Comstock | 10-Q: 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.

Asset Management: Revenue for the three months ended September 30, 2025, was $6,560,000, a decrease of 11.1% from $7,380,000 in the same period in 2024. For the nine months ended September 30, 2025, revenue was $20,556,000, an increase of 4.7% from $19,626,000 in 2024.
Property Management: Revenue for the three months ended September 30, 2025, was $2,887,000, a decrease of 11.3% from $3,253,000 in the same period in 2024. For the nine months ended September 30, 2025, revenue was $8,748,000, a slight increase of 0.5% from $8,701,000 in 2024.
ParkX Management: Revenue for the three months ended September 30, 2025, was $3,870,000, an increase of 63.8% from $2,362,000 in the same period in 2024. For the nine months ended September 30, 2025, revenue was $9,624,000, an increase of 58.8% from $6,059,000 in 2024.

Net Income: For the three months ended September 30, 2025, net income was $541,000, a decrease from $2,377,000 in the same period in 2024. For the nine months ended September 30, 2025, net income was $3,576,000, down from $4,233,000 in 2024.
Operating Costs and Expenses: Total operating costs and expenses for the three months ended September 30, 2025, were $12,656,000, an increase of 24.5% from $10,167,000 in the same period in 2024. For the nine months ended September 30, 2025, these costs were $34,747,000, up 19.1% from $29,181,000 in 2024.

Operating Cash Flow: Net cash used in operating activities for the nine months ended September 30, 2025, was -$460,000, compared to net cash provided of $2,905,000 in the same period in 2024.
Investing Cash Flow: Net cash used in investing activities for the nine months ended September 30, 2025, was -$1,655,000, compared to -$139,000 in 2024.
Financing Cash Flow: Net cash used in financing activities for the nine months ended September 30, 2025, was -$475,000, compared to -$503,000 in 2024.

Core Business Focus: The company plans to continue focusing on its Anchor Portfolio, which is expected to generate revenue as development and construction efforts are completed. The long-term asset management agreements and the asset-light, debt-free business model provide visibility to future revenue and earnings growth while mitigating risks.
Non-Core Business: The company is exploring rezoning opportunities for Comstock 41 to allow for the development of an affordable housing project, which will be fully financed by SCG Development Holdings, LLC. The company will provide construction management services and will be entitled to provide property management services once the development is ready for occupancy.