Financial Data and Key Metrics Changes - In Q1 2022, U.S. Well Services generated approximately $41.2 million in revenue, with an adjusted EBITDA loss of $3.5 million, compared to a loss of $7.9 million in Q4 2021 [7][15]. - Total revenue increased by 6% sequentially from $38.9 million in Q4 2021, with service and equipment revenue rising by 17% quarter-over-quarter [14][15]. - The company ended Q1 2022 with $41 million in cash and restricted cash, and $8.5 million of ABL availability [16]. Business Line Data and Key Metrics Changes - The average cash G&A per active fleet increased to approximately $5.7 million in Q1 2022, compared to $4.75 million in the previous three quarters [8]. - Revenue from materials such as sand, chemicals, and trucking declined by 45% sequentially, as no sand was provided to customers during Q1 2022 [14]. Market Data and Key Metrics Changes - The company averaged 4.7 active fleets during the quarter with a utilization rate of 94%, resulting in 4.4 fully utilized fleets [14]. - The month of March 2022 alone accounted for over $20 million in revenue, representing 49% of the total quarterly revenue [9]. Company Strategy and Development Direction - U.S. Well Services is transitioning to an all-electric fleet, with plans to deploy new Nyx Clean Fleets throughout 2022, aiming to meet customer needs with high-spec electric horsepower [12][17]. - The company believes that the electric segment offers premium pricing and lower maintenance costs, positioning itself favorably in the market [10][11]. Management's Comments on Operating Environment and Future Outlook - Management noted that the pressure pumping industry is experiencing tight capacity and rising prices, with most service providers sold out [11]. - The company expects to see continued improvement in revenue and profitability as more fleets are deployed and operational efficiencies are realized [22]. Other Important Information - The company is facing inflationary pressures, with costs increasing by 8% to 10% for most items compared to 2021 levels [15]. - U.S. Well Services plans to spend approximately $95 to $115 million over the remainder of the year to complete the build-out of new fleets [16]. Q&A Session Summary Question: Can you speak to some of the components parts that you may have pre-purchased for the new build program in 2023? - Management confirmed that some longer lead time components have been secured, allowing for potential fleet deliveries in early 2023, but no commitments have been made yet [19]. Question: Is the guidance for Q2 including one diesel fleet? - Management clarified that the guidance for Q2 includes one diesel fleet [20]. Question: What are the drivers of EBITDA per fleet, and is break-even possible in Q2 2022? - Management indicated that increased revenue and more fleets in the field are key drivers for improved EBITDA per fleet, with expectations for continued improvement throughout the year [22].

Financial Data and Key Metrics Changes - U.S. Well Services reported total revenue of $38.9 million for Q4 2021, down 31% from $56.5 million in Q3 2021, largely due to nonproductive time related to sand and water constraints [13][14] - Adjusted EBITDA for Q4 2021 was a loss of $7.9 million, with total liquidity at $20.2 million at year-end, which increased to $84.6 million after recent capital raises [15][16] - The company generated $250 million in revenue for the full year 2021, a modest increase from $244 million in 2020, with a net loss of $70.6 million compared to $229.3 million in 2020 [18][19] Business Line Data and Key Metrics Changes - The average active fleet count during Q4 was five, with a utilization rate of 82%, down from 89% in Q3 2021 [12][13] - Cost of sales in Q4 was $41.4 million, down 29% sequentially, attributed to a lower active fleet count and a 50% reduction in sand and consumables sold [14] - SG&A expenses decreased to $6.8 million in Q4 from $11.1 million in Q3, primarily due to reduced personnel costs [14] Market Data and Key Metrics Changes - The company faced significant operational challenges due to a lack of truck drivers and customers' inability to obtain necessary sand and water, resulting in 67 days of nonproductive time in Q4 [8][13] - Diesel prices rose to over $5 per gallon from $3.50 in Q4, leading to potential savings of $1.25 million per fleet per month for customers [10] Company Strategy and Development Direction - U.S. Well Services is transitioning away from conventional diesel fleets, reducing its active fleet count from 11 in Q1 to five by Q3, and is focusing on electric clean fleets [7][8] - The company plans to roll out four new Nyx Clean Fleets starting in Q2 2022, which are expected to command premium pricing due to their operational efficiencies [9][10] - Management believes the future is bright for the company, emphasizing the advantages of electric pressure pumping technology in terms of economics and environmental benefits [21] Management Comments on Operating Environment and Future Outlook - Management acknowledged the difficulties faced during the strategic transformation and macroeconomic headwinds but expressed confidence in improved results starting in Q2 2022 as new fleets are deployed [8][9] - There is an expectation of increased demand for next-generation solutions, such as electric clean fleets, which positions the company favorably in the market [9][10] Other Important Information - The company executed over 40 asset sales to raise approximately $120 million and reduced its senior secured term loan by $125.6 million during 2021 [7] - U.S. Well Services secured a 0% interest rate for Q1 2022 and a 1% cash interest rate for the remainder of the year, resulting in significant cash savings [17] Q&A Session Summary Question: Expected increase in profitability with fleet rollout - Management indicated that profitability is expected to increase as new fleets are deployed, with the first fleet going to work in Q2 and the last two fleets by Q4 [24][25] Question: Impact of frac sand and mine constraints - Management noted that benefits from new fleets are anticipated to begin in Q2, addressing inefficiencies caused by sand and water constraints [26][27]

