Exhibit 99.1

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Mammoth Energy Services, Inc. Announces
First Quarter 2022 Operational and Financial Results


OKLAHOMA CITY - May 9, 2022 - Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today reported financial and operational results for the first quarter ended March 31, 2022.

Financial Overview for the First Quarter 2022:

Total revenue was $62.3 million for the first quarter of 2022, as compared to $66.8 million for the same quarter of 2021 and $57.2 million for the fourth quarter of 2021.

Net loss for the first quarter of 2022 was $14.8 million, or a $0.32 loss per share, as compared to $12.4 million, or a $0.27 loss per share, for the same quarter of 2021, and $13.3 million, or a $0.28 loss per share, for the fourth quarter of 2021.

Adjusted EBITDA (as defined and reconciled below) was $9.3 million for the first quarter of 2022, as compared to $9.2 million for the same quarter of 2021 and $17.2 million for the fourth quarter of 2021.

Arty Straehla, Chief Executive Officer of Mammoth commented, “We maintained positive top line momentum during the first quarter of 2022, which we believe is a trend that will continue into the second quarter and back half of 2022. In our well completions and drilling services segments, pricing and utilization rates continue to increase and grow revenue in a favorable commodity environment with elevated activity. Similarly, strong industry tailwinds persist in the infrastructure space where we continue to compete for new project work. During the first quarter of 2022, the revenue contribution from our infrastructure services segment increased as a percentage of our total revenue and we are seeing an increasing number of opportunities in this segment. I am proud of our team’s commitment and hard work to mitigate the myriad of external challenges in today’s economic environment as we remain disciplined with our spending to continue to improve Mammoth’s cost structure and enhance value for our stockholders.”

Infrastructure Services
Mammoth’s infrastructure services division contributed revenue of $23.0 million, or approximately 37% of Mammoth’s total revenue, for the first quarter of 2022, as compared to $30.2 million for the same quarter of 2021 and $19.7 million for the fourth quarter of 2021. The decrease in revenue compared to the same quarter of 2021 is primarily due to a decline in storm activity, resulting in lower storm restoration revenue.

Well Completion Services
Mammoth’s well completion services division contributed revenue (inclusive of inter-segment revenue) of $23.9 million on 699 stages for the first quarter of 2022, as compared to $23.0 million on 445 stages for the same quarter of 2021 and $21.3 million on 891 stages for the fourth quarter of 2021. On average, 1.6 of the Company’s fleets were active for the first quarter of 2022, compared to an average utilization of 0.9 fleets during the same quarter of 2021 and 1.6 fleets during the fourth quarter of 2021. As of May 5, 2022, we were operating three of our six pressure pumping fleets.
Natural Sand Proppant Services
Mammoth’s natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of



$9.2 million for the first quarter of 2022, as compared to $8.7 million for the same quarter of 2021 and $10.8 million for the fourth quarter of 2021. In the first quarter of 2022, the Company sold approximately 329,000 tons of sand at an average sales price of $21.44 per ton, as compared to sales of approximately 171,000 tons of sand at an average sales price of $16.83 per ton during the same quarter of 2021. In the fourth quarter of 2021, sales were approximately 270,000 tons of sand at an average price of $17.84 per ton.

Drilling Services
Mammoth’s drilling services division contributed revenue (inclusive of inter-segment revenue) of $2.9 million for the first quarter of 2022, as compared to $0.9 million for the same quarter of 2021 and $1.0 million for the fourth quarter of 2021. The increase is due to an increase in utilization for Mammoth’s directional drilling business.

Other Services
Mammoth’s other services, including aviation, equipment rentals, crude oil hauling, remote accommodations and equipment manufacturing, contributed revenue (inclusive of inter-segment revenue) of $4.7 million for the first quarter of 2022, as compared to $4.7 million for the same quarter of 2021 and $4.9 million for the fourth quarter of 2021.

Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses were $8.7 million for the first quarter of 2022, as compared to $18.0 million for the same quarter of 2021 and $3.5 million for the fourth quarter of 2021.
Following is a breakout of SG&A expense (in thousands):
Three Months Ended
March 31,December 31,
202220212021
Cash expenses:
Compensation and benefits$2,983 $4,694 $3,685 
Professional services(a)
3,637 581 (2,383)
Other(b)
1,906 2,342 1,994 
Total cash SG&A expense8,526 7,617 3,296 
Non-cash expenses:
Bad debt provision(c)
(99)10,125 12 
Stock based compensation241 282 241 
Total non-cash SG&A expense142 10,407 253 
Total SG&A expense$8,668 $18,024 $3,549 
a.    Certain legal expenses totaling $2.8 million and $5.4 million were reclassified to Other, net for the three months ended March 31, 2021 and December 31, 2021, respectively. The increase in professional fees is primarily due to an increase in legal expenses for matters related to ongoing operations.
b.    Includes travel-related costs, information technology expenses, rent, utilities and other general and administrative-related costs.
c.    The bad debt provision for the three months ended March 31, 2021 includes $10.0 million related to the Stingray Pressure Pumping and Muskie contracts with Gulfport.

SG&A expenses, as a percentage of total revenue, were 14% for the first quarter of 2022, as compared to 27% for the same quarter of 2021 and 6% for the fourth quarter of 2021.

Liquidity
As of March 31, 2022, Mammoth had cash on hand of $8.1 million, outstanding borrowings under its revolving credit facility of $86.0 million and $11.5 million of available borrowing capacity under its revolving credit facility, after giving effect to $7.5 million of outstanding letters of credit and the requirement to maintain a $7.5 million reserve out of the available borrowing capacity. As of March 31, 2022, Mammoth had total liquidity of $19.6 million.
As of May 5, 2022, Mammoth had cash on hand of $6.9 million and outstanding borrowings under its revolving
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credit facility of $84.7 million. As of May 5, 2022, the Company had $10.3 million of available borrowing capacity under its revolving credit facility, after giving effect to $7.5 million of outstanding letters of credit and the requirement to maintain a $10.0 million reserve out of the available borrowing capacity.

Capital Expenditures
The following table summarizes Mammoth’s capital expenditures by operating division for the periods indicated (in thousands):
Three Months Ended
March 31,December 31,
202220212021
Infrastructure services(a)
$398 $189 $153 
Well completion services(b)
801 508 1,135 
Natural sand proppant services(c)
— 408 55 
Drilling services(d)
37 
Other(e)
60 102 25 
Eliminations(79)(96)— 
Total capital expenditures$1,182 $1,148 $1,369 
a.     Capital expenditures primarily for truck, tooling and equipment purchases for the periods presented.
b.     Capital expenditures primarily for upgrades to our pressure pumping fleet for the periods presented.
c.    Capital expenditures primarily for maintenance for the periods presented.
d.    Capital expenditures primarily for directional drilling equipment for the periods presented.
e.    Capital expenditures primarily for equipment for the Company’s rental businesses for the periods presented.

We anticipate that our capital expenditures for 2022 will be approximately $12 million.

Conference Call Information
Mammoth will host a conference call on Monday, May 9, 2022 at 5:00 p.m. Central time (6:00 p.m. Eastern time) to discuss its first quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations.

About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services company focused on the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. The Company also provides products and services to enable 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. For more information, please visit www.mammothenergy.com.

Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
investors@mammothenergy.com

Rick Black / Ken Dennard
Dennard Lascar Investor Relations
TUSK@dennardlascar.com

Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are
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forward-looking statements. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “plan,” “estimate,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely” and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management’s current expectations and beliefs, forecasts for the Company’s existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company’s forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company’s acquisitions and contracts, many of which are beyond the Company’s control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: any continuing impacts of the COVID-19 pandemic, related global and national health concerns and economic repercussions; demand for our services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; the impact of the current Russian/Ukrainian military conflict on the global energy and capital markets and global stability; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; inflationary pressures; the outcome of ongoing government investigations and other legal proceedings, including those relating to the contracts awarded to the Company’s subsidiary Cobra Acquisitions LLC ("Cobra") by the Puerto Rico Electric Power Authority ("PREPA"); the failure to receive or delays in receiving governmental authorizations, approvals and/or payments, including payments with respect to the PREPA account receivable for prior services to PREPA performed by Cobra; the Company’s inability to replace the prior levels of work in its business segments, including its infrastructure and well completion services segments; risks relating to economic conditions; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth’s significant suppliers or customers; the loss of management and/or crews; the outcome or settlement of our litigation matters, including the adverse impact of the recent settlement with MasTec Renewables Puerto Rico, LLC, and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth’s ability to continue to comply with, or if applicable, obtain a waiver of forecasted or actual noncompliance with certain financial covenants and comply with other terms and conditions under our recently amended revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources.

Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS

ASSETSMarch 31,December 31,
20222021
CURRENT ASSETS(in thousands)
Cash and cash equivalents$8,118 $9,899 
Short-term investment1,763 1,762 
Accounts receivable, net411,931 407,550 
Receivables from related parties, net313 88 
Inventories10,358 8,366 
Prepaid expenses9,086 12,381 
Other current assets628 737 
Total current assets442,197 440,783 
Property, plant and equipment, net161,005 176,586 
Sand reserves64,628 64,641 
Operating lease right-of-use assets11,675 12,168 
Intangible assets, net2,366 2,561 
Goodwill11,717 11,717 
Deferred income tax asset5,180 8,094 
Other non-current assets3,679 4,342 
Total assets$702,447 $720,892 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$38,780 $37,560 
Accrued expenses and other current liabilities55,750 62,516 
Current operating lease liability5,710 5,942 
Current portion of long-term debt1,486 1,468 
Income taxes payable42,950 42,748 
Total current liabilities144,676 150,234 
Long-term debt, net of current portion87,458 85,240 
Deferred income tax liabilities1,431 865 
Long-term operating lease liability5,731 5,918 
Asset retirement obligation3,943 3,720 
Other long-term liabilities10,364 11,693 
Total liabilities253,603 257,670 
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 47,184,065 and 46,684,065 issued and outstanding at March 31, 2022 and December 31, 2021472 467 
Additional paid in capital538,457 538,221 
Accumulated deficit(87,352)(72,535)
Accumulated other comprehensive loss(2,733)(2,931)
Total equity448,844 463,222 
Total liabilities and equity$702,447 $720,892 


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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


Three Months Ended
March 31,December 31,
202220212021
(in thousands, except per share amounts)
REVENUE
Services revenue$53,667 $42,691 $46,262 
Services revenue - related parties274 14,986 104 
Product revenue8,357 6,982 10,867 
Product revenue - related parties— 2,145 — 
Total revenue62,298 66,804 57,233 
COST AND EXPENSES
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $15,355, $18,989 and $15,953, respectively, for the three months ended March 31, 2022, March 31, 2021 and December 31, 2021)46,567 42,062 41,572 
Services cost of revenue - related parties (exclusive of depreciation, depletion, amortization and accretion of $0, $0 and $0, respectively, for the three months ended March 31, 2022, March 31, 2021 and December 31, 2021)135 109 134 
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,792, $2,137 and $1,943, respectively, for the three months ended March 31, 2022, March 31, 2021 and December 31, 2021)7,778 5,909 4,581 
Selling, general and administrative8,668 17,831 3,549 
Selling, general and administrative - related parties— 193 — 
Depreciation, depletion, amortization and accretion17,167 21,146 17,916 
Impairment of goodwill— — 891 
Impairment of other long-lived assets— — 665 
Total cost and expenses80,315 87,250 69,308 
Operating loss(18,017)(20,446)(12,075)
OTHER INCOME (EXPENSE)
Interest expense, net(2,349)(1,225)(2,528)
Other income, net9,237 7,123 4,813 
Other expense, net - related parties— (515)— 
Total other income6,888 5,383 2,285 
Loss before income taxes(11,129)(15,063)(9,790)
Provision (benefit) for income taxes3,688 (2,623)3,507 
Net loss$(14,817)$(12,440)$(13,297)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment, net of tax of $0, ($42) and $0, respectively, for the three months ended March 31, 2022, March 31, 2021 and December 31, 2021)198 168 16 
Comprehensive loss$(14,619)$(12,272)$(13,281)
Net loss per share (basic)$(0.32)$(0.27)$(0.28)
Net loss per share (diluted)$(0.32)$(0.27)$(0.28)
Weighted average number of shares outstanding (basic)46,845 45,932 46,683 
Weighted average number of shares outstanding (diluted) 46,845 45,932 46,683 

