Began Trading on NASDAQ Under Ticker Symbol ˜SKYQ’
Closed $6.7 Million Public Offering
WOODS CROSS, Utah, Nov. 15, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry ” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, has reported its financial and operational results for the third quarter ended September 30, 2024.
Key Financial and Operational Highlights
- Q3 2024 Revenue of $4.8 million and $19.2 million for the nine months ended September 30, 2024.
- Began trading publicly on the Nasdaq Capital Market under the ticker symbol SKYQ on October 10, 2024 and rang the Nasdaq closing bell on October 25, 2024.
- Closed a public offering of $6.7 million through the sale of 1,118,005 shares of its Common Stock priced at $6.00 per share.
- Completed refurbishment at Foreland refinery including an overhaul of the primary and secondary boilers, and completion of 24 work packages.
- Entered into an exploratory relationship with Atlas (NYSE:) Roofing Corporation to assess and develop mutually beneficial processes for asphalt shingle recycling.
- Announced the appointments of Darryl Delwo, CPA, a seasoned finance and accounting executive, as Chief Financial Officer, and Cyla Apache as Vice President of Finance.
- Announced the launch of European financing effort across several countries, driven by the continent’s significant focus on sustainable investing.
- Announced the expansion and near-completion of its first Waste Asphalt Shingle Modular Facility.
Management Commentary
The third quarter was a transformative validation for Sky Quarry with our successful listing on the Nasdaq Stock Market and the closing of a $6.7 million public offering to fund our strategy to revolutionize the waste asphalt shingle recycling industry, said David Sealock, Chief Executive Officer of Sky Quarry. Being listed on a national exchange increases corporate visibility, improves liquidity, and raises awareness of Sky Quarry in the financial markets. The quarter was marked by a decrease in revenue due to a combination of reduction in WTI pricing and refurbishment of the Foreland refinery. WTI pricing fell from $87 per barrel on April 5, 2024, to $67 per barrel on September 10, 2024, which corresponded with reduced pricing in the end products.
The refurbishment at our Foreland refinery included an overhaul of the primary and secondary boilers, and completion of 24 work packages. This significant and…
Click Here to Read the Full Original Article at All News…
