Business Segments and Operations - The company operates in three reportable segments: well completion services, infrastructure services, and natural sand proppant services, with a focus on organic growth and accretive acquisitions [23]. - As of December 31, 2024, the pressure pumping business included six high-pressure fleets with a total capacity of 310,000 horsepower, and two fleets were active in the northeast region [29]. - The company owns a fleet of 39 trucks for sand hauling services as of December 31, 2024 [30]. - The natural sand proppant business mines, processes, and sells frac sand, which is widely used in U.S. unconventional oil and gas wells [43]. - The company’s processing plants produce a range of frac sand sizes, customizable to meet specific well demands, with operations in Wisconsin [44]. - The company provides logistics solutions for frac sand products, primarily shipping by rail to various basins including the Permian Basin and Utica Shale [45]. - As of December 31, 2024, the company owned four Measurement-While-Drilling (MWD) kits and 89 mud motors, performing directional drilling services in multiple basins [49]. - The remote accommodations business had a capacity of 764 rooms, with an average utilization of 216 rooms per night during the year ended December 31, 2024 [52]. Financial Performance and Customer Base - The company reported a decline in the number of customers from approximately 410 in 2022 to 259 in 2024, indicating a significant reduction in its customer base [76]. - The top five customers accounted for approximately 34% of the company's revenue in 2024, down from 36% in 2022, highlighting a slight decrease in revenue concentration [76]. - The average oil price for 2024 was $75.79 per barrel, with fluctuations between a low of $65.75 and a high of $86.91, impacting the company's oilfield services [74]. - Natural gas prices averaged $2.41 per MMBtu in 2024, with a low of $1.58 and a high of $3.95, contributing to lower utilization and margins for oilfield services [74]. - The company maintained unrestricted cash of $61.0 million and had no outstanding debt as of December 31, 2024, reflecting a conservative balance sheet strategy [74]. - As of December 31, 2024, $20.0 million remained outstanding from PREPA, which is subject to bankruptcy proceedings, potentially impacting the company's financial condition [139]. Market Conditions and Demand - Demand for natural sand proppant was adversely impacted in 2023 by wildfires in Canada and declining crude oil and natural gas prices, leading to suppressed activity throughout 2024 [66]. - The company expects 2025 completions activity to be steady, with potential upside driven by incremental demand associated with natural gas [64]. - The company experienced persistent challenges in its well completion business due to reduced demand, particularly in the Utica and Marcellus Shale natural gas plays [142]. - The cyclicality of the oil and natural gas industry may cause significant fluctuations in the company's operating results, influenced by oil and natural gas price volatility [145]. - The ongoing war in Ukraine and instability in the Middle East may increase volatility in oil and natural gas prices, adversely impacting the oilfield services industry [136]. Regulatory and Environmental Compliance - Compliance with environmental regulations may require costly measures, and changes in laws could materially affect operations and financial position [94]. - The company handles hazardous and non-hazardous wastes under the Resource Conservation and Recovery Act, which imposes strict compliance requirements [95]. - The EPA may adopt more stringent waste handling requirements, potentially increasing costs for the company [96]. - The Clean Water Act and related regulations impose strict controls on pollutant discharges, affecting operational costs and permitting processes [100]. - The company’s operations are subject to extensive environmental, health, and safety laws, which may result in substantial liability [132]. - The EPA's final rule aims for a 95% reduction in volatile organic compounds emissions from hydraulically-fractured wells constructed or refractured after January 1, 2015 [110]. - The company may face increased costs and operational restrictions due to climate change regulations and extreme weather conditions [107]. Strategic Initiatives and Growth - The company continues to explore opportunities to expand its industrial business lines, including fiber optic services and equipment manufacturing [21]. - The company aims to expand its energy infrastructure business in response to increased demand in geographic areas where it currently operates [75]. - The company intends to pursue selected, accretive acquisitions to complement organic growth and enhance its portfolio of products and services [75]. - The company is pursuing selected, accretive acquisitions of complementary assets, businesses, and technologies, but faces risks related to integration and financing [199]. - Growth in accordance with the business plan could strain financial, technical, operational, and management resources, impacting the ability to execute the business plan [201]. Workforce and Diversity - As of December 31, 2024, the company had 639 full-time employees, with over 9% identifying as women and over 13% as ethnic minorities [124][125]. - The operational division heads have an average of over 32 years of oilfield services experience, enhancing the company's ability to provide innovative customer service [73]. - The company actively promotes diversity and inclusion, with one of five board members being ethnically diverse [125]. Risks and Challenges - The company may experience losses in excess