MAMMOTH ENERGY SERVICES, INC.

Previous wording

Demand for most of our oil and natural gas products and services depends substantially on the level of expenditures by companies in the oil and natural gas industry. The levels of capital expenditures of our customers are driven by many factors, including the prices of oil and natural gas. Throughout 2024, we continued to experience persistent challenges in our well completion and natural sand proppant services segments associated with lower U.S. onshore activity and sustained weakness in the natural gas basins in which we operate. Macroeconomic uncertainty, tariff implications and OPEC+ production increases have placed significant pressure on the energy market, and more specifically, commodity prices. This has widely softened expectations for activity levels throughout 2025. We expect 2025 completions activity to be relatively steady, with the potential for upside compared to 2024 driven by incremental demand associated with natural gas. Positive trends that may contribute to increased activity will come from LNG export capacity coming online and general electricity and power demand enhancements. We will be strategically positioned to capitalize on this anticipated demand if and when it ramps up.

Current wording

Demand for most of our oil and natural gas products and services depends substantially on the level of expenditures by companies in the oil and natural gas industry. The levels of capital expenditures of our customers are driven by many factors, including the prices of oil and natural gas. Throughout 2024, we continued to experience persistent challenges in our natural sand proppant services segment associated with lower U.S. onshore activity and sustained weakness in the natural gas basins in which we operate. Macroeconomic uncertainty, tariff implications and OPEC+ production increases have placed significant pressure on the energy market, and more specifically, commodity prices. This has widely softened expectations for activity levels throughout 2025.

Previous wording

Since we commenced infrastructure services operations, a substantial portion of our infrastructure revenue has been generated from storm restoration work, primarily from PREPA. Cobra and PREPA previously entered into two agreements to aid in the restoration and reconstruction of Puerto Rico’s power grid in response to damage caused by Hurricane Maria in 2017. Our work under each of the contracts with PREPA ended on March 31, 2019. PREPA is currently subject to bankruptcy proceedings, which were filed in July 2017 and are currently pending in the United States District Court for the District of Puerto Rico (the “Title III Court”). Cobra pursued litigation in the Title III Court and other dispute resolution efforts seeking recovery of the amounts owed to Cobra by PREPA for restoration services in Puerto Rico, which proceedings are discussed in more detail in the Company’s prior reports filed with the SEC. On July 22, 2024, Cobra entered into the Settlement Agreement with PREPA. Pursuant to the terms of the Settlement Agreement, PREPA paid Cobra approximately $168.4 million in 2024 and, as of March 31, 2025, PREPA owes Cobra $20.0 million, which is payable to Cobra within seven days following the effective date of PREPA’s plan of adjustment in its bankruptcy proceedings. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, previously filed with the SEC for more information regarding the Settlement Agreement.

Current wording

Cobra and PREPA previously entered into two agreements to aid in the restoration and reconstruction of Puerto Rico’s power grid in response to damage caused by Hurricane Maria in 2017. Our work under each of the contracts with PREPA ended on March 31, 2019. PREPA is currently subject to bankruptcy proceedings, which were filed in July 2017 and are currently pending in the United States District Court for the District of Puerto Rico (the “Title III Court”). Cobra pursued litigation in the Title III Court and other dispute resolution efforts seeking recovery of the amounts owed to Cobra by PREPA for restoration services in Puerto Rico, which proceedings are discussed in more detail in the Company’s prior reports filed with the SEC. On July 22, 2024, Cobra entered into the Settlement Agreement with PREPA. Pursuant to the terms of the Settlement Agreement, PREPA paid Cobra approximately $168.4 million in 2024 and, as of June 30, 2025, PREPA owes Cobra $20.0 million, which is payable to Cobra within seven days following the effective date of PREPA’s plan of adjustment in its bankruptcy proceedings. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, previously filed with the SEC for more information regarding the Settlement Agreement.

