OKLAHOMA
CITY, March 7, 2025 /PRNewswire/ -- Mammoth
Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company")
today reported financial and operational results for the fourth
quarter and full year ended December 31, 2024.
Phil Lancaster, Chief Executive
Officer of Mammoth commented, "There were signs of improvement in
our results for the fourth quarter. Despite typical seasonality and
budget exhaustion, we experienced increased utilization which
helped drive sequential improvement. Although we expect 2025
activity to be relatively steady, we have line of sight for
potential upside performance compared to 2024 driven by incremental
natural gas-related demand, which may further contribute to
improved financial results. While these tailwinds may not
materialize until later this year, we are seeing elevated activity
from our customers that will lead to additional utilization
improvements in the first quarter.
"Looking ahead, we expect to continue building upon our recent
positive momentum in 2025. Our focus will be on operational
execution, efficiency and unlocking value within our business. We
have a debt-free balance sheet with approximately $86 million in cash today (inclusive of
$21 million restricted cash) that we
plan to strategically utilize to make accretive investments for
future growth in Mammoth. We believe there are numerous
opportunities to unlock value for our shareholders, and we look
forward to sharing these developments with you in the coming
quarters."
Financial Overview for the Fourth Quarter and Full Year
2024:
Total revenue was $53.2
million for the fourth quarter of 2024 compared to
$52.8 million for the same quarter of
2023 and $40.0 million for the third
quarter of 2024. Total revenue for the full year of 2024 was
$187.9 million compared to
$309.5 million in 2023.
Net loss for the fourth quarter of 2024 was $15.5 million, or $0.32 per diluted share, compared to net loss of
$6.0 million, or $0.12 per diluted share, for the same quarter of
2023 and net loss of $24.0 million,
or $0.50 per diluted share, for the
third quarter of 2024. Net loss for the full year of 2024 was
$207.3 million, or $4.31 per diluted share, compared to net loss of
$3.2 million, or $0.07 per diluted share for 2023.
Adjusted EBITDA (as defined and reconciled below) was
($4.8) million for the fourth quarter
of 2024, compared to $10.5 million
for the same quarter of 2023 and ($6.4)
million for the third quarter of 2024. Adjusted EBITDA was
($167.5) million for the full year of
2024 compared to $71.0 million for
2023.
Infrastructure Services
Mammoth's infrastructure
services division contributed revenue of $27.9 million for the fourth quarter of 2024
compared to $27.2 million for the
same quarter of 2023 and $26.0
million for the third quarter of 2024. The average crew
count was 86 crews during the fourth quarter of 2024 compared to 78
crews during the same quarter of 2023 and 77 crews during the third
quarter of 2024.
The infrastructure services division contributed revenues of
$110.4 million for the full year of
2024 compared to $110.5 million for
2023. The average crew count was 79 crews for 2024 compared to 83
crews for 2023.
Well Completion Services
Mammoth's well completion
services division contributed revenue (inclusive of inter-segment
revenue) of $15.8 million for the
fourth quarter of 2024 and the fourth quarter of 2023, compared to
$1.4 million for the third quarter of
2024. On average, 1.1 of the Company's fleets were active for the
fourth quarter of 2024 compared to an average utilization of 0.9
fleets during the same quarter of 2023. The Company had no pressure
pumping fleets active during the third quarter of 2024.
The well completion services division contributed revenues
(inclusive of inter-segment revenues) of $34.0 million on 1,454 stages for the full year
of 2024, down from $127.4 million on
4,220 stages for 2023. On average, 0.5 of the Company's fleets were
active in 2024 compared to 1.8 fleets in 2023.
Natural Sand Proppant Services
Mammoth's natural sand
proppant services division contributed revenue (inclusive of
inter-segment revenue) of $5.1
million for the fourth quarter of 2024 compared to
$4.5 million for the same quarter of
2023 and $4.9 million for the third
quarter of 2024. In the fourth quarter of 2024, the Company sold
approximately 129,000 tons of sand at an average sales price of
$22.54 per ton compared to sales of
approximately 104,000 tons of sand at an average sales price of
$23.62 per ton during the same
quarter of 2023. In the third quarter of 2024, sales were
approximately 163,000 tons of sand at an average price of
$22.89 per ton.
The natural sand proppant division contributed revenues
(inclusive of inter-segment revenues) of $19.1 million for the full year of 2024 compared
to $39.1 million for 2023. The
Company sold 578,000 tons of sand during 2024, a decrease from 1.2
million tons of sand sold during 2023. The Company's average sales
price for the sand sold during 2024 was $23.15 per ton compared to $29.86 per ton average sales price during
2023.
Other Services
Mammoth's other services, including
directional drilling, aviation, equipment rentals, remote
accommodations and equipment manufacturing, contributed revenue
(inclusive of inter-segment revenue) of $6.2
million for the fourth quarter of 2024 compared to
$5.7 million for the same quarter of
2023 and $9.4 million for the third
quarter of 2024. The Company's other services contributed revenues
of $31.4 million for the full year of
2024 compared to $34.9 million for
2023.
