v3.26.1
Note 15 - Segment Reporting
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

NOTE 15         SEGMENT REPORTING 

 

We have the following segments and reporting units: Fuels, Metals, Mining, Strategic Investments and Corporate. Summarized financial information relating to our reportable segments is provided below. For the Strategic Investments and Corporate Segments, our chief operating decision maker (“CODM”) is our chief executive officer. For our Bioleum (Fuels Segment), our CODM is the President of Bioleum. For the Metals segment, our CODM is the President of our Metals Segment (“Metals President”). For the Mining segment, our CODM is its President and our chief financial officer.

 

The Company plans, executes and monitors each reporting segment and has dedicated personnel responsible for each reportable segment. Our Bioleum (Fuels Segment) represents our lignocellulosic biomass into biointermediates for refining into renewable fuels. Our Metals Segment represents our recycling of electrification products. Our Mining Segment includes our gold and silver mining assets and related real estate. Our Strategic Investments Segment includes our investments in Green Li-ion and SSOF and our Corporate Segment includes all other assets and general corporate costs. Mining revenue is from leasing mineral claims and other real estate.

 

The Company’s total revenue for the three-months ended  June 30, 2026, consisted of the following:

 

  

Metals

  

Mining

  

Strategic Investments

  

Corporate

  

Bioleum

  

Total

 

Mining and Real Estate

 $—  $33,250  $—  $4,500  $—  $37,750 

Recycling

  65,602   —   —   —   —   65,602 

Decommissioning Services

  131,506   —   —   —   —   131,506 

Off-take

  37,966   —   —   —   —   37,966 

Total Revenue

 $235,074  $33,250  $—  $4,500  $—  $272,824 

 

The Company’s total revenue for the three-months ended  June 30, 2025, consisted of the following:

 

  

Metals

  

Mining

  

Strategic Investments

  

Corporate

  

Bioleum

  

Total

 

Mining and Real Estate

 $—  $32,250  $—  $4,300  $—  $36,550 

Decommissioning Services

  296,789   —   —   —   —   296,789 

Off-take

  6,207   —   —   —   —   6,207 

Total Revenue

 $302,996  $32,250  $—  $4,300  $—  $339,546 

 

The Company’s total revenue for the six-months ended  June 30, 2026, consisted of the following:

 

  

Metals

  

Mining

  

Strategic Investments

  

Corporate

  

Bioleum

  

Total

 

Mining and Real Estate

 $—  $67,000  $—  $9,000  $—  $76,000 

Recycling

  106,489   —   —   —   —   106,489 

Decommissioning Services

  359,889   —   —   —   —   359,889 

Off-take

  43,902   —   —   —   —   43,902 

Total Revenue

 $510,280  $67,000  $—  $9,000  $—  $586,280 

 

The Company’s total revenue for the six-months ended  June 30, 2025, consisted of the following:

 

  

Metals

  

Mining

  

Strategic Investments

  

Corporate

  

Bioleum

  

Total

 

Mining and Real Estate

 $—  $64,500  $—  $9,100  $—  $73,600 

Decommissioning Services

  1,040,701   —   —   —   —   1,040,701 

Off-take

  11,060   —   —   —   —   11,060 

Total Revenue

 $1,051,761  $64,500  $—  $9,100  $—  $1,125,361 

 

For the six-months ended June 30, 2026, two customers, Atlantic Iron & Metals and Illuminate, accounted for over 10% of our revenues. For the six-months ended June 30, 2025, two customers, RWE and Deriva Energy, accounted for over 10% of our revenues. At  June 30, 2026, two customers, Kiewit and Next Era Energy, each individually accounted for over 10% of our accounts receivable balance. At  December 31, 2025, one customer, RWE, accounted for over 10% of our accounts receivable balance. At June 30, 2026, Comstock Metals billed $2,309,422 of which $510,280 was for decommissioning services, recycling fees and off-take revenue and $1,799,142 of which represents fees for recycling services that have not yet been completed and are recognized as deferred revenue (see Note 13). 

 

Three-Months Ended

                            

June 30, 2026

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

Revenue

 $235,074  $33,250  $—  $4,500  $272,824  $—  $272,824 
                             

Cost of goods sold

 $1,168,897  $—  $—  $—  $1,168,897  $—  $1,168,897 
                             

Selling and marketing

 $112,276  $—  $—  $233,959  $346,235  $1,389  $347,624 
                             

General and administrative

 $1,419,136  $630,828  $3,238  $2,572,589  $4,625,791  $2,376,255  $7,002,046 
                             

Research and development

 $1,019,577  $366  $—  $—  $1,019,943  $1,264,420  $2,284,363 
                             

Depreciation and amortization

 $71,807  $2,330  $—  $1,208  $75,345  $945,415  $1,020,760 
                             

Loss on intangible assets impairment

 $—  $—  $—  $—  $—  $13,648,042  $13,648,042 
                             

Loss on property, plant and equipment impairment

 $—  $—  $—  $—  $—  $1,736,481  $1,736,481 
                             

Loss from operations

 $(3,556,619) $(600,274) $(3,238) $(2,803,256) $(6,963,387) $(19,972,002) $(26,935,389)
                             