Previous wording

•Revenue for the first quarter of 2025 increased by $19.3 million, or 45%, to $62.5 million from $43.2 million for the first quarter of 2024. The increase in total revenue is primarily attributable to an increase in well completion services, infrastructure services and natural sand proppant services revenue.

Current wording

•Revenue for the second quarter of 2025 increased by $0.4 million, or 2%, to $16.4 million from $16.0 million for the second quarter of 2024. The increase in total revenue is primarily attributable to an increase in rental services, infrastructure services and natural sand proppant services revenue.

Previous wording

•Adjusted EBITDA for the first quarter of 2025 was $2.7 million as compared to $4.5 million for the first quarter of 2024. See “Non-GAAP Financial Measures” for a reconciliation of net loss to Adjusted EBITDA.

Current wording

•Adjusted EBITDA for the second quarter of 2025 was ($2.8) million as compared to ($164.6) million for the second quarter of 2024. See “Non-GAAP Financial Measures” for a reconciliation of net loss from continuing operations to Adjusted EBITDA.

Previous wording

Revenue. Revenue for the three months ended March 31, 2025 increased $19.3 million, or 45%, to $62.5 million from $43.2 million for the three months ended March 31, 2024. The increase in total revenue is primarily attributable to increases in revenue for our well completion, infrastructure and natural sand proppant services segments during the three months ended March 31, 2025. Revenue by segment was as follows:

Current wording

Revenue. Revenue for the three months ended June 30, 2025 increased $0.4 million, or 2%, to $16.4 million from $16.0 million for the three months ended June 30, 2024. The increase in total revenue is primarily attributable to increases in revenue for our rental, infrastructure and natural sand proppant services segments during the three months ended June 30, 2025, which was partially offset by a decline in revenue for our other services. Revenue by segment was as follows:

Previous wording

Natural Sand Proppant Services. Natural sand proppant services revenue increased $2.4 million, or 56%, to $6.7 million for the three months ended March 31, 2025 from $4.3 million for the three months ended March 31, 2024 primarily due to a 30% increase in tons of sand sold from 145,662 tons for the three months ended March 31, 2024 to 189,020 tons for the three months ended March 31, 2025, coupled with $1.6 million of shortfall revenue recognized during the three months ended March 31, 2025. This was partially offset by a 12% decline in the average price per ton of sand sold from $24.38 per ton during the three months ended March 31, 2024 to $21.49 per ton during the three months ended March 31, 2025.

Current wording

Natural Sand Proppant Services. Natural sand proppant services revenue increased $0.7 million, or 15%, to $5.4 million for the three months ended June 30, 2025 from $4.7 million for the three months ended June 30, 2024 primarily due to a 72% increase in tons of sand sold from 140,615 tons for the three months ended June 30, 2024 to 241,763 tons for the three months ended June 30, 2025. This was partially offset by a 6% decline in the average price per ton of sand sold from $22.73 per ton during the three months ended June 30, 2024 to $21.41 per ton during the three months ended June 30, 2025. Additionally, the three months ended June 30, 2024 included shortfall revenue of $1.1 million compared to none for the three months ended June 30, 2025.

Previous wording

Cost of Revenue (exclusive of depreciation, depletion, amortization and accretion). Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, increased $12.8 million from $40.6 million, or 94% of total revenue, for the three months ended March 31, 2024 to $53.4 million, or 85% of total revenue, for the three months ended March 31, 2025. The increase is primarily due to an increase in activity in our well completion segment. Cost of revenue by segment was as follows:

Current wording

Cost of Revenue (exclusive of depreciation, depletion, amortization and accretion). Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, decreased $0.3 million from $14.3 million, or 89% of total revenue, for the three months ended June 30, 2024 to $14.0 million, or 85% of total revenue, for the three months ended June 30, 2025. Cost of revenue by segment was as follows:

Previous wording

Natural Sand Proppant Services. Natural sand proppant services cost of revenue, exclusive of depreciation, depletion and accretion, decreased $0.2 million, or 4%, to $5.5 million for the three months ended March 31, 2025 from $5.7 million for the three months ended March 31, 2024. As a percentage of revenue, cost of revenue, exclusive of depreciation, depletion and accretion of $0.9 million and $1.1 million for the three months ended March 31, 2025 and 2024, respectively, was 82% and 133% for the three months ended March 31, 2025 and 2024, respectively. The decrease as a percentage of revenue is primarily due to an increase in tons of sand sold and the recognition of shortfall revenue, which was partially offset by a decline in the average price per ton of sand sold.

