Key Highlights

  • Net loss contracted to USD 0.75 million, or USD 0.01 a share, from USD 12.9 million, or USD 0.31, with a USD 14.0 million gain from selling Mining Assets doing much of the work.
  • Quarterly Revenue reached USD 0.37 million compared with USD 0.05 million a year earlier, yet nine-month revenue slid to USD 0.95 million from USD 1.18 million.
  • Over nine months the net loss deepened to USD 35.6 million from USD 29.8 million, with USD 16.4 million of impairments recorded in the Fuels segment.
  • Cash reached USD 39.5 million, up from USD 17.0 million at year end, with the Mackay transaction supplying USD 20.0 million in cash on August 21, 2026.

A Mining Sale Gain Trims the Quarterly Loss

Comstock (NYSEAMERICAN:LODE) released its third-quarter 10-Q on November 4, 2026. The sale of its former mining entities to Mackay closed on August 21, 2026, bringing USD 20.0 million in cash and 2,000,000 Mackay Parent common shares to the company, and it generated a USD 14.0 million gain. Operating Income reached USD 2.2 million against a USD 10.2 million loss a year before, as that gain more than covered SG&A of USD 8.1 million. Outside operations, a USD 3.1 million swing in derivative Fair Value and a USD 0.26 million unrealized loss on the Mackay stock produced a net loss of USD 0.75 million.

Deferred Mackay Payments Carry Collection Risk

Further consideration sits in a USD 7.0 million second installment payable within eighteen months of June 21, 2026, plus a USD 10.0 million contingent sum triggered by a construction choice or a change of control inside seven years. Mackay also holds the option to repurchase a 1.5% net smelter returns Royalty for USD 3.5 million. Mackay shares cannot be sold until February 21, 2028, and the filing notes their value has dropped since closing. The filing warns these sums could be cut, postponed or never paid, so a portion of the gain depends on Equity and receivables rather than cash. Recorded fair value of consideration came to USD 30.2 million, and net assets sold carried a Book Value of USD 16.1 million.

Great Basin Guaranty, Credit Support and Fuels Impairments

Comstock guaranteed obligations under a precedent agreement with Great Basin covering pipelines to its Silver Springs, Nevada properties. Required credit support is expected to climb to about USD 39.0 million by December 31, 2026 and USD 54.0 million by December 31, 2027, with USD 4.0 million held In Escrow at September 30 and another USD 2.0 million deposited on October 9. Financing for the balance, which involves third-party surety bonding and support from SSOF, is not yet finalized, and the guaranty Liability is carried at USD 475,000. Nine-month impairments included USD 13.6 million of developed technology that no longer fits Bioleum's plans, and pending Bioleum litigation is also flagged as a risk.

Where Things Stand

Yes for the quarter, no for the year. Comstock (NYSEAMERICAN:LODE) narrowed its quarterly loss to USD 0.75 million mainly because of the USD 14.0 million sale gain, yet the nine-month loss widened to USD 35.6 million and revenue remains tiny. Cash of USD 39.5 million and investments of USD 71.5 million provide a cushion, but Great Basin credit support could reach USD 54.0 million. Watch the financing for that guaranty, Mackay payments and any further impairments. The filing gives no guidance or stock reaction.