Core Insights - Sky Quarry Inc. has begun trading on NASDAQ under the ticker symbol "SKYQ" and closed a public offering of $6.7 million to support its strategy in the waste asphalt shingle recycling industry [1][2][3]. Financial Performance - For Q3 2024, Sky Quarry reported revenues of $4.8 million, a significant decrease of 66% compared to $14.4 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $19.2 million, down 51% from $39.1 million in the prior year [2][8]. - Gross profit for Q3 2024 was $0.3 million, representing 6.5% of revenues, compared to $2.8 million or 19.1% of revenues in Q3 2023 [9]. - The net loss for Q3 2024 was $4.4 million, compared to a net loss of $0.6 million in Q3 2023 [9][18]. Operational Highlights - The company completed refurbishment at its Foreland refinery, which included an overhaul of primary and secondary boilers and the completion of 24 work packages, aimed at enhancing operational efficiency and production levels [2][4]. - Sky Quarry entered into a partnership with Atlas Roofing Corporation to explore asphalt shingle recycling processes, leveraging its proprietary technology [5]. - The company announced the launch of a European financing effort, focusing on sustainable investing [2]. Management Changes - Darryl Delwo was appointed as Chief Financial Officer, bringing extensive finance and accounting experience to lead the company through its next growth phase as a public entity [6]. Future Outlook - The company anticipates strong growth as improvements at its refinery increase production, with expectations of refining blended sustainable oil by 2025 [7].
Sky Quarry Provides Third Quarter 2024 Corporate Update and Financial Results