Current wording

Natural Sand Proppant Services. Natural sand proppant services cost of revenue, exclusive of depreciation, depletion and accretion, increased $0.7 million, or 15%, to $5.3 million for the three months ended June 30, 2025 from $4.6 million for the three months ended June 30, 2024. As a percentage of revenue, cost of revenue, exclusive of depreciation, depletion and accretion of $1.4 million and $1.3 million for the three months ended June 30, 2025 and 2024, respectively, was 98% for the three months ended June 30, 2025 and 2024.

Previous wording

Well Completion Services. Well completion services cost of revenue, exclusive of depreciation and amortization, increased $10.9 million, or 138%, to $18.8 million for the three months ended March 31, 2025 from $7.9 million for the three months ended March 31, 2024, primarily due to an increase in utilization of our fleets. As a percentage of revenue, our well completion services cost of revenue, exclusive of depreciation and amortization of $3.1 million for the three months ended March 31, 2025 and 2024 was 90% and 99% for the three months ended March 31, 2025 and 2024, respectively. The decrease as a percentage of revenue is primarily due to an increase in utilization of our pressure pumping services, resulting in a lower ratio of fixed costs to variable costs.

Current wording

Accommodation Services. Accommodation services cost of revenue, exclusive of depreciation and accretion, decreased $0.3 million, or 20%, to $1.2 million for the three months ended June 30, 2025 from $1.5 million for the three months ended June 30, 2024. As a percentage of revenue, cost of revenue, exclusive of depreciation and accretion of $0.3 million for the three months ended June 30, 2025 and 2024, was 67% and 56% for the three months ended June 30, 2025 and 2024, respectively. The increase as a percentage of revenue is primarily due to a decline in utilization, resulting in a higher ratio of fixed costs to variable costs.

Previous wording

Selling, General and Administrative. Selling, general and administrative, or SG&A, represent the costs associated with managing and supporting our operations. SG&A decreased $2.3 million, or 26%, to $6.5 million for the three months ended March 31, 2025 from $8.8 million for the three months ended March 31, 2024 primarily due to a decrease in compensation and benefits. The table below presents a breakdown of SG&A for the periods indicated (in thousands):

Current wording

Selling, General and Administrative. Selling, general and administrative, or SG&A, represent the costs associated with managing and supporting our operations. SG&A decreased $90.0 million to $5.3 million for the three months ended June 30, 2025 from $95.3 million for the three months ended June 30, 2024. The decline is primarily due to an $89.2 million charge in relation to the Settlement Agreement with PREPA during the three months ended June 30, 2024 with no similar activity in 2025.

Previous wording

Gains on Disposal of Assets, Net. Gains on the disposal of assets, net were $4.0 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Gains on Disposal of Assets, Net. Gains on the disposal of assets, net were $1.1 million and $0.5 million for the three months ended June 30, 2025 and 2024, respectively. The assets sold primarily related to our legacy services that are no longer in operation.

Previous wording

Other (Expense) Income, Net. Other expense was $0.3 million for the three months ended March 31, 2025 compared to other income of $10.1 million for the three months ended March 31, 2024. The change is primarily due to the recognition of interest on delinquent accounts receivable totaling $10.5 million during the three months ended March 31, 2024 with no similar activity during the three months ended March 31, 2025.

Current wording

Other (Expense) Income, Net. Other expense was $0.6 million for the three months ended June 30, 2025 compared to $73.7 million for the three months ended June 30, 2024. We recognized a net charge to interest on delinquent accounts receivable totaling $71.2 million during the three months ended June 30, 2024 related to the Settlement Agreement with PREPA with no similar activity during the three months ended June 30, 2025.

