Core Viewpoint - Cobra Acquisitions LLC, a subsidiary of Mammoth Energy Services, has reached a settlement agreement with the Puerto Rico Electric Power Authority to resolve outstanding matters, with total settlement proceeds expected to be approximately $188 million [1][2]. Financial Implications - The settlement proceeds will be allocated as follows: approximately $49.3 million will be used to pay off a term credit facility, while the remaining $139.1 million will enhance the company's cash reserves for business investments and general corporate purposes [2]. - As of June 30, 2024, Cobra had remaining receivables from PREPA totaling approximately $359.1 million related to prior agreements for restoration services [2][3]. Settlement Agreement Details - Under the settlement terms, Cobra will have an allowed administrative expense claim against PREPA of $170 million, plus $18.4 million in withheld FEMA funds, to be paid in three installments [3]. - The first installment of $150 million is expected to be paid within ten business days following court approval of the settlement agreement, with subsequent payments scheduled based on specific conditions [3][4]. Approval Process - The settlement agreement has been approved by the boards of both Mammoth and PREPA, and is pending approval from the Title III Court, which is expected to address the motion in August or September 2024 [4]. Accounting Impact - As a result of the settlement agreement, the company will record a non-cash, pre-tax charge of approximately $170.7 million in Q2 2024 to adjust its accounts receivable balance from PREPA [5].

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $43.2 million, down 18% from $52.8 million in Q4 2023, primarily due to lower activity in natural gas-heavy basins and declining North American energy prices [11][40] - Net loss for Q1 2024 was $11.8 million compared to a net loss of $6 million in Q4 2023 [40] - Adjusted EBITDA for Q1 2024 was $4.5 million, a decrease from $10.5 million in Q4 2023 [40] Business Line Data and Key Metrics Changes - The well completions division faced challenges with only 380 stages pumped using 0.6 fleets on average, down from 669 stages and 0.9 fleets in Q4 2023, due to lower natural gas prices [38] - Infrastructure services revenue was $25 million in Q1 2024, down from $27.2 million in Q4 2023, attributed to lower storm-related work [13][31] - The sand division sold approximately 146,000 tons of sand at an average price of $24.38 per ton, compared to 104,000 tons at $23.62 in Q4 2023, indicating improved demand [39] Market Data and Key Metrics Changes - The company noted a decline in activity in natural gas-heavy basins, but anticipates increased demand for natural gas later in 2024 [11][33] - The infrastructure sector is seeing an uptick in bidding activity, particularly in transmission and distribution projects [32][21] Company Strategy and Development Direction - The company is focused on aligning capital expenditures with customer demand, revising its CapEx budget for 2024 to approximately $9 million, a decrease of $6 million from previous guidance [14] - The company is strategically positioning itself for growth in infrastructure services, particularly in T&D and fiber projects, as well as exploring opportunities to relocate assets to more oily basins [6][7][32] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of 2024, expecting a meaningful increase in activity and improved adjusted EBITDA results [9][11] - The company is prepared for an active storm season and is optimistic about growth in the infrastructure sector due to the Infrastructure Investment and Jobs Act [6][9] Other Important Information - The company received $64 million from PREPA in 2024, but still has approximately $349 million owed in principal and interest [35] - The company maintains a strong liquidity position with $22 million in cash and an undrawn revolving credit facility [42][43] Q&A Session Summary Question: Thoughts on labor market balance and maintaining staff - Management noted that while the labor market is competitive, they are successfully attracting talent, particularly in T&D, and have seen improvements compared to six months ago [51] Question: Revenue side and imminent infrastructure projects - Management confirmed robust bidding activity in infrastructure and mentioned ongoing transmission jobs, indicating a competitive position for upcoming bids [48][55] Question: Interest and financing charges spike - The spike in interest charges was primarily due to the SPCP agreement, with $5 million impacting Q1 2024, which is a one-time charge [23][24]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File No. 001-37917 Mammoth Energy Services, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0498321 (State or other jurisdiction of in ...

