Mammoth Energy Services(TUSK)2024-11-01 12:47Financial 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]