Mammoth Energy Svcs Inc Stock Price, News & Analysis

Mammoth Energy Services (TUSK) reported a net loss of $34.8 million ($0.75 per share) for Q2 2021, worsening from a loss of $15.2 million a year prior. Total revenue fell to $47.4 million, down from $60.1 million year-over-year and $66.8 million from Q1 2021. Adjusted EBITDA was -$5.5 million. The infrastructure services division generated $17.2 million in revenue, a drop from $30.2 million last year. Despite challenges, the company plans to enhance its position in the infrastructure sector and anticipates increased activity in its sand business.

Mammoth Energy Services, Inc. (NASDAQ:TUSK) announced that FEMA's Determination Memorandum, dated May 26, 2021, identified $47 million in unauthorized costs for hurricane repairs by Cobra Acquisitions LLC for PREPA. PREPA has appealed this decision within the allotted 60 days, with FEMA expected to respond within 90 days. Additionally, Mammoth has sought support from Congressional members to recover the receivable owed by PREPA. The company remains proactive in its efforts to collect these funds, emphasizing its commitment to financial recovery.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced its 2021 second quarter financial results will be disclosed on July 30, 2021, at 6:00 a.m. ET. A conference call to discuss these results is scheduled for the same day at 9:00 a.m. ET. Investors can join the call by phone or via the internet at the company's investor relations website. Mammoth focuses on infrastructure services for electric grid repair and offers services for the exploration and development of North American oil and gas reserves.

Mammoth Energy Services (NASDAQ:TUSK) announced the release of additional information regarding two FEMA documents related to hurricane repair work by its subsidiary, Cobra Acquisitions, in Puerto Rico. A Determination Memorandum from FEMA indicates that Cobra's work was conducted under contract and at a lower cost than other contractors. However, FEMA raised compliance issues concerning excess staffing and mobilization expenses, totaling $45.8 million identified as potentially ineligible. The company maintains that its costs are reasonable according to analyses by FEMA and the USACE.

Mammoth Energy Services reported a Q1 2021 net loss of $12.4 million ($0.27/share), worsening from the previous quarter's loss of $11.9 million. Total revenue dropped 22% to $66.8 million, reflecting a 31% decline year-over-year. Adjusted EBITDA was $6.4 million, down from $7.5 million the prior quarter. Infrastructure services revenue fell 48% to $29.3 million, while well completion services saw an 81% increase to $23 million. The company has $14.4 million cash, with $64 million in borrowings and total liquidity of $63.1 million as of March 31, 2021.

Mammoth Energy Services (NASDAQ:TUSK) will release its financial results for Q1 2021 after market close on April 29, 2021. A conference call is scheduled for the same day at 4:00 p.m. CT to discuss the results. Investors can participate via phone or join the webcast through the company’s website. Mammoth Energy provides integrated services for North American oil and gas reserves, including pressure pumping and drilling services, positioning itself as a growth-oriented energy service company.

Mammoth Energy Services (NASDAQ:TUSK) announced a significant five-year street lighting upgrade contract through its subsidiary 5 Star Electric, expected to generate up to $30 million in revenue. This contract marks an important addition to Mammoth's backlog and aligns with the company's strategic focus on Smart Grids, amidst growing opportunities in solar and civil infrastructure projects. CEO Arty Straehla emphasized the integration of their engineering services, aiming for a fully integrated Engineering, Procurement and Construction (EPC) model.

Mammoth Energy Services, Inc. (NASDAQ:TUSK) has released additional information about its work in Puerto Rico, confirming through a recent FEMA memorandum dated April 22, 2019, that its contract with the Puerto Rico Electric Power Authority (PREPA) was awarded in compliance with emergency procurement rules. The memo supports the reasonableness of the contract rates compared to available proposals. This adds to prior confirmations from FEMA and independent reports, emphasizing Mammoth's role in delivering vital energy assistance in challenging conditions.

Mammoth Energy Services reported a fourth quarter revenue of $85.1 million, a 21% increase from Q3 2020, but a 50% decrease for the year at $313.1 million. The net loss was $11.9 million for Q4 2020, with a total annual loss of $107.6 million. Adjusted EBITDA for Q4 was $7.5 million, down from $22.1 million in Q3. The infrastructure services division saw revenues increase by 28% quarter-over-quarter but declined by 27% year-over-year. Liquidity stood at $53.5 million as of December 31, 2020. Mammoth aims to focus on industrial services, anticipating strong demand in the sector.