Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

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<li>One dedicated energy crop yields 100 barrels of oil equivalent per acre annually—10x corn, 50x soybeans—with the lowest carbon intensity score and lowest cost of any feedstock in its class. </li>
<li>De Gasperis said it may be the missing piece the SAF industry has been searching for.</li>
<li>Bioleum Corp. solves the SAF industry’s core feedstock problem. De Gasperis identified feedstock scarcity as “the bottleneck in the industry.” </li>
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One dedicated energy crop yields 100 barrels of oil equivalent per acre annually—10x corn, 50x soybeans—with the lowest carbon intensity score and lowest cost of any feedstock in its class. 
De Gasperis said it may be the missing piece the SAF industry has been searching for.
Bioleum Corp. solves the SAF industry’s core feedstock problem. De Gasperis identified feedstock scarcity as “the bottleneck in the industry.” 



LODE: Circular Economy (SAF) Symposium Series Recap with CEO Corrado De Gasperis

Thematic (Sector/Industry)

<div><ul><li>The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. </li><li>Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.</li><li>In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.</li></ul></div>

The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

<ul><li>During the 4Q25 earnings call with analysts, Comstock outlined strong progress on strategic initiatives, including: (1) its oversubscribed $57.5 million equity offering that eliminated all corporate debt and funds growth through profitability;</li><li>(2) three new independent directors bringing solar, refining, and capital markets expertise;</li><li>(3) advanced mining asset monetization discussions targeting $50–60 million in proceeds; </li></ul>

During the 4Q25 earnings call with analysts, Comstock outlined strong progress on strategic initiatives, including: (1) its oversubscribed $57.5 million equity offering that eliminated all corporate debt and funds growth through profitability;(2) three new independent directors bringing solar, refining, and capital markets expertise;(3) advanced mining asset monetization discussions targeting $50–60 million in proceeds; 

LODE: FY25 Results; Strategic Milestones Accelerate on All Fronts

<div><ul><li>Comstock is a Nevada-based renewable and sustainable metals company with additional investments in renewable fuels, mineral properties, and real estate. </li><li>Its high-volume solar panel recycling technology diverts end-of-life solar panels from landfills and recycles 100% of the commodities that go into them like silver, aluminum, and other valuable and sometimes scarce resources.</li><li>Comstock’s recycling platform is designed for high volume and automation.</li></ul></div>

Comstock is a Nevada-based renewable and sustainable metals company with additional investments in renewable fuels, mineral properties, and real estate. Its high-volume solar panel recycling technology diverts end-of-life solar panels from landfills and recycles 100% of the commodities that go into them like silver, aluminum, and other valuable and sometimes scarce resources.Comstock’s recycling platform is designed for high volume and automation.

LODE: Podcast Recap - Silver & Gold and Extracting Value Through Recycling, Refining, & Mining

<ul><li>Comstock, Inc. (NYSE American: LODE) is a Nevada-based company focused on renewable critical metals, mining, real estate, and renewable fuels. </li><li>Comstock is positioned for rapid growth and set to benefit from (1) immediate and accelerating growth of end-of-life solar panels requiring recycling, (2) tightening markets for silver, aluminum, and other metals, (3) monetization of land, power, and AI data center demand, and (4) exponential demand growth for sustainable aviation fuel (SAF) and other structural themes. </li><li>Comstock’s metals business should be the major driver of earnings in the next few years. </li></ul>

Comstock, Inc. (NYSE American: LODE) is a Nevada-based company focused on renewable critical metals, mining, real estate, and renewable fuels. Comstock is positioned for rapid growth and set to benefit from (1) immediate and accelerating growth of end-of-life solar panels requiring recycling, (2) tightening markets for silver, aluminum, and other metals, (3) monetization of land, power, and AI data center demand, and (4) exponential demand growth for sustainable aviation fuel (SAF) and other structural themes. Comstock’s metals business should be the major driver of earnings in the next few years. 

LODE: Final Permitting Paves Way for Silver Springs Facility Commissioning

United States

Comstock Inc. produces fossil fuel alternatives and recycled battery products. The Company offers technologies to unlock and efficiently convert massive supplies of under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon.

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Comstock (LODE US)

LODE: Circular Economy (SAF) Symposium Series Recap with CEO Corrado De Gasperis

Bioleum Corp. solves the SAF industry’s core feedstock problem. De Gasperis identified feedstock scarcity as “the bottleneck in the industry.”

Water Tower Research

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance...

Water Tower Research

LODE: FY25 Results; Strategic Milestones Accelerate on All Fronts

During the 4Q25 earnings call with analysts, Comstock outlined strong progress on strategic initiatives, including: (1) its oversubscribed $57.5...

Water Tower Research

LODE: Podcast Recap - Silver & Gold and Extracting Value Through Recycling, Refining, & Mining

Comstock is a Nevada-based renewable and sustainable metals company with additional investments in renewable fuels, mineral properties, and real...

Water Tower Research

LODE: Final Permitting Paves Way for Silver Springs Facility Commissioning

Comstock, Inc. (NYSE American: LODE) is a Nevada-based company focused on renewable critical metals, mining, real estate, and renewable fuels.

Water Tower Research

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