Mammoth Energy Services, Inc. reported its third quarter 2024 financial and operational results on November 1, 2024, with total revenue reaching $40.0 million, a decrease from $65.0 million in the same quarter of 2023. The company posted a net loss of $24.0 million, or $0.50 per diluted share, compared to a net loss of $1.1 million, or $0.02 per diluted share, in Q3 2023. Adjusted EBITDA for the quarter was negative $6.4 million, down from $13.4 million in the prior year.
Operational performance varied across segments; Well Completion Services revenue declined significantly to $2.2 million from $20.3 million, with no active pressure pumping fleets during the quarter. Infrastructure Services revenue was $26.0 million, a slight decrease from $26.7 million, and Natural Sand Proppant Services revenue fell to $4.9 million from $10.6 million, with tons sold decreasing to 163,000 from 352,000. Other services revenue, however, increased to $7.0 million from $6.0 million.
Despite the operational softness, CEO Arty Straehla emphasized the company's debt-free status and the receipt of $168.4 million from the PREPA settlement. As of October 30, 2024, Mammoth had $86.2 million in cash on hand and $97.7 million in total liquidity. The company plans to invest in its Infrastructure Services by adding crews and enhancing engineering capabilities, and in its Well Completion Services by upgrading pressure pumping equipment to Tier 4 dual fuel technology, anticipating market improvements in the coming year.
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