutdowns, or increased remediation expenses.
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Comstock (LODE) is strategically repositioning itself, with several key initiatives expected to drive future revenue growth over the next 2-3 years, shifting focus beyond its historical mining operations to embrace emerging clean energy sectors.
- Expansion of Solar Panel Recycling (Comstock Metals): Comstock's primary revenue growth driver is the aggressive expansion of its solar panel recycling business, Comstock Metals. The company plans to commission its first large-scale recycling facility by Q1 2026, aiming for operational profitability by Q2 2026. This facility is projected to generate $55 million to $75 million in revenue per 100,000-ton capacity. Comstock intends to establish multiple facilities across the U.S., with plans for up to seven facilities, targeting a substantial market share in the rapidly expanding solar panel recycling market by 2028. In 2025, revenue billings for Comstock Metals surged by eight times compared to the previous year.
- Growth and Commercialization of Renewable Fuels (Bioleum Corporation): Comstock has spun off its renewable fuels business into Bioleum Corporation, retaining a significant stake. Bioleum is actively engaged in developing and producing sustainable aviation fuel, with a target of 8 million gallons, and plans for a public listing within the next 5-6 years. This segment is progressing with acquisitions to enhance its portfolio and is positioned for exponential revenue growth.
- Monetization and Strategic Development of Mining Assets: While the company has diversified, it continues to hold significant gold and silver mining assets in Nevada. The strategy for these assets includes commercializing agreements to either monetize them or enable resource expansion of central claims. Comstock is applying economic analysis to its existing gold and silver resources to advance towards preliminary economic feasibility for the southern part of its district. Higher gold and silver prices are expected to enhance the intrinsic value of these resources.
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Share Issuance
- In October 2025, Comstock completed an oversubscribed equity raise of $34.5 million in gross proceeds ($31.8 million net), which enabled the full funding and acceleration of its solar panel recycling business and eliminated debt.
- In August 2025, the company priced an underwritten public offering of 13,333,334 shares at $2.25 per share, generating approximately $30 million in gross proceeds. This offering increased the number of outstanding shares from just over 35.5 million to 49.2 million.
- In January 2026, Comstock announced a proposed underwritten public offering of 18,181,819 shares, expecting to raise approximately $50 million in gross proceeds, with an option for the underwriter to purchase up to an additional 2,727,272 shares.
Inbound Investments
- In May 2025, Bioleum Corporation, Comstock's fuels division, secured a $13 million strategic pre-Series A investment from subsidiaries of Marathon Petroleum Corp.
- Bioleum Corporation subsequently closed on an initial $20 million Series A investment in August 2025, followed by another $20 million Series A preferred equity financing in October 2025.
- In July 2024, Comstock received a $2.5 million investment through an 8.0% Convertible Promissory Note, with a portion of the proceeds used to redeem $500,000 of existing convertible debt.
Outbound Investments
- Comstock's Strategic Investments Segment includes minority equity investments in Quantum Generative Materials LLC (physics-based artificial intelligence), Green Li-ion Pte Limited (lithium-ion battery recycling and cathode production), and Sierra Springs Opportunity Fund (strategic direct investment in northern Nevada real estate).
- In October 2025, Comstock restructured its five-year, $65 million investment in Bioleum Corporation into a Series 1 Convertible Preferred Stock, convertible into 32.5 million common shares of Bioleum.
- In the first quarter of 2025, Comstock made strategic investments in early-stage technologies through companies such as Hexas and RenFuel.
Capital Expenditures
- In August 2025, capital expenditures for the first industry-scale solar panel recycling facility, designed for 100,000 tons of annual capacity, were estimated at approximately $12 million. Approximately $10 million was planned for 2025, with an additional $2 million expected in early 2026.
- As of September 30, 2025, Comstock had paid $5.1 million in deposits for property, plant, and equipment for its first industry-scale solar recycling facility in Silver Springs, Nevada.
