Sky Quarry Inc (NASDAQ: SKYQ) is an oil sands and petroleum refining company that operates a small crude oil refinery in Nevada and is developing an oil sands extraction project in Utah using its proprietary ECOSolv solvent-based technology. Revenue is generated through transactional sales of refined petroleum products, including diesel, vacuum gas oil (VGO), naphtha, and asphalt paving liquids, sold under short-term and long-term contracts as well as on the spot market. The Eagle Springs Refinery in Nye County, Nevada processes heavy sulfurous crude oil sourced from local Nevada and Utah producers and other North American suppliers, with refined products distributed to wholesale, bulk, and retail customers primarily across Nevada, Utah, and California. Net sales were $12.5M in FY2025 and $23.4M in FY2024, both years producing gross losses. The company carries going-concern doubt, holds approximately $7.6M in past-due debt as of the filing date, and has received a Nasdaq minimum bid price noncompliance notice.

Revenue model

Transactional sales of refined petroleum products (diesel, VGO, naphtha, asphalt paving liquids) through short-term contracts, long-term contracts, and spot market sales. No subscription or royalty revenue from operations as of FY2025; the PR Spring, Utah property remains at exploration stage with no mining operations conducted in FY2025 or FY2024.

Products and services

Refined petroleum products from the Eagle Springs Refinery: diesel, vacuum gas oil (VGO), naphtha, and asphalt paving liquids. Proprietary ECOSolv waterless solvent extraction technology designed to recover bitumen and heavy crude oil from oil sands and waste asphalt shingles, targeting WTI-market bitumen and asphalt paving aggregate as future outputs. Bench testing of ECOSolv on waste asphalt shingle samples showed hydrocarbon recovery of up to 95% and solvent recovery of up to 99%.

Customers and end markets

Wholesale, bulk, and retail customers for refined petroleum products, primarily in Nevada, Utah, and California. End markets include freight transportation, construction, and related industries that consume diesel and asphalt products. No individual customer concentration figures disclosed in the filing excerpts.

Value-chain role

Midstream and downstream: purchases heavy sulfurous crude oil feedstock from local Nevada and Utah producers and other North American sources, refines it at the Eagle Springs Refinery (capacity: over 29,500 barrels of crude storage and approximately 73,800 barrels of refined product tankage), and sells refined products through third-party transport to end customers. Also an upstream exploration-stage operator at PR Spring, Utah (5,930 acres of bituminous asphaltic sands, classified as exploration stage with no proven reserves as of the filing date).

Geographic exposure

Operations centered in Nevada (Eagle Springs Refinery, Nye County) and Utah (PR Spring oil sands project, Uintah County, approximately 5,880 acres under lease). Refined product sales extend to Nevada, Utah, California, and other North American jurisdictions.

Source: SEC 10-K, filed 2026-03-31

Industry: Hazardous Waste Management