Exhibit 99.1

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Mammoth Energy Services, Inc. Reports Strong
Third Quarter 2022 Operational and Financial Results

Revenue Growth of 86% Year-over-Year and 20% Sequentially

OKLAHOMA CITY - October 27, 2022 - Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today reported strong financial and operational results for the third quarter ended September 30, 2022.

Financial Overview for the Third Quarter 2022:

Total revenue was $107.2 million for the third quarter of 2022, as compared to $57.5 million for the same quarter last year and $89.7 million for the second quarter of 2022.

Net income for the third quarter of 2022 was $7.7 million, or $0.16 per share, as compared to a net loss of $40.9 million, or a $0.88 loss per share, for the same quarter last year, and net income of $1.7 million, or $0.04 per share, for the second quarter of 2022.

Adjusted EBITDA (as defined and reconciled below) was $29.8 million for the third quarter of 2022, as compared to ($29.3) million for the same quarter last year and $23.0 million for the second quarter of 2022.

Arty Straehla, Chief Executive Officer of Mammoth commented, “Our businesses exhibited strong performance in the third quarter with substantial revenue growth in all of our segments year-over-year, leading to significant net income and Adjusted EBITDA growth. We continue to experience strong demand environments across our three largest segments, Infrastructure Services, Well Completion Services and our Sand business.

“In our Infrastructure Services division, operational improvements are driving enhanced results and we continue to add crew capacity for a sector that has a healthy bidding environment. The need for seasonal storm restoration services as well as the overall infrastructure project opportunities supported by the historic investment in our Nation’s infrastructure passed by the federal government last fall present continued prospects for growth in this business. Our Well Completion Services division continues to improve performance, generating strong growth both at the top and bottom line where the macro demand in the pressure pumping industry remains robust. We currently have four of our six pressure pumping spreads operating, which have full schedules through the end of the year, and we expect to add a fifth spread during the fourth quarter. We anticipate activating our sixth fleet in the first half of 2023. In addition, we have plans to upgrade one of our existing spreads to Tier 4, dual fuel. This would give us a total of three dual fuel fleets. The sand business also continues to maintain strong demand at increased prices. We believe this trend in sand demand will continue in the fourth quarter and into 2023. Across all our business segments, I am proud of our team’s continued commitment, hard work and perseverance to manage through today’s macro-economic climate relative to supply chain constrains and labor and inflationary challenges. We believe the future for Mammoth is bright and we remain committed to enhancing value for all of our stakeholders.”



Infrastructure Services
Mammoth’s infrastructure services division contributed revenue of $33.3 million for the third quarter of 2022, as compared to $25.1 million for the same quarter last year and $25.6 million for the second quarter of 2022. The increase in revenue is primarily due to improved operational execution, coupled with an increase in crew count. Average crew count grew to 96 crews during the third quarter of 2022, as compared to 77 crews during the same quarter last year and 88 crews during the second quarter of 2022.

Well Completion Services
Mammoth’s well completion services division contributed revenue (inclusive of inter-segment revenue) of $51.5 million on 1,897 stages for the third quarter of 2022, as compared to $22.7 million on 688 stages for the same quarter of 2021 and $43.8 million on 1,716 stages for the second quarter of 2022. On average, 3.5 of the Company’s fleets were active for the third quarter of 2022, compared to an average utilization of 1.2 fleets during the same quarter last year and 3.5 fleets during the second quarter of 2022.
Natural Sand Proppant Services
Mammoth’s natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of $12.9 million for the third quarter of 2022, as compared to $8.4 million for the same quarter last year and $15.5 million for the second quarter of 2022. In the third quarter of 2022, the Company sold approximately 341,000 tons of sand at an average sales price of $29.95 per ton, as compared to sales of approximately 315,000 tons of sand at an average sales price of $16.58 per ton during the same quarter last year. In the second quarter of 2022, sales were approximately 350,000 tons of sand at an average price of $26.86 per ton.

Drilling Services
Mammoth’s drilling services division contributed revenue (inclusive of inter-segment revenue) of $3.1 million for the third quarter of 2022, as compared to $1.2 million for the same quarter last year and $2.0 million for the second quarter of 2022.

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 $7.0 million for the third quarter of 2022, as compared to $4.6 million for the same quarter last year and $5.0 million for the second quarter of 2022.

Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses were $9.7 million for the third quarter of 2022, as compared to $41.4 million for the same quarter last year and $8.2 million for the second quarter of 2022.
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Following is a breakout of SG&A expense (in thousands):
Three Months EndedNine Months Ended
September 30,June 30,September 30,
20222021202220222021
Cash expenses:
Compensation and benefits$3,676 $3,353 $3,137 $9,796 $11,379 
Professional services(a)
3,706 4,134 2,724 10,067 8,399 
Other(b)
2,059 2,252 2,162 6,127 7,058 
Total cash SG&A expense9,441 9,739 8,023 25,990 26,836 
Non-cash expenses:
Bad debt provision(c)
3 31,449 (16)(112)41,650 
Stock based compensation241 241 199 682 827 
Total non-cash SG&A expense244 31,690 183 570 42,477 
Total SG&A expense$9,685 $41,429 $8,206 $26,560 $69,313 
a.    Certain legal expenses totaling $0.4 million and $5.4 million were reclassified to Other, net for the three and nine months ended September 30, 2021, respectively.
b.    Includes travel-related costs, information technology expenses, rent, utilities and other general and administrative-related costs.
c.    The bad debt provision for the nine months ended September 30, 2021 includes $41.2 million related to the settlement of our accounts with Gulfport Energy Corporation and its subsidiaries.

SG&A expenses, as a percentage of total revenue, were 9% for the third quarter of 2022, as compared to 73% for the same quarter last year and 9% for the second quarter of 2022.

Liquidity
As of September 30, 2022, Mammoth had cash on hand of $10.6 million, outstanding borrowings under its revolving credit facility of $92.8 million and $6.9 million of available borrowing capacity under its revolving credit facility, after giving effect to $7.1 million of outstanding letters of credit and the requirement to maintain a $10.0 million reserve out of the available borrowing capacity. As of September 30, 2022, Mammoth had total liquidity of $17.5 million.
As of October 26, 2022, Mammoth had cash on hand of $10.3 million and outstanding borrowings under its revolving credit facility of $89.7 million. As of October 26, 2022, the Company had $13.0 million of available borrowing capacity under its revolving credit facility, after giving effect to $7.1 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 EndedNine Months Ended
September 30,June 30,September 30,
20222021202220222021
Infrastructure services(a)
$225 $181 $200 $823 $474 
Well completion services(b)
4,747 2,392 2,500 8,048 3,288 
Natural sand proppant services(c)
34 16 — 34 429 
Drilling services(d)
33 4 12 47 42 
Other(e)
53 172 161 275 337 
Eliminations38 — (87)(128)(96)
Total capital expenditures$5,130 $2,765 $2,786 $9,099 $4,474 
a.     Capital expenditures primarily for truck, tooling and equipment purchases for the periods presented.
b.     Capital expenditures primarily for upgrades and maintenance 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.
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e.    Capital expenditures primarily for equipment for the Company’s rental businesses for the periods presented.

Mammoth anticipates that its total capital expenditures for 2022 will be approximately $20.0 million, which Mammoth expects to fund from cash flow from operations, cash on hand and borrowings under its revolving credit facility.

Conference Call Information
Mammoth will host a conference call on Thursday, October 27, 2022 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss its third 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. Please submit any questions for management prior to the call via email to TUSK@dennardlascar.com.

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 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 war in Ukraine on the global energy and capital markets and global stability; operational challenges relating to the COVID-19
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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; rising interest rates and their impact on the cost of capital; 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, including concerns over a potential economic slowdown or recession; 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 (i) continue to comply with or, if applicable, obtain a waiver of forecasted or actual non-compliance with certain financial covenants from its lenders and comply with other terms and conditions under its amended revolving credit facility, as amended, (ii) extend or refinance our revolving credit facility at or prior to maturity on the terms acceptable to Mammoth or at all and (iii) meet its financial projections associated with reducing its debt; 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

