Mammoth Energy Svcs Inc - TUSK STOCK NEWS

Mammoth Energy Services (NASDAQ: TUSK) has announced the sale of its infrastructure subsidiaries - 5 Star Electric, Higher Power Electrical, and Python Equipment - to Peak Utility Services Group for $108.7 million. The transaction includes immediate cash proceeds of $98.3 million, with $10.4 million held in escrow.

Key developments include:

• CEO Phil Lancaster will transition to Peak by July 1, 2025
• Company's cash position grows to approximately $160 million
• Purchase of eight small passenger aircraft under lease for $11.5 million
• Credit facility amendment allowing up to $50 million in stock repurchases

The company expects positive Adjusted EBITDA in Q1 2025, showing sequential improvement from Q4 2024. The infrastructure subsidiaries generated over $90 million in annual revenue in the past three years.

Mammoth Energy Services (NASDAQ: TUSK) reported its Q4 and full-year 2024 financial results. The company saw Q4 revenue of $53.2 million, up from $40.0 million in Q3 2024 but down from $52.8 million in Q4 2023. Full-year 2024 revenue declined to $187.9 million from $309.5 million in 2023.

Q4 2024 net loss was $15.5 million ($0.32 per share), compared to a $6.0 million loss in Q4 2023. Full-year 2024 net loss widened to $207.3 million ($4.31 per share) from $3.2 million in 2023. The company maintains a debt-free balance sheet with $86 million in cash (including $21 million restricted).

By segment, Infrastructure Services revenue was $27.9 million in Q4, Well Completion Services contributed $15.8 million, Natural Sand Proppant Services added $5.1 million, and Other Services generated $6.2 million. Management expects steady activity in 2025 with potential upside from increased natural gas-related demand.

Mammoth Energy Services (NASDAQ: TUSK) has scheduled the release of its 2024 fourth quarter and full year financial results for Friday, March 7, 2025, before market opening. The company will host a conference call and webcast to discuss the results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on the same day.

A replay of the call will be available through March 14, 2025, accessible by dialing 201-612-7415 with passcode 13751343#. The webcast recording will be archived on the company's investor relations website.

Mammoth Energy Services (NASDAQ: TUSK) announced that CEO Arty Straehla will retire effective December 31, 2024. Phil Lancaster, currently Vice President of Corporate Development, will assume the CEO role on January 1, 2025. Straehla will also resign from his position as director. Lancaster brings over 20 years of energy industry experience, including senior leadership roles and public board service. His background includes serving as interim President of Mammoth's infrastructure subsidiaries, President of Mammoth Energy Partners LP, and CEO positions at Redback Energy Services and Great White Energy Services. He previously served on the boards of Bronco Drilling Company and Gulfport Energy

Mammoth Energy Services (NASDAQ: TUSK) reported Q3 2024 financial results with total revenue of $40.0 million, down from $65.0 million in Q3 2023. The company posted a net loss of $24.0 million ($0.50 per share) compared to a net loss of $1.1 million ($0.02 per share) year-over-year. Adjusted EBITDA was ($6.4) million versus $13.4 million in Q3 2023. Notably, Mammoth received $168.4 million from PREPA settlement and became debt-free, with plans to invest in infrastructure and well completion services. As of October 30, 2024, the company had $86.2 million cash on hand and total liquidity of $97.7 million.

Mammoth Energy Services (NASDAQ: TUSK) has scheduled its 2024 third quarter earnings release for Friday, November 1, 2024, before market opens. The company will host a conference call and webcast to discuss the results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on the same day. Investors can participate by dialing 1-201-389-0872 or accessing the webcast through the company's investor relations website. An archive of the webcast will be available after the call concludes.

Cobra Acquisitions , a subsidiary of Mammoth Energy Services (NASDAQ: TUSK), has received $18.4 million from the Puerto Rico Electric Power Authority (PREPA) as part of a Settlement Agreement. This payment is part of a total $188.4 million settlement, of which $168.4 million has been received to date. The final $20 million installment is expected upon confirmation of PREPA's bankruptcy plan.

In connection with this payment, Mammoth has amended its revolving credit agreement and entered into a letter of credit reimbursement agreement with Fifth Third Bank. The company has transferred $19.3 million to a restricted cash account as collateral for a $18.4 million letter of credit issued to PREPA.

CEO Arty Straehla emphasized Mammoth's strong financial position, with significant cash and no debt, and plans to pursue strategic opportunities to enhance the company's value.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) has announced the payoff and termination of its term credit facility with Wexford Capital LP. The company used a portion of the proceeds from the first installment payment of the Puerto Rico Electric Power Authority settlement to pay off all outstanding amounts, totaling $50.9 million, including accrued and unpaid interest.

As a result, Mammoth is now debt-free. In light of this development, the company's board of directors has authorized an increase in the 2024 capital expenditure budget to $23 million, an $11 million increase from the previous guidance. The additional funds will be allocated as follows: $6 million for growing and adding crews in the infrastructure division, and $5 million for maintenance of the current infrastructure fleet.

Cobra Acquisitions , a subsidiary of Mammoth Energy Services (NASDAQ: TUSK), has received $150 million from the Commonwealth of Puerto Rico as part of a Settlement Agreement with the Puerto Rico Electric Power Authority (PREPA). This is the first installment of a total $188.4 million settlement. CEO Arty Straehla stated that the company plans to use this initial payment to clear all outstanding obligations under their term credit facility by October 16, 2024.

The remaining $38.4 million will be paid in two installments: $20 million following PREPA's plan of adjustment, and $18.4 million in Withheld FEMA Funds. Mammoth intends to strategically deploy this capital to pursue value-enhancing opportunities and strengthen the company's future position.