OKLAHOMA CITY, May 7, 2025 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK)

("Mammoth" or the "Company") today reported financial and operational results for the first quarter ended March 31, 2025.

Phil Lancaster, Chief Executive Officer of Mammoth commented, "We are pleased with the strength of our first quarter results that generated positive Adjusted EBITDA. During the quarter we experienced incremental growth in all key financial metrics sequentially from the fourth quarter that rebounded off the lows of 2024. Throughout our organization, we are focused on improving our operational efficiencies and cost structure. We plan to continue managing the company opportunistically while closely monitoring the evolving energy landscape. As we move through the coming quarters and strive to maintain this recent momentum, we believe Mammoth is strategically positioned for future success."

"In April, we announced the sale of three infrastructure subsidiaries to Peak Utility Services Group, Inc. for an aggregate sales price of $108.7 million," added Lancaster. "This was an exceptional transaction for Mammoth and demonstrated our ability to repeatedly grow businesses organically within our enterprise. In the eight years following the Company's entrance to the infrastructure sector, we grew revenue exponentially. We view this transaction as especially accretive because it was completed at over four times tangible book value and at a trailing twelve month EBITDA multiple of nine. We now have a significant cash position of approximately $155 million, and we will continue to evaluate and pursue strategic opportunities to deploy this capital that will give us the ability to generate attractive returns and drive value appreciation."

"We recognize that there is moderate uncertainty in the market currently related to tariffs, the overall economy and geopolitical events such as policy actions by OPEC+. Although it's too soon to say, this uncertainty may have persistent negative implications for commodity prices and therefore activity, which would have a direct impact on a number of our services. It's possible that these factors may resolve themselves in the coming weeks or months, however, we feel it prudent to prepare accordingly. As a result, we are regularly communicating with our customers as they assess a range of scenarios in anticipation of commodity pricing pressure and we will align our spending with their activity levels. We are prepared to quickly react to any changes in activity," concluded Lancaster.

Financial Overview for the First Quarter 2025:

Total revenue was $62.5 million for the first quarter of 2025 compared to $43.2 million for the same quarter of 2024 and $53.2 million for the fourth quarter of 2024.

Net loss for the first quarter of 2025 was $0.5 million, or $0.01 per diluted share, compared to $11.8 million, or $0.25 per diluted share, for the same quarter of 2024 and $15.5 million, or $0.32 per diluted share, for the fourth quarter of 2024.

Adjusted EBITDA (as defined and reconciled in the tables below) was $2.7 million for the first quarter of 2025, compared to $4.5 million for the same quarter of 2024 and ($4.8) million for the fourth quarter of 2024.

Infrastructure Services

Mammoth's infrastructure services segment contributed revenue of $30.7 million for the first quarter of 2025 compared to $25.0 million for the same quarter of 2024 and $27.9 million for the fourth quarter of 2024. The average crew count was 100 crews during the first quarter of 2025 compared to 75 crews during the same quarter of 2024 and 86 crews during the fourth quarter of 2024.

Well Completion Services

Mammoth's well completion services segment contributed revenue (inclusive of inter-segment revenue) of $20.9 million on 828 stages for the first quarter of 2025 compared to $8.0 million on 380 stages for the same quarter of 2024 and $15.8 million on 781 stages for the fourth quarter of 2024. On average, 1.3 of the Company's fleets were active for the first quarter of 2025 compared to an average utilization of 0.6 fleets during the same quarter of 2024 and 1.1 fleets during the fourth quarter of 2024.

Natural Sand Proppant Services

Mammoth's natural sand proppant services segment contributed revenue (inclusive of inter-segment revenue) of $6.7 million for the first quarter of 2025 compared to $4.3 million for the same quarter of 2024 and $5.1 million for the fourth quarter of 2024. In the first quarter of 2025, the Company sold approximately 189,000 tons of sand at an average sales price of $21.49 per ton compared to sales of approximately 146,000 tons of sand at an average sales price of $24.38 per ton during the same quarter of 2024. In the fourth quarter of 2024, sales were approximately 129,000 tons of sand at an average price of $22.54 per ton.

Other Services

Mammoth's other services, including directional drilling, aviation, equipment rentals, remote accommodations and equipment manufacturing, contributed revenue (inclusive of inter-segment revenue) of $5.9 million for the first quarter of 2025 compared to $6.9 million for the same quarter of 2024 and $6.2 million for the fourth quarter of 2024.

