Sky Quarry Reports 2nd Quarter 2025 Financial Results
Sky Quarry (NASDAQ: SKYQ), a sustainable resource recovery company, reported mixed Q2 2025 financial results. The company achieved Q2 revenue of $4.54 million, marking a 35% increase from Q2 2024, though six-month revenues declined 24% year-over-year to $10.87 million.
The company unveiled plans to expand its Foreland Refinery to its full capacity of 800,000 barrels per year. Sky Quarry also submitted a recycling permit application for a new integrated energy facility in Utah and launched a digital asset initiative for energy commodity tokenization.
Financial metrics show a reduced Q2 net loss of $2.21 million compared to $3.56 million in Q2 2024, while operating expenses increased to $1.62 million from $0.97 million year-over-year. Cash burn improved with net cash used in operations decreasing to $0.73 million from $2.60 million in the prior year period.
Sky Quarry (NASDAQ: SKYQ), società specializzata nel recupero sostenibile delle risorse, ha comunicato risultati finanziari contrastanti per il secondo trimestre 2025. La società ha registrato ricavi Q2 pari a 4,54 milioni di dollari, segnando un aumento del 35% rispetto al Q2 2024, mentre i ricavi nei primi sei mesi sono diminuiti del 24% su base annua, arrivando a 10,87 milioni di dollari.
Sky Quarry ha annunciato l'ampliamento del Foreland Refinery fino alla piena capacità di 800.000 barili all'anno. Ha inoltre presentato una richiesta di autorizzazione per il riciclaggio di una nuova struttura energetica integrata nello Utah e lanciato un'iniziativa digitale per la tokenizzazione delle commodity energetiche.
I dati finanziari evidenziano una perdita netta del Q2 ridotta a 2,21 milioni di dollari rispetto ai 3,56 milioni del Q2 2024, mentre le spese operative sono salite a 1,62 milioni da 0,97 milioni su base annua. Il burn di cassa è migliorato: il flusso di cassa netto utilizzato nelle operazioni è sceso a 0,73 milioni da 2,60 milioni nel periodo dell'anno precedente.
Sky Quarry (NASDAQ: SKYQ), empresa dedicada a la recuperación sostenible de recursos, presentó resultados financieros mixtos del segundo trimestre de 2025. La compañía obtuvo ingresos en el Q2 de 4,54 millones de dólares, un incremento del 35% respecto al Q2 de 2024, aunque los ingresos de los seis meses disminuyeron un 24% interanual hasta 10,87 millones de dólares.
La compañía anunció planes para ampliar su Foreland Refinery hasta su capacidad total de 800.000 barriles al año. Sky Quarry también presentó una solicitud de permiso de reciclaje para una nueva instalación energética integrada en Utah y lanzó una iniciativa digital para la tokenización de commodities energéticas.
Las métricas financieras muestran una pérdida neta reducida en el Q2 de 2,21 millones de dólares frente a 3,56 millones en el Q2 de 2024, mientras que los gastos operativos aumentaron a 1,62 millones desde 0,97 millones interanual. El consumo de efectivo mejoró: el efectivo neto usado en operaciones se redujo a 0,73 millones desde 2,60 millones en el mismo período del año anterior.
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Sky Quarry (NASDAQ: SKYQ), entreprise spécialisée dans la récupération durable des ressources, a publié des résultats financiers mitigés pour le deuxième trimestre 2025. La société a réalisé un chiffre d'affaires au T2 de 4,54 millions de dollars, soit une hausse de 35% par rapport au T2 2024, tandis que les revenus sur six mois ont diminué de 24% en glissement annuel pour s'établir à 10,87 millions de dollars.
L'entreprise a dévoilé son projet d'étendre la Foreland Refinery à sa capacité totale de 800 000 barils par an. Sky Quarry a également déposé une demande d'autorisation de recyclage pour une nouvelle unité énergétique intégrée dans l'Utah et lancé une initiative numérique visant la tokenisation des matières premières énergétiques.