Previous wording

Provision for Income Taxes. We recorded income tax expense of $0.9 million on pre-tax income of $0.3 million for the three months ended March 31, 2025 compared to income tax expense of $1.8 million on pre-tax loss of $10.0 million for the three months ended March 31, 2024. Our effective tax rates were 266% and 18% for the three months ended March 31, 2025 and 2024, respectively. The effective tax rate for the three months ended March 31, 2025 differed from the statutory rate of 21% primarily due to interest and penalties recognized during the period. The effective tax rate for the three months ended March 31, 2024 differed from the statutory rate of 21% primarily due to changes in the valuation allowance and interest and penalties recognized during the period.

Current wording

Provision for Income Taxes. We recorded income tax benefit of $0.9 million on pre-tax loss of $36.6 million for the three months ended June 30, 2025 compared to income tax benefit of $15.1 million on pre-tax loss of $170.7 million for the three months ended June 30, 2024. Our effective tax rates were 2.6% and 8.9% for the three months ended June 30, 2025 and 2024, respectively. The effective tax rate for the six months ended June 30, 2025 differed from the statutory rate of 21% primarily due to changes in the valuation allowance and interest and penalties recognized during the period. The effective tax rate for the six months ended June 30, 2024 differed from the statutory rate of 21% primarily due to the mix of earnings between the United States and Puerto Rico as well as changes in the valuation allowance. Additionally, as a result of the Settlement Agreement with PREPA, during the three months ended June 30, 2024, the Company reversed $19.9 million in withholding tax accruals related to undistributed earnings from Puerto Rico.

Previous wording

Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion, amortization and accretion decreased $1.0 million, or 14%, to $6.0 million for the three months ended March 31, 2025 from $7.0 million for the three months ended March 31, 2024. The decrease is primarily attributable to a decline in property, plant and equipment depreciation as a result of existing assets being fully depreciated during or after the three months ended March 31, 2024.

Current wording

Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion, amortization and accretion decreased $1.3 million to $4.9 million for the six months ended June 30, 2025 from $6.2 million for the six months ended June 30, 2024. The decrease is primarily attributable to a decline in property, plant and equipment depreciation as a result of lower capital expenditures and existing assets being fully depreciated during or after the six months ended June 30, 2024.

Previous wording

Interest Income (Expense and Financing Charges), Net. Interest income, net of interest expense and financing charges was $0.2 million for the three months ended March 31, 2025 compared to interest expense and financing charges, net of $8.1 million for the three months ended March 31, 2024. The change is primarily due to a $5.5 million financing charge incurred in relation to the Assignment Agreement with SPCP Group during the three months ended March 31, 2024. See “—Liquidity and Capital Resources—Cobra Assignment Agreement” for additional information. Additionally, interest expense on long-term debt decreased by $1.6 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 primarily due to the payoff of our term credit facility in October 2024.

Current wording

Interest Income (Expense and Financing Charges), Net. Interest income, net of interest expense and financing charges was $0.5 million for the six months ended June 30, 2025 compared to interest expense and financing charges, net of $7.6 million for the six months ended June 30, 2024. The increase is primarily due to a $5.5 million financing charge incurred in relation to the Assignment Agreement with SPCP Group coupled with a decline in interest expense on long term debt. See “—Liquidity and Capital Resources—Cobra Assignment Agreement” for additional information.

Previous wording

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as net income (loss) before depreciation, depletion, amortization and accretion, gains (losses) on disposal of assets, net, stock based compensation, interest (income) expense and financing charges, other (income) expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision for income taxes, further adjusted to add back interest on trade accounts receivable. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industries 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 our 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, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.

Current wording

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as net loss from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, net, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and benefit for income taxes, further adjusted to add back interest on trade accounts receivable. We exclude the items listed above from net loss from continuing operations in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industries 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 from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our 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 historical costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.

