First quarter financial results at Mammoth Energy Services, Inc. will be released Wednesday May 7 in Oklahoma City. Investors no doubt are hoping for improved results compared to the previous quarter and all of 2024.
The results will be released before the market opens and will be followed by a 10 a.m. central time conference call hosted by company leaders.
Leadership had been expected steady activity for 2025, but also hoped fora “potential upside performance” compared to 2024 because of natural gas demand.
“While these tailwinds may not materialize until later this year, we are seeing elevated activity from our customers that will lead to additional utilization improvements in the first quarter,” stated Phil Lancaster, Chief Executive Officer of Mammoth.
The question will be whether those improvements occurred in the first quarter. Mammoth didn’t have the brightest fourth quarter as it recorded a $15.5 million net loss or 32 cents a share compared to a net loss of $6 million and 12 cents a share in the fourth quarter of 2023. The company’s net loss for the full year of 2024 was $207.3 million or $4.31 per share, exceeding the $3.2 million and 7 cent a share loss for 2023.
Mammoth still had total revenue in the fourth quarter of $53.2 million compared to $52.8 million a year earlier. Its total revenue for all of 2024 declined from $309.5 million in 2023 to $187.9 million.