Sky Quarry Reports 4th Quarter and Fiscal Year 2024 Financial Results

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]