Comstock Holding Companies (CHCI) Q2 2026 earnings summary

Executive summary

• Specializes in mixed-use, transit-oriented, and data center developments with a fee-based, asset-light, debt-free model focused on recurring revenue and scalability.

• Achieved 30 consecutive quarters of revenue growth, with Q2 2026 revenue up 74% year-over-year to $22.6 million and YTD revenue up 56% to $40.0 million.

• Entered into a joint venture (Oklahoma AI Ventures LLC) to develop, pre-develop, and manage data center campuses and mixed-use projects in Oklahoma, leveraging significant land, mineral, and infrastructure assets.

• Expanded service offerings to include mall management, further diversifying revenue streams.

• Growth driven by expansion of managed portfolio, institutional venture, and data center platforms.

Financial highlights

• Q2 2026 revenue reached $22.6M, up 74% year-over-year; YTD revenue at $40.0M, up 56%.

• Q2 2026 net income was $8.8M (512% growth vs prior year), including a $4.3M gain on equity investments; YTD net income $10.8M (257% growth).

• Q2 2026 adjusted EBITDA was $7.4M (231% growth); YTD adjusted EBITDA $9.5M (123% growth).

• Revenue CAGR of 23% and adjusted EBITDA CAGR of 31% from 2020 to Q2 2026.

• Q2 net income per diluted share: $0.84 (vs. $0.14 prior year); YTD: $1.01 (vs. $0.29 prior year).

Outlook and guidance

• Management expects continued upward trajectory in revenue and adjusted EBITDA through 2026 and beyond.

• The JV's purpose is to assemble, entitle, and monetize powered land for large-scale data center campuses, targeting sales, ground leases, or joint development with AI hyperscalers and institutional investors.

• Positioned to capitalize on momentum and deliver long-term shareholder value through diversified revenue streams and operational expansion.

• Focus remains on expanding managed portfolio, development pipeline, and strategic investments.

• The agreement includes a right of first offer for both members on new investment opportunities in Oklahoma, ensuring alignment and growth potential.