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]

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]