They're like Valero, an oil refiner, but with a primary focus on producing and refining oil extracted from waste materials like old asphalt shingles and oily sands.

Imagine a specialized Waste Management service that handles challenging oil and asphalt waste, but instead of disposal, they recycle it into valuable crude oil and then refine that oil into fuels and paving products.

• Crude Oil Production: Production of oil from their bitumen deposits in Utah.
• Petroleum Refining: Refining of heavy crude oil into products like diesel, naphtha, vacuum gas oil, and paving asphalt liquids.
• Waste Asphalt Shingle Recycling: Environmental remediation service using proprietary ECOSolv technology to recycle waste asphalt shingles.
• Oil Sands and Soil Remediation: Environmental remediation service for oil-saturated sands and soils using proprietary ECOSolv technology.
• Asphalt Paving Aggregate: Production and sale of aggregate mined from their bitumen deposit.

Sky Quarry (SKYQ) sells primarily to other companies. Based on the description of its operations, its major customers would fall into the following categories:

• Energy and Petroleum Distributors/Buyers: Sky Quarry produces and refines heavy crude oil into various petroleum products, including diesel, naphtha, vacuum gas oil, and paving asphalt liquids. These products are typically sold to other businesses involved in fuel distribution, industrial consumption, or further processing.
• Construction and Infrastructure Companies: The company produces asphalt paving aggregate and paving asphalt liquids from its bitumen deposits and recycled waste asphalt shingles. These materials are essential for road construction, paving projects, and other infrastructure development, meaning construction companies, municipalities, or contractors would be key customers.
• Waste Management and Recycling Companies / Shingle Manufacturers: Sky Quarry's environmental remediation segment focuses on recycling waste asphalt shingles. While they receive waste shingles, they then produce and sell the recycled oil and aggregate. They may also provide remediation services for oil-saturated sands and soils to other industrial clients. The ASR Facilities are aimed at deploying near cities with high concentrations of waste asphalt shingles and asphalt shingle manufacturing centers, suggesting a business-to-business relationship with companies generating or handling this waste.

Marcus Laun, Interim Chief Executive Officer and Interim Chief Financial Officer
Mr. Laun is a co-founder, Executive Vice President, and Director of Sky Quarry Inc. He has over 25 years of capital markets experience, having held senior roles in finance and advised on digital asset initiatives such as tokenization and exchange development. Mr. Laun was appointed Interim Chief Executive Officer on August 28, 2025, following the termination of David Sealock. He also served as Interim Chief Financial Officer around August 2025.

Tom Zickell, Chief Technology Officer
Mr. Zickell is responsible for spearheading Sky Quarry Inc.'s technological vision and innovation strategy. In this role, he oversees the development and implementation of cutting-edge technologies to enhance operational efficiency, drive product development, and maintain the company's competitive edge.

Cyla Apache, Vice President of Finance
Ms. Apache was promoted to Vice President of Finance on October 29, 2024. She brings over six years of controllership experience and holds an MBA, an MS in Accounting, and CPA and Enrolled Agent designations. Her expertise lies in software implementation, developing efficient workflows, and a deep understanding of tax law.

Jennifer Standley, Director - Investor Relations & Marketing
Ms. Standley is responsible for investor relations and marketing for Sky Quarry Inc.

Key Risks for Sky Quarry (SKYQ)

• Execution Risk of Development-Stage Technologies and Facilities: Sky Quarry's core business model, specifically the recycling of waste asphalt shingles and remediation of oil-saturated sands utilizing its proprietary ECOSolv technology at the PR Spring facility and planned modular ASR facilities, is largely in the development and planning stages. There is a significant risk that the transition from bench testing to commercial-scale operations may encounter unforeseen technical challenges, delays, cost overruns, or that the facilities may not achieve projected production efficiencies or economic viability.
• Reliance on Proprietary ECOSolv Technology: The company's unique value proposition and a substantial portion of its future growth are predicated on the successful and efficient deployment of its proprietary ECOSolv technology for separating oil from oil-bearing solids. While bench testing has demonstrated high oil separation and solvent recovery rates, there is a risk that these results may not be consistently replicated in commercial applications, or that the technology could face operational hurdles, maintenance issues, or competition from alternative processes.
• Supply Chain and Market Acceptance Risks for Recycled Materials: The successful implementation of Sky Quarry's asphalt shingle recycling operations is dependent on securing a consistent and cost-effective supply of waste asphalt shingles. Additionally, the market for the company's output products, including oil and asphalt paving aggregate derived from recycled materials, may be subject to fluctuations in demand and pricing, competition from virgin materials, and potential challenges in achieving widespread market acceptance at profitable price points.

