SKYQ

Sky Quarry is a sub-$20M regional refiner (the Eagle Springs Refinery via subsidiary Foreland) bolted to a still-development-stage ECOSolv oil-sands/shingle-recycling concept that has never left bench testing. The numbers describe a business in distress, not a turnaround: FY2025 gross profit is NEGATIVE $3.10M (down 122% YoY), meaning the product is being sold below its cost of production before a dollar of overhead. That drops to a -$9.25M operating loss and a -$12.2M net loss — the third straight year of large losses (-$4.44M, -$14.7M, -$12.2M). The 'improved' net loss and the +56% better operating cash flow are cold comfort when the core economics are underwater at the gross line.

The balance sheet is past stressed into insolvent-in-substance. Equity has collapsed 72% to $3.19M against $16.0M of liabilities (5.03x leverage), cash is down to $806K, and current liabilities of $15.1M dwarf current assets of $1.33M — a ~$13.8M working-capital deficit. ROE of -383% and a -$36.2M accumulated deficit confirm capital has been destroyed, not compounded. The auditor issued an explicit going-concern paragraph citing recurring losses and a net capital deficiency; management concedes survival depends entirely on raising outside funding it does not have.