0001679268FALSE00016792682025-03-072025-03-07



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 7, 2025
 
Mammoth Energy Services, Inc.

(Exact name of registrant as specified in its charter)

001-37917
(Commission File No.)
Delaware32-0498321
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14201 Caliber Drive,Suite 300
Oklahoma City,Oklahoma(405)608-600773134
(Address of principal executive offices)(Registrant’s telephone number, including area code)(Zip Code)
______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of The Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockTUSKThe Nasdaq Stock Market LLC
NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§232.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(s) of the Exchange Act.  ¨





Item 2.02 Results of Operations and Financial Condition

On March 7, 2025, Mammoth Energy Services, Inc. (the “Company”) issued a press release announcing its operational and financial results for the fourth quarter and full year ended December 31, 2024. A copy of that press release is furnished as Exhibit 99.1 to this report.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference in the registration statement.

Item 7.01 Regulation FD Disclosure

On March 7, 2025, the Company posted an investor presentation to the “investors” section of its website (www.mammothenergy.com), where the Company routinely posts announcements, updates, events, investor information and presentations and recent news releases. Information on the Company's website does not constitute part of this Current Report on Form 8-K.

The information in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference in the registration statement.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.




Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MAMMOTH ENERGY SERVICES, INC.
Date:March 7, 2025By:/s/ Mark Layton
Mark Layton
Chief Financial Officer and Secretary







Exhibit 99.1

image.jpg


Mammoth Energy Services, Inc. Announces
Fourth Quarter and Full Year 2024 Operational and Financial Results


OKLAHOMA CITY - March 7, 2025 - 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.
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Following is a breakout of SG&A expense (in thousands):
Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
20242023202420242023
Cash expenses:
Compensation and benefits$4,054 $3,898 $3,173 $14,448 $15,563 
Professional services3,282 2,559 3,503 12,298 13,448 
Other(a)
1,896 1,808 1,775 7,146 7,693 
Total cash SG&A expense9,232 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 compensation219 219 219 875 1,345 
Total non-cash SG&A expense628 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.

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Capital Expenditures
The following table summarizes Mammoth’s capital expenditures by operating division for the periods indicated (in thousands):
Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
20242023202420242023
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 
Eliminations7 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
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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.

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS

ASSETSDecember 31,December 31,
20242023
CURRENT ASSETS(in thousands)
Cash and cash equivalents$60,967 $16,556 
Restricted cash21,359 7,742 
Accounts receivable, net79,020 447,202 
Inventories15,119 12,653 
Prepaid expenses1,780 1,931 
Other current assets10,342 10,841 
Total current assets188,587 496,925 
Property, plant and equipment, net115,082 113,905 
Sand reserves, net57,273 58,528 
Operating lease right-of-use assets6,417 9,551 
Goodwill9,214 9,214 
Deferred income tax asset— 1,844 
Other non-current assets7,458 8,512 
Total assets$384,031 $698,479 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$32,459 $27,508 
Accrued expenses and other current liabilities33,940 86,713 
Accrued expenses and other current liabilities - related parties— 1,241 
Current operating lease liability3,450 5,771 
Income taxes payable44,658 61,320 
Total current liabilities114,507 182,553 
Long-term debt from related parties— 42,809 
Deferred income tax liabilities3,021 628 
Long-term operating lease liability2,792 3,534 
Asset retirement obligation4,234 4,140 
Other long-term liabilities6,659 4,715 
Total liabilities131,213 238,379 
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 capital540,431 539,558 
Accumulated deficit(283,643)(76,317)
Accumulated other comprehensive loss(4,451)(3,620)
Total equity252,818 460,100 
Total liabilities and equity$384,031 $698,479 