Les indicateurs financiers montrent une perte nette réduite au T2 de 2,21 millions de dollars contre 3,56 millions au T2 2024, tandis que les charges d'exploitation ont augmenté de 0,97 à 1,62 million sur un an. Le burn de trésorerie s'est amélioré : les flux de trésorerie nets liés aux opérations sont passés de 2,60 millions à 0,73 million.
Sky Quarry (NASDAQ: SKYQ), ein Unternehmen für nachhaltige Rohstoffrückgewinnung, meldete gemischte Finanzergebnisse für das zweite Quartal 2025. Das Unternehmen erzielte Q2-Umsatz von 4,54 Mio. USD, was einem Zuwachs von 35% gegenüber Q2 2024 entspricht, während die Halbjahresumsätze im Jahresvergleich um 24% auf 10,87 Mio. USD zurückgingen.
Sky Quarry kündigte Pläne an, die Foreland Refinery auf die volle Kapazität von 800.000 Barrel pro Jahr auszubauen. Außerdem reichte das Unternehmen einen Antrag auf eine Recycling-Genehmigung für eine neue integrierte Energieanlage in Utah ein und startete eine digitale Initiative zur Tokenisierung von Energie-Rohstoffen.
Die Finanzkennzahlen zeigen einen verringerten Nettoverlust im Q2 von 2,21 Mio. USD gegenüber 3,56 Mio. USD im Q2 2024, während die Betriebskosten im Jahresvergleich von 0,97 Mio. auf 1,62 Mio. USD gestiegen sind. Der Cash-Burn verbesserte sich: der Netto-Cashverbrauch aus der Geschäftstätigkeit sank von 2,60 Mio. USD auf 0,73 Mio. USD.
- Q2 revenue increased 35% year-over-year to $4.54 million
- Q2 net loss improved to $2.21 million from $3.56 million in Q2 2024
- Cash burn improved with operating cash use decreasing to $0.73 million from $2.60 million
- Gross loss improved by $368,060 in Q2 2025 compared to Q2 2024
- Strategic expansion planned to 800,000 barrels per year capacity
- Six-month revenue declined 24% year-over-year to $10.87 million
- Q2 2025 gross profit remained negative at -$117,529
- Operating expenses increased 67% to $1.62 million in Q2 2025
- Six-month gross profit swung to -$843,060 loss from $83,860 profit year-over-year
Insights
Sky Quarry posted Q2 revenue growth but continues operating at a loss while pursuing multiple strategic initiatives to scale operations.
Sky Quarry's Q2 results present a mixed financial picture with some encouraging signals amid ongoing challenges. The company achieved
The gross profit situation shows incremental improvement in Q2, with losses narrowing to
Operating expenses increased substantially to
Perhaps most notable is the significant improvement in cash burn, with net cash used in operating activities reduced to
The strategic initiatives—particularly the planned ramp-up at Foreland Refinery to 800,000 barrels per year and the integrated supply chain development through waste asphalt shingle recycling—represent meaningful attempts to achieve operational scale and sustainability. The digital asset initiative, while potentially innovative for commodity markets, adds complexity and uncertainty to an already challenging turnaround effort.
WOODS CROSS, Utah, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Sky Quarry Inc. (NASDAQ: SKYQ) ("Sky Quarry" or the "Company"), an integrated energy solutions company focused on sustainable resource recovery, today reported its financial and operational results for the second quarter ended June 30, 2025.
Key Financial and Operational Highlights
- Generated
$4.54 million in Q2 revenue, a35% increase from Q2 2024, driven by regained supply volumes and ongoing operational improvements. - Unveiled a strategic growth planto ramp operations at the Foreland Refinery to its full permitted production capacity of up to 800,000 barrels per year, positioning the Company to meet growing regional fuel demand.