Previous wording

The following tables provide a reconciliation of Adjusted EBITDA to net income or loss, the most directly comparable GAAP financial measure, on a consolidated basis and for each of our reportable segments and other services for the specified periods (in thousands):

Current wording

The following tables provide a reconciliation of Adjusted EBITDA to net loss from continuing operations, the most directly comparable GAAP financial measure for the specified periods (in thousands):

Previous wording

We require capital to fund ongoing operations including maintenance expenditures on our existing fleet of equipment, organic growth initiatives, investments and acquisitions, and the litigation settlement obligations described in Note 18. Commitments and Contingencies of the notes to the unaudited condensed consolidated financial statements and under “Capital Requirements and Sources of Liquidity” below. Our primary sources of liquidity have been cash on hand, borrowings under our revolving credit facility, proceeds from the sale of assets and cash flows from operations, as well as the net proceeds received by Cobra under the assignment agreement with SPCP Group relating to the PREPA receivable. Our primary uses of capital have been for investing in property, plant and equipment used to provide our services and to acquire complementary businesses.

Current wording

We require capital to fund ongoing operations including maintenance expenditures on our existing fleet of equipment, organic growth initiatives, investments and acquisitions, and the litigation settlement obligations described in Note 18. Commitments and Contingencies of the notes to the unaudited condensed consolidated financial statements and under “Capital Requirements and Sources of Liquidity” below. Our primary sources of liquidity have been cash on hand, borrowings under our revolving credit facility, proceeds from the sale of assets and cash flows from operations. Our primary uses of capital have been for investing in property, plant and equipment used to provide our services and to acquire complementary assets and businesses.

Previous wording

(a)Net working capital (less cash, cash equivalents and restricted cash) is a non-GAAP measure and, at March 31, 2025, is calculated by subtracting total current liabilities of $105.0 million, cash and cash equivalents of $56.7 million and restricted cash of $21.6 million from total current assets of $186.6 million. As of December 31, 2024, net working capital (less cash, cash equivalents and restricted cash) is calculated by subtracting total current liabilities of $114.5 million, cash and cash equivalents of $61.0 million and restricted cash of $21.4 million from total current assets of $188.6 million.

Current wording

(b)Net working capital (less cash, cash equivalents and restricted cash) is calculated by subtracting total current liabilities, cash and cash equivalents and restricted cash from total current assets.

Previous wording

As of May 2, 2025, we had unrestricted cash on hand of $135.4 million and no outstanding borrowings under our revolving credit facility and a borrowing base of $75.0 million, leaving an aggregate of $67.5 million of available borrowing capacity under this facility, after giving effect to $7.5 million of outstanding letters of credit and the requirement to maintain the reserves specified in the revolving credit facility out of the available borrowing capacity.

Current wording

As of August 6, 2025, we had unrestricted cash on hand of $118.5 million and no outstanding borrowings under our revolving credit facility and a borrowing base of $50.0 million, leaving an aggregate of $42.5 million of available borrowing capacity under this facility, after giving effect to $7.5 million of outstanding letters of credit and the requirement to maintain the reserves specified in the revolving credit facility out of the available borrowing capacity.

Previous wording

Net cash provided by operating activities was $2.7 million for the three months ended March 31, 2025, compared to $47.3 million for the three months ended March 31, 2024. The decrease in operating cash flows for the three months ended March 31, 2025 was primarily attributable to a $53.9 million decrease in receipts on accounts receivable, which was partially offset by an $11.3 million decrease in net loss.

Current wording

Net cash used in operating activities from continuing operations was $7.1 million for the three months ended June 30, 2025, compared to $6.7 million for the three months ended June 30, 2024. Net cash used in operating activities from continuing operations was $6.5 million for the six months ended June 30, 2025, compared to net cash provided by operating activities from continuing operations of $37.8 million for the six months ended June 30, 2024. The decrease in operating cash flows from continuing operations for the six months ended June 30, 2025 was primarily attributable to a decline in receipts on accounts receivable.

