Mammoth Energy Services, Inc. Announces First Quarter 2024 Operational and Financial Results

OKLAHOMA CITY, May 2, 2024 /PRNewswire/ -- 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 to net income of $8.4 million, or $0.17 per diluted share, for the same quarter of 2023 and net loss of $6.0 million, or $0.12 loss per diluted share, for the fourth quarter of 2023.

Adjusted EBITDA (as defined and reconciled below) was $4.5 million for the first quarter of 2024, compared to $30.7 million for the same quarter of 2023 and $10.5 million for the fourth quarter of 2023.

Arty Straehla, Chief Executive Officer of Mammoth commented, "Our results were challenged in the first quarter as activity softness persisted into the first few months of 2024, especially in the natural gas basins in which we operate, which negatively impacted our Well Completion Services division and other oilfield services. This softness resulted primarily from lower energy prices, particularly natural gas, that have caused operators to delay completions activity until later in the year, reducing demand for our services. The first quarter also experienced milder weather than historical trends would have indicated, and this resulted in less storm-related work for our Infrastructure Services business. We continue to prudently assess and manage our costs to more accurately reflect the activity levels of our customers, and as a result, we are proactively lowering our 2024 capex guidance to $9 million, representing a $6 million decrease from our prior guidance.

"As we look ahead to the remainder of 2024, we believe that our first quarter results will serve as the low-water mark for the year. We have improved visibility and expect that we will benefit from increased activity levels later this year. We enter the second quarter with an undrawn revolver and cash on the balance sheet, and we believe Mammoth is well positioned to capitalize on near-term opportunities in the market as well as the increased demand that we anticipate in the second half of the year.

"So far this year, PREPA paid an aggregate of $64 million with respect to our accounts receivable, of which we retained $9.6 million and the remaining $54.4 million was paid to SPCP Group to satisfy, in full, Mammoth's and Cobra's obligations under the previously reported financing arrangement with SPCP Group. These payments enhanced our liquidity position and strengthened the Company. However, the amounts paid to date only represent a portion of the outstanding PREPA receivable. Mammoth, through Cobra, is still owed approximately $349 million in principal and associated interest for work that was completed over five years ago." concluded Straehla.

Well Completion Services
Mammoth's well completion services division contributed revenue (inclusive of inter-segment revenue) of $8.3 million on 380 stages for the first quarter of 2024, compared to $67.3 million on 2,018 stages for the same quarter of 2023 and $16.1 million on 669 stages for the fourth quarter of 2023. On average, 0.6 of the Company's fleets were active for the first quarter of 2024 compared to an average utilization of 3.6 fleets during the same quarter of 2023 and 0.9 fleets during the fourth quarter of 2023.

Infrastructure Services
Mammoth's infrastructure services division contributed revenue of $25.0 million for the first quarter of 2024 compared to $28.3 million for the same quarter of 2023 and $27.2 million for the fourth quarter of 2023. Average crew count was 75 crews during the first quarter of 2024 compared to 88 crews during the same quarter of 2023 and 78 crews during the fourth quarter of 2024.

Natural Sand Proppant Services
Mammoth's natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of $4.3 million for the first quarter of 2024 compared to $12.5 million for the same quarter of 2023 and $4.5 million for the fourth quarter of 2023. In the first quarter of 2024, the Company sold approximately 146,000 tons of sand at an average sales price of $24.38 per ton compared to sales of approximately 391,000 tons of sand at an average sales price of $31.02 per ton during the same quarter of 2023. In the fourth quarter of 2023, sales were approximately 104,000 tons of sand at an average price of $23.62 per ton. Additionally, during the fourth quarter of 2023, the Company recognized shortfall revenue of approximately $2.0 million.

Drilling Services
Mammoth's drilling services division contributed revenue (inclusive of inter-segment revenue) of $0.5 million for the first quarter of 2024 compared to $1.4 million for the same quarter of 2023 and $0.6 million for the fourth quarter of 2023. The decrease in drilling services revenue is primarily attributable to decreased utilization for our directional drilling business.

Other Services
Mammoth's other services, including aviation, equipment rentals, remote accommodations and equipment manufacturing, contributed revenue (inclusive of inter-segment revenue) of $6.2 million for the first quarter of 2024 compared to $7.5 million for the same quarter of 2023 and $4.9 million for the fourth quarter of 2023.

Selling, General and Administrative Expenses
Selling, general and administrative ("SG&A") expenses were $8.8 million for the first quarter of 2024 compared to $8.4 million for the same quarter of 2023 and $8.3 million for the fourth quarter of 2023.

