Business
Mammoth Energy Services, Inc. Announces Fourth Quarter and Full Year 2021 Operational and Financial Results
OKLAHOMA CITY, March 4, 2022 /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, March 4, 2022 /PRNewswire/ -- Mammoth Energy Services, Inc. (\"Mammoth\" or the \"Company\") (NASDAQ: TUSK) today reported financial and operational results for the fourth quarter and full year ended December 31, 2021. \nFinancial Overview for the Fourth Quarter and Full Year 2021:\nTotal revenue was $57.2 million for the fourth quarter of 2021, as compared to $85.1 million for the same quarter of 2020 and $57.5 million for the third quarter of 2021. Total revenue was $229.0 million for the year ended December 31, 2021 as compared to $313.1 million for the year ended December 31, 2020.\nNet loss for the fourth quarter of 2021 was $13.3 million, or a $0.28 loss per share, as compared to $11.9 million, or a $0.26 loss per share, for the same quarter of 2020, and $40.9 million, or a $0.88 loss per share, for the third quarter of 2021. Net loss for the year ended December 31, 2021 was $101.4 million, or $2.18 per fully diluted share, as compared to net loss of $107.6 million, or $2.36 per fully diluted share for the year ended December 31, 2020.\nAdjusted EBITDA (as defined and reconciled below) increased to $17.2 million for the fourth quarter of 2021, as compared to $7.5 million for the same quarter of 2020 and ($29.7) million for the third quarter of 2021. Adjusted EBITDA was ($11.6) million for the year ended December 31, 2021, as compared to $50.0 million for the year ended December 31, 2020. During the third quarter of 2021, Mammoth recognized expense of $32.6 million related to its settlement with Gulfport Energy Corporation. Excluding this non-recurring expense, adjusted EBITDA was $2.9 million for the third quarter of 2021 and $21.0 million for the full year 2021.\nArty Straehla, Chief Executive Officer of Mammoth commented, \"We ended the year sustaining sequential quarterly momentum on top line revenues and reducing net loss. I'm proud of the progress our team is making to further enhance our efficient fixed cost model. We have implemented a cost management structure and methodical operational processes that we believe will enable significant top line growth without meaningfully changing our SG&A structure.\n\"As we enter 2022, we see improved macro-economic trends that we believe will drive increased demand for our two largest business segments, well completion services and infrastructure services,\" added...