of recorded reserves for receivables, which could materially affect its financial condition and cash flows [135]. - The company faces risks related to supply chain disruptions, including shortages and delays in obtaining specialized equipment and parts, which could adversely affect operations [158]. - The company may face difficulties in managing growth through acquisitions, which could adversely affect its financial condition and results of operations [130]. - The company relies on a few key employees, and their absence could adversely affect its business operations [130]. - The competitive landscape in the frac sand market is challenging, with larger producers potentially impacting pricing and demand [174]. - Increasing transportation and related costs could adversely affect the company's operations, as these expenses comprise a significant component of the total delivered cost of frac sand sales [178]. - The company faces challenges in employing and retaining skilled workers, which could diminish capacity and profitability, as well as impair growth potential [190]. Financial and Operational Constraints - The company’s revolving credit facility imposes restrictions that may affect its ability to operate successfully, including limitations on incurring additional indebtedness and paying dividends [141]. - The company has not hedged interest rate exposure on floating rate debt, leading to potential difficulties in making interest payments if rates increase [204]. - The company derives a portion of its infrastructure services revenue from fixed-price contracts, which may lead to reduced profitability if actual costs exceed estimates [160]. - The timing of new contracts and the termination of existing contracts can lead to unpredictable fluctuations in cash flows and financial results [165]. - Delays in government appropriations may negatively impact the company's energy infrastructure projects and expose it to credit risk [168].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $53.2 million, a 33% sequential increase from $40 million in Q3 2024 [21] - Full year 2024 total revenue was $187.9 million, down from $309.5 million in 2023 [21] - Net loss for Q4 2024 was $15.5 million, or a loss of $0.32 per diluted share, while the full year net loss was $207.3 million, or a loss of $4.31 per diluted share [27] - Adjusted EBITDA for Q4 2024 was a negative $4.8 million, an improvement from a negative $6.4 million in Q3 2024 [28] Business Line Data and Key Metrics Changes - Infrastructure services revenue for Q4 2024 was $27.9 million, a slight increase from $26 million in Q3 2024, with full year revenue flat at $110.4 million compared to $110.5 million in 2023 [23] - Well completion services generated $15.8 million in Q4 2024, with approximately 1.1 fleets utilized on average [25] - Sand division sold 129,000 tons of sand in Q4 2024 at an average price of $22.54 per ton, down from 163,000 tons at $22.89 in Q3 2024 [26] Market Data and Key Metrics Changes - The company noted improved pressure pumping utilization and strong demand across various businesses, including engineering, fiber, and T&D services [10] - There are significant bidding opportunities in the market related to engineering fiber transmission and distribution [14] - The company expects steady completions activity in 2025, with potential upside driven by natural gas demand and LNG export capacity [17] Company Strategy and Development Direction - The company aims to unlock value for shareholders while maintaining a strong balance sheet and evaluating strategic opportunities for accretive assets [11][12] - The focus is on organic growth, with an increase of 25% in crew count to meet growing utility demand [13] - Strategic investments are being made in infrastructure services to capitalize on favorable market conditions [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future demand for natural gas and the potential for improved financial performance in 2025 [22] - The company is focused on efficient cost management and aligning spending with customer demand [18] - Management emphasized the importance of disciplined operations and strategic capital allocation to unlock shareholder value [35] Other Important Information - The company had unrestricted cash of $61 million as of December 31, 2024, with total liquidity remaining strong and debt-free [32] - CapEx for Q4 2024 was approximately $6.1 million, with a budget of $12 million for 2025 primarily for growth in the equipment rentals business [29] Q&A Session Summary Question: Where is the best growth potential for the infrastructure business? - Management indicated that most growth is currently through organic means, with increased demand from larger IOUs and potential involvement with co-ops [38] Question: Can you provide details on the rental business and its growth drivers? - The rental business primarily serves E&P companies and other service companies, with opportunities in the construction market [42] Question: What is the outlook for the sand business in 2025? - Management noted stabilized demand and the ability to expand capacity as key drivers for growth in the sand business [44] Question: Can you break down the CapEx outlook for 2025? - Approximately half of the $12 million CapEx budget is allocated to growing the rental business, with about $5 million for pressure pumping upgrades [46] Question: What are the primary focuses for the company moving forward? - The focus is on rightsizing the company, evaluating existing businesses, and exploring potential acquisitions [48]

Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. The information included in this presentation should be read together with Mammoth's mos ...

