Mammoth Energy Svcs Inc Stock Price, News & Analysis

Mammoth Energy Services (NASDAQ: TUSK) reported strong financial results for Q4 and the full year of 2022. Q4 revenue surged to $102.9 million, an 80% increase from $57.2 million in Q4 2021, while total revenue for 2022 reached $362.1 million, up 58% from $229.0 million. The company achieved a net income of $4.8 million for Q4, reversing a net loss of $13.3 million in the same quarter last year. Adjusted EBITDA grew to $24.1 million in Q4, bolstered by robust demand in its Well Completion and Infrastructure Services divisions. Despite some challenges, including a $3.5 million bad debt expense, Mammoth remains optimistic about future performance and operational efficiency improvements.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) will release its 2022 fourth quarter and full year financial results on February 23, 2023, post market close. A conference call will follow at 5:00 p.m. ET to discuss these results. Investors can join via phone (1-201-389-0872) or through the company's website. An archive of the call will be accessible after its conclusion. Mammoth Energy specializes in infrastructure services for electric grid construction and repair, along with oil and gas exploration support services. For further updates, visit www.mammothenergy.com.

Mammoth Energy Services (NASDAQ: TUSK) announced on January 24, 2023, that its subsidiary, Cobra Acquisitions LLC, has filed a certified claim for approximately $379 million with FEMA due to unpaid work related to the restoration of Puerto Rico's power grid after Hurricane Maria in 2017. Despite assurances from FEMA, Cobra has not received payment for its efforts made over five years ago. The CEO emphasized their expectation for payment and highlighted the company's readiness to pursue legal action if necessary. This development underscores ongoing financial challenges and operational complexities faced by Cobra in recovering owed funds.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced recent FEMA Determination Memorandums regarding its contract with the Puerto Rico Electric Power Authority (PREPA). The memorandums estimate $49.3 million and $233.7 million in eligible costs for two projects, respectively. However, PREPA may not receive additional funding based on FEMA's assessment. PREPA indicated plans to appeal these decisions by January 20 and February 19, 2023. Separately, Mammoth is pursuing over $375 million in receivables from PREPA, aided by bipartisan support from Congress. CEO Arty Straehla criticized the Oversight Board for its lack of accountability in PREPA's payment obligations.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced the activation of its fifth frac spread via its subsidiary, Stingray Pressure Pumping LLC. This expansion reflects the company's growth in infrastructure services and strong demand for its offerings. Despite supply chain challenges, Mammoth's vertically integrated manufacturing capabilities facilitated the rollout. The infrastructure division, including its engineering and fiber businesses, is expanding geographically and organically, with the engineering team now exceeding 50 employees. CEO Arty Straehla emphasized the increased earnings potential for 2023, driven by these initiatives.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) will present at the Singular Research 'Best of the Uncovered' Investor Conference in San Francisco on December 8, 2022, at 4:00 P.M. Eastern Time. The investor presentation and webcast registration details will be available on their website. Mammoth focuses on construction and repair of the electric grid, providing services for utilities and offering products for oil and gas exploration. For further information, visit their official site.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced two sand supply agreements with Piranha Proppant LLC and Taylor Frac, LLC, totaling approximately 1.75 million tons of sand for a duration of 12 and 21 months. The contracts, effective January 1, 2023, aim to generate predictable cash flow for the company's natural sand proppant division. CEO Arty Straehla indicated these agreements capitalize on favorable pricing and optimal sand mine capacity, enhancing Mammoth's market position in the energy services sector.

Mammoth Energy Services (TUSK) reported significant financial results for Q3 2022, with total revenues of $107.2 million, representing an 86% year-over-year growth and a 20% increase sequentially. The company achieved a net income of $7.7 million ($0.16 per share), a substantial turnaround from a net loss of $40.9 million in the same quarter last year. Adjusted EBITDA increased to $29.8 million. Key divisions, including Infrastructure Services and Well Completion Services, showed strong demand and operational enhancements, contributing to overall growth. Liquidity remains solid with $17.5 million available.

Mammoth Energy Services (NASDAQ: TUSK) will report its 2022 third quarter financial results on October 27, 2022, after the market closes. A conference call and webcast will follow at 5:00 p.m. ET. Investors can join the call by dialing 1-201-389-0872 or via the company’s website. The archived webcast will be available shortly after the live call concludes. Mammoth is focused on providing energy services for the construction and repair of the electric grid and supporting oil and gas exploration.