ASSETSSeptember 30,December 31,
20222021
CURRENT ASSETS(in thousands)
Cash and cash equivalents$10,617 $9,899 
Short-term investment— 1,762 
Accounts receivable, net462,995 407,550 
Receivables from related parties, net386 88 
Inventories8,331 8,366 
Prepaid expenses4,862 12,381 
Other current assets647 737 
Total current assets487,838 440,783 
Property, plant and equipment, net135,222 176,586 
Sand reserves62,559 64,641 
Operating lease right-of-use assets10,187 12,168 
Intangible assets, net1,977 2,561 
Goodwill11,717 11,717 
Deferred income tax asset— 8,094 
Other non-current assets3,838 4,342 
Total assets$713,338 $720,892 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$49,262 $37,560 
Accrued expenses and other current liabilities42,582 62,516 
Current operating lease liability5,107 5,942 
Current portion of long-term debt— 1,468 
Income taxes payable45,516 42,748 
Total current liabilities142,467 150,234 
Long-term debt, net of current portion92,776 85,240 
Deferred income tax liabilities1,113 865 
Long-term operating lease liability4,949 5,918 
Asset retirement obligation3,936 3,720 
Other long-term liabilities10,432 11,693 
Total liabilities255,673 257,670 
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 47,312,270 and 46,684,065 issued and outstanding at September 30, 2022 and December 31, 2021473 467 
Additional paid in capital538,897 538,221 
Accumulated deficit(77,923)(72,535)
Accumulated other comprehensive loss(3,782)(2,931)
Total equity457,665 463,222 
Total liabilities and equity$713,338 $720,892 


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


Three Months EndedNine Months Ended
September 30,June 30,September 30,
20222021202220222021
(in thousands, except per share amounts)
REVENUE
Services revenue$93,879 $52,417 $75,459 $223,005 $135,975 
Services revenue - related parties355 601 395 1,024 15,678 
Product revenue12,968 4,467 13,824 35,149 17,932 
Product revenue - related parties— — — — 2,145 
Total revenue107,202 57,485 89,678 259,178 171,730 
COST AND EXPENSES
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $12,968, $35,587, $15,404, $43,727 and $53,448, respectively, for the three months ended September 30, 2022,September 30, 2021 and June 30, 2022 and nine months ended September 30, 2022 and 2021)68,821 43,538 58,433 173,821 128,703 
Services cost of revenue - related parties (exclusive of depreciation, depletion, amortization and accretion of $0, $0, $0, $0 and $0, respectively, for the three months ended September 30, 2022,September 30, 2021 and June 30, 2022 and nine months ended September 30, 2022 and 2021)142 181 128 405 397 
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $2,863, $4,667, $2,055, $6,711 and $7,051, respectively, for the three months ended September 30, 2022,September 30, 2021 and June 30, 2022 and nine months ended September 30, 2022 and 2021)9,493 9,865 10,225 27,496 22,939 
Selling, general and administrative9,685 41,429 8,206 26,560 68,928 
Selling, general and administrative - related parties— — — — 385 
Depreciation, depletion, amortization and accretion15,842 19,148 17,476 50,485 60,559 
Gains on disposal of assets(599)(3,033)(2,943)(3,738)(4,632)
Impairment of other long-lived assets— 547 — — 547 
Total cost and expenses103,384 111,675 91,525 275,029 277,826 
Operating income (loss)3,818 (54,190)(1,847)(15,851)(106,096)
OTHER INCOME (EXPENSE)
Interest expense, net(3,262)(1,484)(2,659)(8,270)(3,878)
Other income (expense), net10,989 7,586 10,144 30,175 (4,012)
Other expense, net - related parties— — — — (515)
Total other income (expense)7,727 6,102 7,485 21,905 (8,405)
Income (loss) before income taxes11,545 (48,088)5,638 6,054 (114,501)
Provision (benefit) for income taxes3,819 (7,187)3,935 11,442 (26,370)
Net income (loss)$7,726 $(40,901)$1,703 $(5,388)$(88,131)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of tax of ($215), ($69), $0, $(215) and ($749), respectively, for the three months ended September 30, 2022, September 30, 2021 and June 30, 2022 and nine months ended September 30, 2022 and 2021)(601)(289)(448)(851)118 
Comprehensive income (loss)$7,125 $(41,190)$1,255 $(6,239)$(88,013)
Net income (loss) per share (basic)$0.16 $(0.88)$0.04 $(0.11)$(1.90)
Net income (loss) per share (diluted)$0.16 $(0.88)$0.04 $(0.11)$(1.90)
Weighted average number of shares outstanding (basic)47,312 46,683 47,225 47,129 46,342 
Weighted average number of shares outstanding (diluted) 47,843 46,683 47,634 47,129 46,342 

