Sky Quarry Shares Surge Amid S-1 Filing and Digital Treasury Tokenization MOU
By ATTN Desk · Editorial oversight: Sean Han
Introduction
Sky Quarry Inc (NASDAQ: SKYQ) is an integrated energy solutions company founded in 2019 and headquartered in Woods Cross, Utah. The firm converts waste asphalt roofing shingles into oil and construction materials using its proprietary ECOsolve extraction technology. Sky Quarry operates two primary facilities: an oil extraction plant and the Foreland Refining Corp. refinery in Nevada, which processes heavy crude oil into diesel, naphtha, vacuum gas oil, and paving asphalt liquids.
Corporate Structure and Leadership
Sky Quarry employs between 11 and 50 staff across its Utah and Nevada operations. Its management team brings significant industry experience:
- Tom Zickell, Co-Founder and Chief Technology Officer, holds multiple recycling patents and has overseen manufacturing at GAF and Georgia Pacific.
- Jennifer Standley, Vice President of Marketing and Business Development, has experience in leading startups in organic foods and environmental initiatives.
- Cyla Apache, Corporate Controller, is a CPA and Enrolled Agent with an MBA and MS in Accounting.
- Darryl Delwo, Chief Financial Officer, has over 25 years of experience in global finance leadership, including mergers and acquisitions and joint-venture expertise.
Asphalt Recycling by Carl Campbell
Recent Developments
On January 9, 2025, Sky Quarry issued a letter to shareholders encouraging the transfer of holdings from margin to cash accounts to limit share lending and potential downward pressure on its stock price. On August 29, 2025, the company hosted a live investor webinar introducing its digital treasury strategy and signed a Memorandum of Understanding (MOU) to explore tokenization of physical energy assets with Continuum Network. On August 26, 2025, Sky Quarry filed an amended S-1 registration, enabling the sale of up to 13,834,230 shares by Varie Asset Management, LLC, with potential proceeds of $8.1 million. Its preliminary proxy statement (PRE 14A) filed on September 5, 2025, proposes increasing authorized common shares, amending the equity incentive plan, and granting authority for a reverse stock split.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share Price (9/08/2025) | $0.6852 (up 65.07%) |
| Volume | 38,214,756 |
| Market Capitalization | ~$11.4 million |
| Trailing Twelve-Month Revenue | $19.91 million |
| Net Loss (TTM) | $14.25 million |
| Cash on Hand (MRQ) | $173,790 |
| Debt/Equity Ratio (MRQ) | 131.35% |
Since acquiring Foreland Refining, Sky Quarry’s 2023 revenue surpassed $50 million. The current refinery capacity is approximately 4,500 to 5,000 barrels per day. The S-1/A filing highlights plans to enhance liquidity through share issuance and warrants, while the proxy proposals seek to optimize the capital structure and conform to Nasdaq requirements. The digital treasury initiative and commodity tokenization MOU represent strategic efforts to diversify funding sources and explore blockchain-based financing models.
Market Position and Industry Context
Sky Quarry operates at the intersection of waste management and energy transition, addressing approximately 15 million tons of asphalt shingle waste sent to North American landfills each year, which is equivalent to around 20 million barrels of oil. By converting this feedstock into marketable petroleum products and construction aggregates, the company positions itself within both renewable energy and sustainable materials markets. Its closed-loop recycling process offers a solution in an industry increasingly focused on circular economy practices and emissions reduction.
TL;DR
Sky Quarry shares increased 65.07% on September 8, 2025, with a trading volume of approximately 38 million shares. The company filed an amended S-1 on August 26 to facilitate the sale of up to $8.1 million in capital from Varie Asset Management, and on September 5 submitted proxy materials proposing new share authorizations and reverse stock split authority. Following a live investor webinar on August 29 and a signed commodity tokenization MOU, Sky Quarry is pursuing digital treasury strategies ahead of its annual meeting scheduled for November 4, 2025.