U.S. Well Services reported a 64% drop in revenue for Q2 2020, totaling $39.8 million due to reduced activity stemming from the COVID-19 pandemic. The company averaged 3.4 fully-utilized fleets, significantly down from 8.9 fleets in the previous quarter. Net loss decreased to $18.1 million, a substantial improvement from the $172.4 million loss reported in Q1 2020. Adjusted EBITDA was $8.5 million, with an annualized figure of $10 million per fleet. Total liquidity remained at $13.4 million as of June 30, 2020.
U.S. Well Services (NASDAQ: USWS) announced it will release its Q2 2020 financial results after market close on August 5, 2020. A conference call and webcast will follow at 10:00 AM CT on August 6, 2020. The event can be accessed via phone or through the company's website. U.S. Well Services specializes in hydraulic fracturing services and is a leader in electric fracture stimulation. Their patented technology offers a fully electric, mobile well stimulation system, significantly reducing emissions and operational costs.
U.S. Well Services (Nasdaq: USWS) has secured a contract to lease a 30-megawatt mobile natural gas turbine generator to a customer in Mexicali, Mexico. The deployment is anticipated in Q3 2020. President and CEO Joel Broussard emphasized the significance of this contract, highlighting the company’s diversification beyond the oil and gas sector and the potential for mobile power generation services. U.S. Well Services is known for its electric frac technology, which enhances operational efficiency and significantly reduces emissions.
U.S. Well Services (Nasdaq: USWS) announces the shift of its Annual Meeting to a virtual format on May 27, 2020, at 10:00 a.m. CT due to COVID-19 concerns. Stockholders can participate remotely but not in person. The proxy materials permit stockholders of record as of April 3, 2020, to vote and ask questions. The meeting will not include presentations, and attendees must use a specific link and a control number for access. Proxy submissions are encouraged ahead of time, with further details available via the SEC filings and the company’s website.
U.S. Well Services, Inc. (NASDAQ: USWS) will release its Q1 2020 financial results before the market opens on May 11, 2020. A conference call will be hosted the same day at 4:00 p.m. Central Time, accessible via phone at 201-389-0872 or through a live webcast on its investor relations site. This call will provide insights into the company's operations and financial performance, offering stakeholders a chance to understand its market position. A replay will be available until May 18.