Comstock Inc. announced its third quarter 2024 results on October 22, 2024, highlighting significant financial improvements and strategic advancements. For the nine-month period ending September 30, 2024, total revenues increased by 75% to $1.4 million compared to $0.8 million in the prior comparable period. Gross profits also saw a 100% increase, reaching $0.8 million from $0.4 million previously.
The company reported a 25% decrease in net loss, which improved to $6.9 million from $9.2 million in the prior period, demonstrating progress towards profitability. Adjusted EBITDA increased by 100% to $0.6 million from $0.3 million, and cash used in operations decreased by 25% to $4.9 million. These figures reflect the effectiveness of the company's commercialization efforts in its fuels and metals businesses.
Comstock's cash and cash equivalents increased by 300% to $3.9 million from $1.0 million, and working capital increased by 100% to $7.1 million from $3.5 million. The managed portfolio also expanded by 100% to 72 assets from 36 assets in the prior period. These results underscore the company's dedication to technical breakthroughs and operational developments aimed at driving exponential growth.
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