The following is a summary of the Mammoth Energy Services, Inc. (TUSK) Q1 2024 Earnings Call Transcript:
Financial Performance:
Mammoth Energy Services reported Q1 2024 total revenue of $43.2 million, down 18% from the previous quarter due to lower activity and declining prices in natural gas basins.
Net loss for the quarter was $11.8 million, almost doubling the loss from Q4 2023.
Adjusted EBITDA, too, dipped sharply to $4.5 million from $10.5 million in Q4 2023.
Business Progress:
Despite a challenging quarter, Mammoth Energy anticipates business improvement for the rest of 2024, especially in the well completions segment due to expected rise in natural gas demand.
Growing bidding opportunities in various sectors are brightening prospects for the Infrastructure division.
Despite owed receivables, the company sees growth supported by a strengthened balance sheet and new credit facilities.
More details: Mammoth Energy Services IR
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