Selling, General and Administrative Expenses
Selling,
general and administrative ("SG&A") expenses were $9.9 million for the fourth quarter of 2024
compared to $8.3 million for the same
quarter of 2023 and $8.7 million for
the third quarter of 2024. SG&A expenses were $124.8 million for the full year of 2024 compared
to $37.5 million for 2023.
Following is a breakout of SG&A expense (in thousands):
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Cash
expenses:
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
4,054
|
|
$
3,898
|
|
$
3,173
|
|
$
14,448
|
|
$
15,563
|
|
Professional
services
|
3,282
|
|
2,559
|
|
3,503
|
|
12,298
|
|
13,448
|
|
Other(a)
|
1,896
|
|
1,808
|
|
1,775
|
|
7,146
|
|
7,693
|
|
Total cash SG&A
expense
|
9,232
|
|
8,265
|
|
8,451
|
|
33,892
|
|
36,704
|
|
Non-cash
expenses:
|
|
|
|
|
|
|
|
|
|
|
Change in provision
for expected credit
losses(b)
|
409
|
|
(177)
|
|
32
|
|
90,054
|
|
(591)
|
|
Stock based
compensation
|
219
|
|
219
|
|
219
|
|
875
|
|
1,345
|
|
Total non-cash
SG&A expense
|
628
|
|
42
|
|
251
|
|
90,929
|
|
754
|
|
Total SG&A
expense
|
$
9,860
|
|
$
8,307
|
|
$
8,702
|
|
$
124,821
|
|
$
37,458
|
|
|
|
a.
|
Includes travel-related
costs, information technology expenses, rent, utilities and other
general and administrative-related costs.
|
|
b.
|
Included in the year
ended December 31, 2024 amount is a charge of $89.2 million related
to Cobra's Settlement Agreement with PREPA.
|
SG&A expenses, as a percentage of total revenue, were 19%
for the fourth quarter of 2024 compared to 16% for the same quarter
of 2023 and 22% for the third quarter of 2024. SG&A expenses,
as a percentage of total revenue, were 66% for the full year of
2024 compared to 12% for 2023.
Interest Expense and Financing Charges, net
Interest
expense and financing charges, net were $4.8
million for the fourth quarter of 2024 compared to
$6.8 million for the same quarter of
2023 and $9.7 million for the third
quarter of 2024. Interest expense and financing charges, net were
$25.2 million for the full year of
2024 compared to $16.2 million for
2023. The Company recognized a charge to interest expense of
$9.9 million incurred in relation to
its sale leaseback agreements and a $5.5
million financing charge incurred in relation to the
Assignment Agreement with SPCP Group during 2024.
Liquidity
As of December 31, 2024, Mammoth had
unrestricted cash on hand of $61.0
million. As of December 31, 2024, the Company's
revolving credit facility was undrawn, the borrowing base was
$25.2 million and there was
$17.7 million of available borrowing
capacity under the revolving credit facility, after giving effect
to $7.5 million of outstanding
letters of credit. As of December 31, 2024, Mammoth had total
liquidity of $78.7 million.
As of March 5, 2025, Mammoth had unrestricted cash on hand
of $64.8 million, no outstanding
borrowings under its revolving credit facility, and a borrowing
base of $33.7 million. As of
March 5, 2025, the Company had $26.2
million of available borrowing capacity under its revolving
credit facility and total liquidity of $91.0
million.
Capital Expenditures
The following table summarizes
Mammoth's capital expenditures by operating division for the
periods indicated (in thousands):
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Well completion
services(a)
|
$
4,180
|
|
$
3,170
|
|
$
3,812
|
|
$
12,730
|
|
$
17,921
|
|
Infrastructure
services(b)
|
1,764
|
|
373
|
|
88
|
|
2,815
|
|
716
|
|
Natural sand proppant
services(c)
|
—
|
|
223
|
|
—
|
|
—
|
|
223
|
|
Other(d)
|
147
|
|
242
|
|
338
|
|
913
|
|
432
|
|
Eliminations
|
7
|
|
124
|
|
(2,341)
|
|
607
|
|
103
|
|
Total capital
expenditures
|
$
6,098
|
|
$
4,132
|
|
$
1,897
|
|
$
17,065
|
|
$
19,395
|
|
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 Friday, March 7,
2025 at 10:00 a.m. Central
time (11:00 a.m. Eastern time)
to discuss its fourth quarter and full year 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 news 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;
conditions of U.S. oil and natural gas industry and the effect of
U.S. energy, monetary and trade policies; U.S. and global economic
conditions and political and economic developments, including the
energy and environmental policies; changes in U.S. and foreign
trade regulations and tariffs, including potential increases of
