Exhibit 99.1

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Mammoth Energy Services, Inc. Announces
Second Quarter 2023 Operational and Financial Results


OKLAHOMA CITY - August 11, 2023 - Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today reported financial and operational results for the second quarter ended June 30, 2023.

Financial Overview for the Second Quarter 2023

Total revenue was $75.4 million for the second quarter of 2023, a decrease of 16% compared to $89.7 million for the same quarter last year and a decrease of 35% compared to $116.3 million for the first quarter of 2023.

Net loss for the second quarter of 2023 was $4.5 million, or $0.09 loss per diluted share, compared to net income of $1.7 million, or $0.04 per share, for the same quarter last year and net income of $8.4 million, or $0.17 per share, for the first quarter of 2023.

Adjusted EBITDA (as defined and reconciled below) was $16.4 million for the second quarter of 2023, a decrease compared to $23.0 million for the same quarter last year and $30.7 million for the first quarter of 2023.

Arty Straehla, Chief Executive Officer of Mammoth commented, “During the second quarter we experienced a decrease in our pressure pumping fleet utilization, as lower oil and gas demand negatively impacted the overall frac market. These market pressures led to operational softness which impacted our top and bottom line in the second quarter, as we foreshadowed in our first quarter conference call. We have again lowered capital expenditures to align with our current outlook. Our sand division performed admirably during the second quarter despite the impact of the wildfires in Canada, and pricing remained strong.

“While we expect the second half of the year will be challenging, we are encouraged by recent bid activity in our Infrastructure Services segment. Initial funds from the Infrastructure Investment and Jobs Act are being released for infrastructure projects such as fiber, transmission and distribution, areas where we are excited participants, which gives us optimism for improvements later in 2023 and into 2024.”

Straehla added, “Today we announced that we have entered into two non-binding agreements with lenders to refinance and repay our existing revolving credit facility. In addition, our Board of Directors has approved a stock repurchase program pursuant to which Mammoth is authorized to repurchase up to the lesser of $55 million or 10 million shares of our common stock, subject to the expected repayment and refinancing of our existing credit facility and certain other factors discussed in this release. Also, we were pleased to announce in June that we received our first payment in more than four years from PREPA in the amount of $10.75 million. This payment represents only a portion of what is still owed to us for the work completed by our subsidiary Cobra in 2019. We continue to pursue payment of the outstanding amounts owed by PREPA, including the associated interest that has accrued and is continuing to accrue.”

Well Completion Services
Mammoth’s well completion services division contributed revenue (inclusive of inter-segment revenue) of $27.6 million on 956 stages for the second quarter of 2023, compared to $43.8 million on 1,716 stages for the same quarter of 2022 and $67.3 million on 2,018 stages for the first quarter of 2023. On average, 1.6 of the Company’s


fleets were active for the second quarter of 2023 compared to an average utilization of 3.5 fleets during the same quarter of 2022 and 3.6 fleets during the first quarter of 2023.

Infrastructure Services
Mammoth’s infrastructure services division contributed revenue of $28.3 million for the second quarter of 2023 compared to $25.6 million for the same quarter of 2022 and $28.3 million for the first quarter of 2023. Average crew count was 86 crews during the second quarter of 2023 compared to 88 crews during the same quarter of 2022 and 88 crews during the first quarter of 2023.

Natural Sand Proppant Services
Mammoth’s natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of $11.6 million for the second quarter of 2023 compared to $15.5 million for the same quarter of 2022 and $12.5 million for the first quarter of 2023. In the second quarter of 2023, the Company sold approximately 384,000 tons of sand at an average sales price of $30.08 per ton compared to sales of approximately 350,000 tons of sand at an average sales price of $26.86 per ton during the same quarter of 2022. In the first quarter of 2023, sales were approximately 391,000 tons of sand at an average price of $31.02 per ton.

Drilling Services
Mammoth’s drilling services division contributed revenue (inclusive of inter-segment revenue) of $3.3 million for the second quarter of 2023 compared to $2.0 million for the same quarter of 2022 and $1.8 million for the first quarter of 2023. The increase in drilling services revenue is primarily attributable to increased utilization for our directional drilling business.