Following is a breakout of SG&A expense (in thousands):


Three Months Ended


March 31,


December 31,


2024


2023


2023

Cash expenses:






Compensation and benefits

$              4,104


$              4,277


$              3,898

Professional services

2,457


1,929


2,559

Other(a)

1,773


1,911


1,808

Total cash SG&A expense

8,334


8,117


8,265

Non-cash expenses:






Change in provision for expected credit losses

229


(381)


(177)

Stock based compensation

219


647


219

Total non-cash SG&A expense

448


266


42

Total SG&A expense

$              8,782


$              8,383


$              8,307



a.

Includes travel-related costs, information technology expenses, rent, utilities and other general and administrative-related costs.



SG&A expenses, as a percentage of total revenue, were 20% for the first quarter of 2024 compared to 7% for the same quarter of 2023 and 16% for the fourth quarter of 2023.

Interest Expense and Financing Charges, net
Interest expense and financing charges, net were $8.1 million for the first quarter of 2024 compared to $3.3 million for the same quarter of 2023 and $6.8 million for the fourth quarter of 2024. The Company recognized a financing charge totaling $5.5 million during the three months ended March 31, 2024 related to the termination of the Assignment Agreement with SPCP Group LLC.

Liquidity
As of March 31, 2024, Mammoth had cash on hand of $22.0 million. As of March 31, 2024, the Company's revolving credit facility was undrawn, the borrowing base was $27.3 million and there was $21.0 million of available borrowing capacity under the revolving credit facility, after giving effect to $6.3 million of outstanding letters of credit. As of March 31, 2024, Mammoth had total liquidity of $43.0 million.

As of April 30, 2024, Mammoth had cash on hand of $15.5 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $19.9 million. As of April 30, 2024, the Company had $13.6 million of available borrowing capacity under its revolving credit facility and total liquidity of $29.1 million.

Capital Expenditures
The following table summarizes Mammoth's capital expenditures by operating division for the periods indicated (in thousands):


Three Months Ended


March 31,


December 31,


2024


2023


2023

Well completion services(a)

$              2,663


$              5,772


$              3,170

Infrastructure services(b)

683


203


373

Natural sand proppant services(c)



223

Drilling services(c)



13

Other(d)

146



229

Eliminations

659


61


124

Total capital expenditures

$              4,151


$              6,036


$              4,132



a.

Capital expenditures primarily for upgrades and maintenance to our pressure pumping fleet for the periods presented.

b.

Capital expenditures primarily for truck, tooling and equipment purchases for the periods presented.

c.

Capital expenditures primarily for maintenance for the periods presented.

d.

Capital expenditures primarily for equipment for the Company's rental businesses for the periods presented.



Conference Call Information
Mammoth will host a conference call on Thursday, May 2, 2024 at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss its first quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to TUSK@dennardlascar.com.

About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services company focused on the providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. Mammoth's suite of services and products include: well completion services, infrastructure services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com.

Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
investors@mammothenergy.com

Rick Black / Ken Dennard
Dennard Lascar Investor Relations
TUSK@dennardlascar.com

Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: demand for our services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; the impact of the war in Ukraine and the Israel-Hamas war on the global energy and capital markets and global stability; performance of contracts and supply chain disruptions; inflationary pressures; high interest rates and their impact on the cost of capital; instability in the banking and financial services sectors; the outcome of ongoing government investigations and other legal proceedings, including those relating to the contracts awarded to the Company's subsidiary Cobra by PREPA; the failure to receive or delays in receiving governmental authorizations, approvals and/or payments, including payments with respect to the PREPA account receivable for prior services to PREPA performed by Cobra; the Company's inability to replace the prior levels of work in its business segments, including its infrastructure and well completion services segments; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the loss of management and/or crews; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under Mammoth's revolving credit facility and term loan; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources.

Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.

MAMMOTH ENERGY SERVICES, INC. 