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
March 31,
20222021
(in thousands)
Cash flows from operating activities:
Net loss$(14,817)$(12,440)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Stock based compensation241 344 
Depreciation, depletion, accretion and amortization17,167 21,146 
Amortization of debt origination costs186 142 
Bad debt (recoveries) expense(99)10,125 
Gain on disposal of property and equipment(593)(615)
Deferred income taxes3,481 (5,061)
Other535 558 
Changes in assets and liabilities:
Accounts receivable, net(3,898)23,437 
Receivables from related parties(225)(14,611)
Inventories(1,992)664 
Prepaid expenses and other assets3,404 3,105 
Other current assets - related parties— (2,228)
Accounts payable1,041 (4,285)
Accrued expenses and other liabilities(7,013)(8,516)
Income taxes payable201 2,469 
Net cash (used in) provided by operating activities(2,381)14,234 
Cash flows from investing activities:
Purchases of property and equipment(1,182)(1,148)
Proceeds from disposal of property and equipment1,038 1,457 
Net cash (used in) provided by investing activities(144)309 
Cash flows from financing activities:
Borrowings on long-term debt37,550 1,500 
Repayments of long-term debt(35,317)(15,617)
Payments on sale-leaseback transaction(868)(330)
Principal payments on financing leases and equipment financing notes(629)(577)
Net cash provided by (used in) financing activities736 (15,024)
Effect of foreign exchange rate on cash25 
Net change in cash and cash equivalents(1,781)(456)
Cash and cash equivalents at beginning of period9,899 14,822 
Cash and cash equivalents at end of period$8,118 $14,366 
Supplemental disclosure of cash flow information:
Cash paid for interest$1,754 $1,093 
Cash paid for income taxes, net of refunds received$$(32)
Supplemental disclosure of non-cash transactions:
Purchases of property and equipment included in accounts payable$1,707 $1,964 