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended
September 30,
20222021
(in thousands)
Cash flows from operating activities:
Net loss$(5,388)$(88,131)
Adjustments to reconcile net loss to cash used in operating activities:
Stock based compensation682 950 
Depreciation, depletion, accretion and amortization50,485 60,559 
Amortization of debt origination costs588 469 
Bad debt (recoveries) expense(112)41,650 
Gains on disposal of assets(3,738)(4,632)
Gains from sales of equipment damaged or lost down-hole(607)— 
Impairment of other long-lived assets— 547 
Deferred income taxes8,557 (32,183)
Other104 502 
Changes in assets and liabilities:
Accounts receivable, net(55,472)(50,666)
Receivables from related parties, net(298)28,224 
Inventories35 2,582 
Prepaid expenses and other assets7,613 9,947 
Accounts payable9,472 2,599 
Accrued expenses and other liabilities(20,777)6,627 
Income taxes payable2,790 5,192 
Net cash used in operating activities(6,066)(15,764)
Cash flows from investing activities:
Purchases of property and equipment(9,099)(4,474)
Proceeds from disposal of property and equipment8,659 9,581 
Net cash (used in) provided by investing activities(440)5,107 
Cash flows from financing activities:
Borrowings on long-term debt142,475 31,700 
Repayments of long-term debt(134,674)(33,571)
Proceeds from sale-leaseback transaction4,589 9,473 
Payments on sale-leaseback transaction(3,249)(2,106)
Principal payments on financing leases and equipment financing notes(1,753)(1,716)
Net cash provided by financing activities7,388 3,780 
Effect of foreign exchange rate on cash(164)8 
Net change in cash and cash equivalents718 (6,869)
Cash and cash equivalents at beginning of period9,899 14,822 
Cash and cash equivalents at end of period$10,617 $7,953 
Supplemental disclosure of cash flow information:
Cash paid for interest$6,316 $3,236 
Cash paid for income taxes, net of refunds received$97 $978 
Supplemental disclosure of non-cash transactions:
Purchases of property and equipment included in accounts payable$3,837 $2,028 

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Three months ended September 30, 2022InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$33,296 $51,378 $12,910 $3,118 $6,500 $— $107,202 
Intersegment revenues— 154 — — 468 (622)— 
Total revenue33,296 51,532 12,910 3,118 6,968 (622)107,202 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion26,495 35,414 9,206 2,695 4,646 — 78,456 
Intersegment cost of revenues17 403 — 109 93 (622)— 
Total cost of revenue26,512 35,817 9,206 2,804 4,739 (622)78,456 
Selling, general and administrative4,968 2,390 1,076 305 946 — 9,685 
Depreciation, depletion, amortization and accretion3,969 4,772 2,865 1,598 2,638 — 15,842 
Loss (gain) on disposal of assets73 (339)— (286)(47)— (599)
Operating (loss) income(2,226)8,892 (237)(1,303)(1,308)— 3,818 
Interest expense, net2,047 531 212 154 318 — 3,262 
Other (income), net(10,304)(345)(3)— (337)— (10,989)
Income (loss) before income taxes$6,031 $8,706 $(446)$(1,457)$(1,289)$— $11,545 
Three months ended September 30, 2021InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$25,070 $22,702 $4,439 $1,184 $4,090 $— $57,485 
Intersegment revenues— 30 3,980 23 482 (4,515)— 
Total revenue25,070 22,732 8,419 1,207 4,572 (4,515)57,485 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion21,827 16,941 9,368 1,566 3,882 — 53,584 
Intersegment cost of revenues71 4,388 — — 56 (4,515)— 
Total cost of revenue21,898 21,329 9,368 1,566 3,938 (4,515)53,584 
Selling, general and administrative4,542 34,606 1,068 288 925 — 41,429 
Depreciation, depletion, amortization and accretion4,933 6,538 2,533 1,942 3,202 — 19,148 
Loss (gain) on disposal of assets33 (573)(21)(66)(2,406)— (3,033)
Impairment of other long-lived assets— — — — 547 — 547 
Operating loss(6,336)(39,168)(4,529)(2,523)(1,634)— (54,190)
Interest expense, net979 215 107 56 127 — 1,484 
Other expense (income), net(8,852)1,328 (25)— (37)— (7,586)
Income (loss) before income taxes$1,537 $(40,711)$(4,611)$(2,579)$(1,724)$— $(48,088)
Three months ended June 30, 2022InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$25,587 $43,574 $13,841 $1,952 $4,724 $— $89,678 
Intersegment revenues— 243 1,618 19 306 (2,186)— 
Total revenue25,587 43,817 15,459 1,971 5,030 (2,186)89,678 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion21,808 31,486 9,707 2,034 3,751 — 68,786 
Intersegment cost of revenues15 1,985 — 160 103 (2,263)— 
Total cost of revenue21,823 33,471 9,707 2,194 3,854 (2,263)68,786 
Selling, general and administrative4,443 1,884 870 277 732 — 8,206 
Depreciation, depletion, amortization and accretion4,211 6,747 2,058 1,651 2,809 — 17,476 
Gains on disposal of assets(863)(157)(15)— (1,908)— (2,943)
Operating (loss) income(4,027)1,872 2,839 (2,151)(457)77 (1,847)
Interest expense, net1,755 422 178 121 183 — 2,659 
Other (income) expense, net(10,062)— (4)— (78)— (10,144)
Income (loss) before income taxes$4,280 $1,450 $2,665 $(2,272)$(562)$77 $5,638 