tariffs on goods imported into the U.S., and uncertainty regarding
the same; performance of contracts and supply chain disruptions;
inflationary pressures; higher interest rates and their impact on
the cost of capital; the failure to receive or delays in receiving
the remaining payment under the settlement agreement with PREPA;
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 its revolving credit facility;
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
|
|
December
31,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
CURRENT
ASSETS
|
|
(in
thousands)
|
|
Cash and cash
equivalents
|
|
$
60,967
|
|
$
16,556
|
|
Restricted
cash
|
|
21,359
|
|
7,742
|
|
Accounts receivable,
net
|
|
79,020
|
|
447,202
|
|
Inventories
|
|
15,119
|
|
12,653
|
|
Prepaid
expenses
|
|
1,780
|
|
1,931
|
|
Other current
assets
|
|
10,342
|
|
10,841
|
|
Total current
assets
|
|
188,587
|
|
496,925
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
115,082
|
|
113,905
|
|
Sand reserves,
net
|
|
57,273
|
|
58,528
|
|
Operating lease
right-of-use assets
|
|
6,417
|
|
9,551
|
|
Goodwill
|
|
9,214
|
|
9,214
|
|
Deferred income tax
asset
|
|
—
|
|
1,844
|
|
Other non-current
assets
|
|
7,458
|
|
8,512
|
|
Total
assets
|
|
$
384,031
|
|
$
698,479
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Accounts
payable
|
|
$
32,459
|
|
$
27,508
|
|
Accrued expenses and
other current liabilities
|
|
33,940
|
|
86,713
|
|
Accrued expenses and
other current liabilities - related parties
|
|
—
|
|
1,241
|
|
Current operating
lease liability
|
|
3,450
|
|
5,771
|
|
Income taxes
payable
|
|
44,658
|
|
61,320
|
|
Total current
liabilities
|
|
114,507
|
|
182,553
|
|
|
|
|
|
|
Long-term debt from
related parties
|
|
—
|
|
42,809
|
|
Deferred income tax
liabilities
|
|
3,021
|
|
628
|
|
Long-term operating
lease liability
|
|
2,792
|
|
3,534
|
|
Asset retirement
obligation
|
|
4,234
|
|
4,140
|
|
Other long-term
liabilities
|
|
6,659
|
|
4,715
|
|
Total
liabilities
|
|
131,213
|
|
238,379
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 48,127,369 and
47,941,652
issued and outstanding at December 31, 2024 and 2023
|
|
481
|
|
479
|
|
Additional paid in
capital
|
|
540,431
|
|
539,558
|
|
Accumulated
deficit
|
|
(283,643)
|
|
(76,317)
|
|
Accumulated other
comprehensive loss
|
|
(4,451)
|
|
(3,620)
|
|
Total
equity
|
|
252,818
|
|
460,100
|
|
Total liabilities and
equity
|
|
$
384,031
|
|
$
698,479
|
|
MAMMOTH ENERGY
SERVICES, INC.
|
|
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE (LOSS) INCOME
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
(in thousands,
except per share amounts)
|
|
REVENUE
|
|
|
Services
revenue
|
$
47,705
|
|
$
48,087
|
|
$
34,069
|
|
$
167,358
|
|
$
269,227
|
|
Services revenue -
related parties
|
377
|
|
139
|
|
1,037
|
|
1,548
|
|
980
|
|
Product
revenue
|
5,118
|
|
4,556
|
|
4,909
|
|
19,026
|
|
39,285
|
|
Total
revenue
|
53,200
|
|
52,782
|
|
40,015
|
|
187,932
|
|
309,492
|
|
|
|
|
|
|
|
|
|
|
|
COST AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Services cost of
revenue (exclusive of depreciation, depletion,
amortization and accretion of $4,699, $6,931, $4,495, $19,848,
$37,356,
respectively, for the three months ended December 31, 2024,
December
31, 2023, and September 30, 2024 and years ended December 31,
2024
and 2023)
|
43,560
|
|
40,972
|
|
34,468
|
|
151,474
|
|
219,876
|
|
Services cost of
revenue - related parties
|
11
|
|
114
|
|
118
|
|
366
|
|
475
|
|
Product cost of
revenue (exclusive of depreciation, depletion,
amortization and accretion of $1,123, $1,339, $1,688, $5,228,
$7,734,
respectively, for the three months ended December 31, 2024,
December
31, 2023, and September 30, 2024 and years ended December 31,
2024
and 2023)
|
4,781
|
|
4,692
|
|
3,386
|
|
18,911
|
|
27,489
|
|
Selling, general and
administrative
|
9,860
|
|
8,307
|
|
8,702
|
|
124,821
|
|
37,458
|
|
Depreciation,
depletion, amortization and accretion
|
5,822
|
|
8,271
|
|
6,184
|
|
25,079
|
|
45,110
|
|
Gains on disposal of
assets, net
|
(1,518)
|
|
(2,757)
|
|
(293)
|
|
(4,014)
|
|
(6,041)
|
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
1,810
|
|
Total cost and
expenses
|
62,516
|
|
59,599
|
|
52,565
|
|
316,637
|
|
326,177
|
|
Operating
loss
|
(9,316)
|
|
(6,817)
|
|
(12,550)
|
|
(128,705)
|
|
(16,685)
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