CONSOLIDATED BALANCE SHEETS 


ASSETS


March 31,


December 31,



2024


2023

CURRENT ASSETS


(in thousands)

Cash and cash equivalents


$                     22,021


$                     16,556

Restricted cash



7,742

Accounts receivable, net


389,520


447,202

Inventories


12,821


12,653

Prepaid expenses


8,982


12,181

Other current assets


554


591

Total current assets


433,898


496,925






Property, plant and equipment, net


109,232


113,905

Sand reserves


58,530


58,528

Operating lease right-of-use assets


7,990


9,551

Goodwill


9,214


9,214

Deferred income tax asset


1,204


1,844

Other non-current assets


8,002


8,512

Total assets


$                   628,070


$                   698,479

LIABILITIES AND EQUITY





CURRENT LIABILITIES





Accounts payable


$                     21,506


$                     27,508

Accrued expenses and other current liabilities


34,117


86,713

Accrued expenses and other current liabilities - related parties



1,241

Current operating lease liability


5,212


5,771

Income taxes payable


62,482


61,320

Total current liabilities


123,317


182,553






Long-term debt from related parties


45,630


42,809

Deferred income tax liabilities


597


628

Long-term operating lease liability


2,617


3,534

Asset retirement obligation


4,162


4,140

Other long-term liabilities


3,483


4,715

Total liabilities


179,806


238,379






COMMITMENTS AND CONTINGENCIES










EQUITY





Equity:





Common stock, $0.01 par value, 200,000,000 shares authorized, 48,008,319 and 47,941,652 issued and outstanding at March 31, 2024 and December 31, 2023


480


479

Additional paid in capital


539,776


539,558

Accumulated deficit


(88,128)


(76,317)

Accumulated other comprehensive loss


(3,864)


(3,620)

Total equity


448,264


460,100

Total liabilities and equity


$                   628,070


$                   698,479

 

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME



Three Months Ended


March 31,


December 31,


2024


2023


2023


(in thousands, except per share amounts)

REVENUE


Services revenue

$          38,814


$        103,637


$          48,087

Services revenue - related parties

68


220


139

Product revenue

4,307


12,463


4,556

Total revenue

43,189


116,320


52,782







COST AND EXPENSES






Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $5,874, $11,762, and $6,931, respectively, for the three months ended March 31, 2024, March 31, 2023 and December 31, 2023)

34,483


80,977


40,972

Services cost of revenue - related parties

118


31


114

Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,146, $1,186, and $1,339, respectively, for the three months ended March 31, 2024, March 31, 2023 and December 31, 2023)

5,983


7,985


4,692

Selling, general and administrative

8,782


8,383


8,307

Depreciation, depletion, amortization and accretion

7,021


12,956


8,271

Gains on disposal of assets, net

(1,166)


(361)


(2,757)

Total cost and expenses

55,221


109,971


59,599

Operating (loss) income

(12,032)


6,349


(6,817)







OTHER INCOME (EXPENSE)






Interest expense and financing charges, net

(6,637)


(3,289)


(5,570)

Interest expense and financing charges, net - related parties

(1,500)



(1,241)

Other income, net

10,143


8,624


10,964

Total other income

2,006


5,335


4,153

(Loss) income before income taxes

(10,026)


11,684


(2,664)

Provision for income taxes

1,785


3,333


3,291

Net (loss) income

$        (11,811)


$            8,351


$          (5,955)







OTHER COMPREHENSIVE (LOSS) INCOME






Foreign currency translation adjustment

(244)


3


266

Comprehensive (loss) income

$        (12,055)


$            8,354


$          (5,689)







Net (loss) income per share (basic)

$            (0.25)


$             0.18


$            (0.12)

Net (loss) income per share (diluted)

$            (0.25)


$             0.17


$            (0.12)

Weighted average number of shares outstanding (basic)

47,964


47,443


47,942

Weighted average number of shares outstanding (diluted)

47,964


48,002


47,942

 

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



Three Months Ended


March 31,


2024


2023


(in thousands)

Cash flows from operating activities:




Net (loss) income

$                        (11,811)


$                           8,351

Adjustments to reconcile net (loss) income to cash provided by operating activities:




Stock based compensation

219


647

Depreciation, depletion, accretion and amortization

7,021


12,956

Amortization of debt origination costs

372


188

Change in provision for expected credit losses

229


(381)

Gains on disposal of assets

(1,166)


(361)

Deferred income taxes

609


(27)

Other

111


174

Changes in assets and liabilities:




Accounts receivable, net

56,623


(18,534)

Inventories

(168)


(1,347)

Prepaid expenses and other assets

3,236


3,203

Accounts payable

(5,152)


8,602

Accrued expenses and other liabilities

(5,441)


(13,262)

Accrued expenses and other liabilities - related parties

1,500


Income taxes payable

1,167


3,031

Net cash provided by operating activities

47,349


3,240





Cash flows from investing activities:




Purchases of property and equipment

(4,151)


(6,036)

Proceeds from disposal of property and equipment

3,049


330

Net cash used in investing activities

(1,102)


(5,706)