Revenue Performance - Total revenue for Q4 2024 was $53.2 million, a slight increase from $52.8 million in Q4 2023 and up from $40.0 million in Q3 2024[4] - Total revenue for the twelve months ended December 31, 2024, was $187.932 million, a decrease of 39.2% compared to $309.492 million for the same period in 2023[31] - Total revenue for the three months ended December 31, 2024, was $53,200 thousand, a slight increase from $52,782 thousand in the same period of 2023[36] - Revenue from external customers in the Completion segment for 2024 was $33,622 million, down from $126,932 million in 2023, a decrease of about 73.5%[38] Net Loss and Earnings - Net loss for Q4 2024 was $15.5 million, or $0.32 per diluted share, compared to a net loss of $6.0 million, or $0.12 per diluted share in Q4 2023[5] - The company reported a net loss of $15.474 million for the three months ended December 31, 2024, compared to a net loss of $5.955 million for the same period in 2023[31] - For the twelve months ended December 31, 2024, the net loss was $207,326 thousand, compared to a net loss of $3,163 thousand in 2023[34] - The company reported losses before income taxes of $(218,530) million for 2024, compared to a profit of $9,134 million in 2023, indicating a drastic shift in financial performance[38] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was ($4.8) million, down from $10.5 million in Q4 2023[6] - Adjusted EBITDA for the year ended December 31, 2024, was $(167,451) million, compared to $70,979 million in 2023, reflecting a substantial decline[42] - Adjusted EBITDA for the three months ended September 30, 2024, was $(1,172) million, a decrease from $(534) million in the same period of 2023[49] Expenses and Liabilities - SG&A expenses for Q4 2024 were $9.9 million, representing 19% of total revenue, compared to 16% in Q4 2023[16] - Selling, general and administrative expenses for 2024 totaled $124,821 million, up from $37,458 million in 2023, marking an increase of approximately 233%[38] - Interest expense and financing charges for the year ended December 31, 2024, were $25,204 million, compared to $16,196 million in 2023, an increase of about 55.7%[42] - The company incurred interest expense and financing charges of $20.497 million for the twelve months ended December 31, 2024[31] Cash and Liquidity - Total liquidity as of March 5, 2025, was $91.0 million, with unrestricted cash of $64.8 million[19] - The company had cash and cash equivalents of $60.967 million as of December 31, 2024, up from $16.556 million as of December 31, 2023[30] - Cash, cash equivalents, and restricted cash at the end of the period increased to $82,326 thousand from $24,298 thousand at the beginning of the period[34] Capital Expenditures - Capital expenditures for Q4 2024 totaled $6.1 million, compared to $4.1 million in Q4 2023[21] - The company incurred $17,065 thousand in purchases of property and equipment during the twelve months ended December 31, 2024[34] Financial Position - Total current assets decreased to $188.587 million as of December 31, 2024, from $496.925 million as of December 31, 2023[30] - Total liabilities decreased to $131.213 million as of December 31, 2024, from $238.379 million as of December 31, 2023[30] - The total equity decreased to $252.818 million as of December 31, 2024, from $460.100 million as of December 31, 2023[30] - The accumulated deficit increased to $283.643 million as of December 31, 2024, compared to $76.317 million as of December 31, 2023[30] Future Outlook - The company expects potential upside performance in 2025 driven by incremental natural gas-related demand[2]

