Comstock Inc. (LODE) Q3 2025 Earnings Call Transcript
Comstock Inc. ( LODE ) Q3 2025 Earnings Call October 30, 2025 11:30 AM EDT Company Participants Zach Spencer - Director of External Relations, Treasurer & Secretary Judd Merrill - Chief Financial Officer Corrado De Gasperis - Executive Chairman & CEO Presentation Zach Spencer Director of External Relations, Treasurer & Secretary Good morning, and thank you for joining Comstock Inc.'s Third Quarter 2025 Earnings Call and Business Update. I'm Zach Spencer, Director of External Relations.
Here's What's in the Cards for Comstock in Q3 Earnings
LODE's Q3 results are likely to show more substantial Metals segment revenues, but ongoing costs are expected to keep the quarter in loss territory.
Comstock Inc. (LODE) Q2 2025 Earnings Call Transcript
Comstock Inc. (NYSE:LODE ) Q2 2025 Earnings Conference Call August 14, 2025 4:30 PM ET Company Participants Corrado F. De Gasperis - Executive Chairman & CEO Zach M.
Comstock Q2 Earnings Surge Y/Y on Recurring Fee Growth
CHCI's Q2 EPS improve 56% year over year, while revenues rose 21%, fueled by strong recurring fees, leasing momentum, and progress on its Reston Station development.
Comstock Inc.: Betting On Batteries And Biofuels
Comstock is pivoting from mining to clean tech, targeting lithium battery recycling and biofuels, with policy tailwinds supporting its growth ambitions. The company's future hinges on successful commercialization by 2026, with upside potential if it achieves revenue milestones and de-risks its technology. Current financials are weak, with low revenue and a thin cash cushion, making dilution and execution risk high.
Comstock Resources: Production Declines Despite $1 Billion In Capex
Comstock reduced its 2025 production guidance by 6% and now expects a roughly 12% year-over-year decline in production. This decline is despite around $1 billion in D&C capex. Comstock has made more progress in de-risking the Western Haynesville, but still has better capital efficiency with its legacy Haynesville assets.
Comstock Resources: Financial Concerns
Comstock Resources remains a long-term play due to its strategic location near upcoming LNG projects. The company's cash flow appears stronger when using the GAAP cash flow from operations number in the calculations. The Haynesville swing basin stands to benefit as natural gas prices recover and global demand rises.
Comstock Holding: A Hidden Gem Microcap With Robust Upside
Comstock Holdings has transformed into a fee-based, asset-light model, driving consistent net income and margin growth since 2018. The company boasts robust recurring revenue, high insider ownership, and zero debt, but funds growth through share dilution rather than leverage. Valuation is compelling: Comstock trades at a steep discount to sector peers despite strong operational and financial performance.
Comstock Resources: Significant Cost Reduction In Process
Comstock Resources' Western Haynesville wells deliver 50% higher flow rates than legacy acreage. Lower land costs in Western Haynesville position Comstock as a potential low-cost gas producer. At $400 per acre, Western Haynesville land costs are negligible compared to the $60K per acre seen in the Permian.
Comstock Shares Decline 17% Despite Y/Y Increase in Q1 Earnings
CHCI reports a significant year-over-year surge in Q1 earnings per share, driven by fee-based revenue growth and strong leasing momentum, partly offset by rising costs.
Comstock Resources: Leading Edge Of Industry Technology
Comstock Resources, Inc. reported an excellent Q1 due to a rally in natural gas prices. The well, drilled on newly acquired acreage, while exceeding average Haynesville production. Western Haynesville's strategic location offers excellent access to export facilities.
Comstock Resources: Western Haynesville Is A Transformative Asset (Rating Upgrade)
Upgrading Comstock Resources, Inc. from Sell to Buy due to higher natural gas prices and promising Western Haynesville acreage. Increased disclosure on the Western Haynesville acreage means it's no longer appropriate to value CRK based solely on current free cash flow. Western Haynesville acreage offers significant growth potential, making CRK an attractive investment for those bullish on LNG exports and gas demand.
