NEW YORK, July 7, 2026, 15:10 EDT
- Sky Quarry Inc. NASDAQ:SKYQ jumped 26.9% to $2.69 in afternoon trading, with volume at 21.3 million shares by 2:55 p.m. EDT.
- At the last price, that volume was around $57.2 million—4.5 times the company’s $12.8 million market cap.
- JPMorgan Chase & Co. NYSE:JPM reported in an amended 13G/A filed Tuesday holding 3,249 Sky Quarry shares, which the bank listed as 0.0% of the class.
- Shares are moving on a July refinery restart report, though filings show the company still has limited cash and new debt terms.
Sky Quarry Inc. NASDAQ:SKYQ surged Tuesday, with trading volume far outpacing the company’s size. Shares were up 26.9% at $2.69 as of 2:55 p.m. EDT. The stock traded in a range from $2.035 to $2.83. Around 21.3 million shares changed hands at last check, totaling about $57.2 million—roughly 4.5 times its $12.8 million market cap.
The stock set itself apart from other oil names today, trading with enough volume that it looks like fast money is trying to see if Sky Quarry’s Nevada plant restart is enough to overcome a weak Q1 and a thin balance sheet.
| Instrument | Latest price | Day move | Volume | Investor read |
|---|---|---|---|---|
| Sky Quarry Inc. NASDAQ:SKYQ | $2.69 | up 26.9% | 21.3 mln | Micro-cap restart play |
| Energy Select Sector SPDR Fund (NYSEARCA:XLE) | $54.285 | up 2.2% | 27.0 mln | U.S. energy sector stand-in |
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $747.74 | down 0.5% | 27.2 mln | Main large-cap tracker |
| iShares Russell 2000 ETF NYSEARCA:IWM | $296.54 | down 0.8% | 12.5 mln | Tracks U.S. small-caps |
| United States Oil Fund (NYSEARCA:USO) | $108.08 | up 3.6% | 4.1 mln | Moves with crude |
The move in Sky Quarry stood out because it outpaced both the Energy Select Sector SPDR Fund (NYSEARCA:XLE) and the United States Oil Fund (NYSEARCA:USO). XLE gained 2.2%, and USO added 3.6%. The broader market fell, with SPDR S&P 500 ETF Trust NYSEARCA:SPY off 0.5% and iShares Russell 2000 ETF NYSEARCA:IWM down 0.8%.
New filings on Tuesday didn’t show a big new holder. JPMorgan Chase & Co. NYSE:JPM reported owning 3,249 Sky Quarry shares with sole voting and power to dispose, counting their stake as 0.0% of the class. The Schedule 13G/A was dated July 7.
The main focus is still the Foreland refinery in Ely, Nevada. Marcus Laun, who is Sky Quarry’s interim CEO, CFO, and president, told investors in a June 22 update that the larger concern is “the continued reduction of refining capacity” in the Western U.S. He said the company was in the “final stages” and still targets a July launch at Foreland. Stock Titan
The company said the refinery is starting up with around 10,000 barrels of crude oil and in-process inventory available and storage for over 100,000 barrels. Laun added that “inventory already in place.” Stock Titan
| Metric investors are pricing | Latest disclosed figure | Why it matters |
|---|---|---|
| Q1 2026 revenue | $383 | Refinery shutdown wiped out nearly all revenue |
| Q1 2025 revenue | $6.33 mln | Spells out how much sales dropped |
| Q1 2026 net loss | $2.32 mln | Losses still big with barely any revenue |
| Cash at March 31 | $66,828 | Very little margin for timing slip |
| Current liabilities at March 31 | $16.4 mln | Balance sheet strain is still there |
| MCA obligations converted | $3.985 mln | Merchant cash advance rolled into a new 8% note |
| On-site refinery inventory | About 10,000 barrels | Plant restarts with some onsite inventory |
Sky Quarry’s Q1 revenue dropped to $383 from $6.33 million a year ago, with diesel bringing in $382 and asphalt just $1 for the quarter. The company booked a net loss of $2.32 million, better than last year’s $3.33 million loss. Vacuum gas oil and naphtha revenue were both zero. That’s why the tape has been so volatile.
Liquidity remains tight. Sky Quarry showed $66,828 in cash at March 31, and had negative operating cash flow of $588,631 for the quarter. The accumulated deficit hit $38.5 million. The company said it does not have enough operating cash flow unless it secures more financing.
Sky Quarry moved to relieve some financial pressure, according to a July 2 8-K. The company and its subsidiaries swapped $3.985 million in merchant cash advance debt owed to Libertas Funding for a new 8% non-compounding promissory note. The filing said existing liens and collateral stay in place, and Sky Quarry can’t sell or pledge future receivables or key assets without Libertas’s OK while the note is still outstanding.
Laun put up a personal guarantee on the note, the filing said. Sky Quarry promised to cover him and pay back anything he has to pay under that guarantee, plus 8% interest a year. The board signed off on the deal.
Tuesday’s trading gives investors a clear figure to weigh hope versus what’s proven so far. The market moved Sky Quarry shares at several times the company’s market cap in a single day, even though there’s no word yet on July throughput, supply to customers, actual margins, or cash coming in from the refinery restart.
