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 (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.
Mammoth Energy Services (NASDAQ: TUSK) will disclose its 2021 fourth quarter and full year financial results on March 4, 2022, at 6:00 a.m. Eastern Time. The company will hold a conference call that day at 9:00 a.m. Eastern Time to discuss the results. Interested parties can join the call by dialing 1-201-389-0872 or online at Mammoth's investor relations page. An archive of the webcast will be available post-call. Mammoth focuses on infrastructure services for utilities and oil/gas reserve development.
Mammoth Energy Services (NASDAQ: TUSK) announced two contracts for its newly established fiber division, projected to generate approximately $7.7 million in revenue over the next 18 months. These contracts, awarded by electric cooperatives in the Midwest, involve make-ready construction and fiber installation services. CEO Arty Straehla highlighted that these projects reflect the ongoing expansion of their infrastructure services and the opportunities arising from the recently passed infrastructure bill, which allocates $65 billion for improving U.S. broadband access.
Mammoth Energy Services, Inc. (TUSK) announced a contract awarded to its subsidiary, Aquawolf LLC, to provide engineering services for EV charging station infrastructure. This multi-year contract is valued at up to $5 million and will extend into 2024. The initiative is part of broader clean transportation efforts, backed by the recent infrastructure bill allocating $7.5 billion for 500,000 EV charging stations across the U.S. This contract highlights Mammoth's strategic move into the EV market, enhancing its engineering service capabilities.