Chris Abbott (1035 Capital Management): Comstock (LODE), SkyX Platform (SKYX), Mobilicom (MOB), Research Frontiers (REFR)

Episode Summary

Executive Summary: The episode is a deep dive into three microcap ideas—Comstock (LODE), SkyX (SKYX), and Mobilicom (MOB)—plus Research Frontiers (REFR). Chris Abbott argues each is misunderstood, underfollowed, and nearing catalysts that could re-rate shares as operational milestones, strategic partnerships, and improving capital structures convert narrative into earnings and recurring cash flow.

Main Topics: Comstock (LODE): solar recycling and Biolium optionality (Priority: 5/5): Abbott says Comstock is set up for a major inflection as its first commercial solar recycling plant comes online in 2026, with the core recycling business generating hazardous-waste fees and valuable recovered metals. He also highlights Biolium, a biomass-to-fuels asset that adds major hidden value to the sum-of-the-parts story. SkyX (SKYX): plug-and-play lighting, smart-home platform, and hotel/building rollout (Priority: 5/5): SkyX is framed not as a lighting company but as a technology platform that simplifies installation, improves safety, and can become a recurring revenue/data business. Abbott sees 2026 as pivotal due to product launches, Target placement, potential Home Depot/Lowe’s expansion, and a likely Marriott/hospitality ramp. Mobilicom (MOB): drone cybersecurity and defense adoption (Priority: 4/5): Abbott describes Mobilicom as an early mover in cybersecurity for drones and robotics, with Blue UAS positioning, defense contract potential, and a much cleaner capital structure than when he first bought it. He sees upside from U.S. Army-related orders and robotics chip tailwinds. Research Frontiers (REFR): SPD smart glass licensing (Priority: 4/5): REFR is presented as a dormant but potentially asymmetric licensing play in electro-tinting glass for cars and buildings. Abbott says cost reduction could unlock broader auto adoption and commercial retrofit demand, with new licensee-driven revenue coming in 2026. How Abbott finds and sizes microcap opportunities (Priority: 4/5): A recurring theme is Abbott’s process: screening for neglected, misunderstood, or disruptive-growth names; building positions based on asymmetry; and taking an increasingly active role in helping management teams with strategic connections, distribution, and commercialization. Portfolio management, selling, and the role of activism/constructivism (Priority: 3/5): The conversation closes with Abbott reflecting on the hardest skill being selling winners, his preference for large but managed positions, and his shift toward being a ‘constructivist’ rather than a pure activist—helping small companies reach institutional-quality outcomes.

Key Arguments: Comstock’s solar recycling business is nearing a proof-point because its first commercial-scale plant is expected online in 2026, and the economics look strong at around 25,000 tons of throughput. Comstock’s pricing model is compelling: utilities pay roughly $500/ton to offload hazardous solar waste, recycling costs about $150/ton, and recovered materials can generate about $250/ton. Biolium gives Comstock additional upside through biomass-to-fuels, with Abbott arguing the market is underappreciating its ownership stake and strategic value. SkyX is more than a ceiling-fan company; it is a plug-and-play infrastructure platform with smart-home and data monetization potential. SkyX’s product could become code-mandated, which would dramatically expand addressable market if additional approvals are secured. SkyX’s model benefits builders, electricians, hotels, and retailers because installation is faster, safer, and can be sold with rebates or bundled economics. Mobilicom’s drone cybersecurity niche has defense-driven demand, Blue UAS approval advantages, and a strong runway if current Army-related programs convert into production orders. Research Frontiers may be transitioning from a long-dormant story into a real licensing growth cycle if auto OEM wins and building retrofit applications scale. Abbott’s edge comes from being early, deeply involved, and willing to help management teams with connections that accelerate commercialization. Microcaps often re-rate when retail-only awareness shifts to institutional credibility, cleaner capital structures, and visible operating milestones.

Data Points: Comstock market cap: about $158 million to $180 million - Used to emphasize hidden asset value versus market value Comstock solar waste fee: $500 per ton - Utilities pay to dispose of hazardous solar panels Comstock recycling cost: about $150 per ton - Estimated cost to process solar waste Comstock recycled-material value: about $250 per ton - From aluminum, glass pearls, silver fines, and other recovered material Comstock plant break-even volume: about 25,000 tons - Abbott says the first facility breaks even around this level Comstock guided throughput: 25,000 to 40,000 tons next year - Expected panel volume for the first commercial plant Comstock facility economics: $70 million revenue and $40 million to $50 million EBITDA per facility - Abbott’s estimate at 100,000 tons throughput Comstock silver content: about two-thirds of an ounce per panel - Used to explain exposure to rising silver prices Silver price: around $64 per ounce - Illustrates improved economics since guidance was issued Biolium ownership stake: roughly 65% to 75% - Abbott’s estimate of Comstock’s ownership in Biolium Biolium capital raise valuation: $700 million to over $1 billion - Recent capital raises used to frame implied value SkyX stock decline since IPO: about 85% - Stock fell from around $14 to about $2 SkyX product economics: about 60 seconds to swap a fixture - Illustrates plug-and-play ease of installation SkyX target retail rollout: 5 products hit Target - Recent commercialization milestone SkyX partnership count: 60 lighting websites - Bellamy acquisition provides distribution reach SkyX cash flow timing: cash flow positive this quarter or next - Management-guided inflection point SkyX mandated-standard status: 1 vote away - Abbott says the plug is near a code-book standard SkyX smart-city project: 500,000+ units - Miami smart city project expected to begin ramping in late 2026 or 2027 SkyX 2026 revenue target discussed by analyst: $300 million run-rate business - Abbott’s estimate for normalized scale Mobilicom market cap: about $62 million - Current small-cap size in the drone cybersecurity niche Mobilicom original entry valuation: about $13 million market cap with $10 million cash - Abbott’s early asymmetry case Mobilicom annual burn: about $1.5 million - Explains limited downside and operating leverage Mobilicom cash balance: about $15 million to $20 million - Recent improvement in capital position Mobilicom share count: about 13 million shares plus 1 to 2 million warrants - Abbott describes the capital structure as relatively clean REFR market cap: about $47 million - Microcap valuation for smart-glass licensing REFR float: 26 million shares - Referenced as part of the setup REFR burn: about $1 million to $1.25 million per year - Low overhead licensing model REFR license revenue share: about 10% - Abbott says REFR gets about 10% of licensee revenues REFR automotive opportunity: $50 million to $60 million in revenue for a licensee - Potential new auto win discussed on the call Abbott position sizing: about 10% positions - Initial size used for Comstock and SkyX Abbott current portfolio concentration: about 70% to 80% in top names - Shows conviction and concentration in best ideas

Pivotal Quotes: "I think set up extremely well going into 2026." — Chris Abbott: On Comstock and why he expects a catalyst year "This is so much more than a ceiling fan and lighting manufacturer." — Chris Abbott: On SkyX being misunderstood as a boring hardware company "Selling is the hardest part." — Chris Abbott: On portfolio management and trimming winners

Implications: The episode argues that microcap reratings come from visible catalysts, cleaner capital structures, and real commercialization—not just story. Listeners should watch 2026 as a potential inflection year for several neglected names if management execution matches Abbott’s thesis.