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TUSK Mammoth Energy Services

Mammoth is an integrated, growth-oriented energy service company serving companies engaged in the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its energy infrastructure services and the exploration and development of North American onshore unconventional oil and natural gas reserves. Mammoth's suite of services and products include: infrastructure services, well completion services, natural sand and proppant services, drilling services and other energy services.

Company profile

Ticker
TUSK
Exchange
CEO
Arty Straehla
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Mammoth Energy • 5 Star Electric LLC • Air Rescue Systems Corporation • Anaconda Manufacturing LLC • Aquahawk Energy LLC • Aquawolf LLC • Barracuda Logistics LLC • Bison Drilling and Field Services LLC • Bison Sand Logistics LLC • Bison Trucking LLC ...

TUSK stock data

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Calendar

2 Aug 21
21 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 11.04M 11.04M 11.04M 11.04M 11.04M 11.04M
Cash burn (monthly) 1.11M 582.25K 17.12M 9.03M 3.25M (positive/no burn)
Cash used (since last report) 4.14M 2.17M 63.86M 33.7M 12.14M n/a
Cash remaining 6.9M 8.87M -52.82M -22.67M -1.1M n/a
Runway (months of cash) 6.2 15.2 -3.1 -2.5 -0.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Jun 21 Amron Arthur H Common Stock Grant Acquire A No No 0 25,641 0 25,641
2 Jun 21 Paul M. Jacobi Common Stock Grant Acquire A No No 0 25,641 0 25,641
2 Jun 21 Palm James D Common Stock Grant Acquire A No No 0 25,641 0 142,816
2 Jun 21 Corey J. Booker Common Stock Grant Acquire A No No 0 25,641 0 79,259

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

83.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 52 55 -5.5%
Opened positions 8 16 -50.0%
Closed positions 11 5 +120.0%
Increased positions 19 18 +5.6%
Reduced positions 13 11 +18.2%
13F shares
Current Prev Q Change
Total value 181.58M 189.05M -4.0%
Total shares 39.03M 28.82M +35.4%
Total puts 0 0
Total calls 0 149.6K EXIT
Total put/call ratio
Largest owners
Shares Value Change
Wexford Capital 22.07M $101.28M 0.0%
GPOR Distribution Trust 9.83M $45.12M NEW
Valueworks 3.51M $16.12M +7.5%
Vanguard 853.34K $3.92M +33.9%
Bridgeway Capital Management 476.5K $2.19M +5.0%
Geode Capital Management 310.37K $1.42M +1.1%
Renaissance Technologies 222.52K $1.02M +66.0%
BLK Blackrock 201.52K $925K -29.6%
Dimensional Fund Advisors 197.03K $904K -4.3%
Two Sigma Advisers 141.2K $648K -14.2%
Largest transactions
Shares Bought/sold Change
GPOR Distribution Trust 9.83M +9.83M NEW
Valueworks 3.51M +245.14K +7.5%
Vanguard 853.34K +215.84K +33.9%
Millennium Management 84.34K -148.78K -63.8%
Susquehanna International 13.01K -96.95K -88.2%
Renaissance Technologies 222.52K +88.45K +66.0%
BLK Blackrock 201.52K -84.66K -29.6%
Royce & Associates 65.98K +65.98K NEW
MS Morgan Stanley 63.07K +62.99K +81806.5%
Boston Partners 47.73K +47.73K NEW

