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]

Core Viewpoint - Mammoth Energy Services reported a significant decline in revenue and increased net loss for Q3 2024, but anticipates a rebound in the fourth quarter due to improved market conditions and plans to invest in its divisions after becoming debt-free [2][3]. Financial Overview - Total revenue for Q3 2024 was $40.0 million, down from $65.0 million in Q3 2023 [3][21]. - The 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 the same quarter last year [3][22]. - Adjusted EBITDA for Q3 2024 was ($6.4) million, compared to $13.4 million for Q3 2023 [3]. Segment Performance Well Completion Services - Revenue from the well completion services division was $2.2 million in Q3 2024, down from $20.3 million in Q3 2023, with no active pressure pumping fleets during the quarter [4]. Infrastructure Services - The infrastructure services division generated $26.0 million in revenue for Q3 2024, slightly down from $26.7 million in Q3 2023, with an average crew count of 77 compared to 81 in the previous year [5]. Natural Sand Proppant Services - Revenue from natural sand proppant services was $4.9 million in Q3 2024, down from $10.6 million in Q3 2023, with sales of approximately 163,000 tons at an average price of $22.89 per ton [6]. Drilling Services - The drilling services division contributed $1.6 million in revenue for Q3 2024, compared to $2.3 million in Q3 2023 [7]. Other Services - Other services, including aviation and equipment rentals, generated $7.0 million in revenue for Q3 2024, up from $6.0 million in Q3 2023 [7]. Expenses and Liquidity - Selling, general and administrative expenses were $8.7 million for Q3 2024, down from $10.4 million in Q3 2023, with SG&A expenses as a percentage of total revenue increasing to 22% from 16% [8]. - Interest expense and financing charges for Q3 2024 were $9.7 million, compared to $2.9 million in Q3 2023 [9]. - As of September 30, 2024, the company had unrestricted cash of $4.2 million and total liquidity of $17.9 million [9]. Future Outlook - The CEO expressed optimism about a market rebound in Q4 2024 and plans to invest in both Infrastructure Services and Well Completion Services divisions, including upgrading equipment to more efficient technology [2].

Company Announcement - Mammoth Energy Services, Inc. will disclose its 2024 third quarter financial results before the market opens on November 1, 2024 [1] - A conference call and webcast to discuss the third quarter results is scheduled for the same day at 10:00 a.m. Eastern Time [1] Conference Call Details - The conference call can be accessed by dialing 1-201-389-0872 or via the internet at the provided link [1][2] - An archive of the webcast will be available shortly after the call concludes [2] Company Overview - Mammoth Energy Services is an integrated, growth-oriented energy services company focused on providing products and services for the exploration and development of North American onshore unconventional oil and natural gas reserves [3] - The company also engages in the construction and repair of the electric grid for various utilities through its infrastructure services [3] - Mammoth's service offerings include well completion services, infrastructure services, natural sand and proppant services, drilling services, and other energy services [3]

Core Points - Cobra Acquisitions LLC, a subsidiary of Mammoth Energy Services, received $18.4 million from the Puerto Rico Electric Power Authority as part of a Settlement Agreement [1][2] - The total settlement amount under the agreement is $188.4 million, of which Cobra has received $168.4 million, with the remaining $20 million due upon confirmation of PREPA's bankruptcy plan [2] - Mammoth maintains a strong cash position with no debt and plans to strategically deploy the received capital for value-enhancing opportunities [1] Financial Agreements - The receipt of $18.4 million led to an amendment of Mammoth's revolving credit agreement and a letter of credit reimbursement agreement with Fifth Third Bank [1] - The Credit Agreement Amendment allows for the issuance of letters of credit to meet Cobra's obligations under the Settlement Agreement [1] - Cobra transferred $19.3 million to a restricted cash account as collateral for the letter of credit issued to PREPA [1] Company Overview - Mammoth Energy Services is focused on providing products and services for the exploration and development of North American unconventional oil and natural gas reserves [3] - The company also engages in the construction and repair of electric grids for various utilities through its infrastructure services [3] - Mammoth's service offerings include well completion services, infrastructure services, natural sand and proppant services, and drilling services [3]