NEW YORK, July 23, 2026, 15:33 (EDT)
- Initial shares increased by 34.4% to $5.55 during an active U.S. session.
- Trading volume hit 32.0 million shares, roughly 6.7 times the reported total for May.
- The most recent filing did not include updated refinery throughput or sales figures.
Shares of Sky Quarry Inc. NASDAQ:SKYQ jumped 34.4% on Thursday, with trading volume totaling 32.0 million shares. The stock hit a high of $6.25 before retreating to $5.55. U.S. regular trading hours were underway.
Turnover was more significant. Trading volume reached around 6.7 times the 4.79 million shares outstanding as of May 15. Shares may have been traded multiple times in the same session. Nevertheless, the figure underscores heavy speculative activity in a company valued at $26.6 million.
The action did not lead to a widespread rally among refiners. Early intraday figures indicated declines for each of the three leading competitors.
| Company | Price | Day move | Market value |
|---|---|---|---|
| Sky Quarry NASDAQ:SKYQ | $5.55 | up 34.4% | $26.6 million |
| Par Pacific Holdings (NYSE:PARR) | $77.58 | down 2.3% | $3.85 billion |
| PBF Energy NYSE:PBF | $62.61 | down 2.7% | $7.55 billion |
| Delek US Holdings (NYSE:DK) | $65.15 | down 1.5% | $3.93 billion |
The surge followed Equity Insider’s release of promotional coverage two days earlier. The piece, published for Sky Quarry, reiterated previous assertions about the refinery. No throughput or sales numbers were provided.
The publisher acknowledged obtaining payment for advertising and digital media related to Sky Quarry. It labelled the payment as a conflict of interest. The publication noted the timing does not confirm that the promotion led to Thursday’s movement.
Sky Quarry’s most recent SEC filing on Tuesday revealed that Marcus Laun received a $100,000 cash award. Laun currently holds the positions of interim CEO, interim CFO, and president. The filing did not include any update regarding refinery operations.
Sky Quarry’s most recent operating update filed with the SEC was on June 22. The company announced it had finished repairs and anticipated starting refinery operations in July. It disclosed roughly 10,000 barrels of crude and in-process inventory at that time. Storage capacity was reported at over 100,000 barrels.
There has not been a follow-up SEC filing that included details on sustained throughput, realized margins, or customer deliveries. Those metrics have become more important than storage data. Laun stated the priorities were to “operate safely, maximize utilization, generate cash flow.” SEC
The balance sheet intensifies pressure. Net sales for the first quarter totaled $383, a decrease from $6.33 million. The net loss for the quarter shrank to $2.32 million compared to $3.33 million.
The company reported a cash balance of $66,828 as of March 31, with current liabilities amounting to $16.4 million. Persistent doubt was expressed by the company over its capacity to operate as a going concern.
As a result, equity funding plays a crucial role in the transaction. Sky Quarry’s at-the-market facility permitted the sale of as much as $12.6 million in common shares. As of May 12, the company had sold 822,764 shares, raising $4.80 million in net proceeds.
Based on Thursday’s market prices, the program’s limit amounts to about 47% of Sky Quarry’s equity value. A portion was previously utilized. Robust trading activity could support financing efforts, though further sales risk diluting current shareholders.
Risk levels stay elevated. A minor refinery faces risks of outage, feedstock supply, and margin pressure. Tight cash flow, financing requirements, and ongoing paid promotion introduce more volatility.
The upcoming key trigger is operational confirmation. Demonstrated throughput, sales figures and gross margin will indicate if Thursday’s advance results from a refinery coming back online or largely from swift turnover of shares.
