Mammoth Energy Services saw an 80% jump in its fourth quarter revenue, shooting up to $102.9 million from $57.2 million recorded a year earlier. It also managed a turnaround from a loss of net income in 2021.
For the year, the Oklahoma City-based company saw total revenue of $362.1 million, a gain of 58% compared to the $229 million reported for all of 2021.
Net income for the fourth quarter of 2022 was $4.8 million, or $0.10 per share, compared to a net loss of $13.3 million, or a $0.28 loss per share, for the same quarter of 2021. Net loss for the full year of 2022 was $0.6 million, or $0.01 per fully diluted share, compared to net loss of $101.4 million, or $2.18 per fully diluted share for 2021.
Adjusted EBITDA was $24.1 million for the fourth quarter of 2022, an increase of 40% compared to $17.2 million for the same quarter of 2021. Adjusted EBITDA increased to $86.1 million for the full year of 2022 compared to ($11.6) million for 2021. During the fourth quarter of 2022, Mammoth recognized bad debt expense of $3.5 million due to a previously disclosed legal settlement. Excluding this expense, adjusted EBITDA would have been $27.6 million for the fourth quarter of 2022 and $89.6 million for the full year 2022.
“This growth was driven by strong market demand for our services and enhanced execution by our teams,” said Arty Straehla, Chief Executive Officer at Mammoth.
“We are bullish on the future of Mammoth and intend to continue to focus on improving operational efficiencies across our business segments and driving financial performance to enhance value for our shareholders.”
Mammoth Energy remains in a contentious legal fight to be paid for its Hurricane Maria power restoration in Puerto Rico. The firm contends it should be paid $379 million by the Puerto Rico Electric Power Authority and FEMA.
Straehla noted success in each of the company’s division, saying the Well Completion Services division continues to improve performance.
He said the company’s Infrastructure Services division continues to drive enhanced results. The sand business maintained strong demand and the Well Completion Services division saw increased fleet activity during the fourth quarter.
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