Business
Source Energy Services Reports Q3 2021 Results
(TheNewswire) Calgary, Alberta – TheNewswire - November&#x...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Reports Q3 2021 Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n \n TheNewswire -\n \n \n November 4, 2021\n \n \n (\n \n \n TSX:SHLE\n \n \n )\n \n \n \n \n Source Energy Services Ltd. is pleased to announce its\n2021 third quarter financial results.\n \n \n \n \n THIRD QUARTER 2021 HIGHLIGHTS\n \n \n \n \n For the three months ended September 30, 2021,\nSource:\n \n \n \n \n \n \n –\n \n \n sold\n751,611 metric tonnes (“MT”) of sand and earned sand revenue of\n$79.3 million;\n \n \n \n \n \n \n –\n \n \n achieved\nrecord daily and monthly sand sales volumes;\n \n \n \n \n \n \n –\n \n \n added a\nnew direct exploration and production (“E&P”) customer during\nthe quarter and another shortly after the end of the quarter;\n \n \n \n \n \n \n –\n \n \n deployed\na Sahara unit to Utah which commenced work with a large E&P\ncustomer in September;\n \n \n \n \n \n \n –\n \n \n achieved\nutilization of 73% for the quarter for the seven Sahara units\noperating in Canada;\n \n \n \n \n \n \n –\n \n \n achieved\na strong liquidity position, with $1.4 million of cash on hand and no\ndraws on the asset backed loan (“ABL”) facility at the end of the\nquarter;\n \n \n \n \n \n \n –\n \n \n realized\ngross margin of $12.8 million and Adjusted Gross Margin\n \n \n (1)\n \n \n of $17.7\nmillion;\n \n \n \n \n \n \n –\n \n \n reported\nnet loss of $3.6 million, an improvement of $4.4 million from the same\nperiod last year; and\n \n \n \n \n \n \n –\n \n \n realized\nAdjusted EBITDA\n \n \n (1)\n \n \n of $11.3 million.\n \n \n \n \n \n \n Note\n \n \n :\n \n \n \n (1)    Adjusted Gross Margin (including on a\nper MT basis) and Adjusted EBITDA are not defined under IFRS, refer to\n‘Non-IFRS Measures’ below.\n \n \n \n \n \n \n \n \n \n Three months ended September\n30,\n \n \n \n \n \n \n Nine months ended September\n30,\n \n \n \n \n \n \n \n \n ($000’s, except MT and per unit\namounts)\n \n \n \n \n \n \n 2021\n \n \n \n \n \n \n 2020\n \n \n \n \n \n \n 2021\n \n \n \n \n \n \n 2020\n \n \n \n \n \n \n \n \n Sand volumes (MT)\n \n \n (1)\n \n \n \n \n \n \n 751,611\n \n \n \n \n \n \n 609,469\n \n \n \n \n \n \n 1,954,385\n \n ...