Comstock | 8-K: FY2026 Q2 Revenue: USD 22.58 M

Revenue: As of FY2026 Q2, the actual value is USD 22.58 M.

EPS: As of FY2026 Q2, the actual value is USD 0.84.

EBIT: As of FY2026 Q2, the actual value is USD 11.13 M.

Financial Performance Overview

Revenue

Comstock Holding Companies, Inc. reported revenue of $22,581 thousand for the second quarter of 2026, a 74% increase compared to $12,972 thousand in the second quarter of 2025. Year-to-date revenue for 2026 was $40,027 thousand, an increase of 56% from $25,611 thousand in the prior year period. Quarter-to-date (QTD) revenue was $22.6 million, representing a 74% growth compared to the prior year, and year-to-date (YTD) revenue was $40.0 million, representing a 56% growth compared to the prior year.

Net Income

Net income for the second quarter of 2026 increased by 512% to $8,845 thousand, up from $1,446 thousand in the second quarter of 2025. Year-to-date net income for 2026 was $10,834 thousand, a 257% increase from $3,035 thousand in the same period of 2025. The second quarter 2026 net income included a significant $4,261 thousand gain on equity investments, specifically from Jericho Energy Ventures (JEV). The year-to-date gain on equity investments was $4,696 thousand. QTD Net Income was $8.8 million, showing a 512% growth compared to the prior year, and YTD Net Income was $10.8 million, indicating a 257% growth compared to the prior year. Q2 Net Income included a $4.3 million gain on Jericho Energy Ventures (JEV) equity investments.

Adjusted EBITDA

Adjusted EBITDA for the second quarter of 2026 increased by 231% to $7,356 thousand, compared to $2,222 thousand in the second quarter of 2025. Year-to-date Adjusted EBITDA for 2026 was $9,526 thousand, an increase of 123% from $4,272 thousand in the prior year period. This increase was primarily driven by the expansion of the managed portfolio, leading to significant increases in recurring fee-based revenue and higher asset management fee revenue, as well as increases in supplemental leasing and acquisition fee revenue. QTD Adjusted EBITDA reached $7.4 million, a 231% growth over the prior year, and YTD Adjusted EBITDA was $9.5 million, marking a 123% growth over the prior year. Comstock Holding Companies, Inc.’s Adjusted EBITDA Compound Annual Growth Rate (CAGR) from 2020-2025 was 31%.

Operating Costs and Expenses

Total operating costs and expenses for the second quarter of 2026 were $15,935 thousand, up from $11,189 thousand in the second quarter of 2025. Cost of revenue increased to $14,597 thousand in Q2 2026 from $10,502 thousand in Q2 2025. Selling, general, and administrative expenses rose to $1,265 thousand in Q2 2026 from $609 thousand in Q2 2025. Depreciation and amortization remained relatively stable at $73 thousand in Q2 2026 compared to $78 thousand in Q2 2025.

Income from Operations

Income from operations for the second quarter of 2026 was $6,646 thousand, a substantial increase from $1,783 thousand in the second quarter of 2025.

Other Income and Expenses

Interest income decreased to $68 thousand in Q2 2026 from $220 thousand in Q2 2025. Gain on real estate ventures was $66 thousand in Q2 2026, up from $9 thousand in Q2 2025. Other income, net, was $153 thousand in Q2 2026 compared to $73 thousand in Q2 2025. The provision for income tax was $2,349 thousand in Q2 2026, increasing from $639 thousand in Q2 2025.

Cash and Cash Equivalents

Cash and cash equivalents were $25,334 thousand as of June 30, 2026, down from $31,282 thousand as of December 31, 2025.

Revenue by Line of Business (YTD)

As of year-to-date, Asset Management accounted for 53% of revenue, Property Management contributed 28% of revenue, and ParkX Management made up 19% of revenue.

Other Key Financial Metrics

• Net Income (loss) for QTD June 30, 2026, was $8,845 thousand, and YTD June 30, 2026, was $10,834 thousand.
• Interest (income) expense for QTD June 30, 2026, was - $68 thousand, and YTD June 30, 2026, was - $197 thousand.
• Income taxes for QTD June 30, 2026, were $2,349 thousand, and YTD June 30, 2026, were $2,548 thousand.
• Depreciation and amortization for QTD June 30, 2026, were $73 thousand, and YTD June 30, 2026, were $145 thousand.
• Stock-based compensation for QTD June 30, 2026, was $484 thousand, and YTD June 30, 2026, was $1,030 thousand.
• (Gain) loss on real estate ventures for QTD June 30, 2026, was - $66 thousand, and YTD June 30, 2026, was - $138 thousand.
• (Gain) loss on equity investments for QTD June 30, 2026, was - $4,261 thousand, and YTD June 30, 2026, was - $4,696 thousand.

Operational Metrics

The total number of managed assets increased to 108 in Q2 2026, up from 82 in the prior year, representing a 42% growth. The commercial portfolio was 92% leased at period end, with significant office leases signed in Q2 including Peraton (284,000 sqft) and QTS (77,000 sqft). Nine commercial leases were executed in Q2, covering approximately 409,000 sqft of office and retail spaces, with 447,000 sqft leased year-to-date. Comstock Holding Companies, Inc. was awarded a management contract for Dulles Town Center, a 1.4 million sqft regional mall. The residential stabilized portfolio maintained a 94% leased rate, with 501 residential units leased year-to-date and 351 leased in Q2. The Institutional Venture Platform (IVP) generated $4,100 thousand in supplemental fees in Q2, finalizing the acquisition of the Woodland Pointe office complex, which added an existing 185,000 sqft office building (100% leased to Peraton) to the stabilized commercial portfolio and a ~100k sqft built-to-suit office building to the development pipeline. The Data Center Platform (DCP) finalized an Oklahoma data center joint venture with JEV, securing development rights for approximately 6,000 acres and an LOI with an exclusive power provider for up to 3GW of power. ParkX subsidiary revenue increased 89% year-over-year, securing 8 new contracts in Q2, including 3 new third-party parking garages. The JW Marriott Residences Reston Station recorded a $10.9 million sale of a top-floor penthouse residence. The final phase of the BLVD Haley residential tower and adjacent ~6,000 sqft retail space at The Row at Reston Station were delivered. The JW Marriott Reston Station Hotel conference center expansion is projected to deliver in fall 2026, and Ebbitt House plans to open its 14,000 sqft restaurant in October 2026.

Unique Metrics

As of June 30, 2026, Comstock Holding Companies, Inc. had $0 in debt. The company’s Last Twelve Months (LTM) Return on Equity (ROE) as of June 30, 2026, was 36%.

Outlook / Guidance

Comstock Holding Companies, Inc. anticipates a continued upward trajectory in revenue and Adjusted EBITDA in 2026 and beyond. The company is expanding its service offerings to include mall management, as exemplified by assuming management of Dulles Town Center, to further diversify fee-based revenue. Strategic focus remains on the Institutional Venture Platform (IVP) for low-risk, high-value opportunities and the newly launched Data Center Platform (DCP) to capitalize on growing data center demand.