Mammoth Energy Services(US:TUSK)2025-10-31 12:17Financial Performance - Total revenue from continuing operations for Q3 2025 was $14.8 million, a decrease of 13.5% from $17.1 million in Q3 2024 and a decrease of 9.8% from $16.4 million in Q2 2025[4] - Net loss from continuing operations for Q3 2025 was $12.1 million, or $0.25 per diluted share, compared to a net loss of $8.9 million, or $0.18 per diluted share, in Q3 2024[5] - Adjusted EBITDA from continuing operations was ($4.4) million for Q3 2025, worsening from ($2.9) million in Q3 2024 and ($2.8) million in Q2 2025[6] - Total revenue for the three months ended September 30, 2025, was $14,801,000, a decrease of 13.8% compared to $17,052,000 for the same period in 2024[28] - The company reported a comprehensive loss of $12,795,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $23,917,000 for the same period in 2024[28] - The company reported a net loss from continuing operations of $(12,058) million for the three months ended September 30, 2025, compared to $(8,865) million in the same period of 2024[38] - The company experienced a total revenue of $46,802 million for the nine months ended September 30, 2025, slightly down from $48,418 million in the same period of 2024, a decrease of approximately 3.3%[34] Segment Performance - Infrastructure services segment revenue increased to $4.8 million in Q3 2025 from $4.4 million in Q3 2024, driven by higher fiber optic activity[7] - Natural sand proppant services segment revenue decreased to $2.7 million in Q3 2025 from $4.9 million in Q3 2024, with sales of approximately 122,000 tons at an average price of $18.26 per ton[9] - Accommodation services segment revenue was $2.3 million in Q3 2025, down from $2.9 million in Q3 2024, with an average of 185 rooms utilized[10] - Drilling services revenue increased to $2.3 million in Q3 2025 from $1.6 million in Q3 2024, attributed to higher utilization[11] - Revenue from external customers for the Rentals segment in the nine months ended September 30, 2025, was $7,744 million, up from $5,594 million in the same period of 2024, reflecting an increase of approximately 38.4%[34] - The Infrastructure segment reported revenue of $14,881 million for the nine months ended September 30, 2025, compared to $13,957 million in 2024, marking an increase of about 6.6%[34] Liquidity and Capital Expenditures - Total liquidity as of September 30, 2025, was $153.4 million, with unrestricted cash and cash equivalents of $98.2 million and no debt[4][13] - As of October 29, 2025, total liquidity increased to $166.7 million, with unrestricted cash on hand of $106.6 million[14] - Capital expenditures for Q3 2025 totaled $17.3 million, primarily for the expansion of the aviation rental fleet[15] Assets and Liabilities - Cash, cash equivalents, and restricted cash at the end of the period was $127,687,000, significantly up from $6,165,000 at the end of the same period in 2024[30] - Total current assets increased to $199,009,000 as of September 30, 2025, compared to $188,587,000 as of December 31, 2024[25] - Total liabilities decreased to $87,510,000 as of September 30, 2025, from $131,213,000 as of December 31, 2024[25] - Total equity decreased to $249,243,000 as of September 30, 2025, from $252,818,000 as of December 31, 2024[25] Expenses - Cost of revenue for the three months ended September 30, 2025, was $14,020 million, compared to $13,433 million in the same period of 2024, an increase of approximately 4.4%[32] - Selling, general and administrative expenses for the three months ended September 30, 2025, totaled $5,160 million, up from $6,561 million in the same period of 2024, a decrease of about 21.4%[32] - The company’s total expenses for the three months ended September 30, 2025, were $18,180 million, compared to $17,994 million in the same period of 2024, reflecting a slight increase[32] Impairment - The company incurred impairment of long-lived assets amounting to $31,669,000 during the nine months ended September 30, 2025[30] Share Information - The weighted average number of shares outstanding for the three months ended September 30, 2025, was 48,358,000, compared to 48,127,000 for the same period in 2024[28] - Adjusted EBITDA for the three months ended September 30, 2025, was $(4,379) million, compared to $(2,942) million for the same period in 2024, indicating a worsening performance[38] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(8,841) million, compared to $(163,272) million in the same period of 2024, indicating a significant decline[38]