Mammoth Energy Svcs Inc Stock Price, News & Analysis

Mammoth Energy Services (TUSK) announced a mixed response from FEMA regarding its appeal for costs related to the Puerto Rico Electric Power Authority contract. FEMA approved $24.4 million of the $47 million claim but denied part of it. Despite federal funding set aside, PREPA continues to withhold payment, owing a total exceeding $350 million. The situation indicates significant delays and financial mismanagement by PREPA, with potential implications for future disaster recovery efforts in Puerto Rico.

Mammoth Energy Services (NASDAQ: TUSK) is urging the Puerto Rico Electric Power Authority (PREPA) to release $40.4 million earmarked for electric grid restoration work done by its subsidiary, Cobra Acquisitions, three years ago after Hurricane Irma and Hurricane Maria. PREPA's recent document indicates this amount is available but owed to Cobra, which still has a total receivable exceeding $350 million, including $123 million in unpaid interest, accruing at over $3.3 million monthly. The company stresses that PREPA's delay harms both their operations and the citizens of Puerto Rico.

Mammoth Energy Services (TUSK) reported Q1 2022 revenue of $62.3 million, down from $66.8 million in Q1 2021, with a net loss of $14.8 million, or $0.32 per share. This compares negatively to a loss of $12.4 million, or $0.27 per share, a year earlier. Adjusted EBITDA remained stable at $9.3 million, but fell from $17.2 million in Q4 2021. The infrastructure services division saw a revenue drop attributed to lower storm restoration projects. Despite challenges, CEO Arty Straehla noted positive trends in pricing and utilization rates, indicating potential growth ahead.

Mammoth Energy Services (NASDAQ: TUSK) will release its 2022 first quarter financial results on May 9, 2022, after market close. A conference call to discuss these results is scheduled for the same day at 6:00 p.m. Eastern Time. Stakeholders can access the call live by phone at 1-201-389-0872 or via the internet at Mammoth's investor relations page. An archive will be available after the call for those unable to attend.

Mammoth Energy Services (NASDAQ: TUSK) has urged the Financial Oversight and Management Board (FOMB) of Puerto Rico to act quickly for the recovery of over $340 million owed to its subsidiary, Cobra Acquisitions LLC. Following Hurricane Maria's devastation in 2017, Cobra was awarded contracts totaling $1.845 billion for power restoration efforts. As of February 28, 2022, $344 million remains unpaid, including $117 million in interest. The CEO emphasizes the need for federal intervention to pressure the Puerto Rico Electric Power Authority (PREPA) to fulfill its financial obligations, citing significant impacts on business operations.

Mammoth Energy Services (NASDAQ: TUSK) CFO Mark Layton testified at the Financial Oversight and Management Board's 34th Public Meeting, emphasizing the overdue payments from the Puerto Rico Electric Power Authority (PREPA) for work by Cobra Acquisitions after Hurricane Maria in 2017. Layton reported a significant claim of over $340 million owed by PREPA, with interest accruing at over $3.3 million per month since May 2019. Layton urged attention to this matter, highlighting the critical nature of timely payments to ensure financial stability for both PREPA and Mammoth.

Mammoth Energy Services (TUSK) addressed Governor Pedro Pierluisi's attempt to end the $8.3 billion bankruptcy agreement for Puerto Rico Electric Power Authority (PREPA), emphasizing the company's claim for over $340 million owed for work completed by its subsidiary, Cobra Acquisitions. The statement highlights the urgency for PREPA to fulfill its financial obligations to creditors. Cobra's cumulative engagement with PREPA rose to a total of $945 million in initial contracts, with an additional $900 million contract awarded for restoration work following Hurricane Maria in 2017.

Mammoth Energy Services (NASDAQ: TUSK) issues a statement regarding the Puerto Rico Electric Power Authority's (PREPA) settlement with Whitefish Energy for Hurricane Maria recovery funds. CEO Arty Straehla emphasizes that Mammoth's subsidiary Cobra Acquisitions is owed over $344 million, including $117 million in interest, for its restoration work, which remains unpaid nearly three years post-completion. He stresses the urgency for PREPA to fulfill its financial obligations to avoid further complications with their bankruptcy proceedings.

Mammoth Energy Services (NASDAQ: TUSK) reported a net loss of $13.3 million for Q4 2021, a slight increase from $11.9 million in Q4 2020. Total revenue for Q4 2021 was $57.2 million, down from $85.1 million in the prior year. For the full year, revenue was $229.0 million, compared to $313.1 million in 2020. Adjusted EBITDA improved to $17.2 million in Q4, while annual EBITDA showed a loss of $11.6 million. The company noted improved macroeconomic trends and ongoing collection efforts for receivables in Puerto Rico.