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Three months ended March 31, 2022InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$23,009 $23,630 $8,347 $2,852 $4,460 $— $62,298 
Intersegment revenues— 244 832 272 (1,351)— 
Total revenue23,009 23,874 9,179 2,855 4,732 (1,351)62,298 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion18,887 21,839 7,788 2,372 3,594 — 54,480 
Intersegment cost of revenues16 1,031 — 160 70 (1,277)— 
Total cost of revenue18,903 22,870 7,788 2,532 3,664 (1,277)54,480 
Selling, general and administrative4,645 2,039 828 292 864 — 8,668 
Depreciation, depletion, amortization and accretion4,314 6,444 1,795 1,680 2,934 — 17,167 
Operating loss(4,853)(7,479)(1,232)(1,649)(2,730)(74)(18,017)
Interest expense, net1,542 371 162 104 170 — 2,349 
Other (income) expense, net (9,587)(49)(79)— 478 — (9,237)
Income (loss) before income taxes$3,192 $(7,801)$(1,315)$(1,753)$(3,378)$(74)$(11,129)
Three months ended March 31, 2021InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$30,200 $22,901 $8,705 $919 $4,079 $— $66,804 
Intersegment revenues— 54 — 14 640 (708)— 
Total revenue30,200 22,955 8,705 933 4,719 (708)66,804 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion27,377 9,003 5,862 1,604 4,234 — 48,080 
Intersegment cost of revenues45 394 — — 269 (708)— 
Total cost of revenue27,422 9,397 5,862 1,604 4,503 (708)48,080 
Selling, general and administrative3,739 10,612 2,049 422 1,202 — 18,024 
Depreciation, depletion, amortization and accretion6,667 6,683 2,140 2,165 3,491 — 21,146 
Operating loss(7,628)(3,737)(1,346)(3,258)(4,477)— (20,446)
Interest expense, net669 254 93 63 146 — 1,225 
Other (income) expense, net(6,486)439 (794)(9)242 — (6,608)
Loss before income taxes$(1,811)$(4,430)$(645)$(3,312)$(4,865)$— $(15,063)
Three months ended December 31, 2021InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$19,714 $21,251 $10,849 $963 $4,456 $— $57,233 
Intersegment revenues— 25 — 69 414 (508)— 
Total revenue19,714 21,276 10,849 1,032 4,870 (508)57,233 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion20,096 16,443 4,601 1,363 3,784 — 46,287 
Intersegment cost of revenues31 321 — — 156 (508)— 
Total cost of revenue20,127 16,764 4,601 1,363 3,940 (508)46,287 
Selling, general and administrative(1,017)2,164 1,243 309 850 — 3,549 
Depreciation, depletion, amortization and accretion4,380 6,709 1,946 1,812 3,069 — 17,916 
Impairment of goodwill891 — — — — 891 
Impairment of other long-lived assets665 — — — — — 665 
Operating loss(5,332)(4,361)3,059 (2,452)(2,989)— (12,075)
Interest expense, net1,613 419 183 116 197 — 2,528 
Other (income) expense, net(4,131)(121)18 23 (602)— (4,813)
(Loss) income before income taxes$(2,814)$(4,659)$2,858 $(2,591)$(2,584)$— $(9,790)



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MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net income (loss) before depreciation, depletion, amortization and accretion expense, impairment of goodwill, impairment of other long-lived assets, stock based compensation, interest expense, net, other (income) expense, net (which is comprised of the (gain) or loss on disposal of long-lived assets, interest on trade accounts receivable and certain legal expenses) and provision (benefit) for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. Mammoth’s computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.

The following tables provide a reconciliation of Adjusted EBITDA to the GAAP financial measure of net income (loss) on a consolidated basis and for each of the Company’s segments (in thousands):

Consolidated
Three Months Ended
March 31,December 31,
Reconciliation of Adjusted EBITDA to net loss:202220212021
Net loss$(14,817)$(12,440)$(13,297)
Depreciation, depletion, amortization and accretion expense17,167 21,146 17,916 
Impairment of goodwill— — 891 
Impairment of other long-lived assets— — 665 
Stock based compensation241 344 242 
Interest expense, net2,349 1,225 2,528 
Other income, net(9,237)(6,608)(4,813)
Provision (benefit) for income taxes3,688 (2,623)3,507 
Interest on trade accounts receivable9,862 8,158 9,571 
Adjusted EBITDA$9,253 $9,202 $17,210 

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MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Infrastructure Services
Three Months Ended
March 31,December 31,
Reconciliation of Adjusted EBITDA to net income (loss):202220212021
Net income (loss)$125 $(4,240)$(5,992)
Depreciation and amortization expense4,314 6,667 4,380 
Impairment of goodwill— — 891 
Impairment of other long-lived assets— — 665 
Stock based compensation98 138 100 
Interest expense1,542 669 1,613 
Other income, net(9,587)(6,486)(4,131)
Provision for income taxes3,067 2,429 3,175 
Interest on trade accounts receivable9,862 8,673 9,571 
Adjusted EBITDA$9,421 $7,850 $10,272 

