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Mammoth Energy Services Inc. (TUSK+20.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a net loss of $207.3 million for the year, primarily attributed to a non-cash, pre-tax charge of approximately $170.7 million related to a settlement agreement with the Puerto Rico Electric Power Authority (PREPA).
Revenue decreased by 39% to $187.9 million, with declines noted in the well completion and natural sand proppant services segments. The infrastructure services segment remained relatively stable.
Adjusted EBITDA was reported at negative $167.5 million, reflecting the impact of the PREPA settlement and decreased utilization in certain service segments.
The company received $168.4 million in partial payments from PREPA as part of the settlement agreement, with $20.0 million remaining outstanding.
Mammoth Energy paid off its term credit facility in full and terminated the facility following these payments.
The company ended the year with $61.0 million in cash and cash equivalents and no outstanding debt under its revolving credit facility.
Capital expenditures for the year totaled $17.1 million, with significant investments in upgrading pressure pumping equipment and expanding infrastructure service capabilities.
Mammoth Energy continues to focus on growing its industrial business, exploring opportunities in infrastructure engineering and fiber optic services.
The filing outlines various risks, including dependency on the oil and natural gas industry, regulatory challenges, and potential impacts from economic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mammoth Energy Services Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.