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Sky Quarry to Outline Growth Strategy, Refinery Ramp-Up, and National Rollout in June 26 Investor Webinar
Globenewswire· 2025-06-19 16:48
Core Viewpoint - Sky Quarry Inc. is hosting a live investor webinar to discuss recent milestones and growth strategies in the waste asphalt shingle recycling industry [1][2] Group 1: Webinar Details - The webinar is scheduled for June 26 at 11:00 a.m. PDT / 2:00 p.m. EDT and will feature executives David Sealock and Marcus Laun [1][2] - Attendees can submit questions in advance via email, and registration is open to all investors, industry partners, and media [3] Group 2: Company Overview - Sky Quarry Inc. focuses on oil production, refining, and environmental remediation, specifically in recycling waste asphalt shingles and remediating oil-saturated sands and soils [4] - The company's mission is to repurpose millions of tons of asphalt shingle waste, contributing to improved waste management and reduced environmental impact [4] Group 3: Strategic Initiatives - The company is advancing its PR Spring site application to commercialize its waste-to-energy strategy [6] - Non-binding letters of intent with partners like Southwind RAS and Right Way Roofing are aimed at securing regional feedstock [6] - Plans to increase throughput at the Foreland Refinery could enhance regional fuel supply and create future revenue opportunities [6] - Tightening fuel supplies in California are generating strong demand signals for the company's clean fuel strategy [6]
Sky Quarry Applies for Recycling Permit to Launch Integrated Energy Facility in Utah
Globenewswire· 2025-06-12 12:45
Core Insights - Sky Quarry Inc. has filed a Waste Management Recycling Permit application to operate a combined oil sands extraction and waste asphalt shingle recycling facility in Utah, which aims to unlock new commercial pathways and expand revenue-generating operations [1][4] Group 1: Permit Application and Operational Initiatives - The permit application includes a request for a combined permit structure from the School and Institutional Trust Lands Administration (SITLA), allowing consolidation of shingle processing, heavy oil extraction, and asphaltic sand production [2] - If approved, the facility is projected to recover approximately 10 million barrels over a 15-year period, based on an operating capacity of 2,000 barrels per day [3] Group 2: Strategic Vision and Environmental Impact - The permit application is a critical step in scaling the company's waste-to-energy platform, creating multiple revenue streams from a single operational footprint [4] - The initiative aligns with Utah's economic and environmental priorities, contributing to improved waste management and resource efficiency [4][5] Group 3: Financial and Operational Benefits - The company anticipates early-stage cash flow from asphaltic sand and oil sales, which will strengthen its ESG and sustainability profile [8] - The deployment of the ECOSolv process is expected to support on-site heavy oil extraction and advance recycled product development through R&D [7]
Sky Quarry Announces Strategic Growth Plan to Achieve Full Production Capacity at its Foreland Refinery
Globenewswire· 2025-05-22 12:45
Core Insights - Sky Quarry Inc. has announced a strategic roadmap for its subsidiary, Foreland Refining Corporation, aiming to scale operations to a production rate of up to 800,000 barrels annually through targeted investments and steady operations [1][2][3] Production Capacity and Milestones - Foreland is currently operating at a capacity of up to 3,600 barrels per day, with plans to reach production milestones of 45,000, 60,000, 80,000, and 100,000 barrels per month, particularly during high seasonal demand [3] - The roadmap anticipates reaching an annualized peak production rate of 800,000 barrels, with actual output expected to vary seasonally [3] Strategic Growth Plan - The strategic growth plan includes proactive maintenance, risk management, infrastructure upgrades, and crude supply contracts to ensure safe and uninterrupted operations [5] - Key components of the plan focus on operational efficiency, workforce expansion, stronger supply and customer relationships, and revenue growth potential [7] Sustainability and Community Impact - The refinery plans to expand its capabilities to include recycled heavy oil from waste materials, supporting Sky Quarry's mission for a sustainable energy future [6] - The company aims to contribute to improved waste management and resource efficiency while reducing environmental impact [8]
Sky Quarry Reports First Quarter 2025 Financial Results
Globenewswire· 2025-05-15 22:33