Other Services
Mammoth’s other services, including aviation, equipment rentals, remote accommodations and equipment manufacturing, contributed revenue (inclusive of inter-segment revenue) of $5.1 million for the second quarter of 2023 compared to $5.0 million for the same quarter of 2022 and $7.0 million for the first quarter of 2023.

Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses were $10.4 million for the second quarter of 2023 compared to $8.2 million for the same quarter of 2022 and $8.4 million for the first quarter of 2023.
Following is a breakout of SG&A expense (in thousands):
Three Months EndedSix Months Ended
June 30,March 31,June 30,
20232022202320232022
Cash expenses:
Compensation and benefits$3,996 $3,137 $4,277 $8,273 $6,120 
Professional services4,276 2,724 1,929 6,205 6,361 
Other(a)
1,868 2,162 1,911 3,779 4,068 
Total cash SG&A expense10,140 8,023 8,117 18,257 16,549 
Non-cash expenses:
Bad debt recoveries(44)(16)(381)(425)(115)
Stock based compensation261 199 647 908 440 
Total non-cash SG&A expense217 183 266 483 325 
Total SG&A expense$10,357 $8,206 $8,383 $18,740 $16,874 
a.    Includes travel-related costs, information technology expenses, rent, utilities and other general and administrative-related costs.
    

SG&A expenses, as a percentage of total revenue, were 14% for the second quarter of 2023 compared to 9% for the same quarter of 2022 and 7% for the first quarter of 2023.

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Liquidity
As of June 30, 2023, Mammoth had cash on hand of $8.8 million, outstanding borrowings under its revolving credit facility of $59.4 million, a borrowing base of $89.4 million and $13.6 million of available borrowing capacity under its revolving credit facility, after giving effect to $6.4 million of outstanding letters of credit and the requirement to maintain a $10.0 million reserve out of the available borrowing capacity. As of June 30, 2023, Mammoth had total liquidity of $22.4 million.
As of August 9, 2023, Mammoth had cash on hand of $10.6 million, outstanding borrowings under its revolving credit facility of $72.3 million, and a borrowing base of $95.6 million. As of August 9, 2023, the Company had $16.9 million of available borrowing capacity under its revolving credit facility, after giving effect to $6.4 million of outstanding letters of credit and the requirement to maintain a $10.0 million reserve out of the available borrowing capacity.

On August 10, 2023, Mammoth entered into two non-binding agreements with lenders to repay and refinance its existing credit facility. The Company expects to close these refinancing transactions prior to the maturity of its existing credit facility on October 19, 2023, subject to customary closing conditions and closing deliverables; however, no assurance can be provided that these transactions will close on the currently anticipated timeline or at all.

Stock Repurchase Program
On August 10, 2023, the Mammoth Board of Directors approved a stock repurchase program pursuant to which Mammoth is authorized to repurchase up to the lesser of $55 million or 10 million shares of its common stock, subject to the expected repayment and refinancing of its credit facility and other factors discussed below. Following the completion of the refinancing transactions, any stock repurchases under this program may be made opportunistically from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Act of 1934, as amended, including any 10b5-1 plan, and will be subject to market conditions, applicable legal and contractual restrictions, liquidity requirements and other factors. The repurchase program has no time limit, does not require Mammoth to repurchase any specific number of shares and may be suspended from time to time, modified or discontinued by the Board of Directors at any time. Any common stock repurchased as part of such stock repurchase program will be cancelled and retired.

Capital Expenditures
The following table summarizes Mammoth’s capital expenditures by operating division for the periods indicated (in thousands):
Three Months EndedSix Months Ended
June 30,March 31,June 30,
20232022202320232022
Well completion services(a)
$4,348 $2,500 $5,772 $10,120 $3,301 
Infrastructure services(b)
72 200 203 275 598 
Drilling services(c)
— 12 — — 14 
Other(d)
— 161 — — 221 
Eliminations83 (87)61 144 (166)
Total capital expenditures$4,503 $2,786 $6,036 $10,539 $3,968 
a.     Capital expenditures primarily for upgrades and maintenance to our pressure pumping fleet for the periods presented.
b.    Capital expenditures primarily for truck, tooling and equipment purchases for the periods presented.
c.    Capital expenditures primarily for maintenance for the periods presented.
d.    Capital expenditures primarily for equipment for the Company’s rental businesses for the periods presented.