Core Viewpoint - Mammoth Energy Services reported a mixed financial performance for the fourth quarter and full year of 2024, with a slight increase in revenue but significant net losses, while expressing optimism for 2025 driven by potential natural gas demand and operational improvements [2][4][5]. Financial Overview - Total revenue for Q4 2024 was $53.2 million, a slight increase from $52.8 million in Q4 2023 and up from $40.0 million in Q3 2024 [4]. - For the full year 2024, total revenue was $187.9 million, down from $309.5 million in 2023 [4]. - The net loss for Q4 2024 was $15.5 million, or $0.32 per diluted share, compared to a net loss of $6.0 million, or $0.12 per diluted share, in Q4 2023 [5]. - The full year net loss for 2024 was $207.3 million, or $4.31 per diluted share, compared to a net loss of $3.2 million, or $0.07 per diluted share, in 2023 [5]. Segment Performance - Infrastructure Services generated $27.9 million in revenue for Q4 2024, compared to $27.2 million in Q4 2023 [7]. - Well Completion Services contributed $15.8 million in revenue for Q4 2024, matching the revenue from Q4 2023, and significantly up from $1.4 million in Q3 2024 [9]. - Natural Sand Proppant Services reported $5.1 million in revenue for Q4 2024, an increase from $4.5 million in Q4 2023 [11]. - Other Services generated $6.2 million in revenue for Q4 2024, compared to $5.7 million in Q4 2023 [13]. Operational Insights - The average crew count in the Infrastructure Services division increased to 86 in Q4 2024 from 78 in Q4 2023 [7]. - The company maintained a debt-free balance sheet with approximately $86 million in cash as of early March 2025, which includes $21 million in restricted cash [3][19]. - The company plans to strategically utilize its cash for accretive investments aimed at future growth [3]. Cost and Expenses - Selling, General and Administrative (SG&A) expenses were $9.9 million for Q4 2024, up from $8.3 million in Q4 2023 [14]. - SG&A expenses for the full year 2024 totaled $124.8 million, significantly higher than $37.5 million in 2023 [14][16]. - SG&A expenses as a percentage of total revenue were 19% for Q4 2024, compared to 16% in Q4 2023 [16]. Liquidity and Capital Expenditures - As of December 31, 2024, Mammoth had total liquidity of $78.7 million, which increased to $91.0 million by March 5, 2025 [18][19]. - Capital expenditures for Q4 2024 totaled $6.1 million, compared to $4.1 million in Q4 2023 [20]. Future Outlook - The company anticipates steady activity in 2025 with potential upside from increased natural gas demand [2]. - Mammoth aims to build on its recent positive momentum by focusing on operational execution and efficiency [3].

