Following a net loss in the third quarter, Oklahoma City’s Mammoth Energy Services, Inc. plans to release its fourth quarter earnings report on the first day of March and investors will be anxious to see whether financial improvements were made.
Mammoth will ldisclose the 2023 fourth quarter and full-year financial results before the market opens on Friday, March 1. Leadership will hold a conference call at 9 a.m. central time to discuss the results.
If there is any anxiety over the results, it’s because Mammoth saw a drop in total revenue in the third quarter and recorded a net loss of $1.1 million or $0..02 loss per share compared to net income of $7.7 million and 16 cents per share a year earlier.
Total revenue was $65 million in the quarter compared to $107.2 million for the same quarter in 2022 and $75.4 million in the second quarter of 2023. Mammoth’s adjusted EBITDA was $13.4 million compared to $29.8 million the previous year.
What prompted optimism for Arty Straehla, Chief Executive Officer was entering into a new revolving credit facility agreement and a new term loan agreement.
“We believe these new agreements will provide Mammoth with a strong base of liquidity for years to come.”