Previous wording

Net cash used in investing activities was $3.0 million for the three months ended March 31, 2025, compared to $1.1 million for the three months ended March 31, 2024. The increase in net cash used in investing activities for the three months ended March 31, 2025 is primarily due to an increase in purchases of property, plant and equipment of $3.1 million, which was partially offset by an increase in proceeds from the disposal of property, plant and equipment of $1.2 million.

Current wording

Net cash used in investing activities from continuing operations was $25.6 million for the three months ended June 30, 2025, compared to net cash used in investing activities from continuing operations of $0.2 million for the three months ended June 30, 2024. Net cash used in investing activities from continuing operations was $22.4 million for the six months ended June 30, 2025, compared to net cash provided by investing activities from continuing operations of $2.6 million for the six months ended June 30, 2024. The increase in net cash used in investing activities from continuing operations for the periods is primarily due to an increase in purchases of property, plant and equipment.

Previous wording

(c) Purchases primarily for maintenance for the three months ended March 31, 2025.

Current wording

(c) Purchases primarily for maintenance for the periods presented.

Previous wording

Net cash used in financing activities was $3.8 million for the three months ended March 31, 2025, compared to $48.5 million for the three months ended March 31, 2024. Net cash used in financing activities for the three months ended March 31, 2025 was primarily attributable to payments on sale leaseback transactions of $3.2 million and principal payments on financing leases and equipment financing notes totaling $0.6 million. Net cash used in financing activities for the three months ended March 31, 2024 was primarily attributable to payments on financing transactions of $46.8 million, payments on sale leaseback transactions of $1.1 million and principal payments on financing leases and equipment financing notes totaling $0.5 million.

Current wording

Net cash used in financing activities from continuing operations was $0.1 million for the three months ended June 30, 2025 and 2024 which was primarily attributable to principal payments on financing leases and equipment financing notes. Net cash used in financing activities from continuing operations was $0.3 million for the six months ended June 30, 2025, compared to $47.1 million for the six months ended June 30, 2024. Net cash used in financing activities from continuing operations for the six months ended June 30, 2025 was primarily attributable to principal payments on financing leases and equipment financing notes. Net cash used in financing activities from continuing operations for the six months ended June 30, 2024 was primarily attributable to payments on financing transactions of $46.8 million.

Previous wording

The effect of foreign exchange rate on cash was a nominal amount for the three months ended March 31, 2025 and 2024. The change was driven primarily by a favorable (unfavorable) shift in the weakness (strength) of the Canadian dollar relative to the U.S. dollar for the cash held in Canadian accounts, respectively.

Current wording

The effect of foreign exchange rate on cash was $0.1 million for the three and six months ended June 30, 2025 and a nominal amount for the three and six months ended June 30, 2024. The change was driven primarily by a favorable (unfavorable) shift in the weakness (strength) of the Canadian dollar relative to the U.S. dollar for the cash held in Canadian accounts, respectively.

Previous wording

Our net working capital totaled $81.5 million and $74.1 million, respectively, at March 31, 2025 and December 31, 2024. Our unrestricted cash balances were $56.7 million and $61.0 million at March 31, 2025 and December 31, 2024, respectively.

Current wording

Our net working capital totaled $144.0 million and $74.1 million at June 30, 2025 and December 31, 2024, respectively. Our unrestricted cash balances were $127.3 million and $60.8 million at June 30, 2025 and December 31, 2024, respectively.

Previous wording

On October 16, 2023, we, as borrower, and certain of our direct and indirect subsidiaries, as guarantors, entered into a revolving credit agreement with the lenders party thereto and Fifth Third Bank, as may be subsequently amended (the “revolving credit facility”). The revolving credit facility provides for revolving commitments in an aggregate amount of up to $75 million. Borrowings under the revolving credit facility are secured by our assets, inclusive of the subsidiary companies, and are subject to a borrowing base calculation prepared monthly which includes a requirement to maintain certain reserves as specified in the revolving credit facility. The revolving credit facility also contains various affirmative and restrictive covenants. Interest under the revolving credit facility equals the Tranche Rate (as defined in the revolving credit facility) plus (i) 1.75%, if the Average Excess Availability Percentage (as defined in the revolving credit facility) is greater than 66 2/3%, (ii) 2.00% if the Average Excess Availability Percentage is greater than 33 1/3% and less than or equal to 66 2/3%, and (iii) 2.25% if the Average Excess Availability Percentage is less than or equal to 33 1/3%.

