Workflow
Mammoth Energy Services, Inc. Announces Fourth Quarter and Full Year 2024 Operational and Financial Results
TUSKMammoth Energy Services(TUSK) Prnewswire·2025-03-07 13:00

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 53.2million,aslightincreasefrom53.2 million, a slight increase from 52.8 million in Q4 2023 and up from 40.0millioninQ32024[4].−Forthefullyear2024,totalrevenuewas40.0 million in Q3 2024 [4]. - For the full year 2024, total revenue was 187.9 million, down from 309.5millionin2023[4].−ThenetlossforQ42024was309.5 million in 2023 [4]. - The net loss for Q4 2024 was 15.5 million, or 0.32perdilutedshare,comparedtoanetlossof0.32 per diluted share, compared to a net loss of 6.0 million, or 0.12perdilutedshare,inQ42023[5].−Thefullyearnetlossfor2024was0.12 per diluted share, in Q4 2023 [5]. - The full year net loss for 2024 was 207.3 million, or 4.31perdilutedshare,comparedtoanetlossof4.31 per diluted share, compared to a net loss of 3.2 million, or 0.07perdilutedshare,in2023[5].SegmentPerformance−InfrastructureServicesgenerated0.07 per diluted share, in 2023 [5]. Segment Performance - Infrastructure Services generated 27.9 million in revenue for Q4 2024, compared to 27.2millioninQ42023[7].−WellCompletionServicescontributed27.2 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 1.4millioninQ32024[9].−NaturalSandProppantServicesreported1.4 million in Q3 2024 [9]. - Natural Sand Proppant Services reported 5.1 million in revenue for Q4 2024, an increase from 4.5millioninQ42023[11].−OtherServicesgenerated4.5 million in Q4 2023 [11]. - Other Services generated 6.2 million in revenue for Q4 2024, compared to 5.7millioninQ42023[13].OperationalInsights−TheaveragecrewcountintheInfrastructureServicesdivisionincreasedto86inQ42024from78inQ42023[7].−Thecompanymaintainedadebt−freebalancesheetwithapproximately5.7 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 91.0millionbyMarch5,2025[18][19].−CapitalexpendituresforQ42024totaled91.0 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].