New York, June 23, 2026, 10:04 EDT
- Sky Quarry dropped roughly 12.6% to $1.66 at the open Tuesday, after soaring 62.4% the previous session.
- The company said its Nevada refinery is gearing up to start production, with operations slated to begin in July.
- The rally is now about execution—feedstock, margins, cash, and if the refinery keeps running without more trouble.
Sky Quarry Inc. shares dropped Tuesday morning, retreating after a sharp rally the day before when the micro-cap refiner announced its Nevada refinery was starting production. The stock last changed hands at $1.66, off 24 cents from Monday, having moved between $1.58 and $1.815 so far.
Sky Quarry shares fell after Monday’s surge, when the stock jumped 62.4% to finish at $1.90 with roughly 221.4 million shares traded. The spike came after Sky Quarry said repairs finished at the Eagle Springs (Foreland) refinery, with operations set to start in July.
Sky Quarry’s timeline is shifting. It’s moved past raising money and fixing up the facility. Now the focus is on whether it can operate the refinery and actually sell product. According to the June 22 filing, the company reported about 10,000 barrels of crude and in-process inventory at the refinery, with storage capacity topping 100,000 barrels.
Marcus Laun, interim chief executive at Sky Quarry, said the firm is in the “final stages” of getting the refinery ready. He said Sky Quarry will be judged on “production, customer deliveries, operating margins, and cash flow generation.” Operating margin is the money after feedstock, labor and other expenses. SEC
Sky Quarry is making headlines with claims about the Foreland refinery in Ely, Nevada. The company says the plant turns out diesel, vacuum gas oil, naphtha and asphalt for buyers in the western U.S. region. Vacuum gas oil is used as feed for more refining.
Sky Quarry’s latest filing lays out the numbers. The company posted net sales of only $383 in the first quarter, way down from $6.3 million last year. Sky Quarry said refinery revenue was missing in the period because repairs were still underway, but those wrapped up after the quarter.
U.S. refining stocks moved sideways to slightly down early Tuesday. PBF Energy slipped 0.3%, HF Sinclair dropped 1.1%, and Marathon Petroleum fell 0.5%. The action points to Sky Quarry trading on its own story, not following the group.
There’s a risk the refinery’s July launch won’t bring steady volumes, or that crude supply and product prices shift against Sky Quarry. The company itself, in its release, called out risks from starting up and running the plant, price moves in crude and products, sourcing feedstock, rivals, and regulatory costs.
Balance-sheet troubles are in play, too. In the annual report, Sky Quarry said it has recurring operating losses that raise “substantial doubt” about its ability to keep going as a business. The report used “going concern,” meaning the company might need more funding to keep running. Sky Quarry also listed about $7.6 million in overdue debt by the report date. SEC
Traders so far are looking at a possible refinery restart soon, but Foreland’s balance sheet is tight. July is looking like a major test, to see if the company can bring the plant online and actually ship fuel, getting some sales going and starting to draw down storage for cash.