Financial Data and Key Metrics Changes - U.S. Well Services reported total revenue of $56.5 million for Q3 2021, down 28% from $78.8 million in Q2 2021, primarily due to a reduction in active fleet count [14] - The average active fleet count during the quarter was 5.7, with a utilization rate of 89%, equating to five fully utilized fleets [14] - Revenue per fully utilized fleet increased by 13% in Q3 compared to Q2, indicating improved revenue-generating potential [15] - Adjusted EBITDA was a loss of $465,000 for Q3 2021 [19] Business Line Data and Key Metrics Changes - The company transitioned to a fully electric pressure pumping service provider, retiring its last conventional fleet by the end of August 2021 [8] - The fleet count decreased from a peak of 11 to 5 fleets, impacting staffing levels and operational costs [9] - U.S. Well Services spent nearly $2 million in Q3 to transition to an outsourced power generation model and prepare legacy equipment for sale [9] Market Data and Key Metrics Changes - The company faced inflationary pressures across its supply chain, including rising input prices and increased costs for trucking and logistics [10] - Labor costs increased due to a 15% wage hike implemented in September, which was not immediately passed on to customers due to existing fixed pricing agreements [16] Company Strategy and Development Direction - U.S. Well Services aims to position itself as a leader in electric pressure pumping technology, with plans to deliver the first Nyx Clean Fleets in late Q1 2022 [11] - The company is focused on reducing its debt load and simplifying its capital structure, having repaid nearly $90 million of its senior secured term loan since the beginning of the year [13] - The company believes that ongoing debt reductions will create value for shareholders [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, noting a shift in the pressure pumping industry towards electric and dual fuel fleets, which are now in high demand [10] - The company anticipates challenges during the transition period but expects to ramp up operations with new fleets in early 2022 [24] - Management highlighted the importance of maintaining key personnel during the transition to ensure growth [24] Other Important Information - U.S. Well Services ended Q3 with $47.5 million in total liquidity, consisting of $30.6 million in cash and $16.9 million available under its ABL [20] - The company recognized $1 million in equity compensation expense related to share-based awards during the quarter [18] Q&A Session Summary Question: Visibility into Q4 and expected utilization rates - Management indicated that Q4 may experience typical seasonal slowdowns, affecting utilization rates [23] Question: Recovery of wage increases and EBITDA outlook - Wage recovery is expected to materialize in 2022 as existing contracts roll over to new agreements [25] Question: Economics of conventional horsepower disposals - Management noted that they do not expect to compete with buyers of their diesel horsepower, as most customers prefer electric fleets [27] Question: Premium on bids for electric horsepower - Management has not yet observed an increase in premiums for electric horsepower bids despite rising diesel prices [29] Question: Cost structure and future EBITDA expectations - Management anticipates achieving mid-teens EBITDA per fleet in the second half of next year as new fleets are deployed [31] Question: Repair and maintenance costs during fleet transition - Elevated repair and maintenance costs were attributed to preparing diesel fleets for sale [37] Question: Debt load and cash balance covenants - There are no financial covenants related to cash balance, focusing instead on debt levels for interest relief [40] Question: Q4 adjusted EBITDA expectations - Q4 is expected to resemble Q3 in terms of adjusted EBITDA performance, with potential for slight declines due to seasonality [42] Question: Customer conversations regarding shared economics - Management emphasized that the business model aims for shared economics, targeting a payback period of 2 to 2.5 years for new fleets [44]

