Business
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
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"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.\n\nFinancial Overview for the First Quarter 2024:\nTotal 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.\nNet 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.\nAdjusted 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.\nArty 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.\n\"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...