Sky Quarry, Inc. ( (SKYQ) ) has released its Q1 earnings. Here is a breakdown of the information Sky Quarry, Inc. presented to its investors.
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Sky Quarry Inc., an integrated energy solutions company, focuses on recycling waste asphalt shingles and environmental remediation. The company recently released its financial results for the fourth quarter and fiscal year ending December 31, 2024, highlighting several strategic initiatives and financial metrics. Despite a challenging year with a 54% decline in revenue to $23.3 million, primarily due to lower oil prices and refinery refurbishment, Sky Quarry made significant strides in expanding its operations. Key developments include the signing of a Letter of Intent with RB Residential Roofing to enhance its recycling capabilities and the appointment of new board members to strengthen leadership. The company also completed its capital expenditure program for its PR Spring site and announced plans for a national rollout of modular extraction facilities. Looking ahead, Sky Quarry aims to optimize its asset base, expand its national footprint, and increase production capacity at its Foreland Refinery, positioning itself for revenue growth and enhanced shareholder value in 2025.