Current wording

On October 16, 2023, we, as borrower, and certain of our direct and indirect subsidiaries, as guarantors, entered into a revolving credit agreement with the lenders party thereto and Fifth Third Bank, as may be subsequently amended (the “revolving credit facility”). The revolving credit facility provides for revolving commitments in an aggregate amount of up to $50 million. Borrowings under the revolving credit facility are secured by our assets, inclusive of the subsidiary companies, and are subject to a borrowing base calculation prepared monthly which includes a requirement to maintain certain reserves as specified in the revolving credit facility. The revolving credit facility also contains various affirmative and restrictive covenants. Interest under the revolving credit facility equals the Tranche Rate (as defined in the revolving credit facility) plus (i) 1.75%, if the Average Excess Availability Percentage (as defined in the revolving credit facility) is greater than 66 2/3%, (ii) 2.00% if the Average Excess Availability Percentage is greater than 33 1/3% and less than or equal to 66 2/3%, and (iii) 2.25% if the Average Excess Availability Percentage is less than or equal to 33 1/3%.

Previous wording

authorized to repurchase up to the lesser of $55 million or 10 million shares of its common stock, subject to the factors discussed below. Following the completion of the refinancing transactions discussed in this Quarterly Report, 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 us to repurchase any specific number of shares and may be suspended from time to time, modified or discontinued by our board of directors at any time. Any common stock repurchased as part of such stock repurchase program will be cancelled and retired. We have not repurchased any shares of our common stock under the stock repurchase program at March 31, 2025 or to date.

Current wording

authorized to repurchase up to the lesser of $55 million or 10 million shares of our common stock, subject to the factors discussed below. 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 us to repurchase any specific number of shares and may be suspended from time to time, modified or discontinued by our board of directors at any time. Any common stock repurchased as part of such stock repurchase program will be cancelled and retired. We have not repurchased any shares of our common stock under the stock repurchase program at June 30, 2025 or to date.

Previous wording

As we pursue our business and financial strategy, we regularly consider which capital resources are available to meet our future financial obligations and liquidity requirement. We believe that our cash on hand, including the cash payments received to date under the Settlement Agreement with PREPA, operating cash flow, available borrowings under our currently undrawn credit facility and proceeds from divestitures will be sufficient to meet our short-term and long-term funding requirements, including funding our current operations, planned capital expenditures, debt service obligations and known contingencies.

Current wording

As we pursue our business and financial strategy, we regularly consider which capital resources are available to meet our future financial obligations and liquidity requirement. We believe that our cash on hand, operating cash flow, available borrowings under our currently undrawn credit facility and proceeds from divestitures will be sufficient to meet our short-term and long-term funding requirements, including funding our current operations, planned capital expenditures, debt service obligations and known contingencies.

Previous wording

During the three months ended March 31, 2025, our capital expenditures totaled $7.2 million. During 2025, we currently estimate that our aggregate capital expenditures for our existing entities will be approximately $12 million, depending upon industry conditions and our financial results. These capital expenditures include $5 million for our well completion segment, $3 million for our infrastructure segment, $1 million for our sand segment and $3 million for our other services, primarily related to our equipment rentals services.

Current wording

During the six months ended June 30, 2025, our capital expenditures from continuing operations totaled $27.3 million. During 2025, we currently estimate that our aggregate capital expenditures from continuing operations will be approximately $42.0 million, depending upon industry conditions and our financial results. These capital expenditures primarily relate to our aviation and other equipment rental services.