Mammoth Energy Services, Inc. reported a 22% drop in total revenue for its first quarter which ended March 31 of this year. Total revenue was $66.8 million which compared to the $85.1 million for the end of the fourth quarter 2020.
The total revenue was also down 31% from the $97.4 million for the end of the first quarter a year ago.
Net loss for the three months ended March 31, 2021 was $12.4 million, or $0.27 per fully diluted share, as compared to a net loss of $11.9 million, or $0.26 per fully diluted share, for the three months ended December 31, 2020 and a net loss of $84.0 million, or $1.85 per fully diluted share, for the three months ended March 31, 2020.
Adjusted EBITDA was $6.4 million for the three months ended March 31, 2021, as compared to $7.5 million for the three months ended December 31, 2020 and $13.5 million for the three months ended March 31, 2020.
“The first quarter of 2021 came in as expected as restoration work on the Gulf Coast came to an end and our infrastructure work moderated slightly,” said Arty Straehla, Chief Executive Officer.
He indicated bidding opportunities increased significantly in the past several months and it should prove positive for Mammoth.
“We expect this increase in bidding opportunities to continue to increase in the coming years as the new administration advances its infrastructure bill to rebuild a broad array of the nation’s infrastructure assets. The roughly $2 trillion plan includes several areas in which our teams have expertise, including modernization of the electric grid and a shift to renewables.”
The company saw a 48% drop in Infrastructure Services revenue for the quarter compared to the three months that ended Dec. 31, 2020.
Its Well Completion Services saw an 81% increase for the first quarter with revenue of $23 million on 445 stages.
The company’s natural sand proppant services division reflected a 26% drop compared to the fourth quarter of 2020. At the same time, the division saw a 71% increase in the sale of sand in the first quarter of 2021.
Mammoth’s drilling services division indicated a 50% increase in contributed revenue compared to the fourth quarter 2020 but an 81% drop compared to a year earlier.
As a result of market conditions, the Company has temporarily shut down its contract land drilling operations beginning in December 2019 and its rig hauling operations beginning in April 2020.
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