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Conference Call Information
Mammoth will host a conference call on Friday, August 11, 2023 at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss its second 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 providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. Mammoth’s suite of services and products include: well completion services, infrastructure 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, plans for stock repurchases under its stock repurchase program, 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; performance of contracts and supply chain disruptions; inflationary pressures; rising interest rates and their impact on the cost of capital; instability in the banking and financial services sectors; 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
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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 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 existing or any replacement revolving credit facility, (ii) extend, repay or refinance its existing revolving credit facility at or prior to the October 19, 2023 maturity on the terms acceptable to Mammoth or at all and (iii) meet its financial projections associated with refinancing or 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

ASSETSJune 30,December 31,
20232022
CURRENT ASSETS(in thousands)
Cash and cash equivalents$8,850 $17,282 
Accounts receivable, net449,189 456,465 
Receivables from related parties, net205 223 
Inventories10,189 8,883 
Prepaid expenses7,993 13,219 
Other current assets613 620 
Total current assets477,039 496,692 
Property, plant and equipment, net127,190 138,066 
Sand reserves60,539 61,830 
Operating lease right-of-use assets11,513 10,656 
Intangible assets, net1,393 1,782 
Goodwill11,717 11,717 
Other non-current assets3,372 3,935 
Total assets$692,763 $724,678 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$49,863 $47,391 
Accrued expenses and other current liabilities36,788 52,297 
Current operating lease liability6,051 5,447 
Current portion of long-term debt59,356 83,520 
Income taxes payable53,089 48,557 
Total current liabilities205,147 237,212 
Deferred income tax liabilities425 471 
Long-term operating lease liability5,213 4,913 
Asset retirement obligation4,068 3,981 
Other long-term liabilities11,194 15,485 
Total liabilities226,047 262,062 
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 47,941,652 and 47,312,270 issued and outstanding at June 30, 2023 and December 31, 2022479 473 
Additional paid in capital539,121 539,138 
Accumulated deficit(69,273)(73,154)
Accumulated other comprehensive loss(3,611)(3,841)
Total equity466,716 462,616 
Total liabilities and equity$692,763 $724,678 


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


Three Months EndedSix Months Ended
June 30,March 31,June 30,
20232022202320232022
(in thousands, except per share amounts)
REVENUE
Services revenue$63,478 $75,459 $103,637 $167,115 $129,126 
Services revenue - related parties369 395 220 589 669 
Product revenue11,584 13,824 12,463 24,047 22,181 
Total revenue75,431 89,678 116,320 191,751 151,976 
COST AND EXPENSES
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $10,270, $15,404, $11,762, $22,032, and $30,759, respectively, for the three months ended June 30, 2023, June 30, 2022, and March 31, 2023 and six months ended June 30, 2023 and 2022)
52,846 58,433 80,977 133,823 105,000 
Services cost of revenue - related parties210 128 31 240 263 
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $2,373, $2,055, $1,186, $3,559, and $3,847, respectively, for the three months ended June 30, 2023, June 30, 2022, and March 31, 2023 and six months ended June 30, 2023 and 2022)7,196 10,225 7,985 15,181 18,003 
Selling, general and administrative10,357 8,206 8,383 18,740 16,874 
Depreciation, depletion, amortization and accretion12,650 17,476 12,956 25,606 34,643 
Gains on disposal of assets, net(473)(2,943)(361)(834)(3,139)
Total cost and expenses82,786 91,525 109,971 192,756 171,644 
Operating (loss) income(7,355)(1,847)6,349 (1,005)(19,668)
OTHER INCOME (EXPENSE)
Interest expense, net(3,220)(2,659)(3,289)(6,509)(5,008)
Other income, net8,339 10,144 8,624 16,963 19,185 
Total other income 5,119 7,485 5,335 10,454 14,177 
(Loss) income before income taxes(2,236)5,638 11,684 9,449 (5,491)
Provision for income taxes2,234 3,935 3,333 5,568 7,623 
Net (loss) income$(4,470)$1,703 $8,351 $3,881 $(13,114)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment227 (448)3 230 (250)
Comprehensive (loss) income$(4,243)$1,255 $8,354 $4,111 $(13,364)
Net (loss) income per share (basic)$(0.09)$0.04 $0.18 $0.08 $(0.28)
Net (loss) income per share (diluted)$(0.09)$0.04 $0.17 $0.08 $(0.28)
Weighted average number of shares outstanding (basic)47,718 47,225 47,443 47,581 47,036 
Weighted average number of shares outstanding (diluted) 47,718 47,634 48,002 47,966 47,036 

