Comstock (NYSEAMERICAN:LODE) Releases Earnings Results

by · The Cerbat Gem

Comstock (NYSEAMERICAN:LODE – Get Free Report) released its earnings results on Thursday. The company reported ($0.14) EPS for the quarter, FiscalAI reports. Comstock had a negative return on equity of 36.39% and a negative net margin of 4,011.56%.The company had revenue of $0.31 million for the quarter.

Here are the key takeaways from Comstock’s conference call:

  • Completed oversubscribed financing of $57.5M (≈$53M net) and ended Q1 with just over $53M in cash after spending ~$14M on the first facility, with substantially all first-plant capex now complete.
  • The industry-scale metals recycling facility in Silver Springs is assembled and being commissioned, with commercial operations expected in June (continuous by July) and management targeting facility breakeven at 20% utilization (corporate breakeven at 50%).
  • Management plans further downstream investment — ~$1.5M for glass/product upgrades and a planned ~$10M program to build a 1 ton-per-day metal recovery pilot (R&D) to recover silver, copper and silicon, targeting >90% silver recovery to improve unit economics as throughput scales.
  • The company has agreed preliminary terms to sell remaining mining assets and is advancing Sierra Springs monetization (power secured up to 300 MW); a Q3 definitive agreement is expected and management says proceeds would materially simplify the balance sheet, provide meaningful cash and reduce cash spending by up to ~$1.5M annually.
  • Q1 operating expenses increased by about $1.7M due to higher headcount, facility and commercialization costs and the company reported a net loss of ≈$9.4M, though interest expense declined to zero and interest income rose due to the strong cash position.

Comstock Stock Down 10.9%

LODE traded down $0.36 on Friday, hitting $2.94. 4,042,467 shares of the company were exchanged, compared to its average volume of 909,364. Comstock has a twelve month low of $2.24 and a twelve month high of $4.80. The company has a market cap of $223.18 million, a price-to-earnings ratio of -3.06 and a beta of 1.31. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $3.16 and a two-hundred day moving average price of $3.29.

Institutional Trading of Comstock

Institutional investors have recently bought and sold shares of the business. Regal Partners Ltd purchased a new stake in Comstock during the 3rd quarter worth about $3,954,000. Apis Capital Advisors LLC increased its position in Comstock by 48.2% in the 3rd quarter. Apis Capital Advisors LLC now owns 504,000 shares of the company’s stock valued at $1,724,000 after acquiring an additional 164,000 shares during the period. Wealth Effects LLC acquired a new position in Comstock in the 1st quarter valued at about $34,000. Rockefeller Capital Management L.P. increased its position in Comstock by 133.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 7,000 shares of the company’s stock valued at $26,000 after acquiring an additional 4,000 shares during the period. Finally, Flax Pond Capital LLC purchased a new position in shares of Comstock during the 4th quarter worth approximately $2,610,000. 7.96% of the stock is owned by hedge funds and other institutional investors.

Comstock Company Profile

(Get Free Report)

Comstock Mining, Inc (NYSE: LODE) is a growth-oriented mineral exploration and production company focused on the historic Comstock Lode in Virginia City, Nevada. The company’s primary business activities include the development, extraction and sale of gold and silver from its flagship Lucerne project. Comstock leverages modern mining techniques and infrastructure to access high-grade ore bodies in one of North America’s most renowned silver-gold districts.

In addition to its core precious metals operations, Comstock Mining maintains a commercial real estate division centered in Virginia City’s historic district.

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