Financial report summary

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Risks
  • Our business and operations have been and will likely continue to be adversely affected by the COVID-19 pandemic.
  • Our customer base is concentrated and the loss of one or more of our significant customers, or their failure to pay the amounts they owe us, could cause our revenue to decline substantially.
  • Cobra, one of our infrastructure services subsidiaries, was party to service contracts with PREPA. PREPA is currently subject to bankruptcy proceedings, which were filed in July 2017 and are currently pending in the U.S. District Court for the District of Puerto Rico. As a result, PREPA's ability to meet its payment obligations under the contracts is largely dependent upon funding from the FEMA or other sources. In the event that PREPA (i) does not have or does not obtain the funds necessary to satisfy its payment obligations to our subsidiary under the contracts, (ii) obtains the necessary funds but refuses to pay the amounts owed to us or (iii) otherwise does not pay amounts owed to us for services performed, our financial condition, results of operations and cash flows would be materially and adversely affected.
  • Our largest customer in 2020, Gulfport, filed for voluntary relief under Chapter 11 of the Bankruptcy Code.
  • The outcomes of investigations and litigation relating to our contracts with PREPA may have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Opportunities associated with government contracts could lead to increased governmental regulation applicable to us.
  • Our revolving credit facility imposes, and any of our future credit facilities may impose, restrictions on us that may affect our ability to successfully operate our business.
  • Our failure to receive payment for contract change orders or adequately recover on claims brought by us against customers related to payment terms and costs could materially and adversely affect our financial position, results of operations and cash flows.
  • We may not accurately estimate the costs associated with infrastructure services provided under fixed price contracts, which could have an adverse effect on our financial condition, results of operations and cash flows.
  • We may be unable to obtain sufficient bonding capacity to support certain service offerings, and the need for performance and surety bonds could reduce availability under our credit facility.
  • The nature of our infrastructure services business exposes us to potential liability for warranty claims and faulty engineering, which may reduce our profitability.
  • The timing of new contracts and termination of existing contracts may result in unpredictable fluctuations in our cash flows and financial results.
  • Delays and reductions in government appropriations can negatively impact energy infrastructure construction, maintenance and repair projects and may impair the ability of our energy infrastructure customers to timely pay for products or services provided or result in their insolvency or bankruptcy, any of which exposes us to credit risk of our infrastructure customers.
  • A portion of our business depends on the oil and natural gas industry and particularly on the level of exploration and production activity within the United States and Canada, and the sharp decline in oil prices and continued volatility in the oil and natural gas markets have negatively impacted, and are likely to continue to negatively impact, our oilfield services and, as a result, our business, financial condition, results of operations, cash flows and stock price.
  • The cyclicality of the oil and natural gas industry may cause our operating results to fluctuate.
  • If oil prices or natural gas prices decline, the demand for our oil and natural gas services could be adversely affected.
  • Deterioration of the commodity price environment can negatively impact oil and natural gas exploration and production companies and, in some cases, impair their ability to timely pay for products or services provided or result in their insolvency or bankruptcy, any of which exposes us to credit risk of our oil and natural gas exploration and production customers.
  • Shortages, delays in delivery and interruptions in supply of drill pipe, replacement parts, other equipment, supplies and materials may adversely affect our drilling business or our pressure pumping business.
  • Oilfield services equipment, refurbishment and new asset construction projects, as well as the reactivation of oilfield service assets that have been idle for six months or longer, are subject to risks which could cause delays or cost overruns and adversely affect our business, cash flows, results of operations and financial position.
  • Advancements in oilfield service technologies could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Our business depends upon our ability to obtain specialized equipment and parts from third-party suppliers, and we may be vulnerable to delayed deliveries and future price increases.
  • An increase in the prices of certain materials used in our businesses could adversely affect our business, financial condition, results of operation and cash flows.
  • Inaccuracies in estimates of volumes and qualities of our sand reserves could result in lower than expected sales and higher than expected production costs.
  • As part of our natural sand proppant services business, we rely on third parties for raw materials and transportation, and the suspension or termination of our relationship with one or more of these third parties could adversely affect our business, financial conditions, results of operations and cash flows.
  • Future performance of our natural sand proppant services business will depend on our ability to succeed in competitive markets, and on our ability to appropriately react to potential fluctuations in the demand for and supply of frac sand.
  • Demand for our frac sand products could be reduced by changes in well stimulation processes and technologies, as well as changes in governmental regulations and other applicable law.
  • An increase in the supply of raw frac sand having similar characteristics as the raw frac sand we produce and sell could make it more difficult for us to market our sand on favorable terms or at all.
  • We face distribution and logistics challenges in our business.
  • Increasing transportation and related costs could have a material adverse effect on our business.
  • Diminished access to water and inability to secure or maintain necessary permits may adversely affect operations of our frac sand processing plants.
  • Similar to our natural sand proppant services, certain of our completion and production services, particularly our hydraulic fracturing services, are substantially dependent on the availability of water. Restrictions on our ability, or our customers’ ability, to obtain water may have an adverse effect on our business, financial condition, results of operations and cash flows.
  • The customized nature, and remote location, of the modular camps that we provide and service present unique challenges that could adversely affect our ability to successfully operate our remote accommodations business.
  • Health and food safety issues and food-borne illness concerns could adversely affect our remote accommodations business.
  • Development of permanent infrastructure in the Canadian oil sands region or other locations where we locate our remote accommodations could negatively impact our remote accommodations business.
  • Revenue generated and expenses incurred by our remote accommodation business are denominated in the Canadian dollar and could be negatively impacted by currency fluctuations.