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended
June 30,
20232022
(in thousands)
Cash flows from operating activities:
Net income (loss)$3,881 $(13,114)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Stock based compensation908 441 
Depreciation, depletion, accretion and amortization25,606 34,643 
Amortization of debt origination costs377 375 
Bad debt recoveries(425)(115)
Gains on disposal of assets, net(834)(3,139)
Gains from sales of equipment damaged or lost down-hole(46)(511)
Deferred income taxes(46)6,612 
Other387 449 
Changes in assets and liabilities:
Accounts receivable, net7,862 (22,480)
Receivables from related parties, net18 (105)
Inventories(1,306)366 
Prepaid expenses and other assets5,162 4,567 
Accounts payable466 (2,132)
Accrued expenses and other liabilities(13,924)(7,407)
Income taxes payable4,523 912 
Net cash provided by (used in) operating activities32,609 (638)
Cash flows from investing activities:
Purchases of property and equipment(10,539)(3,968)
Proceeds from disposal of property and equipment806 7,447 
Net cash (used in) provided by investing activities(9,733)3,479 
Cash flows from financing activities:
Borrowings on long-term debt118,900 83,000 
Repayments of long-term debt(143,064)(84,241)
Proceeds from sale-leaseback transaction— 4,589 
Payments on sale-leaseback transaction(2,449)(2,094)
Principal payments on financing leases and equipment financing notes(3,791)(1,197)
Other(919)— 
Net cash (used in) provided by financing activities(31,323)57 
Effect of foreign exchange rate on cash15 (68)
Net change in cash and cash equivalents(8,432)2,830 
Cash and cash equivalents at beginning of period17,282 9,899 
Cash and cash equivalents at end of period$8,850 $12,729 
Supplemental disclosure of cash flow information:
Cash paid for interest$6,321 $3,792 
Cash paid for income taxes, net of refunds received$752 $98 
Supplemental disclosure of non-cash transactions:
Purchases of property and equipment included in accounts payable$6,732 $4,733 
Right-of-use assets obtained for financing lease liabilities$306 $— 