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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
20242023202420242023
(in thousands, except per share amounts)
REVENUE
Services revenue$47,705 $48,087 $34,069 $167,358 $269,227 
Services revenue - related parties377 139 1,037 1,548 980 
Product revenue5,118 4,556 4,909 19,026 39,285 
Total revenue53,200 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 parties11 114 118 366 475 
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,123, $1,339, $1,688, $5,228, $7,734, respectively, for the three months ended December 31, 2024, December 31, 2023, and September 30, 2024 and years ended December 31, 2024 and 2023)
4,781 4,692 3,386 18,911 27,489 
Selling, general and administrative9,860 8,307 8,702 124,821 37,458 
Depreciation, depletion, amortization and accretion5,822 8,271 6,184 25,079 45,110 
Gains on disposal of assets, net(1,518)(2,757)(293)(4,014)(6,041)
Impairment of goodwill— — — — 1,810 
Total cost and expenses62,516 59,599 52,565 316,637 326,177 
Operating loss(9,316)(6,817)(12,550)(128,705)(16,685)
OTHER INCOME (EXPENSE)
Interest expense and financing charges, net(4,766)(5,570)(8,088)(20,497)(14,955)
Interest expense and financing charges, net - related parties(36)(1,241)(1,642)(4,707)(1,241)
Other income (expense), net37 10,964 (1,122)(64,621)42,015 
Total other (expense) income (4,765)4,153 (10,852)(89,825)25,819 
(Loss) income before income taxes(14,081)(2,664)(23,402)(218,530)9,134 
Provision (benefit) for income taxes1,393 3,291 640 (11,204)12,297 
Net loss$(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 

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

Twelve Months Ended
December 31,
20242023
(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 compensation875 1,345 
Depreciation, depletion, accretion and amortization25,079 45,110 
Amortization of debt origination costs3,131 1,288 
Change in provision for expected credit losses171,517 (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 taxes4,237 (1,687)
Other160 (693)
Changes in assets and liabilities:
Accounts receivable, net195,639 11,275 
Inventories(2,563)(3,770)
Prepaid expenses and other assets195 354 
Accounts payable2,675 (18,485)
Accrued expenses and other liabilities3,277 (6,949)
Accrued expenses and other liabilities - related parties4,647 1,241 
Income taxes payable(16,655)12,757 
Net cash provided by operating activities180,717 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 equipment6,633 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 cash58,028 7,016 
Cash, cash equivalents and restricted cash at beginning of period24,298 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 

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Three Months Ended December 31, 2024Well CompletionInfrastructureSandAll OtherEliminationsTotal
Revenue from external customers$15,714 $27,870 $5,118 $4,498 $— $53,200 
Intersegment revenues67 — 4 1,662 (1,733)— 
Total revenue15,781 27,870 5,122 6,160 (1,733)53,200 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion15,918 23,377 4,307 4,750 — 48,352 
Intersegment cost of revenues233 24 — 1,476 (1,733)— 
Total cost of revenue16,151 23,401 4,307 6,226 (1,733)48,352 
Selling, general and administrative1,672 5,905 1,157 1,126 — 9,860 
Depreciation, depletion, amortization and accretion2,710 803 1,123 1,186 — 5,822 
Operating loss excluding (gains) loss on disposal of assets, net(4,752)(2,239)(1,465)(2,378)— (10,834)
(Gains) loss on disposal of assets, net(74)(320)56 (1,180)— (1,518)
Operating loss(4,678)(1,919)(1,521)(1,198)— (9,316)
Interest expense and financing charges, net271 4,172 (52)411 — 4,802 
Other expense (income), net — 615 6 (658)— (37)
Loss before income taxes$(4,949)$(6,706)$(1,475)$(951)$— $(14,081)
Three Months Ended December 31, 2023Well CompletionInfrastructureSandAll OtherEliminationsTotal
Revenue from external customers$15,741 $27,229 $4,464 $5,348 $— $52,782 
Intersegment revenues109 — — 375 (484)— 
Total revenue15,850 27,229 4,464 5,723 (484)52,782 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion13,775 22,668 4,255 5,080 — 45,778 
Intersegment cost of revenues215 119 — 150 (484)— 
Total cost of revenue13,990 22,787 4,255 5,230 (484)45,778 
Selling, general and administrative1,301 4,987 969 1,050 — 8,307 
Depreciation, depletion, amortization and accretion3,303 1,023 1,339 2,606 — 8,271 
Operating loss excluding (gains) loss on disposal of assets, net(2,744)(1,568)(2,099)(3,163)— (9,574)
(Gains) loss on disposal of assets, net(75)(71)3 (2,614)— (2,757)
Operating loss(2,669)(1,497)(2,102)(549)— (6,817)
Interest expense and financing charges, net1,892 4,394 64 461 — 6,811 
Other expense (income), net1 (10,539)(5)(421)— (10,964)
(Loss) income before income taxes$(4,562)$4,648 $(2,161)$(589)$— $(2,664)
Three Months Ended September 30, 2024Well CompletionInfrastructureSandAll OtherEliminationsTotal
Revenue from external customers$1,305 $26,043 $4,909 $7,758 $— $40,015 
Intersegment revenues109 — — 1,610 (1,719)— 
Total revenue1,414 26,043 4,909 9,368 (1,719)40,015 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion5,573 22,539 3,164 6,696 — 37,972 
Intersegment cost of revenues156 — — 1,565 (1,721)— 
Total cost of revenue5,729 22,539 3,164 8,261 (1,721)37,972 
Selling, general and administrative783 5,557 1,211 1,151 — 8,702 
Depreciation, depletion, amortization and accretion2,493 626 1,688 1,377 — 6,184 
Operating loss excluding gains on disposal of assets, net(7,591)(2,679)(1,154)(1,421)2 (12,843)
Gains on disposal of assets, net(60)(41)— (192)— (293)
Operating loss(7,531)(2,638)(1,154)(1,229)2 (12,550)
Interest expense and financing charges, net441 8,742 78 469 — 9,730 
Other expense (income), net1 1,491 3 (373)— 1,122 
Loss before income taxes$(7,973)$(12,871)$(1,235)$(1,325)$2 $(23,402)

