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Comstock cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$10.5M in Q3 2026 · −$31.2M over twelve months

Operating cash flow−$9.4M
Capital spending−$1.1M
Free cash flow−$10.5M
Cash conversion cycle31 days

Analysis

In Q3 2026, Comstock generated −$9.4M of operating cash flow and spent $1.1M on capital projects, leaving free cash flow of −$10.5M. That is $876K less than in Q3 2025 (−$9.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$31.2M; the largest uses were operating cash flow ($31.2M), other investing ($19.4M), other financing ($4.8M); besides operations, cash came from shares issued ($63.2M); the cash balance rose by $7.7M.

Operating cash flow was −$9.4M against net income of −$753K. The largest differences: accrued liabilities +$823K, depreciation & amortization +$718K, receivables +$674K.

Its cash conversion cycle was 31 days (receivables 251 + inventory 0 − payables 221).

Free cash flow

Comstock: free cash flow by quarterComstock: free cash flow by quarter−$4.3MQ4 2024−$5.0MQ1 2025−$4.8MQ2 2025−$9.6MQ3 2025−$5.9MQ4 2025−$5.8MQ1 2026−$10.1MQ2 2026−$10.5MQ3 2026
Operating cash flow less capital spending.
Comstock: operating cash flow against capital spendingComstock: operating cash flow against capital spendingOperating cash flowCapital spending−$4.3M$0Q4 2024−$5.0M$0Q1 2025−$4.8M$0Q2 2025−$8.7M$921KQ3 2025−$5.9M$0Q4 2025−$5.8M$0Q1 2026−$10.1M$0Q2 2026−$9.4M$1.1MQ3 2026
Latest (Q3 2026): Operating cash flow −$9.4M, Capital spending $1.1M.

Capital allocation, year by year

Comstock: where the cash came from (up) and went (down), by fiscal yearComstock: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$7.5MFY2021: Shares issued $27.4MFY2021: Capital spending −$78K$27.4MFY2021FY2022: Operating cash flow −$12.1MFY2022: Net borrowing $1.2MFY2022: Shares issued $10.8MFY2022: Capital spending −$1.6M$12.0MFY2022FY2023: Operating cash flow −$13.6MFY2023: Net borrowing $4.7MFY2023: Shares issued $6.9MFY2023: Asset sales $21.0MFY2023: Capital spending −$1.8MFY2023: Acquisitions −$12.0M$32.6MFY2023FY2024: Operating cash flow −$13.9MFY2024: Net borrowing $10.5MFY2024: Shares issued $7.2M$17.8MFY2024FY2025: Operating cash flow −$24.4MFY2025: Net borrowing $7.4MFY2025: Shares issued $38.2M$45.6MFY2025
Over these 5 years operating cash flow totalled −$71.6M; the largest uses were operating cash flow ($71.6M) and acquisitions ($12.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$39.5M
Debtnone
Net cash$39.5M
Cash runway15 months

Comstock is burning cash: its operations consume cash, a free cash flow of −$31.2M a year at the current rate against $39.5M of cash and investments: a runway of about 15 months before any new financing.

Where the cash came from and went

Comstock: sources (+) and uses (−) of cash, Q3 2026Comstock: sources (+) and uses (−) of cash, Q3 2026Other investing$18.6MOperating cash flow−$9.4MCash drawn (+) / kept (−)−$8.0MCapital spending−$1.1MNet borrowing (+) / repaid (−)−$2K
Comstock: sources (+) and uses (−) of cash, TTM to Q3 2026Comstock: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$63.2MOperating cash flow−$31.2MOther investing−$19.4MCash drawn (+) / kept (−)−$7.7MOther financing−$4.8MNet borrowing (+) / repaid (−)−$5K

From profit to cash

Comstock: net income to operating cash flow, Q3 2026Comstock: net income to operating cash flow, Q3 2026Net income−$753KDepreciation & amortization$718KGains on investments$260KOther non-cash$30KReceivables$674KAccrued liabilities$823KPrepaid and other assets$217KOperating cash flow−$9.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026251—22131
Q2 2026276—21066
Q1 2026230—417-187
Q4 2025380—386-6
Q3 20254274—9723303
Q2 2025604—406198
Q1 2025212—307-95

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$9.4M−$1.1M−$2K—−$8.0M−$10.5M
Q2 2026−$10.1M—−$2K—$21.6M−$10.1M
Q1 2026−$5.8M—−$1K$61.0M−$36.0M−$5.8M
Q4 2025−$5.9M——$2.2M$14.8M−$5.9M
Q3 2025−$8.7M−$921K−$2.5M$34.5M−$13.1M−$9.6M
Q2 2025−$4.8M——$1.5M−$14.7M−$4.8M
Q1 2025−$5.0M—$9.9M—−$3.0M−$5.0M
Q4 2024−$4.3M—$3.5M—$409K−$4.3M

Comstock: income statement and cash flow

Comstock, Q2 2026: revenue $273K (-20% year over year). The chart follows the revenue to costs, profit and cash.

Comstock: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.