financing charges, net
|
(4,766)
|
|
(5,570)
|
|
(8,088)
|
|
(20,497)
|
|
(14,955)
|
|
Interest expense and
financing charges, net - related parties
|
(36)
|
|
(1,241)
|
|
(1,642)
|
|
(4,707)
|
|
(1,241)
|
|
Other income
(expense), net
|
37
|
|
10,964
|
|
(1,122)
|
|
(64,621)
|
|
42,015
|
|
Total other (expense)
income
|
(4,765)
|
|
4,153
|
|
(10,852)
|
|
(89,825)
|
|
25,819
|
|
(Loss) income before
income taxes
|
(14,081)
|
|
(2,664)
|
|
(23,402)
|
|
(218,530)
|
|
9,134
|
|
Provision (benefit) for
income taxes
|
1,393
|
|
3,291
|
|
640
|
|
(11,204)
|
|
12,297
|
|
Net loss
|
$
(15,474)
|
|
$
(5,955)
|
|
$
(24,042)
|
|
$ (207,326)
|
|
$
(3,163)
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
LOSS
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(598)
|
|
266
|
|
125
|
|
(831)
|
|
221
|
|
Comprehensive
loss
|
$
(16,072)
|
|
$
(5,689)
|
|
$
(23,917)
|
|
$ (208,157)
|
|
$
(2,942)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
(basic and diluted)
|
$
(0.32)
|
|
$
(0.12)
|
|
$
(0.50)
|
|
$
(4.31)
|
|
$
(0.07)
|
|
Weighted average number
of shares outstanding (basic and diluted)
|
48,127
|
|
47,942
|
|
48,127
|
|
48,065
|
|
47,777
|
|
MAMMOTH ENERGY
SERVICES, INC.
|
|
CONSOLIDATED STATEMENTS
OF CASH FLOWS
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2024
|
|
2023
|
|
(in
thousands)
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
$
(207,326)
|
|
$
(3,163)
|
|
Adjustments to
reconcile net loss to cash provided by operating
activities:
|
|
|
|
|
Stock based
compensation
|
875
|
|
1,345
|
|
Depreciation,
depletion, accretion and amortization
|
25,079
|
|
45,110
|
|
Amortization of debt
origination costs
|
3,131
|
|
1,288
|
|
Change in provision
for expected credit losses
|
171,517
|
|
(591)
|
|
Gains on disposal of
assets
|
(4,014)
|
|
(6,041)
|
|
Gains from sales of
equipment damaged or lost down-hole
|
(157)
|
|
(335)
|
|
Impairment of
goodwill
|
—
|
|
1,810
|
|
Gain on sale of
business
|
—
|
|
(2,080)
|
|
Deferred income
taxes
|
4,237
|
|
(1,687)
|
|
Other
|
160
|
|
(693)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts receivable,
net
|
195,639
|
|
11,275
|
|
Inventories
|
(2,563)
|
|
(3,770)
|
|
Prepaid expenses and
other assets
|
195
|
|
354
|
|
Accounts
payable
|
2,675
|
|
(18,485)
|
|
Accrued expenses and
other liabilities
|
3,277
|
|
(6,949)
|
|
Accrued expenses and
other liabilities - related parties
|
4,647
|
|
1,241
|
|
Income taxes
payable
|
(16,655)
|
|
12,757
|
|
Net cash provided by
operating activities
|
180,717
|
|
31,386
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property
and equipment
|
(17,065)
|
|
(19,395)
|
|
Business divestitures,
net of cash transferred
|
—
|
|
3,276
|
|
Proceeds from disposal
of property and equipment
|
6,633
|
|
7,333
|
|
Net cash used in
investing activities
|
(10,432)
|
|
(8,786)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Borrowings on
long-term debt
|
—
|
|
201,091
|
|
Borrowings on
long-term debt - related parties
|
—
|
|
43,874
|
|
Repayments of
long-term debt
|
—
|
|
(284,610)
|
|
Repayments of
long-term debt - related parties
|
(50,888)
|
|
—
|
|
Proceeds from
financing transaction
|
—
|
|
46,120
|
|
Payments on financing
transaction
|
(46,837)
|
|
—
|
|
Payments on
sale-leaseback transaction
|
(12,407)
|
|
(4,958)
|
|
Principal payments on
financing leases and equipment financing notes
|
(1,944)
|
|
(12,212)
|
|
Debt issuance
costs
|
(37)
|
|
(3,972)
|
|
Other
|
—
|
|
(919)
|
|
Net cash used in
financing activities
|
(112,113)
|
|
(15,586)
|
|
Effect of foreign
exchange rate on cash
|
(144)
|
|
2
|
|
Net change in cash,
cash equivalents and restricted cash
|
58,028
|
|
7,016
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
24,298
|
|
17,282
|
|
Cash, cash equivalents
and restricted cash at end of period
|
$
82,326
|
|
$
24,298
|
|
|
|
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
Cash paid for
interest
|
$
15,526
|
|
$
12,017
|
|
Cash paid for income
taxes, net of refunds received
|
$
1,173
|
|
$
897
|
|
Supplemental disclosure
of non-cash transactions:
|
|
|
|
|
Interest paid in kind
- related parties
|
$
5,888
|
|
$
—
|
|
Purchases of property
and equipment included in accounts payable
|
$
5,650
|
|
$
3,339
|
|
Right-of-use assets
obtained for financing lease liabilities
|
$
6,896
|
|
$
1,417
|
|
MAMMOTH ENERGY
SERVICES, INC.
