Comstock Inc. (NASDAQ: LODE) reported solid progress across its renewable fuels and metals businesses during the first quarter of 2025, driven by key partnerships, improved revenues, and a clearer path toward future growth, reports MSN.
Chief Executive Officer Corrado De Gasperis highlighted major steps forward for the company, including new alliances with companies such as Marathon and RWE Clean Energy. He said Comstock has made critical structural changes to position itself for expansion, including reducing financial obligations by $1 million and issuing 1.8 million shares to simplify its capital structure.
“We’ve made smart decisions to strengthen our foundation and are moving forward with confidence,” said De Gasperis. “Our partners are helping us build momentum.”
The company’s metals business saw a notable increase in revenue, rising to $1.34 million for the quarter. This growth was largely driven by a fourfold increase in recycling activity and expanded work under a master services agreement with RWE.
At the same time, Comstock’s renewable fuels division ramped up its research and development efforts, increasing related spending by $2.4 million. A significant portion of that—$1.5 million—was a non-cash accounting item tied to investments in new technology and intellectual property. These efforts included closer collaboration with the National Renewable Energy Laboratory (NREL).
Comstock also announced the appointment of Dr. Elvis Ebikade as Director of Aviation for its fuels division, underscoring a growing focus on sustainable aviation fuel.
Chief Financial Officer Billy McCarthy said the company had successfully lowered its administrative costs by nearly 10% and was making strategic investments in early-stage technologies through companies like Hexas and RenFuel.
Looking ahead, Comstock raised its full-year revenue forecast for its metals business to more than $3 million, up from previous guidance of $2.5 million. The increase comes amid growing demand for decommissioning services and steady progress with the RWE partnership.
Comstock also confirmed plans to spin off its renewable fuels division once it secures Series A funding of at least $50 million. The company expects to complete the site selection for its first large-scale biorefinery in Oklahoma by the second quarter of this year, with construction financing of more than $200 million on track for later in 2025.
“We’re pushing forward with a clear plan and targeted investments to grow responsibly,” said De Gasperis. “Our goal is to deliver real results, both in the near term and over the long haul.”
The company also aims to integrate its two Wisconsin facilities to increase production capabilities to two barrels of fuel per week and reach an important technical milestone known as TRL 7. In addition, Comstock is working to expand internationally by securing licensing agreements and adapting its renewable fuel technology for industries such as pulp and paper.
In the first quarter, Comstock reported deferred revenues of $750,000—money billed but not yet recognized as income. The company raised $10.6 million through convertible notes and lowered its remaining note balance to $4.35 million.
During the earnings call, McCarthy confirmed that permitting for an expansion at the metals facility will be completed by the end of Q2, with large-scale operations expected to begin by mid-2026.
De Gasperis also addressed investor interest in carbon credit opportunities related to Hexas’ XanoGrass project. He said the concept holds promise but remains a longer-term focus, with current efforts centered on core business execution.
While analysts remained cautious about the company’s ability to meet its ambitious targets, they responded positively to the tangible progress made since the previous quarter. Many expressed interest in the company’s strategy for securing funding without excessive shareholder dilution.
“We know there are challenges ahead, but we’re confident in the path we’ve laid out,” De Gasperis said. “This is an exciting time for Comstock.”
Comstock’s leadership emphasized that the success of its renewable fuels spin-off, increased metals revenue, and biorefinery development are key milestones that will shape the company’s future.