9
MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Year Ended December 31, 2024Well CompletionInfrastructureSandAll OtherEliminationsTotal
Revenue from external customers$33,622 $110,383 $19,026 $24,901 $— $187,932 
Intersegment revenues393 — 31 6,548 (6,972)$— 
Total revenue34,015 110,383 19,057 31,449 (6,972)187,932 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion38,005 92,081 17,790 22,875 — 170,751 
Intersegment cost of revenues756 51 — 6,165 (6,972)$— 
Total cost of revenue38,761 92,132 17,790 29,040 (6,972)170,751 
Selling, general and administrative4,569 111,530 4,340 4,382 — 124,821 
Depreciation, depletion, amortization and accretion10,889 2,774 5,228 6,188 — 25,079 
Operating loss excluding losses (gains) on disposal of assets, net(20,204)(96,053)(8,301)(8,161)— (132,719)
Losses (gains) on disposal of assets, net52 (1,304)1 (2,763)— (4,014)
Operating loss(20,256)(94,749)(8,302)(5,398)— (128,705)
Interest expense and financing charges, net1,628 21,590 186 1,800 — 25,204 
Other expense, net2 64,535 8 76 — 64,621 
Loss before income taxes$(21,886)$(180,874)$(8,496)$(7,274)$— $(218,530)
Year Ended December 31, 2023Well CompletionInfrastructureSandAll OtherEliminationsTotal
Revenue from external customers$126,932 $110,537 $39,106 $32,917 $— $309,492 
Intersegment revenues440 — 25 2,029 (2,494)— 
Total revenue127,372 110,537 39,131 34,946 (2,494)309,492 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion103,880 90,478 25,666 27,816 — 247,840 
Intersegment cost of revenues1,182 149 — 1,163 (2,494)— 
Total cost of revenue105,062 90,627 25,666 28,979 (2,494)247,840 
Selling, general and administrative6,867 22,078 3,618 4,895 — 37,458 
Depreciation, depletion, amortization and accretion15,374 8,390 7,737 13,609 — 45,110 
Operating income (loss) excluding gains on disposal of assets, net and impairment of goodwill69 (10,558)2,110 (12,537)— (20,916)
Gains on disposal of assets, net(2,023)(510)(13)(3,495)— (6,041)
Impairment of goodwill— — — 1,810 — 1,810 
Operating income (loss)2,092 (10,048)2,123 (10,852)— (16,685)
Interest expense and financing charges, net4,133 9,753 317 1,993 — 16,196 
Other expense (income), net2 (39,252)(18)(2,747)— (42,015)
(Loss) income before income taxes$(2,043)$19,451 $1,824 $(10,098)$— $9,134 