|
|
SEGMENT INCOME
STATEMENTS
|
|
(in
thousands)
|
|
|
Three Months Ended
December 31, 2024
|
Well
Completion
|
Infrastructure
|
Sand
|
All
Other
|
Eliminations
|
Total
|
|
Revenue from external
customers
|
$
15,714
|
$
27,870
|
$
5,118
|
$
4,498
|
$
—
|
$
53,200
|
|
Intersegment
revenues
|
67
|
—
|
4
|
1,662
|
(1,733)
|
—
|
|
Total
revenue
|
15,781
|
27,870
|
5,122
|
6,160
|
(1,733)
|
53,200
|
|
Cost of revenue,
exclusive of depreciation, depletion,
amortization and accretion
|
15,918
|
23,377
|
4,307
|
4,750
|
—
|
48,352
|
|
Intersegment cost of
revenues
|
233
|
24
|
—
|
1,476
|
(1,733)
|
—
|
|
Total cost of
revenue
|
16,151
|
23,401
|
4,307
|
6,226
|
(1,733)
|
48,352
|
|
Selling, general and
administrative
|
1,672
|
5,905
|
1,157
|
1,126
|
—
|
9,860
|
|
Depreciation,
depletion, amortization and accretion
|
2,710
|
803
|
1,123
|
1,186
|
—
|
5,822
|
|
Operating loss
excluding (gains) loss on disposal of
assets, net
|
(4,752)
|
(2,239)
|
(1,465)
|
(2,378)
|
—
|
(10,834)
|
|
(Gains) loss on
disposal of assets, net
|
(74)
|
(320)
|
56
|
(1,180)
|
—
|
(1,518)
|
|
Operating
loss
|
(4,678)
|
(1,919)
|
(1,521)
|
(1,198)
|
—
|
(9,316)
|
|
Interest expense and
financing charges, net
|
271
|
4,172
|
(52)
|
411
|
—
|
4,802
|
|
Other expense (income),
net
|
—
|
615
|
6
|
(658)
|
—
|
(37)
|
|
Loss before income
taxes
|
$
(4,949)
|
$
(6,706)
|
$
(1,475)
|
$
(951)
|
$
—
|
$
(14,081)
|
|
|
Three Months Ended
December 31, 2023
|
Well
Completion
|
Infrastructure
|
Sand
|
All
Other
|
Eliminations
|
Total
|
|
Revenue from external
customers
|
$
15,741
|
$
27,229
|
$
4,464
|
$
5,348
|
$
—
|
$
52,782
|
|
Intersegment
revenues
|
109
|
—
|
—
|
375
|
(484)
|
—
|
|
Total
revenue
|
15,850
|
27,229
|
4,464
|
5,723
|
(484)
|
52,782
|
|
Cost of revenue,
exclusive of depreciation, depletion,
amortization and accretion
|
13,775
|
22,668
|
4,255
|
5,080
|
—
|
45,778
|
|
Intersegment cost of
revenues
|
215
|
119
|
—
|
150
|
(484)
|
—
|
|
Total cost of
revenue
|
13,990
|
22,787
|
4,255
|
5,230
|
(484)
|
45,778
|
|
Selling, general and
administrative
|
1,301
|
4,987
|
969
|
1,050
|
—
|
8,307
|
|
Depreciation,
depletion, amortization and accretion
|
3,303
|
1,023
|
1,339
|
2,606
|
—
|
8,271
|
|
Operating loss
excluding (gains) loss on disposal of
assets, net
|
(2,744)
|
(1,568)
|
(2,099)
|
(3,163)
|
—
|
(9,574)
|
|
(Gains) loss on
disposal of assets, net
|
(75)
|
(71)
|
3
|
(2,614)
|
—
|
(2,757)
|
|
Operating
loss
|
(2,669)
|
(1,497)
|
(2,102)
|
(549)
|
—
|
(6,817)
|
|
Interest expense and
financing charges, net
|
1,892
|
4,394
|
64
|
461
|
—
|
6,811
|
|
Other expense (income),
net
|
1
|
(10,539)
|
(5)
|
(421)
|
—
|
(10,964)
|
|
(Loss) income before
income taxes
|
$
(4,562)
|
$
4,648
|
$
(2,161)
|
$
(589)
|
$
—
|
$
(2,664)
|
|
|
Three Months Ended
September 30, 2024
|
Well
Completion
|
Infrastructure
|
Sand
|
All
Other
|
Eliminations
|
Total
|
|
Revenue from external
customers
|
$
1,305
|
$
26,043
|
$
4,909
|
$
7,758
|
$
—
|
$
40,015
|
|
Intersegment
revenues
|
109
|
—
|
—
|
1,610
|
(1,719)
|
—
|
|
Total
revenue
|
1,414
|
26,043
|
4,909
|
9,368
|
(1,719)
|
40,015
|
|
Cost of revenue,
exclusive of depreciation, depletion,
amortization and accretion
|
5,573
|
22,539
|
3,164
|
6,696
|
—
|
37,972
|
|
Intersegment cost of
revenues
|
156
|
—
|
—
|
1,565
|
(1,721)
|
—
|
|
Total cost of
revenue
|
5,729
|
22,539
|
3,164
|
8,261
|
(1,721)
|
37,972
|
|
Selling, general and
administrative
|
783
|
5,557
|
1,211
|
1,151
|
—
|
8,702
|
|
Depreciation,
