Comstock Metals, a subsidiary of Comstock Inc., received approval from California’s Department of Toxic Substances Control (DTSC) to operate as a universal waste recycler for photovoltaic modules. The approval places the company on DTSC’s list of authorized recyclers and allows it to treat end‑of‑life solar panels at its Kings County facility.
California is the largest end‑of‑life solar panel market in the United States, and the approval gives Comstock access to a customer base that is increasingly seeking compliant recycling solutions. The company is the only North American provider with R2v3/RIOS certification, a standard that verifies zero‑waste recycling of solar panels.
Comstock’s financial performance has been challenging, with Q3 2025 earnings per share of –$0.31 on revenue of $0.05 million and a trailing‑12‑month revenue of $2.78 million. The company remains debt‑free, holding $31.7 million in cash and equivalents after an oversubscribed $34.5 million equity raise in Q3 2025. The DTSC approval is expected to unlock new revenue streams and help the company move toward profitability by expanding its recycling capacity to 300,000 tons across three sites by 2028.
Dr. Fortunato Villamagna, President of Comstock Metals, said the California facility “positions us to better serve the region’s increasing demand for end‑of‑life solar panel disposal while delivering a streamlined, cost‑effective logistics solution for our customers.” Executive Chairman and CEO Corrado De Gasperis added that the company is “establishing a new benchmark for solar panel recycling through a growing, fully integrated national network.”
Investors have responded positively to the approval, reflecting confidence in the company’s ability to capture a growing market and leverage its unique certification. The approval also aligns with Comstock’s broader strategy to secure permits for a second facility in Nevada and an expandable site in Ohio, positioning the company to serve the Midwest and further scale its operations.
With the California approval, Comstock is poised to accelerate its growth trajectory, expand its geographic footprint, and strengthen its competitive position in the rapidly expanding solar waste market.
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