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Three months ended June 30, 2023Well CompletionInfrastructureSandDrillingAll OtherEliminationsTotal
Revenue from external customers$27,466 $28,315 $11,567 $3,329 $4,754 $— $75,431 
Intersegment revenues118 — — 6 365 (489)— 
Total revenue27,584 28,315 11,567 3,335 5,119 (489)75,431 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion23,594 23,292 7,067 2,725 3,574 — 60,252 
Intersegment cost of revenues227 9 — 108 145 (489)— 
Total cost of revenue23,821 23,301 7,067 2,833 3,719 (489)60,252 
Selling, general and administrative1,776 6,385 954 337 905 — 10,357 
Depreciation, depletion, amortization and accretion4,500 2,436 2,374 1,284 2,056 — 12,650 
Gains on disposal of assets, net— — — — (473)— (473)
Operating (loss) income(2,513)(3,807)1,172 (1,119)(1,088)— (7,355)
Interest expense, net824 1,869 149 170 208 — 3,220 
Other expense (income), net1 (8,557)(4)— 221 — (8,339)
(Loss) income before income taxes$(3,338)$2,881 $1,027 $(1,289)$(1,517)$— $(2,236)
Three months ended June 30, 2022Well CompletionInfrastructureSandDrillingAll OtherEliminationsTotal
Revenue from external customers$43,574 $25,587 $13,841 $1,952 $4,724 $— $89,678 
Intersegment revenues243 — 1,618 19 306 (2,186)— 
Total revenue43,817 25,587 15,459 1,971 5,030 (2,186)89,678 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion31,486 21,808 9,707 2,034 3,751 — 68,786 
Intersegment cost of revenues1,985 15 — 160 103 (2,263)— 
Total cost of revenue33,471 21,823 9,707 2,194 3,854 (2,263)68,786 
Selling, general and administrative1,884 4,443 870 277 732 — 8,206 
Depreciation, depletion, amortization and accretion6,747 4,211 2,058 1,651 2,809 — 17,476 
Gains on disposal of assets, net(157)(863)(16)— (1,907)— (2,943)
Operating income (loss)1,872 (4,027)2,840 (2,151)(458)77 (1,847)
Interest expense, net422 1,755 178 121 183 — 2,659 
Other income, net— (10,062)(3)— (79)— (10,144)
Income (loss) before income taxes$1,450 $4,280 $2,665 $(2,272)$(562)$77 $5,638 
Three months ended March 31, 2023Well CompletionInfrastructureSandDrillingAll OtherEliminationsTotal
Revenue from external customers$67,179 $28,280 $12,442 $1,824 $6,595 $— $116,320 
Intersegment revenues121 — 25 1 437 (584)— 
Total revenue67,300 28,280 12,467 1,825 7,032 (584)116,320 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion52,037 22,476 7,860 1,922 4,698 — 88,993 
Intersegment cost of revenues478 11 — 109 (14)(584)— 
Total cost of revenue52,515 22,487 7,860 2,031 4,684 (584)88,993 
Selling, general and administrative2,492 4,211 503 313 864 — 8,383 
Depreciation, depletion, amortization and accretion4,817 3,374 1,187 1,367 2,211 — 12,956 
(Gains) losses on disposal of assets, net— (127)(16)— (218)— (361)
Operating income (loss)7,476 (1,665)2,933 (1,886)(509)— 6,349 
Interest expense, net929 1,845 156 160 199 — 3,289 
Other (income) expense, net— (8,808)(2)— 186 — (8,624)
Income (loss) before income taxes$6,547 $5,298 $2,779 $(2,046)$(894)$— $11,684 
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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INCOME STATEMENTS
(in thousands)
Six months ended June 30, 2023Well CompletionInfrastructureSandDrillingAll OtherEliminationsTotal
Revenue from external customers$94,644 $56,596 $24,009 $5,153 $11,349 $— $191,751 
Intersegment revenues240 — 25 7 801 (1,073)$— 
Total revenue94,884 56,596 24,034 5,160 12,150 (1,073)191,751 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion75,630 45,768 14,927 4,648 8,271 — 149,244 
Intersegment cost of revenues704 20 — 217 132 (1,073)$— 
Total cost of revenue76,334 45,788 14,927 4,865 8,403 (1,073)149,244 
Selling, general and administrative4,268 10,595 1,458 650 1,769 — 18,740 
Depreciation, depletion, amortization and accretion9,317 5,810 3,561 2,651 4,267 — 25,606 
Gains on disposal of assets, net— (127)(16)— (691)— (834)
Operating income (loss)4,965 (5,470)4,104 (3,006)(1,598)— (1,005)
Interest expense, net1,753 3,714 305 330 407 — 6,509 
Other expense (income), net1 (17,365)(6)— 407 — (16,963)
Income (loss) before income taxes$3,211 $8,181 $3,805 $(3,336)$(2,412)$— $9,449 
Six months ended June 30, 2022Well CompletionInfrastructureSandDrillingAll OtherEliminationsTotal
Revenue from external customers$67,202 $48,596 $22,189 $4,804 $9,185 $— $151,976 
Intersegment revenues489 — 2,450 22 576 (3,537)— 
Total revenue67,691 48,596 24,639 4,826 9,761 (3,537)151,976 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion53,325 40,695 17,495 4,406 7,345 — 123,266 
Intersegment cost of revenues3,016 31 — 321 172 (3,540)— 
Total cost of revenue56,341 40,726 17,495 4,727 7,517 (3,540)123,266 
Selling, general and administrative3,923 9,088 1,698 569 1,596 — 16,874 
Depreciation, depletion, amortization and accretion13,191 8,525 3,852 3,331 5,744 — 34,643 
Gains on disposal of assets, net(206)(868)(91)— (1,974)— (3,139)
Operating (loss) income(5,558)(8,875)1,685 (3,801)(3,122)3 (19,668)
Interest expense, net793 3,298 340 225 352 — 5,008 
Other (income) expense, net— (19,644)(7)— 466 — (19,185)
(Loss) income before income taxes$(6,351)$7,471 $1,352 $(4,026)$(3,940)$3 $(5,491)