depletion, amortization and accretion
|
2,493
|
626
|
1,688
|
1,377
|
—
|
6,184
|
|
Operating loss
excluding gains on disposal of
assets, net
|
(7,591)
|
(2,679)
|
(1,154)
|
(1,421)
|
2
|
(12,843)
|
|
Gains on disposal of
assets, net
|
(60)
|
(41)
|
—
|
(192)
|
—
|
(293)
|
|
Operating
loss
|
(7,531)
|
(2,638)
|
(1,154)
|
(1,229)
|
2
|
(12,550)
|
|
Interest expense and
financing charges, net
|
441
|
8,742
|
78
|
469
|
—
|
9,730
|
|
Other expense (income),
net
|
1
|
1,491
|
3
|
(373)
|
—
|
1,122
|
|
Loss before income
taxes
|
$
(7,973)
|
$
(12,871)
|
$
(1,235)
|
$
(1,325)
|
$
2
|
$
(23,402)
|
|
|
Year Ended December 31,
2024
|
Well
Completion
|
Infrastructure
|
Sand
|
All
Other
|
Eliminations
|
Total
|
|
Revenue from external
customers
|
$
33,622
|
$
110,383
|
$
19,026
|
$
24,901
|
$
—
|
$
187,932
|
|
Intersegment
revenues
|
393
|
—
|
31
|
6,548
|
(6,972)
|
$
—
|
|
Total
revenue
|
34,015
|
110,383
|
19,057
|
31,449
|
(6,972)
|
187,932
|
|
Cost of revenue,
exclusive of depreciation, depletion,
amortization and accretion
|
38,005
|
92,081
|
17,790
|
22,875
|
—
|
170,751
|
|
Intersegment cost of
revenues
|
756
|
51
|
—
|
6,165
|
(6,972)
|
$
—
|
|
Total cost of
revenue
|
38,761
|
92,132
|
17,790
|
29,040
|
(6,972)
|
170,751
|
|
Selling, general and
administrative
|
4,569
|
111,530
|
4,340
|
4,382
|
—
|
124,821
|
|
Depreciation,
depletion, amortization and accretion
|
10,889
|
2,774
|
5,228
|
6,188
|
—
|
25,079
|
|
Operating loss
excluding losses (gains) on disposal of
assets, net
|
(20,204)
|
(96,053)
|
(8,301)
|
(8,161)
|
—
|
(132,719)
|
|
Losses (gains) on
disposal of assets, net
|
52
|
(1,304)
|
1
|
(2,763)
|
—
|
(4,014)
|
|
Operating
loss
|
(20,256)
|
(94,749)
|
(8,302)
|
(5,398)
|
—
|
(128,705)
|
|
Interest expense and
financing charges, net
|
1,628
|
21,590
|
186
|
1,800
|
—
|
25,204
|
|
Other expense,
net
|
2
|
64,535
|
8
|
76
|
—
|
64,621
|
|
Loss before income
taxes
|
$
(21,886)
|
$
(180,874)
|
$
(8,496)
|
$
(7,274)
|
$
—
|
$
(218,530)
|
|
|
Year Ended December 31,
2023
|
Well
Completion
|
Infrastructure
|
Sand
|
All
Other
|
Eliminations
|
Total
|
|
Revenue from external
customers
|
$
126,932
|
$
110,537
|
$
39,106
|
$
32,917
|
$
—
|
$
309,492
|
|
Intersegment
revenues
|
440
|
—
|
25
|
2,029
|
(2,494)
|
—
|
|
Total
revenue
|
127,372
|
110,537
|
39,131
|
34,946
|
(2,494)
|
309,492
|
|
Cost of revenue,
exclusive of depreciation, depletion,
amortization and accretion
|
103,880
|
90,478
|
25,666
|
27,816
|
—
|
247,840
|
|
Intersegment cost of
revenues
|
1,182
|
149
|
—
|
1,163
|
(2,494)
|
—
|
|
Total cost of
revenue
|
105,062
|
90,627
|
25,666
|
28,979
|
(2,494)
|
247,840
|
|
Selling, general and
administrative
|
6,867
|
22,078
|
3,618
|
4,895
|
—
|
37,458
|
|
Depreciation,
depletion, amortization and accretion
|
15,374
|
8,390
|
7,737
|
13,609
|
—
|
45,110
|
|
Operating income (loss)
excluding gains on
disposal of assets, net and impairment of goodwill
|
69
|
(10,558)
|
2,110
|
(12,537)
|
—
|
(20,916)
|
|
Gains on disposal of
assets, net
|
(2,023)
|
(510)
|
(13)
|
(3,495)
|
—
|
(6,041)
|
|
Impairment of
goodwill
|
—
|
—
|
—
|
1,810
|
—
|
1,810
|
|
Operating income
(loss)
|
2,092
|
(10,048)
|
2,123
|
(10,852)
|
—
|
(16,685)
|
|
Interest expense and
financing charges, net
|
4,133
|
9,753
|
317
|
1,993
|
—
|
16,196
|
|
Other expense (income),
net
|
2
|
(39,252)
|
(18)
|
(2,747)
|
—
|
(42,015)
|
|
(Loss) income before
income taxes
|
$
(2,043)
|
$
19,451
|
$
1,824
|
$
(10,098)
|
$
—
|
$
9,134
|
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, impairment of goodwill,