- Submitted an application for a recycling permit to develop an integrated energy facility in Utah that will recover valuable oil from waste asphalt shingles, supporting a fully integrated supply chain for the Company’s operations.
- Launched a strategic digital asset initiativeto explore the tokenization of real-world energy commodities, with the goal of opening new market channels and building a long-term digital treasury.
2nd Quarter 2025 Financial Results
Revenues were
Gross profit for the three months ended June 30, 2025 was a loss of
Total operating expenses were
Net loss was
Net cash used in operating activities for the six months ended June 30, 2025 was
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit .
Forward-Looking Statements
This press release may include ''forward-looking statements.'' All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,� “look forward to,� “anticipate,� “intend,� “plan,� “believe,� “seek,� “estimate,� “will,� “project,� or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the Company’s Form 10-K as filed with the SEC on March 31, 2025, as well as the Company’s Form 10-Q as filed with the SEC on May 15, 2025. Forward-looking statements speak only as of the date of the document in which they are contained.
Investor Relations
Jennifer Standley
Director of Investor Relations
[email protected]
Company Website
Sky Quarry Inc. Condensed Consolidated Balance Sheets As of June 30, 2025 and December 31, 2024 (Unaudited) | ||||||
June 30, 2025 | December 31, 2024 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash | ||||||
Accounts receivables | 622,521 | 1,123,897 | ||||
Prepaid expenses and other assets | 403,665 | 339,124 | ||||
Inventory | 1,999,351 | 3,149,236 | ||||
Total current assets | 3,199,332 | 4,997,373 | ||||
Property, plant, and equipment | 5,635,527 | 6,160,318 | ||||
Oil and gas properties | 8,887,940 | 8,534,967 | ||||
Restricted cash | 801,816 | 2,929,797 | ||||
Right-of-use asset | 1,066,943 | 1,115,785 | ||||
Goodwill | 3,209,003 | 3,209,003 | ||||
Total assets | ||||||
LIABILITIES AND SHAREHOLDERS� EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | ||||||
Current portion of operating lease liability | 77,824 | 38,422 | ||||
Current portion of finance lease liability | 16,964 | 16,120 | ||||
Warrant liability | 358,441 | 459,067 | ||||
Lines of credit | 1,133,633 | 1,260,727 | ||||
Current maturities of notes payable | 5,890,981 | 6,578,017 | ||||
Total current liabilities | 11,723,448 | 12,398,672 | ||||
Notes payable, less current maturities, net of debt issuance costs | 2,244,970 | 2,000,560 | ||||
Operating lease liability, net of current portion | - | 77,824 | ||||
Finance lease Liability, net of current portion | 966,661 | 971,690 | ||||
Total Liabilities | 14,935,079 | 15,448,746 | ||||
Commitments and contingencies | ||||||
Shareholders� Equity: | ||||||
Common stock | 2,211 | 1,903 | ||||
Additional paid in capital | 37,585,087 | 35,674,391 | ||||
Accumulated other comprehensive loss | (211,383) | (209,708) | ||||
Accumulated deficit | (29,510,433) | (23,968,089) | ||||
Total shareholders� equity | 7,865,482 | 11,498,497 | ||||
Total liabilities and shareholders� equity | ||||||
Sky Quarry Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) For 6 months Ended June 30, 2025 and 2024 | |||||||||||
Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||||
Net sales | |||||||||||
Cost of goods sold | 4,658,440 | 3,860,833 | 11,717,499 | 14,243,714 | |||||||
Gross margin | (116,968) | (485,589) | (843,060) | 83,860 | |||||||
Operating expenses: | |||||||||||
General and administrative | 1,620,696 | 971,378 | 3,554,426 | 2,579,262 | |||||||
