Comstock Inc 2025年季度报告

☒QUARTERLY REPORT UNDER SECTION 13 OR 15(D)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE QUARTERLY PERIOD ENDEDSeptember 30, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM ______ TO ______. COMMISSION FILE NO.:001-35200 COMSTOCK INC.(Exact name of registrant as specified in its charter) 65-0955118(I.R.S. EmployerIdentification No.) Nevada (State or other jurisdiction ofincorporation or organization) 117 American Flat Road,Virginia City,NV 89440(Zip Code) (Address of principal executive offices) (775)847-5272(Registrant’s telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period thatthe registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days.Yes☒ No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the prior12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "largeaccelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule12b-2 of the Exchange Act. Large accelerated filer☐ Emerging growth company☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). The number of shares outstanding of Common Stock, $0.000666 par value per share, onOctober 27, 2025was51,264,247. Table of Contents This page intentionally left blank. COMSTOCK INC.FORM 10-QFOR THE QUARTERLY PERIODSENDEDSEPTEMBER 30, 2025 AND 2024 TABLE OF CONTENTS PART I–FINANCIAL INFORMATION Item 1. Financial Statements.CONDENSED CONSOLIDATED BALANCE SHEETS5CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS7CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY8CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS10NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS12Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.38Item 3. Quantitative and Qualitative Disclosures About Market Risk.46Item 4. Controls and Procedures.46 Item 1. Legal Proceedings.47Item 1A. Risk Factors.47Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.47Item 3. Defaults Upon Senior Securities.47Item 4. Mine Safety Disclosures.47Item 5. Other Information.47Item 6. Exhibits.48Signatures49 Cautionary Notice Regarding Forward-Looking Statements Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Allstatements, other than statements of historical facts, are forward-looking statements. The words“believe,”“expect,”“anticipate,”“estimate,”“project,”“plan,”“should,”“intend,”“may,”“will,”“would,”“potential”and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters suchas: future market conditions; future explorations or acquisitions;divestitures, spin-offs or similar distribution transactions, futurechanges in our research, development and exploration activities; future financial, natural, and social gains; future prices and salesof, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operatingand overhead costs; future capital expenditures and their impact on us; operational and management changes (including changesin the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel,including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distributiontransactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives,including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof;contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatoryenvironment; offerings, limitati