Mammoth Energy Services Inc ( (TUSK) ) has released its Q3 earnings. Here is a breakdown of the information Mammoth Energy Services Inc presented to its investors.
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Mammoth Energy Services, Inc. is an integrated energy services company providing products and services for exploration and development of onshore unconventional oil and natural gas reserves, as well as electric grid construction and repair through its infrastructure services.
In the third quarter of 2024, Mammoth Energy Services reported a decrease in total revenue to $40 million from $65 million in the previous year. Despite a net loss of $24 million, the company became debt-free after a significant settlement payment from Puerto Rico Electric Power Authority (PREPA).
Key performance metrics showed a decline across most divisions, with Well Completion Services dropping from $20.3 million to $2.2 million in revenue, and Natural Sand Proppant Services decreasing from $10.6 million to $4.9 million. Meanwhile, Infrastructure Services maintained steady performance with $26 million in revenue. The company also reduced its SG&A expenses and increased liquidity significantly.
Looking ahead, Mammoth plans to invest in upgrading its pressure pumping equipment to dual fuel Tier 4 technology and expand its infrastructure services, aiming to capitalize on improving market conditions. Management is optimistic about increasing shareholder value through strategic investments.
