Welcome to our dedicated page for Mammoth Energy Services news (Ticker: TUSK), a resource for investors and traders seeking the latest updates and insights on Mammoth Energy Services stock.
Mammoth Energy Services, Inc. provides a diversified suite of rental, infrastructure and energy services across North America. Its reported offerings include specialized equipment rentals for aviation, construction and energy operations; fiber optic engineering and construction; natural sand proppant for hydraulic fracturing; directional drilling services; and workforce accommodation facilities for large-scale remote projects.
News about TUSK commonly covers operational and financial results, conference-call announcements, segment performance, portfolio simplification, completed asset divestitures, aviation platform investment, balance-sheet positioning and capital-allocation updates tied to the company’s service mix.
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.
Mammoth Energy Services (NASDAQ: TUSK) released remarks by Mike Byrne, former FEMA official, regarding the company's subsidiary Cobra's work in Puerto Rico post-Hurricane Maria. Byrne's April 2021 declaration emphasized the rigorous review process for FEMA funding approvals, confirming that funds allocated to Cobra's reconstruction efforts were deemed reasonable and customary. Mammoth's CEO Arty Straehla highlighted ongoing debt issues, with Cobra owed $328 million, including $101 million in interest, for work completed over two and a half years ago.
Mammoth Energy Services (TUSK) reported Q3 2021 revenue of $57.5 million, down from $70.5 million in Q3 2020 and slightly up from $47.4 million in Q2 2021. The company faced a net loss of $40.9 million, equating to a loss of $0.88 per share, contrasting with a net income of $3.4 million a year prior. Adjusted EBITDA was ($29.7) million, significantly lower than $22.1 million in Q3 2020. Key expenses included a $32.6 million settlement with Gulfport Energy. Despite challenges, CEO Arty Straehla noted positive trends in infrastructure and oilfield segments, driven by increased bidding activity and improved commodity prices.
Mammoth Energy Services (TUSK) announced a proposed settlement regarding pending derivative actions from four lawsuits filed against its directors and executives. On October 5, 2021, an agreement was made to settle claims with a payment of $1.5 million for corporate purposes and an additional $0.5 million for legal fees, contingent on court approval. A settlement hearing is scheduled for January 7, 2022. The settlement aims to finalize claims and implement governance reforms. Shareholders are urged to review their rights and submit objections by December 24, 2021.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) will announce its third quarter 2021 financial results on November 5, 2021, at 6:00 a.m. Eastern Time. A conference call and webcast will follow at 9:00 a.m. Eastern Time. The call can be accessed by dialing 1-216-562-0385 or through the company's website. Mammoth specializes in infrastructure services for electric grid construction and repair, along with services for oil and gas exploration. For further details, visit www.mammothenergy.com.
Mammoth Energy Services (TUSK) announced that FEMA confirmed the eligibility of almost $62 million in taxes prepaid by its subsidiary, Cobra Acquisitions, for work done in Puerto Rico following Hurricane Maria. This amount is part of nearly $325 million owed to Cobra by PREPA, which continues to breach its contractual obligations. As of August 31, 2021, the company is owed a total of $325 million, including $98 million in interest. CEO Arty Straehla highlighted the ongoing issues with payment despite FEMA's support.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced that its subsidiary Cobra has fulfilled its contractual obligations in Puerto Rico following Hurricane Maria. Despite numerous affirmations from former FEMA and PREPA officials endorsing Cobra's work, PREPA is withholding over $325 million owed to Cobra, including $98 million in interest. The company's CEO highlighted the significant delays and contract breaches by PREPA, impacting Cobra's financial standing. The total contract amount for restoration efforts has reached $945 million.