Core Insights - Sky Quarry Inc. reported financial and operational results for Q1 2025, highlighting ongoing challenges and strategic initiatives in the waste asphalt shingle recycling industry [1][8]. Financial Performance - Total revenues for Q1 2025 were approximately $6.3 million, a decrease from $11.0 million in Q1 2024, primarily due to supply chain disruptions and lower commodity prices [8][11]. - Gross profit for the quarter was negative $726,000, compared to a gross profit of $569,000 in the prior-year period [9]. - The company reported a net loss of $3.3 million for Q1 2025, compared to a net loss of $2.5 million in the same period last year [11][19]. Operational Highlights - The company experienced a 50% increase in revenue from Q4 2024 to Q1 2025, driven by operational improvements at the Foreland Refinery [5][10]. - Engagement with TAR360 aims to optimize operations at Foreland, with a goal to increase throughput from 20,000 barrels per month to as much as 100,000 barrels [6]. - The company signed non-binding Letters of Intent with Southwind RAS and R & R Solutions to explore partnerships that could expand its geographic footprint and access over 1.5 million tons of asphalt shingle supply annually [4][10]. Strategic Initiatives - The company is focused on executing its waste-to-energy strategy, converting recycled asphalt shingles into sustainable fuels and valuable materials [3][4]. - Asset upgrades at PR Spring are nearing completion, which will enable commercial-scale output and activate a fully integrated production model [3]. - The company is positioned to meet growing fuel demand in the Western U.S., particularly as California's refining capacity is expected to decline by 21% due to facility closures [7].
Sky Quarry Inc.(SKYQ) - 2025 Q1 - Quarterly Report
2025-05-15 20:53
Financial Performance - Net sales for Q1 2025 were $6,332,967, a decrease of $4,619,363 (42.2%) compared to $10,952,330 in Q1 2024[149] - Cost of goods sold for Q1 2025 was $7,059,059, down $3,323,822 (32.0%) from $10,382,881 in Q1 2024[154] - Gross margin for Q1 2025 was negative $726,092, a decline of $1,295,541 compared to a positive gross profit of $569,449 in Q1 2024[152] - Operating expenses increased to $1,937,485 in Q1 2025, up $328,129 (20.4%) from $1,609,356 in Q1 2024[150] - Net loss for Q1 2025 was $3,333,694, compared to a net loss of $2,462,545 in Q1 2024, representing an increase in loss of $871,149 (35.4%)[150] - Cost of goods sold as a percentage of net sales was 112% in Q1 2025, compared to 95% in Q1 2024, indicating increased costs relative to sales[155] - General and administrative expenses rose to $1,935,457 in Q1 2025, an increase of $327,573 (20.3%) from $1,607,884 in Q1 2024[156] - Other expenses decreased to $670,117 in Q1 2025, down $752,521 (52.8%) from $1,422,638 in Q1 2024[157] - The company reported a net loss of $3,333,694 or $0.16 per share for the three months ended March 31, 2025, compared to a net loss of $2,462,545 or $0.15 per share for the same period in 2024[160] Cash Flow and Assets - Cash on hand as of March 31, 2025, was $213,000, reflecting a decrease of $172,116 from $385,116 as of December 31, 2024[162] - Total current assets decreased by $281,408 to $4,715,965 as of March 31, 2025, primarily due to a decrease in inventory of $1,045,857[162] - The company had negative operating cash flows of $1,963,224 for the three months ended March 31, 2025, compared to $1,224,548 for the same period in 2024[168] - Cash flow used in investing activities decreased by $111,456 to $316,210 for the three months ended March 31, 2025[169] - Net cash provided by financing activities was $(24,050) for the three months ended March 31, 2025, a decrease of $1,731,805 compared to $1,707,755 for the same period in 2024[171] - Total assets decreased by $2,356,630 to $24,590,613 as of March 31, 2025, due to changes in current assets and decreases in restricted cash and property, plant, and equipment[164] Future Outlook and Strategy - The company aims to increase revenues by securing greater volumes of crude oil for its Foreland refinery to enhance contribution margin[146] - The company anticipates ongoing capital expenditures related to the Foreland Refinery acquisition and PR Spring facility retrofit program, leading to long-term cash needs[161] - The company is evaluating its capital structure to optimize costs and enhance financial stability, considering refinancing options and alternative capital sources[161] - Management remains committed to securing necessary resources to meet financial obligations and execute long-term objectives[167] - The company has incurred accumulated net losses of $27,301,783 from inception through March 31, 2025[146]
Sky Quarry Signs LOI with R & R Solutions to Explore Expansion of Southwest Operations and Accelerate Market Deployment
