Business
Mammoth Energy Services, Inc. Announces First Quarter 2022 Operational and Financial Results
OKLAHOMA CITY, May 9, 2022 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today reported financial and operational
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"OKLAHOMA CITY, May 9, 2022 /PRNewswire/ -- Mammoth Energy Services, Inc. (\"Mammoth\" or the \"Company\") (NASDAQ: TUSK) today reported financial and operational results for the first quarter ended March 31, 2022.\nFinancial Overview for the First Quarter 2022:Total revenue was $62.3 million for the first quarter of 2022, as compared to $66.8 million for the same quarter of 2021 and $57.2 million for the fourth quarter of 2021.\nNet loss for the first quarter of 2022 was $14.8 million, or a $0.32 loss per share, as compared to $12.4 million, or a $0.27 loss per share, for the same quarter of 2021, and $13.3 million, or a $0.28 loss per share, for the fourth quarter of 2021.\nAdjusted EBITDA (as defined and reconciled below) was $9.3 million for the first quarter of 2022, as compared to $9.2 million for the same quarter of 2021 and $17.2 million for the fourth quarter of 2021.\nArty Straehla, Chief Executive Officer of Mammoth commented, \"We maintained positive top line momentum during the first quarter of 2022, which we believe is a trend that will continue into the second quarter and back half of 2022. In our well completions and drilling services segments, pricing and utilization rates continue to increase and grow revenue in a favorable commodity environment with elevated activity. Similarly, strong industry tailwinds persist in the infrastructure space where we continue to compete for new project work. During the first quarter of 2022, the revenue contribution from our infrastructure services segment increased as a percentage of our total revenue and we are seeing an increasing number of opportunities in this segment. I am proud of our team's commitment and hard work to mitigate the myriad of external challenges in today's economic environment as we remain disciplined with our spending to continue to improve Mammoth's cost structure and enhance value for our stockholders.\"\nInfrastructure ServicesMammoth's infrastructure services division contributed revenue of $23.0 million, or approximately 37% of Mammoth's total revenue, for the first quarter of 2022, as compared to $30.2 million for the same quarter of 2021 and $19.7 million for the fourth quarter of 2021. The decrease in revenue compared to the same quarter of 2021 is primarily due to a decline in storm activity, resulting in lower storm restoration revenue.\nWell Com...