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Nine months ended September 30, 2022InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$81,892 $118,580 $35,098 $7,922 $15,686 $— $259,178 
Intersegment revenues— 643 2,450 22 1,044 (4,159)— 
Total revenue81,892 119,223 37,548 7,944 16,730 (4,159)259,178 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion67,190 88,740 26,701 7,100 11,991 — 201,722 
Intersegment cost of revenues49 3,419 — 430 265 (4,163)— 
Total cost of revenue67,239 92,159 26,701 7,530 12,256 (4,163)201,722 
Selling, general and administrative14,056 6,314 2,774 874 2,542 — 26,560 
Depreciation, depletion, amortization and accretion12,495 17,963 6,717 4,929 8,381 — 50,485 
Gain on disposal of assets(795)(547)(90)(286)(2,020)— (3,738)
Operating income (loss)(11,103)3,334 1,446 (5,103)(4,429)4 (15,851)
Interest expense, net5,345 1,324 552 379 670 — 8,270 
Other (income) expense, net(29,948)(345)(10)— 128 — (30,175)
Income (loss) before income taxes$13,500 $2,355 $904 $(5,482)$(5,227)$4 $6,054 

Nine months ended September 30, 2021InfrastructureWell CompletionSandDrillingAll OtherEliminationsTotal
Revenue from external customers$73,690 $62,939 $20,031 $3,234 $11,836 $— $171,730 
Intersegment revenues— 120 3,980 54 1,804 (5,958)— 
Total revenue73,690 63,059 24,011 3,288 13,640 (5,958)171,730 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion70,267 42,339 22,631 4,739 12,063 — 152,039 
Intersegment cost of revenues165 5,449 — — 344 (5,958)— 
Total cost of revenue70,432 47,788 22,631 4,739 12,407 (5,958)152,039 
Selling, general and administrative13,900 47,111 4,108 1,105 3,089 — 69,313 
Depreciation, depletion, amortization and accretion17,501 19,668 7,059 6,185 10,146 — 60,559 
Gain on disposal of assets(255)(648)(41)(192)(3,496)— (4,632)
Impairment of other long-lived assets— — — — 547 — 547 
Operating loss(27,888)(50,860)(9,746)(8,549)(9,053)— (106,096)
Interest expense, net2,312 688 291 177 410 — 3,878 
Other (income) expense, net2,983 1,844 (851)(9)560 — 4,527 
Loss before income taxes$(33,183)$(53,392)$(9,186)$(8,717)$(10,023)$— $(114,501)
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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, gains on disposal of assets, impairment of other long-lived assets, public offering costs, stock based compensation, interest expense, net, other (income) expense, net (which is comprised of 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 EndedNine Months Ended
September 30,June 30,September 30,
Reconciliation of Adjusted EBITDA to net income (loss):20222021202220222021
Net income (loss)$7,726 $(40,901)$1,703 $(5,388)$(88,131)
Depreciation, depletion, amortization and accretion expense15,842 19,148 17,476 50,485 60,559 
Gains on disposal of assets(599)(3,033)(2,943)(3,738)(4,632)
Impairment of other long-lived assets— 547 — — 547 
Public offering costs— 13 — — 91 
Stock based compensation241 252 200 682 950 
Interest expense, net3,262 1,484 2,659 8,270 3,878 
Other (income) expense, net(10,989)(7,586)(10,144)(30,174)4,527 
Provision (benefit) for income taxes3,819 (7,187)3,935 11,442 (26,370)
Interest on trade accounts receivable10,468 7,963 10,160 30,490 25,138 
Adjusted EBITDA$29,770 $(29,300)$23,046 $62,069 $(23,443)