- The net proceeds from the proposed $50 million public offering in January 2026 are intended to fund capital expenditure requirements for Comstock Metals LLC's second industry-scale facility, the development of a refining process, accelerated site selections, and Metals market growth.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Comstock Earnings Notes | 12/16/2025 | |
| Day 7 of Loss Streak for Comstock Stock with -32% Return (vs. -63% YTD) [10/23/2025] | 10/24/2025 | |
| Would You Still Hold Comstock Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.54 |
| Mkt Cap | 0.3 |
| Rev LTM | 197 |
| Op Inc LTM | -21 |
| FCF LTM | -25 |
| FCF 3Y Avg | -22 |
| CFO LTM | -9 |
| CFO 3Y Avg | -7 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.6% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 47.4% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | -8.3% |
| Op Mgn 3Y Avg | -15.3% |
| QoQ Delta Op Mgn LTM | 5.2% |
| CFO/Rev LTM | -3.4% |
| CFO/Rev 3Y Avg | -2.4% |
| FCF/Rev LTM | -17.4% |
| FCF/Rev 3Y Avg | -13.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Metals | 1 | 0 | 0 | 0 | |
| Mining | 0 | 3 | 1 | 0 | |
| Corporate / Other | 0 | 0 | 0 | 0 | |
| Bioleum | 0 | ||||
| Strategic Investments | 0 | 0 | 0 | 0 | 0 |
| Fuels | 0 | 0 | 0 | ||
| Renewable Energy Products | 1 | ||||
| Total | 2 | 3 | 1 | 0 | 1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Strategic Investments | -0 | -1 | -3 | -2 | -5 |
| Mining | -2 | 1 | -1 | -0 | |
| Metals | -5 | -12 | -2 | -1 | |
| Corporate / Other | -10 | -24 | 1 | -8 | |
| Bioleum | -22 | ||||
| Fuels | -5 | -7 | -8 | ||
| Renewable Energy Products | -2 | ||||
| Total | -38 | -40 | -13 | -19 | -6 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Strategic Investments | 0 | -3 | 22 | -10 | -12 |
| Mining | -4 | 2 | -1 | -5 | |
| Metals | -5 | -12 | -2 | -1 | |
| Corporate / Other | -14 | -36 | -2 | -21 | |
| Bioleum | -21 | ||||
| Fuels | -5 | -7 | -10 | ||
| Renewable Energy Products | -13 | ||||
| Total | -43 | -53 | 11 | -47 | -25 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Bioleum | 63 | ||||
| Strategic Investments | 45 | 48 | 57 | 61 | 84 |
| Mining | 23 | 26 | 25 | 26 | |
| Corporate / Other | 21 | 1 | 5 | -5 | |
| Metals | 17 | 7 | 12 | 11 | |
| Fuels | 9 | 7 | 8 | ||
| Renewable Energy Products | 43 | ||||
| Total | 170 | 91 | 106 | 100 | 127 |
Price Behavior
| Market Price | $4.30 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -9.9% | |
| 50 Days | 200 Days | |
| DMA Price | $3.89 | $3.47 |
| DMA Trend | up | up |
| Distance from DMA | 10.5% | 24.0% |
| 3M | 1YR | |
| Volatility | 78.4% | 84.3% |
| Downside Capture | 47.44 | 211.15 |
| Upside Capture | 177.15 | 184.00 |
| Correlation (SPY) | 17.8% | 31.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.58 | 0.89 | 0.84 | 1.95 | 2.10 | 0.51 |
| Up Beta | 0.64 | -0.31 | 0.03 | 1.03 | 2.04 | 0.70 |
| Down Beta | 1.97 | 2.13 | 1.52 | 1.79 | 2.28 | 2.50 |
| Up Capture | 198% | 159% | 155% | 298% | 269% | 22% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 22 | 33 | 64 | 122 | 356 |
| Down Capture | 158% | 8% | 64% | 193% | 160% | 98% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 19 | 30 | 61 | 127 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LODE | |
|---|---|---|---|---|
| LODE | 19.9% | 84.2% | 0.58 | - |
| Sector ETF (XLB) | 12.3% | 17.6% | 0.50 | 21.4% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 31.3% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 23.1% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -0.2% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 8.8% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 25.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LODE | |
|---|---|---|---|---|
| LODE | -32.9% | 440.1% | 0.40 | - |
| Sector ETF (XLB) | 6.4% | 19.1% | 0.23 | 5.6% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 3.3% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 0.2% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | -0.8% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 5.4% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 1.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LODE | |
|---|---|---|---|---|
| LODE | -26.4% | 325.0% | 0.34 | - |
| Sector ETF (XLB) | 10.3% | 20.6% | 0.44 | 4.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 3.5% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 3.0% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | 1.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 5.2% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 1.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | -10.9% | 0.6% | 20.9% |