Company Announcement - Mammoth Energy Services, Inc. will disclose its 2024 fourth quarter and full year financial results before the market opens on March 7, 2025 [1] - A conference call and webcast to discuss the results is scheduled for the same day at 11:00 a.m. Eastern Time [1][2] Conference Call Details - The conference call can be accessed via phone by dialing 1-201-389-0872 or through the internet at the provided link [2] - A replay of the call will be available until March 14, 2025, and can be accessed by dialing 201-612-7415 with the passcode 13751343 [2] Company Overview - Mammoth Energy Services is an integrated, growth-oriented energy services company focused on North American onshore unconventional oil and natural gas reserves [3] - The company provides a range of services including well completion, infrastructure services, natural sand and proppant services, and drilling services [3]

Group 1 - The article promotes a free two-week trial for the investment group Distressed Value Investing, which offers exclusive research on various companies and investment opportunities [1] - The investment group focuses on value opportunities and distressed plays, particularly in the energy sector [2] - The author, Aaron Chow, has over 15 years of analytical experience and previously co-founded a mobile gaming company that was acquired by PENN Entertainment [2] Group 2 - The article mentions that Aaron Chow has a beneficial long position in the shares of TUSK through stock ownership, options, or other derivatives [2] - It highlights that the investment group has a portfolio of historic research that includes over 1,000 reports on more than 100 companies [1]

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $40 million, down 22% from $51.5 million in Q2 2024, primarily due to activity softness in natural gas basins [24][25] - Net loss for Q3 2024 was $23.4 million, equating to a loss of $0.50 per share, with adjusted EBITDA at negative $6.4 million [34] - Capital expenditures (CapEx) for Q3 2024 were approximately $1.9 million, down from $4.9 million in Q2 2024, but the CapEx budget for 2024 was adjusted to $23 million from a previous guidance of $12 million [35][36] Business Line Data and Key Metrics Changes - The Well Completion Services Division generated $2.2 million in revenue during Q3 2024, facing challenges due to lower natural gas prices and activity softness [26][27] - The Infrastructure Services Division contributed $26 million in revenue for Q3 2024, down from $31.4 million in Q2 2024, impacted by storm-related work [31] - The Sand Division sold approximately 163,000 tons of sand at an average price of $22.89 per ton, compared to 141,000 tons at $22.73 per ton in Q2 2024, indicating a slight improvement [30] Market Data and Key Metrics Changes - The company noted a rebound in well completion activity expected in Q4 2024, despite challenges anticipated in the first half of 2025 [14][15] - There is an optimistic outlook for the Infrastructure Services Division, supported by the release of Infrastructure Investment and Jobs Act funds, which is expected to enhance bidding opportunities [19][20] Company Strategy and Development Direction - The company plans to focus on growing its infrastructure business through investments in transmission and distribution (T&D) and engineering, as well as modernizing pressure pumping assets [12][20] - Strategic investments will be made to enhance capabilities and scale, particularly in T&D and fiber projects, to capitalize on market opportunities [18][20] - The company is open to potential strategic acquisitions to add scale and high-quality assets while maintaining a strong balance sheet [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged industry softness impacting operations but expressed optimism for demand recovery in natural gas production later in 2025 [15][25] - The company emphasized the importance of efficient capital management and strategic investments to prepare for anticipated demand increases [21][22] - Management highlighted the favorable cash position and debt-free status as enabling factors for future growth and investment opportunities [40][41] Other Important Information - The company received $168.4 million from the Puerto Rico Electric Power Authority (PREPA) settlement, which has been used to pay off its term credit facility, resulting in a debt-free status [9][10][39] - As of September 30, 2024, the company had cash on hand of $4.2 million, with total liquidity of approximately $17.9 million [38] Q&A Session Summary Question: On the pressure pumping side, what are the lead times for equipment upgrades and outlook for the capital appointment market? - Management indicated that the availability of engines for Tier 4 dual fuel pumps is good, with plans to modernize the fleet over the next eight to ten months [44][45] Question: Regarding cash balance and M&A opportunities, what is the strategy for scaling the business? - Management is considering both internal growth in T&D and potential strategic acquisitions to enhance capabilities and customer reach [46][48] - There is a noted organic demand increase of 25% to 30% in the T&D business [49]