Cash flows from financing activities:




Borrowings on long-term debt


66,700

Repayments of long-term debt


(65,606)

Payments on financing transaction

(46,837)


Payments on sale-leaseback transaction

(1,112)


(1,214)

Principal payments on financing leases and equipment financing notes

(503)


(2,044)

Debt issuance costs

(37)


Other


(919)

Net cash used in financing activities

(48,489)


(3,083)

Effect of foreign exchange rate on cash

(35)


(6)

Net change in cash, cash equivalents and restricted cash

(2,277)


(5,555)

Cash, cash equivalents and restricted cash at beginning of period

24,298


17,282

Cash, cash equivalents and restricted cash at end of period

$                         22,021


$                         11,727





Supplemental disclosure of cash flow information:




Cash paid for interest

$                              741


$                           3,108

Cash paid for income taxes, net of refunds received

$                                 8


$                              (26)

Supplemental disclosure of non-cash transactions:




Interest paid in kind

$                           2,741


$                               —

Purchases of property and equipment included in accounts payable

$                           2,500


$                           5,917

Right-of-use assets obtained for financing lease liabilities

$                              106


$                               —

 

MAMMOTH ENERGY SERVICES, INC.

SEGMENT INCOME STATEMENTS

(in thousands)


Three Months Ended March 31, 2024

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$            8,159

$           25,038

$            4,307

$               511

$            5,174

$                 —

$           43,189

Intersegment revenues

114

1,005

(1,119)

Total revenue

8,273

25,038

4,307

511

6,179

(1,119)

43,189

Cost of revenue, exclusive of depreciation, depletion, amortization and accretion

8,338

21,533

5,840

1,050

3,823

40,584

Intersegment cost of revenues

218

25

2

874

(1,119)

Total cost of revenue

8,556

21,558

5,840

1,052

4,697

(1,119)

40,584

Selling, general and administrative

1,073

5,617

1,031

212

849

8,782

Depreciation, depletion, amortization and accretion

3,264

718

1,146

874

1,019

7,021

Losses (gains) on disposal of assets, net

250

(483)

2

(935)

(1,166)

Operating (loss) income

(4,870)

(2,372)

(3,710)

(1,629)

549

(12,032)

Interest expense and financing charges, net

569

7,099

142

128

199

8,137

Other (income) expense, net

(10,258)

(1)

116

(10,143)

(Loss) income before income taxes

$           (5,439)

$               787

$           (3,851)

$           (1,757)

$               234

$                 —

$         (10,026)

 

Three Months Ended March 31, 2023

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$           67,179

$           28,280

$           12,442

$            1,355

$            7,064

$                 —

$         116,320

Intersegment revenues

121

25

450

(596)

Total revenue

67,300

28,280

12,467

1,355

7,514

(596)

116,320

Cost of revenue, exclusive of depreciation, depletion, amortization and accretion

52,037

22,476

7,860

1,466

5,154

88,993

Intersegment cost of revenues

478

11

14

93

(596)

Total cost of revenue

52,515

22,487

7,860

1,480

5,247

(596)

88,993

Selling, general and administrative

2,492

4,211

503

146

1,031

8,383

Depreciation, depletion, amortization and accretion

4,817

3,374

1,187

1,229

2,349

12,956

Gains on disposal of assets, net

(127)

(16)

(218)

(361)

Operating income (loss)

7,476

(1,665)

2,933

(1,500)

(895)

6,349

Interest expense and financing charges, net

929

1,845

156

126

233

3,289

Other (income) expense, net

(8,808)

(2)

186

(8,624)

Income (loss) before income taxes

$            6,547

$            5,298

$            2,779

$           (1,626)

$           (1,314)

$                 —

$           11,684

 

Three Months Ended December 31, 2023

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$           15,962

$           27,229

$            4,464

$               625

$            4,502

$                 —

$           52,782

Intersegment revenues

116

360

(476)

Total revenue

16,078

27,229

4,464

625

4,862

(476)

52,782

Cost of revenue, exclusive of depreciation, depletion, amortization and accretion

14,248

22,668

4,419

1,059

3,384

45,778

Intersegment cost of revenues

216

119

141

(476)

Total cost of revenue

14,464

22,787

4,419

1,059

3,525

(476)

45,778

Selling, general and administrative

1,365

4,987

973

193

789

8,307

Depreciation, depletion, amortization and accretion

3,506

1,023

1,339

1,017

1,386

8,271

(Gains) losses on disposal of assets, net

(75)

(71)

3

(1,577)

