Financial Performance: Sky Quarry Inc. reported a 35% increase in Q2 revenue to $4.54 million, driven by operational improvements, but experienced a net loss of $2.21 million for the quarter, an improvement from the previous year's loss.
Strategic Initiatives: The company unveiled plans to enhance operations at its Foreland Refinery and submitted a recycling permit application for a facility to recover oil from waste asphalt shingles, while also launching a digital asset initiative for energy commodities.
SKYQ
$0.34+Infinity%1D
Analyst Views on SKYQ
About SKYQ
Sky Quarry Inc. is an integrated energy solutions company. The Company and its subsidiaries are engaged in oil production, refining, and a development-stage environmental remediation, which is formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. It focuses on converting waste into sustainable oil and other resources. It has a daily production capacity of 5,000 barrels per day (bpd). The Company’s refinery converts heavy crude oil into diesel and a range of other valuable petroleum products, including naphtha, vacuum gas oil, and paving asphalt liquids from sustainable feedstock. It owns two substantial processing facilities: an oil extraction facility with significant hydrocarbon resources, and an oil refinery in Nevada. Its closed loop recycling process recovers both material and oil, using its proprietary extraction technology. Its subsidiaries include 2020 Resources (Canada) Ltd. and 2020 Resources LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