Total other income (expense), net

 $(1,759) $50,846  $—  $1,426,831  $1,475,918  $(8,930) $1,466,988 
                             

Net loss

 $(3,558,378) $(549,428) $(3,238) $(1,376,425) $(5,487,469) $(19,980,932) $(25,468,401)
                             

Interest Expense

 $1,862  $667  $—  $137,508  $140,037  $82,369  $222,406 
                             

Equity method investment loss

 $—  $—  $—  $(12,716) $(12,716) $(24,000) $(36,716)
                             

Capital Expenditures

 $1,282,350  $—  $—  $—  $1,282,350  $45,581  $1,327,931 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

Three-Months Ended

                            

June 30, 2025

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

Revenue

 $302,996  $32,250  $—  $4,300  $339,546  $—  $339,546 
                             

Cost of goods sold

 $814,001  $—  $—  $—  $814,001  $—  $814,001 
                             

Selling and marketing

 $11,806  $—  $—  $137,844  $149,650  $121,901  $271,551 
                             

General and administrative

 $703,087  $420,519  $4,076  $1,862,522  $2,990,204  $1,373,335  $4,363,539 
                             

Research and development

 $36,175  $316  $—  $162,098  $198,589  $1,922,056  $2,120,645 
                             

Depreciation and amortization

 $63,510  $45,335  $—  $19,397  $128,242  $508,450  $636,692 
                             

Gain on sale of mineral rights

 $—  $(200,000) $—  $—  $(200,000) $—  $(200,000)
                             

Loss from operations

 $(1,325,583) $(233,920) $(4,076) $(2,177,561) $(3,741,140) $(3,925,742) $(7,666,882)
                             

Total other income (expense), net

 $—  $(153,692) $369,170  $(1,338,651) $(1,123,173) $963,112  $(160,061)
                             

Net loss

 $(1,325,583) $(387,612) $365,094  $(3,516,212) $(4,864,313) $(2,962,630) $(7,826,943)
                             

Interest Expense

 $—  $874  $—  $670,852  $671,726  $102,336  $774,062 
                             

Equity method investment loss

 $—  $—  $—  $—  $—  $(24,000) $(24,000)
                             

Acquisitions to intangible assets

 $—  $—  $—  $—  $—  $20,735,617  $20,735,617 
                             

Capital Expenditures

 $72,169  $—  $—  $—  $72,169  $396,530  $468,699 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

Six-Months Ended

                            

June 30, 2026

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

Revenue

 $510,280  $67,000  $—  $9,000  $586,280  $—  $586,280 
                             

Cost of goods sold

 $1,768,707  $—  $—  $—  $1,768,707  $—  $1,768,707 
                             

Selling and marketing

 $146,848  $—  $—  $556,303  $703,151  $4,947  $708,098 
                             

General and administrative

 $2,762,977  $947,793  $4,725  $4,788,658  $8,504,153  $4,706,192  $13,210,345 
                             

Research and development

 $1,073,540  $2,446  $—  $—  $1,075,986  $3,304,619  $4,380,605 
                             

Depreciation and amortization

 $138,866  $42,398  $—  $20,854  $202,118  $2,210,026  $2,412,144 
                             

Loss on intangible assets impairment

 $—  $—  $—  $—  $—  $13,648,042  $13,648,042 
                             

Loss on property, plant and equipment impairment

 $—  $—  $—  $—  $—  $1,736,481  $1,736,481 
                             

Gain on sale of royalty rights

 $—  $(1,400,010) $—  $—  $(1,400,010) $—  $(1,400,010)
                             

Loss from operations

 $(5,380,658) $474,373  $(4,725) $(5,356,815) $(10,267,825) $(25,610,307) $(35,878,132)
                             

Total other income (expense), net

 $(2,387) $100,018  $—  $968,561  $1,066,192  $(39,878) $1,026,314 
                             

Net income (loss)

 $(5,383,045) $574,391  $(4,725) $(4,388,254) $(9,201,633) $(25,650,185) $(34,851,818)
                             

Interest Expense

 $2,491  $1,389  $—  $223,164  $227,044  $143,355  $370,399 
                             

Equity method investment loss

 $—  $—  $—  $(240,560) $(240,560) $(48,000) $(288,560)
                             

Capital Expenditures

 $6,940,549  $—  $—  $—  $6,940,549  $64,314  $7,004,863 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

Six-Months Ended

                            

June 30, 2025

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

Revenue

 $1,051,761  $64,500  $—  $9,100  $1,125,361  $—  $1,125,361 
                             

Cost of goods sold

 $1,700,797  $—  $—  $—  $1,700,797  $—  $1,700,797 
                             

Selling and marketing

 $25,350  $—  $—  $360,686  $386,036  $122,889  $508,925 
                             

General and administrative

 $1,197,638  $584,757  $5,751  $3,898,316  $5,686,462  $1,698,168  $7,384,630 
                             

Research and development

 $72,802  $1,757  $—  $551,006  $625,565  $4,798,998  $5,424,563 
                             

Depreciation and amortization

 $126,129  $90,623  $—  $39,293  $256,045  $756,031  $1,012,076 
                             

Gain on sale of mineral rights

 $—  $(200,000) $—  $—  $(200,000) $—  $(200,000)
                             

