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Sky Quarry Reports 2nd Quarter 2025 Financial Results

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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.

Positive
  • 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
Negative
  • 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 $4.54 million in quarterly revenue, marking a 35% year-over-year increase, primarily attributed to regained supply volumes and operational improvements. However, this quarterly gain is overshadowed by the 24% decline in six-month revenue compared to 2024.

The gross profit situation shows incremental improvement in Q2, with losses narrowing to $117,529 from $485,589 in Q2 2024. Yet, the six-month gross profit swung from a small profit last year to a $843,060 loss. This deterioration in half-year performance suggests the company continues facing significant production cost challenges despite the quarterly improvements.

Operating expenses increased substantially to $1.62 million for the quarter, up 67% from last year, likely reflecting investments in growth initiatives including the planned Foreland Refinery capacity expansion and the integrated energy facility development. The bottom line shows a quarterly net loss of $2.21 million, an improvement from the $3.56 million loss in Q2 2024.

Perhaps most notable is the significant improvement in cash burn, with net cash used in operating activities reduced to $0.73 million for the six-month period, down 72% from $2.60 million in 2024. This substantial reduction in cash outflow is critical for a company still operating at a loss.

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, a 35% 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 $4.54 million for the three months ended June 30, 2025, compared to $3.38 million for the comparable period in 2024, representing an increase of 35%. For the six months ended June 30, 2025, revenues were $10.87 million, compared to $14.33 million in the prior year period, a decrease of 24%.

Gross profit for the three months ended June 30, 2025 was a loss of $117,529, compared to a loss of $485,589 in Q2 2024, an improvement of $368,060. For the six months ended June 30, 2025, gross profit was a loss of $843,060, compared to a profit of $83,860 in the prior year period, a decrease of $926,920.

Total operating expenses were $1.62 million for the three months ended June 30, 2025, compared to $0.97 million in Q2 2024. For the six months ended June 30, 2025, operating expenses totaled $3.56 million, up from $2.58 million in the prior year period.

Net loss was $2.21 million for the three months ended June 30, 2025, compared to $3.56 million for the same period in 2024. For the six months ended June 30, 2025, net loss was $5.54 million compared to $6.03 million in the prior year period.

Net cash used in operating activities for the six months ended June 30, 2025 was $0.73 million, compared to $2.60 million in the prior year period.

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$173,795$385,116
Accounts receivables622,5211,123,897
Prepaid expenses and other assets403,665339,124
Inventory1,999,3513,149,236
Total current assets3,199,3324,997,373
Property, plant, and equipment5,635,5276,160,318
Oil and gas properties8,887,9408,534,967
Restricted cash801,8162,929,797
Right-of-use asset1,066,9431,115,785
Goodwill3,209,0033,209,003
Total assets$22,800,561$26,947,243
LIABILITIES AND SHAREHOLDERS� EQUITY
Current liabilities:
Accounts payable and accrued expenses$4,245,605$4,046,319
Current portion of operating lease liability77,82438,422
Current portion of finance lease liability16,96416,120
Warrant liability358,441459,067
Lines of credit1,133,6331,260,727
Current maturities of notes payable5,890,9816,578,017
Total current liabilities11,723,44812,398,672
Notes payable, less current maturities, net of debt issuance costs2,244,9702,000,560
Operating lease liability, net of current portion-77,824
Finance lease Liability, net of current portion966,661971,690
Total Liabilities14,935,07915,448,746
Commitments and contingencies
Shareholders� Equity:
Common stock $0.0001 par value: 100,000,000 shares authorized: 22,110,161 and 19,027,208 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively2,2111,903
Additional paid in capital37,585,08735,674,391
Accumulated other comprehensive loss(211,383)(209,708)
Accumulated deficit(29,510,433)(23,968,089)
Total shareholders� equity7,865,48211,498,497
Total liabilities and shareholders� equity$22,800,561$26,947,243


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$4,541,472$3,375,244$10,874,439$14,327,574
Cost of goods sold4,658,4403,860,83311,717,49914,243,714
Gross margin(116,968)(485,589)(843,060)83,860
Operating expenses:
General and administrative1,620,696971,3783,554,4262,579,262
Depreciation and amortization2,9161,4734,9442,945
Total operating expenses1,623,612972,8513,559,3702,582,207
Loss from operations(1,740,580)(1,458,440)(4,402,430)(2,498,347)
Other income (expense):
Interest expense(318,708)(2,105,821)(1,191,176)(3,414,266)
Gain (loss) on extinguishment of debt29,093-(56,660)(108,887)
Gain (loss) on warrant valuation(174,354)-100,626-
Other income (expense)(4,101)26,8583,37621,552
Gain (loss) on sale of assets-(25,075)3,920(25,075)
Other expense, net(468,070)(2,104,038)(1,139,914)(3,526,676)
Loss before provision for income taxes(2,208,650)(3,562,478)(5,542,344)(6,025,023)
Provision for income taxes----
Net loss(2,208,650)(3,562,478)(5,542,344)(6,025,023)
Other comprehensive loss
Exchange loss on translation of foreign operations(2,097)-(1,675)(8,134)
Net loss and comprehensive loss$(2,210,747)$(3,562,478)$(5,544,019)$(6,033,157)
Loss per common share
Basic and diluted$(0.10)$(0.22)$(0.27)$(0.37)
Weighted average shares outstanding
Basic and diluted21,589,41316,347,76720,422,49716,426,722


Sky Quarry Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
For 6 months Ended June 30, 2025 and 2024
20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(5,542,344)$(6,025,023)
Adjustments to reconcile net loss to cash used in operating activities:
Share based compensation309,354459,968
Depreciation and amortization557,454369,521
Amortization of debt issuance costs807,6361,540,875
Amortization of right-of-use asset48,84234,528
Gain on revaluation of warrant liabilities(100,626)-
Loss on extinguishment of debt56,660108,887
Loss (gain) on sale of assets(3,920)25,075
Changes in operating assets and liabilities:
Accounts receivable501,3762,683,467
Prepaid expenses and other assets(64,541)(265,732)
Inventory1,149,885(771,672)
Accounts payable and accrued expenses1,589,955(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 assets14,060-
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 credit8,338,45516,377,043
Payments on lines of credit(8,465,550)(18,426,517)
Proceeds from note payable574,38015,054,104
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 period3,314,9134,680,836
Cash and restricted cash, end of the period$975,611$4,877,119

FAQ

What was Sky Quarry's (SKYQ) revenue in Q2 2025?

Sky Quarry reported Q2 2025 revenue of $4.54 million, representing a 35% increase from $3.38 million in Q2 2024.

How much did Sky Quarry (SKYQ) lose in Q2 2025?

Sky Quarry reported a net loss of $2.21 million in Q2 2025, an improvement from the $3.56 million loss in Q2 2024.

What is Sky Quarry's (SKYQ) planned production capacity at Foreland Refinery?

Sky Quarry plans to ramp up operations at the Foreland Refinery to its full permitted production capacity of 800,000 barrels per year.

How much cash did Sky Quarry (SKYQ) use in operations during H1 2025?

Sky Quarry used $0.73 million in operating activities during the first six months of 2025, down from $2.60 million in the same period of 2024.

What new initiatives did Sky Quarry (SKYQ) announce in Q2 2025?

Sky Quarry announced two major initiatives: applying for a recycling permit for an integrated energy facility in Utah and launching a strategic digital asset initiative for energy commodity tokenization.
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11.46M
14.61M
36.12%
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Oil & Gas Integrated
Hazardous Waste Management
United States
WOODS CROSS