Mammoth Energy Services, Inc. reported it not only saw increased total revenue of $62.5 million in the first quarter of 2025 but a reduction in its net losses.
The Oklahoma City energy company reported financial and operational results for the first quarter ended March 31, 2025 with total revenue up nearly $20 million compared to the same quarter of 2024. It also beat the 53.2 million reported in the fourth quarter of 2024.
Net loss for the first quarter of 2025 was $0.5 million, or $0.01 per diluted share, compared to $11.8 million, or $0.25 per diluted share, for the same quarter of 2024 and $15.5 million, or $0.32 per diluted share, for the fourth quarter of 2024.
“We are pleased with the strength of our first quarter results that generated positive Adjusted EBITDA. During the quarter we experienced incremental growth in all key financial metrics sequentially from the fourth quarter that rebounded off the lows of 2024,” declared Phil Lancaster, Chief Executive Officer.
“As we move through the coming quarters and strive to maintain this recent momentum, we believe Mammoth is strategically positioned for future success.”
Lancaster pointed to the firm’s sale of three infrastructure subsidiaries to Peak Utility Services Group, Inc. for $108.7 million and called it an “exceptional transaction for Mammoth.”
Like other firms in the oil and gas sector, Mammoth is awaiting the impact of last weekend’s decison by OPEC+ to increase world output.
“Although it’s too soon to say, this uncertainty may have persistent negative implications for commodity prices and therefore activity, which would have a direct impact on a number of our services. It’s possible that these factors may resolve themselves in the coming weeks or months, however, we feel it prudent to prepare accordingly. As a result, we are regularly communicating with our customers as they assess a range of scenarios in anticipation of commodity pricing pressure and we will align our spending with their activity levels. We are prepared to quickly react to any changes in activity,” concluded Lancaster.
Financial Overview for the First Quarter 2025:
Adjusted EBITDA (as defined and reconciled in the tables below) was $2.7 million for the first quarter of 2025, compared to $4.5 million for the same quarter of 2024 and ($4.8) million for the fourth quarter of 2024.
Infrastructure Services
Mammoth’s infrastructure services segment contributed revenue of $30.7 million for the first quarter of 2025 compared to $25.0 million for the same quarter of 2024 and $27.9 million for the fourth quarter of 2024. The average crew count was 100 crews during the first quarter of 2025 compared to 75 crews during the same quarter of 2024 and 86 crews during the fourth quarter of 2024.
Well Completion Services
Mammoth’s well completion services segment contributed revenue (inclusive of inter-segment revenue) of $20.9 million on 828 stages for the first quarter of 2025 compared to $8.0 million on 380 stages for the same quarter of 2024 and $15.8 million on 781 stages for the fourth quarter of 2024. On average, 1.3 of the Company’s fleets were active for the first quarter of 2025 compared to an average utilization of 0.6 fleets during the same quarter of 2024 and 1.1 fleets during the fourth quarter of 2024.
Natural Sand Proppant Services
Mammoth’s natural sand proppant services segment contributed revenue (inclusive of inter-segment revenue) of $6.7 million for the first quarter of 2025 compared to $4.3 million for the same quarter of 2024 and $5.1 million for the fourth quarter of 2024. In the first quarter of 2025, the Company sold approximately 189,000 tons of sand at an average sales price of $21.49 per ton compared to sales of approximately 146,000 tons of sand at an average sales price of $24.38 per ton during the same quarter of 2024. In the fourth quarter of 2024, sales were approximately 129,000 tons of sand at an average price of $22.54 per ton.
Other Services
Mammoth’s other services, including directional drilling, aviation, equipment rentals, remote accommodations and equipment manufacturing, contributed revenue (inclusive of inter-segment revenue) of $5.9 million for the first quarter of 2025 compared to $6.9 million for the same quarter of 2024 and $6.2 million for the fourth quarter of 2024.
Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense was $6.5 million for the first quarter of 2025 compared to $8.8 million for the same quarter of 2024 and $9.9 million for the fourth quarter of 2024.