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]

You can't turn on the news without seeing the utter devastation that Hurricane Helene wrought over the Southeast a couple of weeks ago. One of the things that was wiped away was the electrical grid in parts of Florida, Georgia, South He is the leader of the investing group The Daily Drilling Report where he provides investment analysis for the oil and gas industry. Features of the group include: a model portfolio that covers all segments of upstream oilfield activity with weekly updates, ideas for both U.S ...

OKLAHOMA CITY, Oct. 3, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today announced the payoff and termination of its term credit facility with Wexford Capital LP. On October 2, 2024, the Company used a portion of the proceeds received from the first installment payment from the previously disclosed settlement agreement with the Puerto Rico Electric Power Authority to pay off all outstanding amounts under its term credit facility, including accrued and unpai ...

OKLAHOMA CITY, Aug. 9, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today reported financial and operational results for the second quarter ended June 30, 2024. Financial Overview for the Second Quarter 2024: Total revenue was $51.5 million for the second quarter of 2024 compared to $43.2 million for the first quarter of 2024. Net loss for the second quarter of 2024 was $156.0 million, or $3.25 loss per diluted share, compared to net loss of $11.8 million, o ...

OKLAHOMA CITY, July 29, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) (the "Company"), announced today that it will disclose its 2024 second quarter financial results before the market opens on Friday, August 9, 2024. In conjunction with the earnings release, the Company has scheduled a conference call and webcast to discuss second quarter results on the same day at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). About Mammoth Energy Services, Inc. For those who cannot listen to the li ...

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].