S
Sky Quarry Inc.
SKYQCIK 0001812447NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthHazardous Waste ManagementDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-12.20M
Total Assets
$19.21M
Equity
$3.19M
Shares Out
3.76M
Op. Cash Flow
$-3.27M
Business
Sky Quarry Inc. is an oil production, refining, and environmental remediation company that deploys technologies to recycle waste asphalt shingles and remediate oil-saturated sands to produce refined crude products. It offers the ECOSolv solvent-based separation process, modular Asphalt Shingle Recycling (ASR) facilities, remediation and mining of bitumen, and refining services at the Eagle Springs Refinery into diesel, naphtha, vacuum gas oil and paving asphalt liquids. Key business segments include its PR Spring oil sands/ASR operations, Foreland refining operations, and proprietary ECOSolv technology. It targets U.S. markets—initially Utah, Nevada and nearby states—with distribution via trucked delivery, wholesale, bulk and retail channels and deployment of modular facilities near shingle concentrations and manufacturers.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Net sales | 12 | 23 | 51 | |
| Cost of goods sold | 16 | 25 | 48 | |
| Gross margin | −3 | −1 | 2 | |
| General and administrative | 6 | 6 | 4 | |
| Depreciation and amortization | 9,817 | 5,889 | 5,303 | |
| Total operating expenses | 6 | 6 | 4 | |
| Loss from operations | −9 | −8 | −1 | |
| Loss on issuance of private placement | 0 | −2 | 0 | |
| Interest expense | −3 | −7 | −4 | |
| Loss on extinguishment of debt | −103,881 | −241,311 | −205,425 | |
| Gain on warrant revaluation | 361,581 | 1 | 0 | |
| Other income (expense) | −46,387 | 35,637 | 26,008 | |
| Gain (loss) on disposal of assets | 1,652 | −25,075 | — | |
| Other expense, net | −3 | −7 | −3 | |
| Loss before provision for income taxes | −12 | −15 | −5 | |
| Provision for income taxes | 0 | 0 | 185,535 | |
| Net loss | −12 | −15 | −4 | |
| Exchange loss on translation of foreign operations | −694 | −8,203 | −24,185 | |
| Net loss and comprehensive loss | −12 | −15 | −4 | |
| Loss per common share - Basic and diluted | −4.41 | −6.19 | −0.27 | |
| Weighted average number of shares outstanding - basic and diluted | 3 | 2 | 16 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash | 35,370 | 385,116 | 326,822 | — | |
| Accounts receivables | 4,688 | 1 | 4 | 4 | |
| Prepaid expenses and other assets | 609,257 | 339,124 | 114,387 | — | |
| Inventory | 678,365 | 3 | 2 | — | |
| Total current assets | 1 | 5 | 6 | — | |
| Property, plant and equipment | 5 | 6 | 6 | — | |
| Oil and gas properties | 9 | 9 | 8 | 7 | |
| Restricted cash | 770,335 | 3 | 4 | — | |
| Right-of-use-asset | 35,214 | 1 | 184,548 | — | |
| Goodwill | 3 | 3 | 3 | — | |
| Total assets | 19 | 27 | 28 | — | |
| Accounts payable and accrued expenses | 5 | 4 | 5 | — | |
| Current portion of operating lease liability | 36,278 | 38,422 | 69,777 | — | |
| Current portion of finance lease liability | 0 | 16,120 | 0 | — | |
| Warrant liabilities | 97,486 | 459,067 | 0 | 0 | |
| Lines of credit | 1 | 1 | 3 | — | |
| Current portion of notes payable | 9 | 7 | 5 | — | |
| Total current liabilities | 15 | 12 | 13 | — | |
| Notes payable, net of current portion | 907,081 | 2 | 2 | — | |
| Operating lease liability, net of current portion | 0 | 77,824 | 116,246 | — | |
| Finance lease liability, net of current portion | 0 | 971,690 | 0 | — | |
| Total liabilities | 16 | 15 | 15 | — | |
| Common Stock $0.0001 par value: 2,000,000,000 shares authorized: 3,233,329 and 2,378,401 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 2,586 | 1,903 | 1,630 | — | |
| Additional paid in capital | 40 | 36 | 23 | — | |
| Accumulated other comprehensive loss | −212,788 | −209,708 | −201,505 | — | |
| Accumulated deficit | −36 | −24 | −9 | — | |
| Total shareholders' equity | 3 | 11 | 13 | 16 | |
| Total liabilities and shareholders' equity | 19 | 27 | 28 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Depreciation and amortization | 1 | 793,449 | 564,639 | |
| Amortization of debt issuance costs | 1 | 4 | 3 | |
| Amortization of ROU asset | 78,488 | 90,990 | 37,925 | |
| Loss on issuance of warrants | 0 | 2 | 0 | |
| Loss (gain) on the sale of assets | −1,652 | 25,075 | — | |
| Accounts receivable | 1 | 2 | 719,595 | |
| Prepaid expenses and other assets | −82,633 | −224,738 | 155,114 | |
| Inventory | 2 | −712,055 | 1 | |
| Accounts payable and accrued expenses | 2 | −857,802 | −1 | |
| Operating lease liability | −79,968 | −69,777 | −36,450 | |
| Net cash and restricted cash and cash equivalents used in operating activities | −3 | −7 | −376,062 | |
| Proceeds from sale of assets | 14,060 | 0 | 961,400 | |
| Purchase of property, plant, and equipment | −133,636 | −691,491 | −664,556 | |
| Purchase of oil and gas development assets | −248,483 | −789,762 | — | |
| Net cash and restricted cash and cash equivalents used in investing activities | −368,059 | −1 | −731,937 | |
| Proceeds on lines of credit | 10 | 37 | 61 | |
| Payments on lines of credit | −10 | −38 | −58 | |
| Proceeds from note payable | 3 | 19 | 18 | |
| Payments on note payable | −2 | −17 | −13 | |
| Debt discount on notes payable | 0 | −3 | −4 | |
| Payments on finance leases | 0 | −34,417 | 0 | |
| Proceeds on issuance of preferred stock | 0 | 308,000 | 614,804 | |
| Preferred stock offering costs | 0 | −40,874 | −474,681 | |
| Proceeds on issuance of common stock | 374 | 11 | 28,739 | |
| Common stock offering costs | 0 | −2 | 0 | |
| Payment of debt issuance costs | −85,470 | 0 | — | |
| Net cash and restricted cash and cash equivalents provided by financing activities | 1 | 8 | 4 | |
| Effects of exchange rate on cash | −3,080 | −8,203 | −24,185 | |
| Increase (decrease) in cash and restricted cash and cash equivalents | −3 | −1 | 3 | |
| Cash paid for interest | 715,453 | 7 | 4 | |
| Cash paid for taxes | 5,788 | 25,099 | 85 | |
| Issuance of warrants as loan origination costs | 720,988 | 5 | 0 | |
| Acquisition of right-of-use assets through financing lease | 0 | 1 | 0 | |
| Disposal of right-of-use assets and associated financing lease | 980,072 | 0 | — | |
| Conversion of debt | 481,899 | 107,506 | 0 |
Filings
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