Sky Quarry's main products and services operate within several significant addressable markets.

Asphalt Shingle Recycling and Recycled Asphalt Products

The market for recycled asphalt products, which includes materials derived from waste asphalt shingles, demonstrates substantial potential. Approximately 11 to 15.1 million tons of asphalt shingle waste are generated annually in the United States. However, only about 10% of this waste is currently recycled. The global recycled asphalt market was valued at USD 7.61 billion in 2024 and is projected to grow to USD 12.64 billion by 2033, with a compound annual growth rate (CAGR) of 5.8%. North America dominated the recycled asphalt market in 2024.

Asphalt Manufacturing and Paving Aggregates

The broader asphalt manufacturing market in the U.S., which includes asphalt paving aggregate and other asphalt products, was valued at USD 36.1 billion in 2024.

Refined Petroleum Products

Sky Quarry's refining operations contribute to the North American refined petroleum products market, which includes diesel, naphtha, vacuum gas oil, and paving asphalt liquids. This market was valued at USD 531.22 billion in 2024 and is anticipated to reach USD 629.28 billion by 2030, growing at a CAGR of 2.86% during the forecast period. The United States accounts for approximately 45% of the North American refined petroleum products market. Diesel held the largest product share within this market in 2024.

Sky Quarry (SKYQ) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Ramp-up and Commercialization of the Retrofitted PR Spring Facility: Sky Quarry plans to retrofit its PR Spring oil sands remediation facility to recycle waste asphalt shingles using its proprietary ECOSolv technology and to produce and sell oil as well as asphalt paving aggregate mined from its bitumen deposit. The successful retrofitting, operationalization, and subsequent sales of these products will be a significant driver of revenue growth.
2. Development and Deployment of Modular Asphalt Shingle Recycling (ASR) Facilities: The company intends to develop and deploy modular ASR facilities in cities with high concentrations of waste asphalt shingles and near asphalt shingle manufacturing centers. This expansion strategy will allow Sky Quarry to process more waste material, produce additional recycled oil and asphalt paving aggregate, and potentially generate revenue from waste disposal, thereby expanding its market reach and revenue streams.
3. Increased Production and Sales from the Eagle Springs Refinery: Following the acquisition of Foreland Refining Corporation on September 30, 2022, Sky Quarry gained ownership of the Eagle Springs Refinery, which is engaged in refining heavy crude oil into diesel, naphtha, vacuum gas oil, and paving asphalt liquids. This acquisition was immediately accretive to revenues and cash flow, and optimizing operations, increasing throughput, and expanding sales of refined petroleum products from this facility will be a major contributor to revenue growth.

Share Issuance

• Sky Quarry executed a 1-for-8 reverse stock split, effective March 15, 2026, to comply with Nasdaq's minimum bid price requirement, reducing outstanding shares from approximately 29.96 million to about 3.75 million.
• In December 2025, the company issued common shares to LendSpark Corporation to settle $491,384 in liabilities owed by its subsidiary, Foreland Refining Corporation.
• Sky Quarry completed a Regulation A offering on September 29, 2022, which generated $18,195,838 in gross proceeds through the issuance of 3,333,333 shares at $6.00 per share.

Inbound Investments

• Sky Quarry announced plans in September 2025 to establish a digital asset treasury with a capital target of up to $100 million, intended to strengthen its balance sheet and advance the tokenization of real-world assets.

Outbound Investments

• On September 30, 2022, Sky Quarry acquired Foreland Refining Corporation, which operates the Eagle Springs Refinery in Nevada, focused on refining heavy crude oil into diesel and other petroleum products.
• On September 16, 2020, Sky Quarry acquired 2020 Resources LLC, gaining the PR Spring oil sands remediation facility and bitumen leases covering approximately 5,930 acres in Utah.

Capital Expenditures

• Sky Quarry completed its 2024 capital expenditure program for the PR Spring facility by January 2025, investing $7 million in critical equipment and engineering partnerships for its retrofit.
• As of April 2025, the company had invested approximately $4.7 million at the PR Spring facility since September 2020, with an estimated $4.0 million remaining to complete the retrofit, expected in fiscal 2025.