First quarter financial results for Mammoth Energy Services, Inc. will be disclosed May 2 and investors wonder if they will see economic improvements for the company.
The company will release them before the market opens on that Thursday, then leadership will gather for a 9 a.m. central time conference call to discuss the results.
The release comes as the Oklahoma City-based company continues an ongoing fight to be paid for its power restoration efforts after Hurricane Maria left Puerto Rico in ruins in 2017. Mammoth advertises on its website how the Puerto Rico Electric Power Authority, better known as PREPA still owes the firm $398 million and has paid $64 million.
In March, PREPA paid $50.6 bmillion for part of the work following $13.4 million in payments made in January.
“Four years later, it is well past time for PREPA to pay for that work,” declared Mammoth on its website.
The company is coming off a fourth quarter with total revenue of $52.8 million, down from the $102.9 million reported for the same quarter in 2022. It was also a decline from $65 million in the third quarter of 2023.
Total revenue for all of 2023 also dropped 15%.