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

Infrastructure Services
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Reconciliation of Adjusted EBITDA to net income (loss):20222021202220222021
Net income (loss)$2,630 $(2,409)$571 $3,323 $(30,721)
Depreciation and amortization expense3,969 4,933 4,211 12,495 17,501 
Losses (gains) on disposal of assets73 33 (863)(795)(255)
Public offering costs— (7)— — 38 
Stock based compensation89 100 74 261 401 
Interest expense2,047 979 1,755 5,345 2,312 
Other (income) expense, net(10,304)(8,852)(10,061)(29,948)2,983 
Provision (benefit) for income taxes3,402 3,947 3,708 10,178 (2,463)
Interest on trade accounts receivable10,468 9,290 10,160 30,490 26,980 
Adjusted EBITDA$12,374 $8,014 $9,555 $31,349 $16,776 

Well Completion Services
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Reconciliation of Adjusted EBITDA to net income (loss):20222021202220222021
Net income (loss)$8,706 $(40,712)$1,450 $2,357 $(53,392)
Depreciation and amortization expense4,772 6,538 6,747 17,963 19,668 
Gains on disposal of assets(339)(573)(157)(547)(648)
Public offering costs— 19 — — 31 
Stock based compensation104 95 84 275 253 
Interest expense531 215 422 1,324 688 
Other (income) expense, net(345)1,328 — (345)1,844 
Interest on trade accounts receivable— (1,327)— — (1,841)
Adjusted EBITDA$13,429 $(34,417)$8,546 $21,027 $(33,397)

Natural Sand Proppant Services
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Reconciliation of Adjusted EBITDA to net (loss) income:20222021202220222021
Net (loss) income$(446)$(4,611)$2,665 $904 $(9,186)
Depreciation, depletion, amortization and accretion expense2,865 2,533 2,058 6,717 7,059 
Gains on disposal of assets— (21)(15)(90)(41)
Public offering costs— — — — 12 
Stock based compensation30 32 26 90 163 
Interest expense212 107 178 552 291 
Other income, net(3)(25)(4)(10)(851)
Interest on trade accounts receivable— — — — (1)
Adjusted EBITDA$2,658 $(1,985)$4,908 $8,163 $(2,554)

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

Drilling Services
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Reconciliation of Adjusted EBITDA to net loss:20222021202220222021
Net loss$(1,457)$(2,579)$(2,272)$(5,482)$(8,717)
Depreciation expense1,598 1,942 1,651 4,929 6,185 
Gains on disposal of assets(286)(66)— (286)(192)
Public offering costs— — — — 2 
Stock based compensation4 6 4 13 71 
Interest expense154 56 121 379 177 
Other income, net— — — — (9)
Adjusted EBITDA$13 $(641)$(496)$(447)$(2,483)

Other Services(a)
Three Months EndedNine Months Ended
September 30,June 30,September 30,
Reconciliation of Adjusted EBITDA to net (loss) income:20222021202220222021
Net (loss) income$(1,707)$9,409 $(788)$(6,492)$13,884 
Depreciation, amortization and accretion expense2,638 3,202 2,809 8,381 10,146 
Gains on disposal of assets(47)(2,406)(1,908)(2,020)(3,496)
Impairment of other long-lived assets— 547 — — 547 
Public offering costs— 1 — — 8 
Stock based compensation14 19 12 43 62 
Interest expense, net318 127 183 670 410 
Other (income) expense, net(337)(37)(78)128 560 
Provision (benefit) for income taxes417 (11,134)226 1,264 (23,907)
Adjusted EBITDA$1,296 $(272)$456 $1,974 $(1,786)
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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