Sky Quarry reports decrease in Q3 2024 revenue but aims to revolutionize recycling industry.

From GlobeNewswire: 2024-11-15 07:30:00

Sky Quarry Inc. began trading on the NASDAQ under the symbol ‘SKYQ’ and closed a $6.7 million public offering. The company reported Q3 2024 revenue of $4.8 million and $19.2 million for the nine months ended September 30, 2024. They completed refurbishment at the Foreland refinery and entered an exploratory relationship with Atlas Roofing Corporation.

The company’s financial results for Q3 2024 showed a decrease in revenue to $4.8 million, compared to $14.4 million in the same period in 2023. Gross profit was $0.3 million, representing 6.5% of revenues. Operating expenses were $1.5 million, and the net loss for Q3 2024 was $4.4 million. Net cash used in operating activities for the nine months ended September 30, 2024, was $4.6 million.

Sky Quarry Inc. aims to revolutionize the waste asphalt shingle recycling industry and has a waste-to-energy mission to repurpose and upcycle asphalt shingle waste. The company’s financial statements show a total asset value of $26,348,051 as of September 30, 2024. They have made significant strides in refinery improvements and strategic partnerships to drive growth and sustainability in their operations.



Read more at GlobeNewswire:: Sky Quarry Provides Third Quarter 2024 Corporate Update and