Business
Mammoth Energy Services, Inc. Announces Fourth Quarter and Full Year 2022 Operational and Financial Results
Q4 Revenue Up 80% and Full Year Revenue Up 58% OKLAHOMA CITY, Feb. 23, 2023 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company")
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"Q4 Revenue Up 80% and Full Year Revenue Up 58%\nOKLAHOMA CITY, Feb. 23, 2023 /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, 2022. \nFinancial Overview for the Fourth Quarter and Full Year 2022:\nFourth quarter 2022 total revenue was $102.9 million, an increase of 80% compared to $57.2 million for the same quarter of 2021. Total revenue for the full year of 2022 was $362.1 million, an increase of 58% compared to $229.0 million in 2021.\nNet income for the fourth quarter of 2022 was $4.8 million, or $0.10 per share, compared to a net loss of $13.3 million, or a $0.28 loss per share, for the same quarter of 2021. Net loss for the full year of 2022 was $0.6 million, or $0.01 per fully diluted share, compared to net loss of $101.4 million, or $2.18 per fully diluted share for 2021. \nAdjusted EBITDA (as defined and reconciled below) was $24.1 million for the fourth quarter of 2022, an increase of 40% compared to $17.2 million for the same quarter of 2021. Adjusted EBITDA increased to $86.1 million for the full year of 2022 compared to ($11.6) million for 2021. During the fourth quarter of 2022, Mammoth recognized bad debt expense of $3.5 million due to a previously disclosed legal settlement. Excluding this expense, adjusted EBITDA would have been $27.6 million for the fourth quarter of 2022 and $89.6 million for the full year 2022.\nArty Straehla, Chief Executive Officer of Mammoth commented, \"We are pleased to report significant revenue and Adjusted EBITDA growth in the fourth quarter and for the full year. This growth was driven by strong market demand for our services and enhanced execution by our teams. Despite adverse weather during the quarter and continued supply chain constraints that impacted productivity, I am proud of the hard work and perseverance displayed by our talented teams throughout our organization. Our Well Completion Services division continues to improve performance, generating strong growth as the macro demand in the pressure pumping industry remains robust. We exited 2022 with four of our six pressure pumping spreads operating, and we added a fifth spread into operations in January of 2023. In addition, we have plans to upgrade our sixth spread to Tier 4, du...