Business
Mammoth Energy Services, Inc. Announces First Quarter 2023 Operational and Financial Results
OKLAHOMA CITY, April 27, 2023 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today reported financial and
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"OKLAHOMA CITY, April 27, 2023 /PRNewswire/ -- Mammoth Energy Services, Inc. (\"Mammoth\" or the \"Company\") (NASDAQ: TUSK) today reported financial and operational results for the first quarter ended March 31, 2023.\nFinancial Overview for the First Quarter 2023:\nTotal revenue was $116.3 million for the first quarter of 2023, an increase of 87% compared to $62.3 million for the same quarter of 2022 and an increase of 13% compared to $102.9 million for the fourth quarter of 2022.\nNet income for the first quarter of 2023 was $8.4 million, or $0.17 per diluted share, compared to a net loss of $14.8 million, or a $0.32 loss per share, for the same quarter of 2022 and net income of $4.8 million, or $0.10 per share, for the fourth quarter of 2022.\nAdjusted EBITDA (as defined and reconciled below) was $30.7 million for the first quarter of 2023, an increase of 230% compared to $9.3 million for the same quarter of 2022 and an increase of 27% compared to $24.1 million for the fourth quarter of 2022.\nArty Straehla, Chief Executive Officer of Mammoth commented, \"Our first quarter performance was in line with our expectations, contributing to significant year-over-year growth in revenue, net income and Adjusted EBITDA. Our talented and hard-working teams throughout the organization continue to manage through a challenging economic environment for our customers, especially related to supply chain constraints that persist in many of our business segments. Our Well Completion Services division generated strong growth in the quarter, however, the oil field services markets that we serve are now being negatively impacted by lower commodity prices, in particular natural gas prices, which are restricting utilization of our well completion services and capacity growth. Natural gas prices have been cut nearly in half since the end of 2022, which is resulting in a reduction in completions activity across the industry, particularly in the northeast where we have a concentration of frac fleets. While we remain bullish long-term on natural gas, in the near-term, the lower commodity prices are reducing activity and leading to more calendar white space, which we expect is likely to reduce near-term utilization in our well completion segment as we adjust to market conditions. As we continue to work with our customers to keep as many fleets active as ...