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
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
Reconciliation of
net loss to Adjusted EBITDA:
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Net loss
|
$ (15,474)
|
|
$
(5,955)
|
|
$ (24,042)
|
|
$
(207,326)
|
|
$
(3,163)
|
|
Depreciation,
depletion, amortization and
accretion expense
|
5,822
|
|
8,271
|
|
6,184
|
|
25,079
|
|
45,110
|
|
Gains on disposal of
assets, net
|
(1,518)
|
|
(2,757)
|
|
(293)
|
|
(4,014)
|
|
(6,041)
|
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
1,810
|
|
Stock based
compensation
|
219
|
|
219
|
|
219
|
|
875
|
|
1,345
|
|
Interest expense and
financing charges, net
|
4,802
|
|
6,811
|
|
9,730
|
|
25,204
|
|
16,196
|
|
Other (income) expense,
net
|
(37)
|
|
(10,964)
|
|
1,122
|
|
64,621
|
|
(42,015)
|
|
Provision (benefit) for
income taxes
|
1,393
|
|
3,291
|
|
640
|
|
(11,204)
|
|
12,297
|
|
Interest on trade
accounts receivable
|
—
|
|
11,543
|
|
—
|
|
(60,686)
|
|
45,440
|
|
Adjusted
EBITDA
|
$
(4,793)
|
|
$
10,459
|
|
$
(6,440)
|
|
$
(167,451)
|
|
$
70,979
|
|
|
Well Completion
Services
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
Reconciliation of
net loss to Adjusted EBITDA:
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Net loss
|
$ (4,949)
|
|
$
(4,562)
|
|
$ (7,973)
|
|
$ (21,886)
|
|
$
(2,043)
|
|
Depreciation and
amortization expense
|
2,710
|
|
3,303
|
|
2,493
|
|
10,889
|
|
15,374
|
|
(Gains) losses on
disposal of assets, net
|
(74)
|
|
(75)
|
|
(60)
|
|
52
|
|
(2,023)
|
|
Stock based
compensation
|
65
|
|
55
|
|
29
|
|
180
|
|
496
|
|
Interest expense and
financing charges, net
|
271
|
|
1,892
|
|
441
|
|
1,628
|
|
4,133
|
|
Other expense,
net
|
—
|
|
1
|
|
1
|
|
2
|
|
2
|
|
Adjusted
EBITDA
|
$ (1,977)
|
|
$
614
|
|
$ (5,069)
|
|
$
(9,135)
|
|
$
15,939
|
|
|
Infrastructure
Services
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
Reconciliation of
net (loss) income to Adjusted EBITDA:
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Net (loss)
income
|
$ (7,320)
|
|
$
1,844
|
|
$ (13,500)
|
|
$
(166,089)
|
|
$
8,237
|
|
Depreciation and
amortization expense
|
803
|
|
1,023
|
|
626
|
|
2,774
|
|
8,390
|
|
Gains on disposal of
assets, net
|
(320)
|
|
(71)
|
|
(41)
|
|
(1,304)
|
|
(510)
|
|
Stock based
compensation
|
98
|
|
103
|
|
124
|
|
462
|
|
538
|
|
Interest expense and
financing charges, net
|
4,172
|
|
4,394
|
|
8,742
|
|
21,590
|
|
9,753
|
|
Other expense (income),
net
|
615
|
|
(10,539)
|
|
1,491
|
|
64,535
|
|
(39,252)
|
|
Provision (benefit) for
income taxes
|
614
|
|
2,804
|
|
629
|
|
(14,785)
|
|
11,214
|
|
Interest on trade
accounts receivable
|
—
|
|
11,543
|
|
—
|
|
(60,686)
|
|
45,440
|
|
Adjusted
EBITDA
|
$ (1,338)
|
|
$
11,101
|
|
$
(1,929)
|
|
$
(153,503)
|
|
$
43,810
|
|
|
Natural Sand
Proppant Services
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
Reconciliation of
net (loss) income to Adjusted EBITDA:
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Net (loss)
income
|
$
(1,475)
|
|
$
(2,161)
|
|
$
(1,235)
|
|
$
(8,496)
|
|
$
1,824
|
|
Depreciation,
depletion, amortization and accretion expense
|
1,123
|
|
1,339
|
|
1,688
|
|
5,228
|
|
7,737
|
|
Losses (gains) on
disposal of assets, net
|
56
|
|
3
|
|
—
|
|
1
|
|
(13)
|
|
Stock based
compensation
|
36
|
|
38
|
|
39
|
|
145
|
|
186
|
|
Interest expense and
financing charges, net
|
(52)
|
|
64
|
|
78
|
|
186
|
|
317
|
|
Other expense (income),
net
|
6
|
|
(5)
|
|
3