  • In the course of our business, we may become subject to lawsuits, indemnity or other claims, which could materially and adversely affect our business, results of operations and cash flows.
  • We rely on a few key employees whose absence or loss could adversely affect our business.
  • If we are unable to employ a sufficient number of skilled and qualified workers, our capacity and profitability could be diminished and our growth potential could be impaired.
  • Unionization efforts could increase our costs or limit our flexibility.
  • Our operations may be limited or disrupted in certain parts of the continental U.S. and Canada during severe weather conditions, which could have a material adverse effect on our financial condition and results of operations.
  • Concerns over general economic, business or industry conditions may have a material adverse effect on our results of operations, liquidity and financial condition.
  • A terrorist attack or armed conflict could harm our business.
  • Our operations require substantial capital and we may be unable to obtain needed capital or financing on satisfactory terms or at all, which could limit our ability to grow.
  • The growth of our business through acquisitions may expose us to various risks, including those relating to difficulties in identifying suitable, accretive acquisition opportunities and integrating businesses, assets and personnel, as well as difficulties in obtaining financing for targeted acquisitions and the potential for increased leverage or debt service requirements.
  • We may have difficulty managing growth in our business, which could adversely affect our financial condition and results of operations.
  • If our intended expansion of our business is not successful, our financial condition, profitability and results of operations could be adversely affected, and we may not achieve increases in revenue and profitability that we hope to realize.
  • Our liquidity needs could restrict our operations and make us more vulnerable to adverse economic conditions.
  • Our revolving credit facility provides, and any future credit facilities may provide, for fluctuating interest rates, which may increase or decrease our interest expense.
  • We may not be able to provide services that meet the specific needs of oil and natural gas exploration and production
  • companies or utilities at competitive prices.
  • Our operations are subject to hazards inherent in the oil and natural gas and energy infrastructure industries, which could expose us to substantial liability and cause us to lose customers and substantial revenue.
  • We are subject to extensive environmental, health and safety laws and regulations that may subject us to substantial liability or require us to take actions that will adversely affect our results of operations.
  • The results of the 2020 U.S. presidential and congressional elections may create regulatory uncertainty for the oil and
  • natural gas and energy infrastructure industries. Changes in environmental laws could increase costs and harm our
  • business, financial condition and results of operations.
  • Our operations in our natural sand proppant services business are dependent on our rights and ability to mine our properties and on our having renewed or received the required permits and approvals from governmental authorities and other third parties.
  • Penalties, fines or sanctions that may be imposed by the U.S. Mine Safety and Health Administration could have a material adverse effect on our proppant production and sales business and our overall financial condition, results of operations and cash flows.
  • Increasing trucking regulations may increase our costs and negatively impact our results of operations.
  • Conservation measures and technological advances could reduce demand for oil and natural gas and our services.
  • Changes in tax laws and regulations or adverse outcomes resulting from examination of our tax returns may adversely affect our business, results of operations, financial condition and cash flow.
  • Losses and liabilities from uninsured or underinsured activities could have a material adverse effect on our financial condition and operations.
  • We may be subject to claims for personal injury and property damage, which could materially adversely affect our financial condition and results of operations.
  • Loss of our information and computer systems could adversely affect our business.
  • We are subject to cyber security risks. A cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.
  • Our two largest stockholders control a significant percentage of our common stock, and their interests may conflict with those of our other stockholders.
  • A significant reduction by Wexford of its ownership interests in us could adversely affect us.
  • We have and will continue to incur increased costs and obligations as a result of being a public company.
  • We are subject to certain requirements of Section 404 of the Sarbanes-Oxley Act. If we are unable to continue comply with Section 404 or if the costs related to compliance are significant, our profitability, stock price, results of operations and financial condition could be materially adversely affected.
  • The corporate opportunity provisions in our certificate of incorporation could enable Wexford, Gulfport or other affiliates of ours to benefit from corporate opportunities that might otherwise be available to us.
  • We have engaged in transactions with our affiliates and expect to do so in the future. The terms of such transactions and the resolution of any conflicts that may arise may not always be in our or our common stockholders’ best interests.
  • If the price of our common stock fluctuates significantly, your investment could lose value.
  • Wexford and Gulfport beneficially own a substantial amount of our common stock and may sell such common stock in the public or private markets. Sales of these shares of common stock or sales of substantial amounts of our common stock by other stockholders, or the perception that such sales may occur, could adversely affect the prevailing market price of our common stock.
  • If securities or industry analysts do not publish research or reports about our business, if they adversely revise their recommendations regarding our stock or if our operating results do not meet their expectations, the price of our stock could decline.
  • We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.
  • Provisions in our certificate of incorporation and bylaws and Delaware law make it more difficult to effect a change in control of the company, which could adversely affect the price of our common stock.
  • Our certificate of incorporation designates courts in the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • The declaration of dividends on our common stock is within the discretion of our board of directors based upon a review of relevant considerations, and there is no guarantee that we will pay any dividends in the future or at levels anticipated by our stockholders.
Management Discussion
  • •Net loss of $35 million, or $0.75 per diluted share for the three months ended June 30, 2021.
  • •Adjusted EBITDA of ($5) million for the three months ended June 30, 2021. See “Non-GAAP Financial Measures” below for a reconciliation of net loss to Adjusted EBITDA.
  • •Reduced borrowings under our revolving credit facility by $4 million during the three months ended June 30, 2021 to approximately $60 million at period end.
Content analysis
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