10
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 EndedTwelve Months Ended
December 31,September 30,December 31,
Reconciliation of net loss to Adjusted EBITDA:20242023202420242023
Net loss$(15,474)$(5,955)$(24,042)$(207,326)$(3,163)
Depreciation, depletion, amortization and accretion expense5,822 8,271 6,184 25,079 45,110 
Gains on disposal of assets, net(1,518)(2,757)(293)(4,014)(6,041)
Impairment of goodwill— — — — 1,810 
Stock based compensation219 219 219 875 1,345 
Interest expense and financing charges, net4,802 6,811 9,730 25,204 16,196 
Other (income) expense, net(37)(10,964)1,122 64,621 (42,015)
Provision (benefit) for income taxes1,393 3,291 640 (11,204)12,297 
Interest on trade accounts receivable— 11,543 — (60,686)45,440 
Adjusted EBITDA$(4,793)$10,459 $(6,440)$(167,451)$70,979 

11
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Well Completion Services
Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
Reconciliation of net loss to Adjusted EBITDA:20242023202420242023
Net loss$(4,949)$(4,562)$(7,973)$(21,886)$(2,043)
Depreciation and amortization expense2,710 3,303 2,493 10,889 15,374 
(Gains) losses on disposal of assets, net(74)(75)(60)52 (2,023)
Stock based compensation65 55 29 180 496 
Interest expense and financing charges, net271 1,892 441 1,628 4,133 
Other expense, net— 1 1 2 2 
Adjusted EBITDA$(1,977)$614 $(5,069)$(9,135)$15,939 

Infrastructure Services
Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
Reconciliation of net (loss) income to Adjusted EBITDA:20242023202420242023
Net (loss) income$(7,320)$1,844 $(13,500)$(166,089)$8,237 
Depreciation and amortization expense803 1,023 626 2,774 8,390 
Gains on disposal of assets, net(320)(71)(41)(1,304)(510)
Stock based compensation98 103 124 462 538 
Interest expense and financing charges, net4,172 4,394 8,742 21,590 9,753 
Other expense (income), net615 (10,539)1,491 64,535 (39,252)
Provision (benefit) for income taxes614 2,804 629 (14,785)11,214 
Interest on trade accounts receivable— 11,543 — (60,686)45,440 
Adjusted EBITDA$(1,338)$11,101 $(1,929)$(153,503)$43,810 

12
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Natural Sand Proppant Services
Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
Reconciliation of net (loss) income to Adjusted EBITDA:20242023202420242023
Net (loss) income$(1,475)$(2,161)$(1,235)$(8,496)$1,824 
Depreciation, depletion, amortization and accretion expense1,123 1,339 1,688 5,228 7,737 
Losses (gains) on disposal of assets, net56 3 — 1 (13)
Stock based compensation36 38 39 145 186 
Interest expense and financing charges, net(52)64 78 186 317 
Other expense (income), net6 (5)3 8 (18)
Adjusted EBITDA$(306)$(722)$573 $(2,928)$10,033 


Other Services(a)
Three Months EndedTwelve Months Ended
December 31,September 30,December 31,
Reconciliation of net loss to Adjusted EBITDA:20242023202420242023
Net loss$(1,730)$(1,076)$(1,336)$(10,855)$(11,181)
Depreciation, amortization and accretion expense1,186 2,606 1,377 6,188 13,609 
Gains on disposal of assets, net(1,180)(2,614)(192)(2,763)(3,495)
Impairment of goodwill— — — — 1,810 
Stock based compensation20 23 27 88 125 
Interest expense and financing charges, net411 461 469 1,800 1,993 
Other (income) expense, net(658)(421)(373)76 (2,747)
Provision for income taxes779 487 11 3,581 1,083 
Adjusted EBITDA$(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.


13
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

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 EndedYears Ended
December 31,September 30,December 31,
20242023202420242023
(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)
14
v3.25.0.1
Cover
Mar. 07, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 07, 2025
Entity Registrant Name Mammoth Energy Services, Inc.
Entity File Number 001-37917
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 32-0498321
Entity Address, Address Line One 14201 Caliber Drive,
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Oklahoma City,
Entity Address, State or Province OK
City Area Code (405)
Local Phone Number 608-6007
Entity Address, Postal Zip Code 73134
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol TUSK
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001679268
Amendment Flag false
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