Sky Quarry is a small energy company with two businesses: an operating refinery and a development-stage waste recycling and oil sands facility. The Eagle Springs Refinery, located near Ely, Nevada and operated through subsidiary Foreland, is Sky Quarry's only current revenue source. The refinery processes heavy crude oil sourced from regional producers in Nevada and Utah into diesel, vacuum gas oil, naphtha, and liquid paving asphalt, which are sold to wholesale, bulk, and retail customers across Nevada, Utah, and California. Crude is trucked in from regional suppliers, limiting feedstock volume and tying the business to a narrow geographic supply base. The refinery's economics are driven by throughput and crack spreads — the margin between crude input costs and refined product prices. Sky Quarry's second business, the PR Spring facility in eastern Utah, is being retrofitted to process waste asphalt shingles using its proprietary ECOSolv solvent-based extraction technology, and eventually to mine and process oil sands bitumen from its ~5,880 acres of Utah bitumen leases. Once operational, PR Spring would generate revenue from tipping fees charged to waste shingle generators and from sales of recovered asphalt, granules, and aggregates. Recovered heavy oil would feed directly into the Eagle Springs Refinery, reducing reliance on third-party crude. PR Spring is not yet operational and requires additional funding to complete. Sky Quarry's customer base is highly concentrated, with three customers accounting for roughly 88% of FY25 net sales.