Income (loss) from operations

 $(2,070,955) $(412,637) $(5,751) $(4,840,201) $(7,329,544) $(7,376,086) $(14,705,630)
                             

Total other income (expense), net

 $—  $(1,743,168) $400,170  $(1,711,159) $(3,054,157) $838,913  $(2,215,244)
                             

Net income (loss)

 $(2,070,955) $(2,155,805) $394,419  $(6,551,360) $(10,383,701) $(6,537,173) $(16,920,874)
                             

Interest Expense

 $—  $1,795  $—  $1,243,566  $1,245,361  $187,845  $1,433,206 
                             

Equity method investment income

 $—  $—  $—  $—  $—  $17,438  $17,438 
                             

Acquisitions to intangible assets

 $—  $—  $—  $—  $—  $20,915,617  $20,915,617 
                             

Capital Expenditures

 $278,991  $—  $—  $—  $278,991  $430,581  $709,572 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

                             

As of June 30, 2026

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

ASSETS

                            
                             

Current Assets:

                            

Cash and cash equivalents

 $981,536  $2,396  $—  $29,869,968  $30,853,900  $551,335  $31,405,235 
                             

Accounts receivable

 $1,340,513  $—  $—  $—  $1,340,513  $—  $1,340,513 
                             

Derivative assets

 $—  $—  $—  $2,006,187  $2,006,187  $—  $2,006,187 
                             

Other current assets

 $76,097  $—  $—  $220,154  $296,251  $91,783  $388,034 
                             

Assets held for sale

 $—  $22,681,546  $—  $311,346  $22,992,892  $—  $22,992,892 
                             

Total current assets

 $2,398,146  $22,683,942  $—  $32,407,655  $57,489,743  $643,118  $58,132,861 
                             

Non-current Assets:

                            

Investments

 $—  $—  $67,212,920  $—  $67,212,920  $—  $67,212,920 
                             

Properties, plant and equipment, net

 $16,884,765  $—  $6,328,338  $23,638  $23,236,741  $12,364,903  $35,601,644 
                             

Intangible assets, net

 $—  $—  $—  $—  $—  $9,647,576  $9,647,576 
                             

Goodwill

 $—  $—  $—  $—  $—  $1,507,154  $1,507,154 
                             

Other assets

 $6,204,947  $—  $730,597  $1,975,000  $8,910,544  $12,537,256  $21,447,800 
                             

Total non-current assets

 $23,089,712  $—  $74,271,855  $1,998,638  $99,360,205  $36,056,889  $135,417,094 
                             

TOTAL ASSETS

 $25,487,858  $22,683,942  $74,271,855  $34,406,293  $156,849,948  $36,700,007  $193,549,955 

(1) Mining segment - asset held for sale (see Note 5)

                            

 

As of December 31, 2025

 

Metals

  

Mining(1)

  

Strategic Investments

  

Corporate / Other

  

Total of Segments before Bioleum Corp.

  

Bioleum

  

Consolidated

 

ASSETS

                            
                             

Current Assets:

                            

Cash and cash equivalents

 $183,458  $149,060  $—  $9,425,807  $9,758,325  $7,193,320  $16,951,645 
                             

Accounts receivable

 $287,874  $(152) $—  $—  $287,722  $1,000,000  $1,287,722 
                             

Derivative assets

 $—  $—  $—  $1,960,796  $1,960,796  $—  $1,960,796 
                             

Other current assets

 $96,180  $1,975  $—  $166,977  $265,132  $192,684  $457,816 
                             

Total current assets

 $567,512  $150,883  $—  $11,553,580  $12,271,975  $8,386,004  $20,657,979 
                             

Non-current Assets:

                            

Investments

 $—  $—  $38,426,065  $—  $38,426,065  $1,079,371  $39,505,436 
                             

Properties, plant and equipment, net

 $2,387,121  $7,160,772  $6,328,338  $355,841  $16,232,072  $13,654,137  $29,886,209 
                             

Intangible assets, net

 $—  $—  $—  $—  $—  $24,943,388  $24,943,388 
                             

Goodwill

 $—  $—  $—  $—  $—  $1,507,154  $1,507,154 
                             

Other assets

 $13,563,776  $16,109,357  $730,596  $9,400,000  $39,803,729  $13,300,742  $53,104,471 
                             

Total non-current assets

 $15,950,897  $23,270,129  $45,484,999  $9,755,841  $94,461,866  $54,484,792  $148,946,658 
                             

TOTAL ASSETS

 $16,518,409  $23,421,012  $45,484,999  $21,309,421  $106,733,841  $62,870,796  $169,604,637 

(1) Mining segment - asset held for sale (see Note 5)