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $40,015 thousand, a decrease of 38.5% compared to $64,959 thousand for the same period in 2023[20]. - Services revenue for the three months ended September 30, 2024, was $34,069 thousand, down 37.0% from $54,025 thousand in the prior year[20]. - Product revenue for the three months ended September 30, 2024, was $4,909 thousand, a decrease of 54.0% compared to $10,682 thousand in the prior year[20]. - For the nine months ended September 30, 2024, total revenue was $134,732,000, down from $256,710,000 in the same period of 2023, a decrease of about 47.5%[176][177]. - The company experienced intersegment revenues of $1,641,000 for the three months ended September 30, 2024, compared to $909,000 in the same period of 2023[173][174]. Financial Losses - Operating loss for the three months ended September 30, 2024, was $(12,550) thousand, compared to an operating loss of $(8,862) thousand for the same period in 2023[21]. - Net loss for the nine months ended September 30, 2024, was $191.846 million, compared to a net income of $2.793 million for the same period in 2023[29]. - Basic and diluted net loss per share for the three months ended September 30, 2024, was $(0.50), while for the same period in 2023, it was $(0.02)[23]. - Comprehensive loss for the three months ended September 30, 2024, was $(23.917) million, compared to $(1.363) million for the same period in 2023[22]. - The company reported a loss before income taxes of $(204,446,000) for the nine months ended September 30, 2024, compared to a loss of $(11,799,000) in the same period of 2023, indicating a significant increase in losses[176][177]. Asset and Equity Changes - Total current assets decreased to $255,188 thousand as of September 30, 2024, from $496,925 thousand at December 31, 2023, representing a decline of 48.6%[19]. - Total equity decreased to $268,678 thousand as of September 30, 2024, from $460,100 thousand at December 31, 2023, a decrease of 41.6%[19]. - Total assets as of September 30, 2024, were $442,978,000, reflecting a decrease from previous reporting periods[178]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $4,165 thousand as of September 30, 2024, from $16,556 thousand at December 31, 2023, a decline of 74.8%[19]. - Cash provided by operating activities for the nine months ended September 30, 2024, was $39.301 million, an increase from $24.951 million in the same period in 2023[29]. - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2024, was $6.165 million, down from $10.527 million at the end of the same period in 2023[29]. Liabilities and Debt - Total liabilities decreased to $174,300 thousand as of September 30, 2024, from $238,379 thousand at December 31, 2023, a reduction of 26.9%[19]. - Total debt as of September 30, 2024, was $49.0 million, an increase from $42.8 million on December 31, 2023, representing a 14.0% increase[93]. - The new term credit facility had outstanding borrowings of $50.9 million as of September 30, 2024, compared to $45.0 million on December 31, 2023, reflecting a 10.4% increase[103]. Operational Challenges - The Company has been involved in ongoing litigation with PREPA regarding outstanding payments for restoration services, which has affected its financial results[45]. - The Company operates primarily in North America, with services concentrated in key oil and gas regions such as the Permian Basin and the Marcellus Shale[33]. - The infrastructure services segment is heavily reliant on capital spending by electric utility companies, which can significantly impact the Company's financial condition[33]. Customer Concentration - Customer A and Customer B accounted for 81% and 90% of total revenues for the three and nine months ended September 30, 2024, respectively, indicating significant customer concentration risk[52]. Legal and Regulatory Issues - Foreman Electric Services, Inc. alleges $250 million in damages against Mammoth Inc. and Cobra due to wrongful interference related to FEMA[155]. - Cobra has been served with 13 lawsuits in Puerto Rico, with a judgment ordering payment of approximately $9.0 million for construction excise taxes[157]. Segment Performance - The Company operates four reportable segments: Well Completion, Infrastructure, Sand, and Drilling, with distinct service offerings[169]. - The Well Completion segment primarily services the Utica Shale, Marcellus Shale, and mid-continent region[169]. - The Infrastructure segment provides electric utility infrastructure services across various regions in the United States[169]. - The Sand segment mines and sells sand for hydraulic fracturing, servicing areas including the Permian Basin and Montney Shale[169]. Miscellaneous Financial Metrics - Total SG&A expenses for the nine months ended September 30, 2024, were $114.96 million, a decrease from $29.15 million in the same period of 2023[110]. - The company recognized lease revenue of $0.5 million and $1.7 million during the three and nine months ended September 30, 2024, respectively, compared to $0.8 million and $2.4 million for the same periods in 2023[124].

