Welcome to our dedicated page for Mammoth Energy Svcs news (Ticker: TUSK), a resource for investors and traders seeking the latest updates and insights on Mammoth Energy Svcs stock.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) generates frequent news through its multi-segment presence in the oil and natural gas and infrastructure industries. The company’s releases cover operational performance, segment-level results and portfolio actions across well completion services, infrastructure services, natural sand proppant services, rental services, accommodation services and drilling services.
Investors following TUSK news see regular updates on quarterly and annual financial results, including revenue contributions from infrastructure, rental, sand, accommodation and drilling segments. Mammoth’s news flow also highlights transactions such as the sale of infrastructure subsidiaries involved in transmission, distribution and substation operations, the sale of equipment used in its hydraulic fracturing business within the well completion segment, and the sale of an engineering-focused subsidiary. These announcements are often accompanied by commentary on how such transactions relate to the company’s efforts to transform and optimize its portfolio.
Company news also addresses capital allocation and liquidity, including information on cash balances, revolving credit facility terms and borrowing base changes. Mammoth has reported investments in its aviation rental offerings, such as the purchase of small passenger aircraft under lease with a commuter airline, and has discussed capital expenditures across its segments, including fiber optic fleets, aviation equipment and maintenance spending.
In addition to earnings releases and transaction announcements, TUSK news includes schedules for earnings conference calls and webcasts, along with management commentary on operational execution, market conditions and strategic priorities as described in the company’s own statements. For readers tracking Mammoth, this news page provides a centralized view of the company’s reported financial performance, segment trends, asset sales, capital deployment and corporate governance developments.
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.
Cobra Acquisitions , a subsidiary of Mammoth Energy Services, Inc. (NASDAQ: TUSK), announced the approval of a Settlement Agreement with Puerto Rico Electric Power Authority (PREPA) by the Title III Court. The agreement entails total settlement proceeds of $188.4 million, with PREPA required to pay $150 million within ten business days of the September 18th hearing. The remaining $38.4 million will be paid according to specific terms.
CEO Arty Straehla expressed satisfaction with the approval, noting that the proceeds will allow the company to pay off all outstanding amounts under their term credit facility and terminate it. The remaining funds are expected to have a transformative impact on the business. The settlement stems from work completed over five years ago and includes provisions for handling withheld FEMA funds.
Mammoth Energy Services (NASDAQ: TUSK) reported Q2 2024 financial results. Total revenue increased to $51.5 million from $43.2 million in Q1 2024. The company recorded a net loss of $156.0 million, or $3.25 loss per diluted share, compared to a net loss of $11.8 million in Q1. Adjusted EBITDA was ($160.7) million, impacted by a $170.7 million expense related to the PREPA settlement.
The company entered a settlement agreement with PREPA, expecting to receive $188.4 million in total proceeds. Mammoth plans to use part of this to pay off its $49.3 million term credit facility. The Infrastructure Services division showed growth, while Well Completion Services faced challenges due to industry softness. As of August 7, 2024, Mammoth had total liquidity of $28.1 million.