Mammoth Energy Services Inc. (TUSK) bullish aftermarket, reaching $2.97, versus its close at $2.21 on November 18. During the active market session, the stock lost 9.43%, followed by a gain of 34.39% at an after hours’ volume of 5.33 million. Furthermore, the active session trading volume was 5.44 million, while the 65-day average had been 96.14 thousand. Over the course of 52 weeks, the stock saw a high of $7.27 and a low of $1.92. The stock lost 21.91% in the past five days and lost a whole 50.34% year to date. The market capital of TUSK is $113.91 million currently, and 46.68 million outstanding shares. The reversal of the downtrend in the after-hours was seen after the company announced a new engineering contract.
Mammoth Energy Services Inc. (TUSK) is an energy service company. It is focused on the construction and repair of electric gird for various utilities, through its infrastructure services business.
The Engineering Contract
On November 18, TUSK announced a multi-year electric vehicle charging station engineering contract earned by its subsidiary, Aquawolf LLC. Aquawolf provides infrastructure engineering services and is wholly owned by Mammoth Energy. It has been awarded by a major utility for the provision of engineering and design services of EV charging infrastructure. As per details, the contract is worth $5 million and will continue into 2024.
As per the contract, the services to be provided include direct engineering and oversight of subcontractors for civil, structural engineering. Further, it includes, electrical distribution design and its planning, drafting, mapping, and construction support.
According to CEO Mammoth Energy, Arty Straehla, this new contract will result in the expansion of their business lines. Subsequently, it will also help in the continued growth of TUSK’s engineering offerings.
In conclusion, the news of this multi-year engineering contract impressed the investors, causing the company’s stock to soar high in the after hours.
TUSK’s Financials
On November 5, Mammoth Energy Services Inc. (TUSK) announced its financial results for the quarter ended September 30, 2021. As per Q3 2021, the company generated a revenue of $7.5 million, against $70.5 million in Q3 2020. While, in the previous quarter of 2021, the revenue was $47.4 million.
Moreover, TUSK incurred a net loss of $40.9 million in the third quarter of 2021, against a net income of $3.4 million in Q3 of 2020. Therefore, the net loss per basic and diluted share was $0.88, against net income per share of $0.07 in Q3 2020. While, the net loss for the previous quarter was $34.8 million, or $0.75 net loss per basic and diluted share.