Depreciation and amortization | 2,916 | 1,473 | 4,944 | 2,945 | |||||||
Total operating expenses | 1,623,612 | 972,851 | 3,559,370 | 2,582,207 | |||||||
Loss from operations | (1,740,580) | (1,458,440) | (4,402,430) | (2,498,347) | |||||||
Other income (expense): | |||||||||||
Interest expense | (318,708) | (2,105,821) | (1,191,176) | (3,414,266) | |||||||
Gain (loss) on extinguishment of debt | 29,093 | - | (56,660) | (108,887) | |||||||
Gain (loss) on warrant valuation | (174,354) | - | 100,626 | - | |||||||
Other income (expense) | (4,101) | 26,858 | 3,376 | 21,552 | |||||||
Gain (loss) on sale of assets | - | (25,075) | 3,920 | (25,075) | |||||||
Other expense, net | (468,070) | (2,104,038) | (1,139,914) | (3,526,676) | |||||||
Loss before provision for income taxes | (2,208,650) | (3,562,478) | (5,542,344) | (6,025,023) | |||||||
Provision for income taxes | - | - | - | - | |||||||
Net loss | (2,208,650) | (3,562,478) | (5,542,344) | (6,025,023) | |||||||
Other comprehensive loss | |||||||||||
Exchange loss on translation of foreign operations | (2,097) | - | (1,675) | (8,134) | |||||||
Net loss and comprehensive loss | |||||||||||
Loss per common share | |||||||||||
Basic and diluted | |||||||||||
Weighted average shares outstanding | |||||||||||
Basic and diluted | 21,589,413 | 16,347,767 | 20,422,497 | 16,426,722 | |||||||
Sky Quarry Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) For 6 months Ended June 30, 2025 and 2024 | ||||||
2025 | 2024 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss | ||||||
Adjustments to reconcile net loss to cash used in operating activities: | ||||||
Share based compensation | 309,354 | 459,968 | ||||
Depreciation and amortization | 557,454 | 369,521 | ||||
Amortization of debt issuance costs | 807,636 | 1,540,875 | ||||
Amortization of right-of-use asset | 48,842 | 34,528 | ||||
Gain on revaluation of warrant liabilities | (100,626) | - | ||||
Loss on extinguishment of debt | 56,660 | 108,887 | ||||
Loss (gain) on sale of assets | (3,920) | 25,075 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 501,376 | 2,683,467 | ||||
Prepaid expenses and other assets | (64,541) | (265,732) | ||||
Inventory | 1,149,885 | (771,672) | ||||
Accounts payable and accrued expenses | 1,589,955 | (728,797) | ||||
Operating lease liability | (39,132) | (33,472) | ||||
Net cash used in operating activities | (729,401) | (2,602,375) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Proceeds from sale of assets | 14,060 | - | ||||
Purchase of exploration and evaluation assets | (352,973) | (656,964) | ||||
Purchase of property, plant, and equipment | (42,383) | (714,752) | ||||
Net cash used in investing activities | (381,296) | (1,371,716) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds on lines of credit | 8,338,455 | 16,377,043 | ||||
Payments on lines of credit | (8,465,550) | (18,426,517) | ||||
Proceeds from note payable | 574,380 | 15,054,104 | ||||
Payments on note payable | (1,670,741) | (8,847,174) | ||||
Payment of debt issuance costs | - | (1,043,187) | ||||
Payments on finance lease | (3,474) | - | ||||
Proceeds on issuance of preferred Stock | - | 307,921 | ||||
Preferred stock offering costs | (40,874) | |||||
Proceeds on issuance of common stock | - | 1,138,077 | ||||
Common stock offering costs | - | (340,885) | ||||
Net cash provided by (used in) financing activities | (1,226,930) | 4,178,508 | ||||
Effect of exchange rate on cash | (1,675) | (8,134) | ||||
Increase (decrease) in cash and restricted cash | (2,339,302) | 196,283 | ||||
Cash and restricted cash, beginning of the period | 3,314,913 | 4,680,836 | ||||
Cash and restricted cash, end of the period | ||||||
