Sky Quarry Inc.: Revolutionizing Waste Asphalt Shingle Recycling
Woods Cross, Utah – Sky Quarry Inc. (NASDAQ: SKYQ), a pioneering energy solutions company, recently unveiled its financial and operational results for the fourth quarter and fiscal year that ended on December 31, 2024. The Company’s mission is to transform the waste asphalt shingle recycling industry.
Financial Highlights
For the fourth quarter, Sky Quarry reported revenues of $12.5 million, representing a 35% increase compared to the same period the previous year. The net income for the quarter was $3.2 million, marking a significant improvement from the net loss reported in the same quarter in 2023. The full-year revenues amounted to $45 million, reflecting a 28% year-over-year growth.
Operational Progress
Sky Quarry’s operational progress was noteworthy, with the commissioning of its new state-of-the-art asphalt shingle recycling facility in December 2024. This facility is expected to process approximately 50,000 tons of waste asphalt shingles annually, generating 15 MW of renewable energy.
Impact on Consumers
The success of Sky Quarry’s recycling efforts will lead to reduced landfill waste and lower costs for consumers. Asphalt shingles are the most common type of waste generated during roofing projects, and their disposal often incurs significant fees. By recycling these shingles, consumers can save on disposal costs and contribute to a more sustainable future.
Global Implications
The waste asphalt shingle recycling industry is a significant contributor to landfills worldwide. According to the Environmental Protection Agency (EPA), asphalt shingles account for 1-3% of the total waste stream in the United States. Sky Quarry’s innovative approach to recycling asphalt shingles can inspire similar initiatives in other countries, potentially reducing the environmental impact of roofing projects on a global scale.
Conclusion
Sky Quarry Inc.’s financial and operational achievements in the fourth quarter and fiscal year 2024 underscore the Company’s commitment to revolutionizing the waste asphalt shingle recycling industry. By generating renewable energy from recycled shingles and reducing landfill waste, Sky Quarry is not only creating cost savings for consumers but also contributing to a more sustainable future. The Company’s success serves as an inspiration for similar initiatives worldwide, paving the way for a greener, more efficient waste management industry.
- Sky Quarry Inc. reports Q4 and FY2024 financial and operational results
- Company’s mission: transforming the waste asphalt shingle recycling industry
- Revenues for Q4 2024: $12.5 million (35% increase YoY)
- Net income for Q4 2024: $3.2 million
- Full-year revenues: $45 million (28% growth YoY)
- Commissioning of new recycling facility: 50,000 tons annually, 15 MW renewable energy
- Impact on consumers: cost savings and sustainable future
- Global implications: reducing environmental impact of roofing projects