Financial Performance - Total revenue for Q3 2024 was $40.0 million, a decrease of 38.5% compared to $65.0 million in Q3 2023[2] - Net loss for Q3 2024 was $24.0 million, or $0.50 loss per diluted share, compared to a net loss of $1.1 million, or $0.02 loss per diluted share in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was ($6.4) million, down from $13.4 million in Q3 2023[3] - Total revenue for the three months ended September 30, 2024, was $40.015 million, a decrease of 38.5% from $64.959 million in the same period of 2023[27] - Services revenue for the nine months ended September 30, 2024, was $119.653 million, down 46.0% from $221.140 million in the same period of 2023[27] - Net loss for the three months ended September 30, 2024, was $24.042 million, compared to a net loss of $1.088 million in the same period of 2023[28] - Total revenue for the nine months ended September 30, 2024, was $134.732 million, a decrease of 47.4% compared to $256.710 million for the same period in 2023[34][35] - The company reported a net loss of $(24.042) million for the nine months ended September 30, 2024, compared to a net loss of $(1.088) million in the same period of 2023[38] Revenue Breakdown - Well Completion Services revenue was $2.2 million in Q3 2024, a significant decline of 89.2% from $20.3 million in Q3 2023[4] - Infrastructure Services revenue was $26.0 million in Q3 2024, slightly down from $26.7 million in Q3 2023[5] - Natural Sand Proppant Services revenue was $4.9 million in Q3 2024, down 53.8% from $10.6 million in Q3 2023, with sales of approximately 163,000 tons at an average price of $22.89 per ton[6] - Revenue from external customers in the Well Completion segment was $20.218 million, down 82.4% from $114.810 million in the prior year[34][35] - The Infrastructure segment generated $82.514 million in revenue, a slight increase of 1.4% from $83.308 million year-over-year[34][35] Expenses and Losses - SG&A expenses were $8.7 million in Q3 2024, a decrease of 16.3% from $10.4 million in Q3 2023, but SG&A as a percentage of total revenue increased to 22% from 16%[9] - Interest expense and financing charges, net, were $9.7 million in Q3 2024, compared to $2.9 million in Q3 2023[10] - The company reported an operating loss of $12.550 million for the three months ended September 30, 2024, compared to an operating loss of $8.862 million in the same period of 2023[28] - The company incurred interest expense and financing charges of $8.088 million for the three months ended September 30, 2024, compared to $2.876 million in the same period of 2023[28] - The company reported an operating loss of $119.388 million for the nine months ended September 30, 2024, compared to an operating loss of $9.867 million in the same period of 2023[34][35] - The company incurred interest expense and financing charges of $20.400 million for the nine months ended September 30, 2024, compared to $9.385 million in the prior year[34][35] Liquidity and Assets - As of September 30, 2024, total liquidity was $17.9 million, with unrestricted cash on hand of $4.2 million[11] - Total current assets decreased to $255.188 million as of September 30, 2024, from $496.925 million as of December 31, 2023, representing a decline of 48.7%[24] - Cash and cash equivalents decreased to $4.165 million as of September 30, 2024, from $16.556 million as of December 31, 2023[24] - The company’s accumulated deficit increased to $(268.163) million as of September 30, 2024, from $(76.317) million as of December 31, 2023[24] - Total equity decreased to $268.678 million as of September 30, 2024, from $460.100 million as of December 31, 2023, a decline of 41.5%[24] Strategic Focus - The company plans to invest in its Infrastructure Services and Well Completion Services divisions, including upgrading pressure pumping equipment to more efficient dual fuel Tier 4 technology[2] - The company is focusing on improving operational efficiency and exploring strategic partnerships to enhance market presence and financial performance[37]