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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 (loss) income before depreciation, depletion, amortization and accretion expense, gains on disposal of assets, net, 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 (loss) income 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 (loss) income 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 (loss) income on a consolidated basis and for each of the Company’s segments (in thousands):

Consolidated
Three Months EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net (loss) income to Adjusted EBITDA:20232022202320232022
Net (loss) income$(4,470)$1,703 $8,351 $3,881 $(13,114)
Depreciation, depletion, amortization and accretion expense12,650 17,476 12,956 25,606 34,643 
Gains on disposal of assets, net(473)(2,943)(361)(834)(3,139)
Stock based compensation261 200 647 908 441 
Interest expense, net3,220 2,659 3,289 6,509 5,008 
Other income, net(8,339)(10,144)(8,624)(16,963)(19,185)
Provision for income taxes2,234 3,935 3,333 5,568 7,623 
Interest on trade accounts receivable11,341 10,160 11,112 22,454 20,022 
Adjusted EBITDA$16,424 $23,046 $30,703 $47,129 $32,299 

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


Well Completion Services
Three Months EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net (loss) income to Adjusted EBITDA:20232022202320232022
Net (loss) income$(3,338)$1,450 $6,547 $3,211 $(6,351)
Depreciation and amortization expense4,500 6,747 4,817 9,317 13,191 
Gains on disposal of assets, net— (157)— — (206)
Stock based compensation97 84 291 387 171 
Interest expense824 422 929 1,753 793 
Other expense, net1 — — 1 — 
Adjusted EBITDA$2,084 $8,546 $12,584 $14,669 $7,598 

Infrastructure Services
Three Months EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net income to Adjusted EBITDA:20232022202320232022
Net income$697 $572 $2,452 $3,151 $695 
Depreciation and amortization expense2,436 4,211 3,374 5,810 8,525 
Gains on disposal of assets, net— (863)(127)(127)(868)
Stock based compensation107 74 230 337 172 
Interest expense1,869 1,755 1,845 3,714 3,298 
Other income, net(8,557)(10,062)(8,808)(17,365)(19,644)
Provision for income taxes2,184 3,708 2,847 5,030 6,776 
Interest on trade accounts receivable11,341 10,160 11,112 22,454 20,022 
Adjusted EBITDA$10,077 $9,555 $12,925 $23,004 $18,976 

Natural Sand Proppant Services
Three Months EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net income to Adjusted EBITDA:20232022202320232022
Net income$1,027 $2,665 $2,779 $3,805 $1,352 
Depreciation, depletion, amortization and accretion expense2,374 2,058 1,187 3,561 3,852 
Gains on disposal of assets, net— (16)(16)(16)(91)
Stock based compensation36 26 77 113 60 
Interest expense149 178 156 305 340 
Other income, net(4)(3)(2)(6)(7)
Adjusted EBITDA$3,582 $4,908 $4,181 $7,762 $5,506 

12
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Drilling Services
Three Months EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net loss to Adjusted EBITDA:20232022202320232022
Net loss$(1,289)$(2,272)$(2,046)$(3,336)$(4,026)
Depreciation expense1,284 1,651 1,367 2,651 3,331 
Stock based compensation6 4 11 18 9 
Interest expense170 121 160 330 225 
Adjusted EBITDA$171 $(496)$(508)$(337)$(461)


Other Services(a)
Three Months EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net loss to Adjusted EBITDA:20232022202320232022
Net loss$(1,567)$(788)$(1,381)$(2,950)$(4,786)
Depreciation, amortization and accretion expense2,056 2,809 2,211 4,267 5,744 
Gains on disposal of assets, net(473)(1,907)(218)(691)(1,974)
Stock based compensation15 12 38 53 29 
Interest expense, net208 183 199 407 352 
Other expense (income), net221 (79)186 407 466 
Provision for income taxes50 226 486 538 846 
Adjusted EBITDA$510 $456 $1,521 $2,031 $677 
a.    Includes results for Mammoth’s aviation, equipment rentals, remote accommodations and equipment manufacturing and corporate related activities. The Company’s corporate related activities do not generate revenue.


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