Globenewswire· 2025-05-08 11:45
Core Viewpoint - Sky Quarry Inc. has signed a non-binding Letter of Intent with R & R Solutions Inc. to expand its waste-to-energy facilities and enhance revenue opportunities in the Southwest [1][4] Group 1: Partnership and Strategic Expansion - The partnership will focus on deploying Sky Quarry's proprietary equipment and processes at R & R Solutions' site in Albuquerque, New Mexico [2] - This collaboration aims to produce high-value byproducts such as asphalt-coated limestone, sand, granules, bitumen, and structural-grade ground shingles for various applications [2][3] - The partnership is seen as a strategic step for both companies, with R & R Solutions leveraging its experience in responsible recycling practices [4] Group 2: Revenue Generation and Processing Capacity - Sky Quarry expects to generate revenue from both accepting asphalt shingle waste and selling recovered byproducts [3] - The New Mexico site is estimated to process approximately 100,000 tons of asphalt shingle waste annually, potentially generating significant revenue from collection fees and sales of recycled materials [3] - The feedstock could yield up to 150,000 barrels of oil when fully refined, representing additional revenue potential [3] Group 3: Operational Efficiency and Market Position - The Albuquerque region is strategically located near Sky Quarry's PR Spring facility in Utah, which will serve as a hub for hydrocarbon extraction [4] - The integration of operations across both sites is expected to accelerate deployment, reduce capital intensity, and improve supply chain logistics for recovered oil products [4] - This collaboration is anticipated to drive stronger margins and long-term value for both companies [4]
Sky Quarry Taps TAR360 to Drive Production Growth and Operational Excellence at Foreland Refinery
Globenewswire· 2025-04-29 12:31
Core Insights - Sky Quarry Inc. is positioning itself to meet rising regional demand by engaging Kevin Arrington of TAR360 as a strategic consultant to enhance growth and optimize internal processes [1][4] - The consulting engagement will focus on scaling production at the Foreland Refinery, aiming to increase output by up to 125% initially and ultimately by up to 300% [2][3] - The company is enhancing refining efficiency by improving distillation and refracturing processes, which will help convert recycled liquid asphalt into sustainable fuels and high-value materials [3][5] Company Strategy - The engagement with TAR360 aims to create a practical operating framework that aligns daily activities with broader business goals, ensuring measurable performance and resource allocation [4] - Kevin Arrington's expertise will help evaluate and upgrade internal reporting systems, providing better access to decision-ready information for strategic oversight [4][5] Industry Context - Sky Quarry's initiatives are particularly relevant as California faces fuel supply constraints due to refinery closures and tightening environmental regulations, positioning the company as a next-generation energy provider [3][6] - The company's waste-to-energy mission focuses on recycling millions of tons of asphalt shingle waste, contributing to improved waste management and resource efficiency [6]
Sky Quarry to Host Investor Webinar on Waste-to-Energy Strategy and National Expansion – April 24th at 2:00 PM EDT
Newsfilter· 2025-04-17 15:30
Core Viewpoint - Sky Quarry Inc. is hosting a live investor webinar to discuss its innovative approach to waste asphalt shingle recycling and the broader implications for the energy sector [1][2]. Group 1: Webinar Details - The webinar is scheduled for April 24th at 11:00 a.m. PDT / 2:00 p.m. EDT, featuring company founders David Sealock and Marcus Laun, moderated by Lloyd MacNeil [1]. - Attendees can submit questions in advance via email, and registration is open to all investors, industry partners, and media [2]. Group 2: Company Overview - Sky Quarry Inc. operates in oil production, refining, and environmental remediation, focusing on recycling waste asphalt shingles and remediating oil-saturated sands and soils [3]. - The company's mission is to repurpose millions of tons of asphalt shingle waste, aiming to improve waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact [3]. Group 3: Industry Context - The webinar will address the scale and urgency of the asphalt shingle waste problem and its significance [5]. - It will also cover Sky Quarry's proprietary technology and revenue model, as well as the impact of California's tightening fuel supply on regional refining solutions [5]. - Additionally, the discussion will include regulatory tailwinds and the national blueprint for growth through modular waste-to-energy units [5].
