Business
Mammoth Energy Services, Inc. Announces Strong Second Quarter 2022 Operational and Financial Results
Significant Increases in Q2 Revenue, Net Income and Adjusted EBITDA OKLAHOMA CITY, July 28, 2022 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"Significant Increases in Q2 Revenue, Net Income and Adjusted EBITDA \nOKLAHOMA CITY, July 28, 2022 /PRNewswire/ -- Mammoth Energy Services, Inc. (\"Mammoth\" or the \"Company\") (NASDAQ: TUSK) today reported strong financial and operational results for the second quarter ended June 30, 2022.\nFinancial Overview for the Second Quarter 2022:\nTotal revenue was $89.7 million for the second quarter of 2022, as compared to $47.4 million for the same quarter last year and $62.3 million for the first quarter of 2022.\nNet income for the second quarter of 2022 was $1.7 million, or $0.04 per share, as compared to a net loss of $34.8 million, or a $0.75 loss per share, for the same quarter last year, and a net loss of $14.8 million, or a $0.32 loss per share, for the first quarter of 2022.\nAdjusted EBITDA (as defined and reconciled below) was $23.0 million for the second quarter of 2022, as compared to ($3.3) million for the same quarter last year and $9.3 million for the first quarter of 2022.\nArty Straehla, Chief Executive Officer of Mammoth commented, \"Our significant second quarter growth in revenue, net income and Adjusted EBITDA resulted from substantial gains in Infrastructure Services, Well Completion Services and our Sand business. In our Infrastructure Services division, we have continued to add crews since the first quarter to just over 100 crews currently, and we expect to add additional crews in the coming weeks in preparation for the seasonal storm restoration services anticipated in the third and fourth quarters. Our Well Completion Services division posted the strongest quarter we've seen since mid-2019 resulting from the robust macro demand that the pressure pumping industry is experiencing. We currently have four pressure pumping spreads operating, which have full schedules through the end of the year, and we expect to add a fifth spread sometime in the fourth quarter. Our Sand business is also experiencing strong demand, as well as increased pricing, which we believe will continue to improve into the back half of the year and into 2023. I am proud of our team's continued commitment and hard work to push through the challenges we have faced over the last few years and am confident that we are well equipped to build on the improvements we have made this quarter.\"\nInfrastructure ServicesMammoth's infrastructure servic...