OKLAHOMA CITY - May 2, 2024 - Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today reported financial and operational results for the first quarter ended March 31, 2024. Financial Overview for the First Quarter 2024: Total revenue was $43.2 million for the first quarter of 2024 compared to $116.3 million for the same quarter of 2023 and $52.8 million for the fourth quarter of 2023. Net loss for the first quarter of 2024 was $11.8 million, or $0.25 loss per diluted share, compared ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-37917 Mammoth Energy Services, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0498321 (I.R.S. Employer Identification No.) 14201 Caliber Drive, Suite 300 | Okl ...

Forward-Looking and Cautionary Statements This presentation includes financial measures that are not presented in accordance with generally accepted accounting principles ("GAAP"), including Adjusted EBITDA. While management believes such non-GAAP measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. Please see the Appendix included at the end of this presentation and Mammoth's filings with the SEC for definitions and reconciliat ...

Mammoth Energy Services, Inc. (NASDAQ:TUSK) Q4 2023 Earnings Conference Call March 1, 2024 10:00 AM ET Company Participants Ken Dennard - Investor Relations Arty Straehla - Chief Executive Officer Mark Layton - Chief Financial Officer Conference Call Participants John Daniel - Daniel Energy Partners Michael Mathison - Singular Research Operator Greetings, and welcome to the Mammoth Energy Services Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-onl ...

Mark Layton, Chief Financial Officer of Mammoth commented, "We're pleased to have received these payments from PREPA, which has allowed us to extinguish the liability owed to SPCP Group and collect nearly $10 million in cash. We continue to pursue payment of the outstanding amounts owed to Cobra, including the associated interest, as these payments represent only a portion of the amounts still owed to us." Exhibit 99.1 Mammoth Energy Services, Inc. Announces PREPA's Payment of $50.6 Million and Reports Four ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 was $65 million, down from $107.2 million in Q3 2022, primarily due to lower utilization in the well completion services division [10] - Net loss for Q3 2023 was $1.1 million, compared to net income of $7.7 million in the same quarter last year [12] - Adjusted EBITDA for Q3 2023 was $13.4 million, a decrease from $29.8 million in Q3 2022 [12] - Capital expenditures for Q3 2023 were approximately $4.7 million, with an expected total CapEx budget of $18 million for 2023 [12][13] Business Line Data and Key Metrics Changes - Well completion services division saw a decrease in activity, pumping 577 stages with an average utilization of 1.2 fleets, compared to 1,897 stages and 3.5 fleets in Q3 2022 [10] - Sand division sold approximately 352,000 tons of sand in Q3 2023, up from 341,000 tons in Q3 2022, with an average price of $30.18 per ton compared to $29.95 per ton last year [11] - Infrastructure Services Division generated revenue of $26.7 million in Q3 2023, down from $33.3 million in the same quarter last year [12] Market Data and Key Metrics Changes - The company noted challenges in the U.S. onshore activity and weakness in natural gas basins, impacting utilization in well completion services [5] - There are expectations for improved funding from the Infrastructure Investment and Jobs Act, which is anticipated to increase bidding activity in late 2023 and into 2024 [6] Company Strategy and Development Direction - The company is focused on managing costs and constraining capital expenditures while preparing for increased completion activity in 2024 [5] - The infrastructure business is positioned for long-term growth, particularly in fiber and substation projects [6][7] - The company aims to leverage its diversified business model and operational efficiencies to adapt to changing market conditions [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about increasing completion activity and improving fleet counts in 2024 [5] - The company is encouraged by the potential for growth in its infrastructure segment and believes it is well-positioned for future opportunities [6][7] - Management acknowledged the challenges faced in the current year but highlighted the resilience and capabilities of their teams as a catalyst for future performance improvement [14] Other Important Information - The company successfully refinanced its credit facility, establishing a new five-year revolving credit facility of up to $75 million and a term loan of $45 million [4] - As of September 30, 2023, the company had cash on hand of $10.5 million and total liquidity of approximately $21.5 million [13] - The company is still owed over $394 million by PREPA for work completed, with ongoing efforts to pursue payment [8] Q&A Session Summary Question: Inquiry about new loan agreements and interest rate calculation - Management confirmed that the revolving credit facility is priced at SOFR plus 225, and the term loan is priced at SOFR plus 750 [16] Question: Expectations on bringing back furloughed crews - Management indicated confidence in ramping up operations in Q1 2024, leveraging both former employees and new hires to fill experienced crews [18]