| 10/30/2025 | -1.9% | -14.2% | 8.5% |
| 8/15/2025 | 1.3% | 7.0% | 24.8% |
| 5/8/2025 | -3.5% | -9.3% | 35.1% |
| 3/6/2025 | -1.9% | -8.3% | -28.4% |
| 10/22/2024 | -9.8% | -10.9% | -28.8% |
| 8/8/2024 | -8.3% | -9.7% | 71.6% |
| 4/30/2024 | -9.2% | -9.5% | -11.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 8 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 8.1% | 7.0% | 30.0% |
| Median Negative | -4.2% | -9.7% | -23.3% |
| Max Positive | 15.2% | 14.3% | 71.6% |
| Max Negative | -10.9% | -15.0% | -28.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | -10.9% | 0.6% | 20.9% |
| 10/30/2025 | -1.9% | -14.2% | 8.5% |
| 8/15/2025 | 1.3% | 7.0% | 24.8% |
| 5/8/2025 | -3.5% | -9.3% | 35.1% |
| 3/6/2025 | -1.9% | -8.3% | -28.4% |
| 10/22/2024 | -9.8% | -10.9% | -28.8% |
| 8/8/2024 | -8.3% | -9.7% | 71.6% |
| 4/30/2024 | -9.2% | -9.5% | -11.5% |
| 2/28/2024 | -4.9% | -15.0% | -18.6% |
| 11/10/2021 | -1.9% | -2.4% | -28.0% |
| 8/10/2021 | -1.0% | -10.5% | 6.2% |
| 1/7/2021 | 15.2% | 14.3% | 66.7% |
| 10/1/2020 | 0.0% | 0.0% | -11.4% |
| 7/28/2020 | 14.9% | 8.9% | 54.1% |
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 8 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 8.1% | 7.0% | 30.0% |
| Median Negative | -4.2% | -9.7% | -23.3% |
| Max Positive | 15.2% | 14.3% | 71.6% |
| Max Negative | -10.9% | -15.0% | -28.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/24/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/24/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 03/28/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
| 06/30/2019 | 08/14/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Mining Asset Sale | |||||||
| Q2 2026 Facility Commissioning | |||||||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Capital Expenditures | 2.00 Mil | 2.50 Mil | 3.00 Mil | ||||
| 2025 Capital Expenditures | 10.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2025 | |||
| 2025 Revenue | 3.50 Mil | 0 | Affirmed | Guidance: 3.50 Mil for 2025 | |||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6152026 | 4.10 | 150,000 | 615,705 | 7,668,905 | Form | |
| 2 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6152026 | 4.09 | 100,000 | 408,520 | 7,019,693 | Form | |
| 3 | Spence, Robert | Direct | Buy | 6032026 | 3.97 | 24,410 | 96,908 | 128,640 | Form | |
| 4 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6032026 | 3.93 | 180,000 | 707,400 | 7,431,551 | Form | |
| 5 | Degasperis, Corrado | CEO | Direct | Buy | 6032026 | 3.98 | 10,682 | 42,461 | 721,462 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6152026 | 4.10 | 150,000 | 615,705 | 7,668,905 | Form | |
| 2 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6152026 | 4.09 | 100,000 | 408,520 | 7,019,693 | Form | |
| 3 | Spence, Robert | Direct | Buy | 6032026 | 3.97 | 24,410 | 96,908 | 128,640 | Form | |
| 4 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6032026 | 3.93 | 180,000 | 707,400 | 7,431,551 | Form | |
| 5 | Degasperis, Corrado | CEO | Direct | Buy | 6032026 | 3.98 | 10,682 | 42,461 | 721,462 | Form |
| 6 | Drozdoff, Leo M | Direct | Buy | 6032026 | 4.11 | 7,000 | 28,770 | 795,178 | Form | |
| 7 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6032026 | 4.10 | 153,823 | 630,920 | 7,017,756 | Form | |
| 8 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 6032026 | 4.14 | 26,177 | 108,357 | 6,445,696 | Form | |
| 9 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 5142026 | 3.42 | 79,559 | 272,490 | 5,243,606 | Form | |
| 10 | Pei, Steven Yu-Tsung | Gratia Capital | Buy | 5142026 | 3.38 | 345,000 | 1,164,375 | 4,898,546 | Form | |
| 11 | Degasperis, Corrado | CEO | Direct | Buy | 5122026 | 2.89 | 35,000 | 101,150 | 493,664 | Form |
| 12 | Merrill, Judd | Chief Financial Officer | Direct | Buy | 4012026 | 3.08 | 3,700 | 11,396 | 12,967 | Form |
| 13 | Drozdoff, Leo M | Direct | Buy | 4012026 | 3.00 | 28,000 | 84,000 | 535,443 | Form |
Investor Activity (13F)
Updated Jul 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Mak Capital One LLC | $17.6 Mil | 2.9% | 21 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Mak Capital One LLC | $17.6 Mil | 2.9% | 21 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Mak Capital One LLC | $17.6 Mil | 2.9% | 21 | New | 13F |
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