(1,037)

(2,757)

Operating (loss) income

(3,182)

(1,497)

(2,270)

(67)

199

(6,817)

Interest expense and financing charges, net

1,975

4,394

119

113

210

6,811

Other expense (income), net

1

(10,539)

(5)

(33)

(388)

(10,964)

(Loss) income before income taxes

$           (5,158)

$            4,648

$           (2,384)

$             (147)

$               377

$                 —

$           (2,664)

 

MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Adjusted EBITDA


Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net (loss) income before depreciation, depletion, amortization and accretion expense, gains on disposal of assets, net, stock based compensation, interest expense and financing charges, net, other (income) expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision (benefit) for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net (loss) income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets. Mammoth's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.


The following tables provide a reconciliation of Adjusted EBITDA to the GAAP financial measure of net (loss) income on a consolidated basis and for each of the Company's segments (in thousands):

 

Consolidated



Three Months Ended


March 31,


December 31,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2023

Net (loss) income

$           (11,811)


$               8,351


$             (5,955)

Depreciation, depletion, amortization and accretion expense

7,021


12,956


8,271

Gains on disposal of assets, net

(1,166)


(361)


(2,757)

Stock based compensation

219


647


219

Interest expense and financing charges, net

8,137


3,289


6,811

Other income, net

(10,143)


(8,624)


(10,964)

Provision for income taxes

1,785


3,333


3,291

Interest on trade accounts receivable

10,485


11,112


11,543

Adjusted EBITDA

$               4,527


$             30,703


$             10,459

 

Well Completion Services



Three Months Ended


March 31,


December 31,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2023

Net (loss) income

$             (5,439)


$               6,547


$             (5,158)

Depreciation and amortization expense

3,264


4,817


3,506

Losses (gains) on disposal of assets, net

250



(75)

Stock based compensation

44


291


57

Interest expense and financing charges, net

569


929


1,975

Other expense, net



1

Adjusted EBITDA

$             (1,312)


$             12,584


$                  306

 

Infrastructure Services



Three Months Ended


March 31,


December 31,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2023

Net (loss) income

$                (405)


$               2,452


$               1,844

Depreciation and amortization expense

718


3,374


1,023

Gains on disposal of assets, net

(483)


(127)


(71)

Stock based compensation

117


230


103

Interest expense and financing charges, net

7,099


1,845


4,394

Other income, net

(10,258)


(8,808)


(10,539)

Provision for income taxes

1,192


2,847


2,804

Interest on trade accounts receivable

10,485


11,112


11,543

Adjusted EBITDA

$               8,465


$             12,925


$             11,101

 

Natural Sand Proppant Services



Three Months Ended


March 31,


December 31,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2023

Net (loss) income

$             (3,851)


$               2,779


$             (2,384)

Depreciation, depletion, amortization and accretion expense

1,146


1,187


1,339

(Gains) losses on disposal of assets, net


(16)


3

Stock based compensation

38


77


38

Interest expense and financing charges, net

142


156


119

Other income, net

(1)


(2)


(5)

Adjusted EBITDA

$             (2,526)


$               4,181


$                (890)

 

Drilling Services



Three Months Ended


March 31,


December 31,

Reconciliation of net loss to Adjusted EBITDA:

2024


2023


2023

Net loss

$             (1,757)


$             (1,626)


$                (147)

Depreciation expense

874


1,229


1,017

Losses (gains) on disposal of assets, net

2



(1,577)

Stock based compensation

5


8


5

Interest expense and financing charges, net

128


126


113

Other income, net



(33)

Adjusted EBITDA

$                (748)


$                (263)


$                (622)

 

Other Services(a)



Three Months Ended


March 31,


December 31,

Reconciliation of net loss to Adjusted EBITDA:

2024


2023


2023

Net loss

$                (359)


$             (1,801)


$                (110)

Depreciation, amortization and accretion expense

1,019


2,349


1,386

Gains on disposal of assets, net

(935)


(218)


(1,037)

Stock based compensation

15


41


16

Interest expense and financing charges, net

199


233


210

Other expense (income), net

116


186


(388)

Provision for income taxes

593


486


487

Adjusted EBITDA

$                  648


$               1,276


$                  564



a.

Includes results for Mammoth's aviation, equipment rentals, remote accommodations and equipment manufacturing and corporate related activities. The Company's corporate related activities do not generate revenue.

 

Cision View original content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-first-quarter-2024-operational-and-financial-results-302134195.html

SOURCE Mammoth Energy Services, Inc.

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