WOODS CROSS, Utah - Sky Quarry Inc. (NASDAQ:SKYQ), an energy solutions firm specializing in recycling waste asphalt shingles, has announced the appointment of Darryl Delwo as Chief Financial Officer and the promotion of Cyla Apache to Vice President of Finance. These strategic moves are part of Sky Quarry's efforts to bolster its finance leadership team following its listing as a public company on Nasdaq.
Darryl Delwo, a Certified Public Accountant with over 28 years of experience in finance and accounting, officially took on the CFO role on August 20, 2024. His previous positions include Vice President of Finance at Sky Quarry, CFO of Noralta Technologies Inc., and various controller roles at other companies. Delwo's academic credentials include a CPA and CMA from Canada and a Bachelor of Commerce in Accounting from Athabasca University.
Cyla Apache, the newly appointed Vice President of Finance, brings over six years of controllership experience, an MBA, an MS in Accounting, and CPA and Enrolled Agent designations. Her expertise lies in software implementation, developing efficient workflows, and a deep understanding of tax law.
David Sealock, CEO of Sky Quarry, stated that Delwo's promotion is a "natural step" after his tenure as VP of Finance and praised his leadership qualities. He also highlighted Apache's potential to contribute to operational excellence and the execution of strategic and financial priorities.
Sky Quarry's mission is to revolutionize waste management by repurposing millions of tons of asphalt shingle waste, thus conserving natural resources and reducing environmental impact. The company also focuses on oil production, refining, and environmental remediation technologies.
The press release also contained forward-looking statements regarding Sky Quarry’s future financial and operating results, events, and developments. These statements are subject to risks, uncertainties, and factors that could cause actual results to differ materially from those projected. The company cautions that these forward-looking statements are only predictions based on current expectations and assumptions, which are subject to change.
This news is based on a press release statement from Sky Quarry Inc. and reflects the company's latest strategic decisions in its finance department leadership.
InvestingPro Insights
As Sky Quarry Inc. (NASDAQ:SKYQ) reshapes its finance leadership team, recent InvestingPro data provides additional context to the company's financial landscape. The company's market capitalization stands at $46.01 million, reflecting its relatively small size in the energy solutions sector. This modest valuation aligns with the company's current phase of development and its focus on innovative waste management solutions.
InvestingPro Tips highlight some challenges facing Sky Quarry. The company is operating with a significant debt burden, which could impact its financial flexibility as it pursues its mission to revolutionize waste management. Additionally, Sky Quarry is not profitable over the last twelve months, with a negative gross profit margin of -2.09% for the same period. These factors underscore the importance of the newly appointed finance leaders in steering the company towards financial stability and growth.
The stock's recent performance has been concerning, with InvestingPro data showing a -43.07% price return over the past month, three months, and six months. This significant decline suggests that investors may be cautious about the company's near-term prospects or the broader market conditions affecting the sector.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Sky Quarry, providing a deeper understanding of the company's financial health and market position.
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