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Mammoth Energy Services First Quarter 2022 Results

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   |    Monday,May 09,2022

Mammoth Energy Services, Inc. reported financial and operational results for the first quarter ended March 31, 2022.

Financial Overview for 1Q22:

• Total revenue was $62.3 million for the first quarter of 2022, as compared to $66.8 million for the same quarter of 2021 and $57.2 million for the fourth quarter of 2021.

• Net loss for the first quarter of 2022 was $14.8 million, or a $0.32 loss per share, as compared to $12.4 million, or a $0.27 loss per share, for the same quarter of 2021, and $13.3 million, or a $0.28 loss per share, for the fourth quarter of 2021.

• Adjusted EBITDA (as defined and reconciled below) was $9.3 million for the first quarter of 2022, as compared to $9.2 million for the same quarter of 2021 and $17.2 million for the fourth quarter of 2021.

Arty Straehla, Chief Executive Officer of Mammoth commented, "We maintained positive top line momentum during the first quarter of 2022, which we believe is a trend that will continue into the second quarter and back half of 2022. In our well completions and drilling services segments, pricing and utilization rates continue to increase and grow revenue in a favorable commodity environment with elevated activity. Similarly, strong industry tailwinds persist in the infrastructure space where we continue to compete for new project work. During the first quarter of 2022, the revenue contribution from our infrastructure services segment increased as a percentage of our total revenue and we are seeing an increasing number of opportunities in this segment. I am proud of our team's commitment and hard work to mitigate the myriad of external challenges in today's economic environment as we remain disciplined with our spending to continue to improve Mammoth's cost structure and enhance value for our stockholders."

Infrastructure Services

Mammoth's infrastructure services division contributed revenue of $23.0 million, or approximately 37% of Mammoth's total revenue, for the first quarter of 2022, as compared to $30.2 million for the same quarter of 2021 and $19.7 million for the fourth quarter of 2021. The decrease in revenue compared to the same quarter of 2021 is primarily due to a decline in storm activity, resulting in lower storm restoration revenue.

Well Completion Services

Mammoth's well completion services division contributed revenue (inclusive of inter-segment revenue) of $23.9 million on 699 stages for the first quarter of 2022, as compared to $23.0 million on 445 stages for the same quarter of 2021 and $21.3 million on 891 stages for the fourth quarter of 2021. On average, 1.6 of the Company's fleets were active for the first quarter of 2022, compared to an average utilization of 0.9 fleets during the same quarter of 2021 and 1.6 fleets during the fourth quarter of 2021. As of May 5, 2022, we were operating three of our six pressure pumping fleets.

Natural Sand Proppant Services

Mammoth's natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of $9.2 million for the first quarter of 2022, as compared to $8.7 million for the same quarter of 2021 and $10.8 million for the fourth quarter of 2021. In the first quarter of 2022, the Company sold approximately 329,000 tons of sand at an average sales price of $21.44 per ton, as compared to sales of approximately 171,000 tons of sand at an average sales price of $16.83 per ton during the same quarter of 2021. In the fourth quarter of 2021, sales were approximately 270,000 tons of sand at an average price of $17.84 per ton.

Drilling Services

Mammoth's drilling services division contributed revenue (inclusive of inter-segment revenue) of $2.9 million for the first quarter of 2022, as compared to $0.9 million for the same quarter of 2021 and $1.0 million for the fourth quarter of 2021. The increase is due to an increase in utilization for Mammoth's directional drilling business.