23.3 C
New York
Thursday, September 23, 2021

US Well Services Inc (USWS) announced its Q4 and full-year 2020 financial results missing the estimates

US Well Services Inc.’s stock fell on Wednesday, March 10, 2021, after a market leader in electric fracture stimulation services and provider of hydraulic-fracturing services released its financial results for the full-year and fourth quarter of 2020 which missed the estimates.

3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free


Fourth Quarter 2020 Financial Summary

  • The company revenue was increased by 9% in the fourth quarter to$48.1.
  • It experienced an increase in costs of services (excluding depreciation and amortization,) and it was $42.5 million for the fourth quarter.
  • SG&A expense was $13.3 million for the reported quarter.
  • The company’s net loss increased to $29.2 million. Adjusted EBITDA declined to $4.8 million.

Full-Year 2020 Financial highlights

  • The company revenue decreased by 53% to $244.0 million for the year ended December 31, 2020.
  • The reduction in revenue is due to the pandemic as told by the company.
  • The company was able to reduce costs of services, excluding depreciation and amortization by 51% to $187.8 million from $384.0 million in 2019.
  • It’s Selling, general and administrative expense (“SG&A”) increased to $43.6 million for the reported year, compared to 31.9 million in 2019.
  • The company suffered a Net loss of 235.7 million for the full-year 2020 as compared to $93.9 million for 2019.
  • The Adjusted EBITDA was $31.1 million.

Operational Highlights

  • The company had six active frac fleets by the end of the year 2020.
  • The company completed 3,168 frac stages during the fourth quarter of 2020.
  • The company had 416 frac days and 5,121 pumping hours in the fourth quarter of 2020.

USWS Received Nasdaq Listing Extension

Earlier on February 17, 2021, the company requested for an extension of time to demonstrate compliance with the Listing rule was approved by the Nasdaq Hearings Panel. It received a notice from Nasdaq on December 29, 2020, stating that the company USWS had not regained compliance with the Minimum Bid Price Rule and Nasdaq’s staff had determined to delist the company’s common stock from Nasdaq. USWS appealed against the staff recommendation to the Nasdaq panel. The company received relief and it continued its stock listing on Nasdaq with an exception to the minimum bid price rule.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Get Notified Of Insider Trades, Analyst Upgrades & Downgrades, Earnings Updates & Best Stocks To Trade Every Single Morning

100% free. stop anytime no spam

Get The Best Stocks To Trade Every Day!

Join now to get the Newsheater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.