Financial Data and Key Metrics Changes - U.S. Well Services reported adjusted EBITDA of $36.9 million for Q2 2021, with an annualized adjusted EBITDA per fleet increasing by 39% to $7.3 million [8][15] - Revenue for the second quarter was $78.8 million, reflecting a 3% sequential increase [12] - Cost of sales decreased by 5% to $59.3 million, primarily due to lower fleet activity [12][13] - SG&A expenses were $7.2 million, down 2% from the previous quarter [13] Business Line Data and Key Metrics Changes - The company averaged 9.3 active fleets during the quarter, achieving a utilization rate of 85% [12] - Revenue from the sale of materials, including sand and chemicals, grew over 80% sequentially [12] - Adjusted EBITDA from hydraulic fracturing operations was approximately $14.4 million, up 25% from the previous quarter [15] Market Data and Key Metrics Changes - The demand for electric fracturing solutions has surged due to increased pressure on E&P companies to reduce greenhouse gas emissions [9][10] - The market for conventional diesel fleets remains oversupplied, with pricing not recovering to pre-COVID-19 levels [9] Company Strategy and Development Direction - U.S. Well Services is transitioning to an all-electric fleet, divesting non-core assets, including conventional diesel-powered frac equipment [10][11] - The company plans to build four new Nyx Clean Fleets, each consisting of 10 dual pump trailers totaling 60,000 horsepower [10] - The strategy includes deploying advanced, cost-effective, and low-emission fleets while reducing debt through asset sales [11] Management Comments on Operating Environment and Future Outlook - Management believes the trends towards electric solutions are permanent and that demand for older diesel equipment will not recover [10] - The company expects to see improved profitability as it transitions to electric fleets and absorbs overhead costs [24][50] Other Important Information - The company ended the quarter with total liquidity of $70.7 million, consisting of cash and availability under its ABL facility [15] - U.S. Well Services has completed over $21 million in asset sales to date, with plans to accelerate sales in the third quarter [11][16] Q&A Session Summary Question: Contribution of conventional horsepower to EBITDA - Management indicated that the EBITDA contribution from the diesel fleet was minimal in the first half of the year due to slow recovery in diesel pricing [22][23] Question: Economics and return objectives for new builds - The expected payback period for the new fleet is 24 months on a cash basis, with strong demand for electric fleets [27] Question: Customer preference between electric and Tier IV DGB - Customers are gravitating towards next-generation solutions due to fuel cost savings and emission reductions, with electric fleets offering more complete benefits [30][32] Question: Maintenance cost comparison between electric and diesel fleets - Historically, electric fleets have shown a 35% to 40% cost advantage over diesel fleets [36] Question: Asset sales and debt reduction strategy - The company is targeting approximately $130 million in total asset sale proceeds to reduce debt levels [58]

U.S. Well Services, Inc. (USWS) Q1 2021 Earnings Conference Call May 17, 2021 11:00 AM ET Company Participants Josh Shapiro - VP, Finance and IR Joel Broussard - CEO Kyle O'Neill - CFO Conference Call Participants Ian MacPherson - Simmons Stephen Gengaro - Stifel John Daniel - Daniel Energy Partners Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services First Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I ...

U.S. Well Services, Inc. (USWS) Q4 2020 Earnings Conference Call March 11, 2021 11:00 AM ET Company Participants Josh Shapiro - VP, Finance and IR Joel Broussard - CEO Kyle O'Neill - CFO Conference Call Participants Stephen Gengaro - Stifel Ian MacPherson - Simmons Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services Full Year and Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my ple ...

U.S. Well Services, Inc. (USWS) Q3 2020 Earnings Conference Call November 6, 2020 11:00 AM ET Company Participants Josh Shapiro - Vice President, Finance and Investor Relations Joel Broussard - Chief Executive Officer Kyle O'Neill - Chief Financial Officer Conference Call Participants Ian MacPherson - Simmons Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A ...

US Well Services, Inc. (USWS) Q2 2020 Earnings Conference Call August 6, 2020 11:00 AM ET Company Participants Josh Shapiro - Vice President of Finance & Investor Relations Joel Broussard - Chief Executive Officer Kyle O'Neill - Chief Financial Officer Conference Call Participants Daniel Burke - Johnson Rice & Company Josh Shapiro Thank you, operator, and good afternoon, everyone. We appreciate you joining us for the U.S. Well Services Conference Call and Webcast to review Second Quarter 2020 Results. Joini ...

US Well Services, Inc. (USWS) Q1 2020 Earnings Conference Call May 11, 2020 5:00 PM ET Company Participants Josh Shapiro - VP, Finance & IR Joel Broussard - President, CEO & Director Kyle O'Neill - CFO Conference Call Participants Stephen Gengaro - Stifel, Nicolaus & Company Dylan Glosser - Simmons & Company Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services First Quarter Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being r ...