|
|
8
|
|
(18)
|
|
Adjusted
EBITDA
|
$
(306)
|
|
$
(722)
|
|
$
573
|
|
$
(2,928)
|
|
$
10,033
|
|
|
Other
Services(a)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
Reconciliation of
net loss to Adjusted EBITDA:
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
Net loss
|
$
(1,730)
|
|
$
(1,076)
|
|
$
(1,336)
|
|
$ (10,855)
|
|
$ (11,181)
|
|
Depreciation,
amortization and accretion expense
|
1,186
|
|
2,606
|
|
1,377
|
|
6,188
|
|
13,609
|
|
Gains on disposal of
assets, net
|
(1,180)
|
|
(2,614)
|
|
(192)
|
|
(2,763)
|
|
(3,495)
|
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
1,810
|
|
Stock based
compensation
|
20
|
|
23
|
|
27
|
|
88
|
|
125
|
|
Interest expense and
financing charges, net
|
411
|
|
461
|
|
469
|
|
1,800
|
|
1,993
|
|
Other (income) expense,
net
|
(658)
|
|
(421)
|
|
(373)
|
|
76
|
|
(2,747)
|
|
Provision for income
taxes
|
779
|
|
487
|
|
11
|
|
3,581
|
|
1,083
|
|
Adjusted
EBITDA
|
$
(1,172)
|
|
$
(534)
|
|
$
(17)
|
|
$
(1,885)
|
|
$
1,197
|
|
|
|
a.
|
Includes results for
Mammoth's directional drilling, aviation, equipment rentals, remote
accommodations and equipment manufacturing and corporate related
activities. The Company's corporate related activities do not
generate revenue.
|
Adjusted Net Loss and Adjusted Loss per Share
Adjusted net loss and adjusted basic and diluted loss per share
are supplemental non-GAAP financial measures that are used by
management to evaluate the Company's operating and financial
performance. Mammoth defines adjusted net loss as net loss before
impairment of goodwill. Mammoth defines adjusted basic and diluted
loss per share as loss per share before the effects of impairment
of goodwill and impairment of other long-lived assets. Management
believes these measures provide meaningful information about the
Company's performance by excluding certain non-cash charges, such
as impairment of goodwill and impairment of other long-lived
assets, that may not be indicative of the Company's ongoing
operating results. Adjusted net loss and adjusted loss per share
should not be considered in isolation or as a substitute for net
loss and loss per share prepared in accordance with GAAP and may
not be comparable to other similarly titled measures of other
companies. The following tables provide a reconciliation of
adjusted net loss and adjusted loss per share to the GAAP financial
measures of net loss and loss per share for the periods
specified.
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
(in thousands,
except per share amounts)
|
|
Net loss, as
reported
|
$
(15,474)
|
|
$
(5,955)
|
|
$
(24,042)
|
|
$ (207,326)
|
|
$
(3,163)
|
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
1,810
|
|
Adjusted net
loss
|
$
(15,474)
|
|
$
(5,955)
|
|
$
(24,042)
|
|
$ (207,326)
|
|
$
(1,353)
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share,
as reported
|
$
(0.32)
|
|
$
(0.12)
|
|
$
(0.50)
|
|
$
(4.31)
|
|
$
(0.07)
|
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
0.04
|
|
Adjusted basic loss per
share
|
$
(0.32)
|
|
$
(0.12)
|
|
$
(0.50)
|
|
$
(4.31)
|
|
$
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share,
as reported
|
$
(0.32)
|
|
$
(0.12)
|
|
$
(0.50)
|
|
$
(4.31)
|
|
$
(0.07)
|
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
0.04
|
|
Adjusted diluted loss
per share
|
$
(0.32)
|
|
$
(0.12)
|
|
$
(0.50)
|
|
$
(4.31)
|
|
$
(0.03)
|
View original
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SOURCE Mammoth Energy Services, Inc.
