SKYQ Stock Is Up Nearly 400% In April – Can It Sustain The Rally?

Sky Quarry Inc. (NASDAQ:SKYQ) said it is advancing a proposed Nevada oil exploration and production initiative targeting up to $50 million in third-party investment in qualified Nevada producers. The structure would invest directly in producers rather than issuing new SKYQ common equity, with potential long-term crude offtake for its Nevada refinery.

Less than 1 min read Sky completed at-the-market sales of approximately 4,408,137 shares, raising about $13,528,940 in net proceeds. Key Highlights: Sold full aggregate amount available under April 22, 2026 prospectus supplement through its ATM program. Issued ~4,408,137 shares (post 1-for-8 reverse split adjustment), generating ~ $13.53M net proceeds. Cantor executed ~52,485 shares for ~ $1.31M; Siebert executed 4,355,652 shares for ~ $12.22M.

Sky Quarry Inc. (NASDAQ: SKYQ) said its Foreland Refinery near Ely, Nevada entered its production phase. The company reported about 10,000 barrels of crude and in-process inventory on site and over 100,000 barrels of storage capacity. It also plans to catalyze drilling in Railroad Valley to supply the refinery and appointed Ray Hansen to run its subsidiary.

Sky Quarry Inc. (NASDAQ: SKYQ) said it signed a non-binding three-year MOU on May 7, 2026 with Southern Energy Renewables and DevvStream to collaborate on SAF and low-carbon fuel development, including pilot testing at its PR Spring oil sands asset in Utah (about 180 million barrels) and upgrades at its Foreland Refinery in Nevada. The Foreland refinery has 5,000 bpd permitted capacity. Sky Quarry also issued RFPs on April 29/May 4 to develop the PR Spring resource and monetize 7 MW of surplus g

Oracle issued a force majeure notice for its Project Jupiter AI data center in New Mexico, citing potential delays in securing power. The notice led to a sell-off in Oracle shares and affected Bloom Energy. Oracle stated the project remains on schedule and such notices are common for large developments.

Semtech (SMTC) stock rose 2.8% in premarket trading after analyst Jay Goldberg initiated coverage with a Buy rating and $200 price target, citing demand for AI data-center infrastructure. Goldberg noted Semtech's shift to optical solutions could drive growth through 2028. Shares later cooled to $178.25, up 2.1%. Semtech's shares are up 137% year-to-date.