Sky Quarry Enters LOI with Southwind RAS, LLC to Evaluate Strategic Recycling Collaboration
Globenewswire· 2025-04-10 12:30
Core Viewpoint - Sky Quarry Inc. has entered into a non-binding Letter of Intent with Southwind RAS to explore a strategic collaboration aimed at advancing asphalt shingle recycling in Illinois, supporting its national expansion strategy and waste-to-energy mission [1][3]. Group 1: Collaboration Details - The collaboration will evaluate the technical and logistical feasibility of implementing Sky Quarry's proprietary recycling technologies at Southwind's nine facilities in the greater Chicago area, focusing on operational modeling, site assessments, and financial structures [2]. - The goal is to develop a scalable, modular approach to shingle recycling that creates mutual value and environmental impact [2]. Group 2: Environmental and Economic Impact - Sky Quarry estimates that approximately 1.2 million tons of asphalt shingle waste are generated annually in the region, which, if fully recycled, could yield the equivalent of 1.5 million barrels of oil, highlighting both environmental urgency and economic opportunity [4]. - The proposed collaboration is expected to generate high-value byproducts such as asphalt-coated limestone, sand, granules, glass fibers, bitumen, and ground asphalt shingles, which can be repurposed for various applications [3]. Group 3: Company Background - Southwind RAS, founded in 2009, is a leader in the recycling of residential tear-off asphalt shingles, operating nine locations in the greater Chicago area and focusing on sustainable waste management [5]. - Sky Quarry Inc. is an integrated energy solutions company focused on recycling waste asphalt shingles and environmental remediation, aiming to repurpose millions of tons of waste and reduce environmental impact [6].
Sky Quarry Reports 4th Quarter and Fiscal Year 2024 Financial Results
GlobeNewswire News Room· 2025-04-01 14:02
Core Insights - Sky Quarry Inc. reported significant milestones in 2024, including a NASDAQ listing, steady revenue at its Foreland Refinery, and a capital investment program to advance its Asphalt Shingle Recycling (ASR) initiatives [3][4] - The company anticipates growth in production and revenue through strategic partnerships and expansion projects, particularly in refining capacity and sustainable asphalt shingle recycling [3][4] Financial Highlights - For the fiscal year ended December 31, 2024, Sky Quarry reported revenues of $23.3 million, a decrease of 54% from $50.7 million in 2023, primarily due to lower WTI oil prices and refinery refurbishment [11][12] - The company experienced a gross loss of $1.4 million, resulting in a gross margin of (6.0)%, compared to a gross profit of $2.3 million (4.6% margin) in the previous year [12][17] - Total operating expenses rose to $6.1 million in 2024, up from $3.7 million in 2023, leading to a net loss of $14.7 million, compared to a net loss of $4.4 million in 2023 [12][18] Operational Developments - The company is set to complete its first ASR facility in the 2025 fiscal year, designed to recover valuable components from waste asphalt shingles [6][8] - Sky Quarry plans to begin refining blended sustainable oil in 2025 at its Foreland Refinery, which has a processing capacity of up to 5,000 barrels per day [9][10] - A pivotal Letter of Intent (LOI) was signed with RB Residential Roofing to secure a steady supply of post-consumer shingles, enhancing the company's recycling operations and national expansion [5][7] Strategic Initiatives - The company aims to optimize its asset base through the completion of its 2024 capital expenditure program and refurbishment of its Foreland Refinery [4][10] - Sky Quarry is focused on expanding its national footprint with the rollout of modular ASR facilities, starting with the first facility deployment in 2025 [4][6] - The addition of finance leader Leo Womack and energy veteran Todd Palin to the Board of Directors is expected to strengthen the leadership team as the company enters its next growth phase [11]