Selling, General and Administrative Expense

Selling, general and administrative ("SG&A") expense was $6.5 million for the first quarter of 2025 compared to $8.8 million for the same quarter of 2024 and $9.9 million for the fourth quarter of 2024.

Liquidity

As of March 31, 2025, Mammoth had unrestricted cash on hand of $56.7 million. As of March 31, 2025, the Company's revolving credit facility was undrawn, the borrowing base was $30.2 million and there was $22.7 million of available borrowing capacity under the revolving credit facility, after giving effect to $7.5 million of outstanding letters of credit. As of March 31, 2025, Mammoth had total liquidity of $79.4 million.

As of May 2, 2025, Mammoth had unrestricted cash on hand of $135.4 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $75.0 million. As of May 2, 2025, the Company had $67.5 million of available borrowing capacity under its revolving credit facility and total liquidity of $202.9 million.

Capital Expenditures

The following table summarizes Mammoth's capital expenditures by segment for the periods indicated (in thousands):

• Well completion services: $4,341
• Infrastructure services: $2,630
• Natural sand proppant services: $93
• Other: $167
• Total capital expenditures: $7,231

Conference Call Information

Mammoth will host a conference call on Wednesday, May 7, 2025 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its first quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to [email protected].

About Mammoth Energy Services, Inc.

Mammoth is an integrated, growth-oriented energy services company focused on providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as engineering services for private utilities, public investor-owned utilities and cooperative utilities through its infrastructure services businesses. Mammoth's suite of services and products include: well completion services, infrastructure services, natural sand and proppant services and other services. For more information, please visit www.mammothenergy.com.

Contacts

Mark Layton, CFO
Mammoth Energy Services, Inc
[email protected]

Rick Black / Ken Dennard
Dennard Lascar Investor Relations
[email protected]

Forward-Looking Statements and Cautionary Statements

This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions are intended to identify forward-looking statements.

MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

ASSETS

March 31,
December 31,
2025
2024

CURRENT ASSETS
(in thousands, except share data)

Cash and cash equivalents: $56,650
Restricted cash: $21,601
Accounts receivable, net: $76,312
Inventories: $16,516
Prepaid expenses: $2,018
Assets held for sale: $5,844
Other current assets: $7,632
Total current assets: $186,573

Property, plant and equipment, net
Sand reserves, net: $57,275
Operating lease right-of-use assets: $5,544
Goodwill: $9,214
Other non-current assets: $7,366
Total assets: $374,354

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable: $28,459
Accrued expenses and other current liabilities: $27,946
Current operating lease liability: $3,177
Income taxes payable: $45,444
Total current liabilities: $105,026

Deferred income tax liabilities: $2,987
Long-term operating lease liability: $2,220
Asset retirement obligation: $4,269
Other long-term liabilities: $7,341
Total liabilities: $121,843

EQUITY

Common stock, $0.01 par value, 200,000,000 shares authorized, 48,127,369 issued and outstanding at March 31, 2025 and December 31, 2024: $481
Additional paid-in capital: $540,642
Accumulated deficit: ($284,180)
Accumulated other comprehensive loss: ($4,432)
Total equity: $252,511

Total liabilities and equity: $374,354

MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(unaudited)

Three Months Ended
March 31,
December 31,
2025
2024
2024
(in thousands, except per share amounts)

REVENUE

Services revenue: $55,649
Services revenue - related parties: $78
Product revenue: $6,738
Total revenue: $62,465

COST, EXPENSES AND GAINS

Services cost of revenue: $47,478
Services cost of revenue - related parties: $96
Product cost of revenue: $5,818
Selling, general and administrative: $6,541
Depreciation, depletion, amortization and accretion: $6,041
Gains on disposal of assets, net: ($4,018)
Total cost, expenses and gains: $61,956

Operating income (loss): $509
Other income (expense): $153
Income (loss) before income taxes: $323
Provision for income taxes: $860
Net loss: ($537)

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation adjustment: $19
Other comprehensive income (loss): $19
Comprehensive loss: ($518)

Net loss per share (basic and diluted): ($0.01)

Weighted average number of shares outstanding (basic and diluted): 48,150