Comstock | 8-K: FY2025 Q3 Revenue: USD 13.32 M

Revenue: As of FY2025 Q3, the actual value is USD 13.32 M.

EPS: As of FY2025 Q3, the actual value is USD 0.05.

EBIT: As of FY2025 Q3, the actual value is USD 443 K.

Revenue

• Revenue for Q3 2025 increased by 3% to $13.3 million, with a year-to-date (YTD) increase of 13% to $38.9 million.
• Recurring, fee-based revenue from property management subsidiaries increased by 30%, with a 37% increase YTD.
• Third-party revenue from ParkX increased by 96%, with a 126% increase YTD.

Net Income

• Net income for Q3 2025 was $0.5 million, with a YTD net income of $3.6 million.

Adjusted EBITDA

• Adjusted EBITDA for Q3 2025 was $1.1 million, with a YTD figure of $5.3 million.

Operating Costs

• Total operating costs and expenses for Q3 2025 were $12.7 million, compared to $10.2 million in Q3 2024.

Cash Flow

• Cash and cash equivalents as of September 30, 2025, were $26.2 million, compared to $28.8 million as of December 31, 2024.

Unique Metrics

• ParkX subsidiary revenue increased by 59% compared to the prior year, with a significant increase in headcount by 139 employees in Q3 to support new service offerings.
• Supplemental fee revenue accounted for 6% of total revenue.
• Commercial portfolio was 93% leased, with 9 commercial leases executed in Q3, representing approximately 75,000 sqft. of office and retail spaces; 193,000 sqft. leased YTD.
• Residential portfolio was 96% leased, with over 500 units leased YTD; average in-place rents up nearly 4% vs. prior year.
• Significant assets delivered included JW Marriott Reston Station (248-key luxury hotel) and JW Marriott Residences Reston Station (94-unit luxury condominium tower).

Outlook / Guidance

• Comstock anticipates continued growth through diversified revenue streams and expansion of service offerings, particularly in the ParkX subsidiary.
• The company secured multiple new office leases post-quarter end, covering more than 310,000 square feet, which is expected to drive future revenue growth.
• The company anticipates continued growth in its managed portfolio and development pipeline, which is expected to drive scalability and profitability.
• The leasing activity in Reston Station is projected to generate significant supplemental fee revenue in Q4 2025 and higher recurring asset and property management fees going forward.