December 17, 2025, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Comstock, Inc. (NYSE AM: LODE) titled, “Silver, Aluminum, SAF, AI Data Centers, and More; Innovations Are Capturing Opportunity”. The report can be accessed here.
Comstock, Inc. (NYSE: LODE) is a Nevada-based company focused on renewable critical metals, mining, real estate, and renewable fuels. The company is positioned for rapid growth and set to benefit from (1) immediate and accelerating growth of end-of-life solar panels that require recycling, (2) tightening markets for silver, aluminum, and other metals, (3) monetization of land, power, and AI data center demand, (4) exponential demand growth for sustainable aviation fuel (SAF), and (5) other structural themes.
Comstock runs diverse but interconnected business interests. Comstock’s metals segment focuses on high-volume solar panel recycling, which diverts panels from landfills and recovers valuable materials like silver and aluminum. Comstock’s mining segment includes a 12- square-mile historic mineral district in Nevada with gold and silver resources. The company’s real estate holdings are strategically located near the Tahoe-Reno Industrial Center. Through its Bioleum Corporation subsidiary, Comstock is advancing renewable fuels by converting waste woody biomass (lignocellulosic materials) into extremely low-carbon fuels like cellulosic ethanol, renewable diesel (RD), and SAF.
A hallmark of our research at WTR is that we do not offer specific stock recommendations and/or stock price targets. We forecast an EBITDA loss of $30.4 million (25E) and a loss of
$22.1 million (26E) before turning positive to $32.6 million (27E) and $86.7 million (28E). The implied EV/EBITDA levels in both years of 5.2x (27E) and 2.4x (28E) are lower than the average of the company’s peer group in the respective years.
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