Well Completion Services
Three Months Ended
March 31,December 31,
Reconciliation of Adjusted EBITDA to net loss:202220212021
Net loss$(7,801)$(4,430)$(4,659)
Depreciation and amortization expense6,444 6,683 6,709 
Stock based compensation87 83 80 
Interest expense371 254 419 
Other (income) expense, net(49)439 (121)
Interest on trade accounts receivable— (514)— 
Adjusted EBITDA$(948)$2,515 $2,428 

Natural Sand Proppant Services
Three Months Ended
March 31,December 31,
Reconciliation of Adjusted EBITDA to net (loss) income:202220212021
Net (loss) income$(1,315)$(645)$2,858 
Depreciation, depletion, amortization and accretion expense1,795 2,140 1,946 
Stock based compensation34 64 39 
Interest expense162 93 183 
Other (income) expense, net(79)(794)18 
Interest on trade accounts receivable— (1)— 
Adjusted EBITDA$597 $857 $5,044 

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MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Drilling Services
Three Months Ended
March 31,December 31,
Reconciliation of Adjusted EBITDA to net loss:202220212021
Net loss$(1,753)$(3,312)$(2,590)
Depreciation expense1,680 2,165 1,812 
Stock based compensation38 
Interest expense104 63 116 
Other (income) expense, net— (9)23 
Adjusted EBITDA$36 $(1,055)$(634)

Other Services(a)
Three Months Ended
March 31,December 31,
Reconciliation of Adjusted EBITDA to net (loss) income:202220212021
Net (loss) income$(3,999)$187 $(2,915)
Depreciation, amortization and accretion expense2,934 3,491 3,069 
Stock based compensation17 21 18 
Interest expense, net170 146 197 
Other expense (income), net478 242 (602)
Provision (benefit) for income taxes621 (5,052)332 
Adjusted EBITDA$221 $(965)$99 
a.    Includes results for Mammoth’s aviation, equipment rentals, crude oil hauling, remote accommodations and equipment manufacturing and corporate related activities. The Company’s corporate related activities do not generate revenue.

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MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted Net Loss and Adjusted Loss per Share

Adjusted net loss and adjusted basic and diluted loss per share are supplemental non-GAAP financial measures that are used by management to evaluate the Company’s operating and financial performance. Mammoth defines adjusted net loss as net loss before impairment of goodwill and impairment of other long-lived assets. Mammoth defines adjusted basic and diluted loss per share as loss per share before the effects of impairment of goodwill and impairment of other long-lived assets. Management believes these measures provide meaningful information about the Company’s performance by excluding certain non-cash charges, such as impairment of goodwill and impairment of other long-lived assets, that may not be indicative of the Company’s ongoing operating results. Adjusted net loss and adjusted loss per share should not be considered in isolation or as a substitute for net loss and loss per share prepared in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The following tables provide a reconciliation of adjusted net loss and adjusted loss per share to the GAAP financial measures of net loss and loss per share for the periods specified.
Three Months Ended
March 31,December 31,
202220212021
(in thousands, except per share amounts)
Net loss, as reported$(14,817)$(12,440)$(13,297)
Impairment of goodwill— — 891 
Impairment of other long-lived assets— — 665 
Adjusted net loss$(14,817)$(12,440)$(11,741)
Basic loss per share, as reported$(0.32)$(0.27)$(0.28)
Impairment of goodwill— — 0.02 
Impairment of other long-lived assets— — 0.01 
Adjusted basic loss per share$(0.32)$(0.27)$(0.25)
Diluted loss per share, as reported$(0.32)$(0.27)$(0.28)
Impairment of goodwill— — 0.02 
Impairment of other long-lived assets— — 0.01 
Adjusted diluted loss per share$(0.32)$(0.27)$(0.25)

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