U.S. Well Services, Inc. (USWS) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
1360 POST OAK BOULEVARD, SUITE 1800 HOUSTON, TX 77056 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 1389 - Oil and Gas Field Services, Not Elsewhere Classified (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 6/30/2022 MRQ | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash, cash equivalents, and short-term investments | 6,384 | 3,693 | 33,794 | 29,529 | 570 | |||
| Cash and cash equivalents | 6,384 | 3,693 | 33,794 | 29,529 | 570 | |||
| Receivables | 26,500 | 45,960 | 80,352 | 59,731 | ||||
| Inventory, net of allowances, customer advances and progress billings | 6,351 | 7,965 | 9,052 | 9,413 | ||||
| Inventory | 6,351 | 7,965 | 9,052 | 9,413 | ||||
| Prepaid expense | 5,207 | 3,162 | 11,127 | 6,011 | 71 | |||
| Asset, held-for-sale, not part of disposal group | 2,043 | |||||||
| Other current assets | 1,675 | 1,343 | 1,395 | 3,194 | ||||
| Other undisclosed current assets | 13,845 | 6,204 | 7,610 | 6,034 | 37 | |||
| Total current assets: | 62,005 | 68,327 | 143,330 | 113,912 | 678 | |||
| Noncurrent Assets | ||||||||
| Property, plant and equipment | 162,664 | 235,332 | 441,610 | 331,387 | ||||
| Intangible assets, net (including goodwill) | 17,471 | 18,437 | 26,797 | 32,861 | ||||
| Goodwill | 4,971 | 4,971 | 4,971 | 4,971 | ||||
| Intangible assets, net (excluding goodwill) | 12,500 | 13,466 | 21,826 | 27,890 | ||||
| Asset, held-in-trust | 326,450 | |||||||
| Other noncurrent assets | 1,417 | |||||||
| Other undisclosed noncurrent assets | 1,127 | 1,045 | 2,070 | |||||
| Total noncurrent assets: | 181,552 | 254,896 | 469,452 | 366,318 | 326,450 | |||
| TOTAL ASSETS: | 243,557 | 323,223 | 612,782 | 480,230 | 327,127 | |||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities, including: | 46,022 | 50,826 | 92,461 | 98,285 | 138 | |||
| Taxes payable | 5,380 | 9,817 | 17 | |||||
| Employee-related liabilities | 7,208 | 9,356 | 7,087 | |||||
| Accounts payable | 29,180 | 36,362 | 70,170 | 89,360 | ||||
| Accrued liabilities | 16,842 | 1,876 | 3,118 | 1,838 | ||||
| Other undisclosed accounts payable and accrued liabilities | 121 | |||||||
| Debt | 9,504 | 13,573 | 22,288 | 29,501 | ||||
| Due to related parties | 19 | |||||||
| Other undisclosed current liabilities | 2,320 | 1,315 | 26,258 | 12,679 | 17 | |||
| Total current liabilities: | 57,846 | 65,714 | 141,007 | 140,465 | 174 | |||
| Noncurrent Liabilities | ||||||||
| Long-term debt and lease obligation, including: | 174,747 | 283,902 | 284,892 | 99,416 | ||||
| Long-term debt, excluding current maturities | 167,507 | 274,555 | 274,391 | 91,112 | ||||
| Other undisclosed long-term debt and lease obligation | 7,240 | 9,347 | 10,501 | 8,304 | ||||
| Liabilities, other than long-term debt | 10,432 | 3,539 | 215 | |||||
| Deferred rent credit | 215 | ✕ | ||||||
| Other liabilities | 6,875 | 3,539 | ||||||
| Derivative instruments and hedges, liabilities | 3,557 | |||||||
| Other undisclosed noncurrent liabilities | 105,769 | 1,619 | 10,250 | |||||
| Total noncurrent liabilities: | 290,948 | 289,060 | 285,107 | 99,416 | 10,250 | |||
| Total liabilities: | 348,794 | 354,774 | 426,114 | 239,881 | 10,424 | |||
| Temporary equity, carrying amount | 311,703 | |||||||
| Equity | ||||||||
| Equity, attributable to parent, including: | (129,103) | (105,212) | 137,107 | 187,551 | 5,000 | |||
| Additional paid in capital | 263,928 | 217,212 | 248,302 | 204,928 | 4,247 | |||
| Retained earnings (accumulated deficit) | (393,036) | (322,431) | (111,201) | (17,383) | 753 | |||
| Other undisclosed equity, attributable to parent | 5 | 7 | 6 | 6 | 1 | |||
| Equity, attributable to noncontrolling interest | 10,633 | 52,798 | ||||||
| Total equity: | (129,103) | (105,212) | 147,740 | 240,349 | 5,000 | |||
| Other undisclosed liabilities and equity | 23,866 | 73,661 | 38,928 | |||||
| TOTAL LIABILITIES AND EQUITY: | 243,557 | 323,223 | 612,782 | 480,230 | 327,127 | |||
Income Statement (P&L) ($ in thousands)
| 6/30/2022 TTM | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|
| Revenues | 250,463 | 244,007 | 514,757 | 648,847 | |||
| Cost of revenue (Cost of Goods and Services Sold) | (221,364) | (620) | (359) | (153) | |||
| Gross profit: | 29,099 | 243,387 | 514,398 | 648,694 | |||
| Operating expenses | (67,578) | (198,287) | (51,921) | (45,345) | (875) | ||
| Other undisclosed operating loss | (13,548) | (267,536) | (537,747) | (641,318) | |||
| Operating loss: | (52,027) | (222,436) | (75,270) | (37,969) | (875) | ||
| Nonoperating income | 515 | 108 | 1,768 | 333 | 2,390 | ||
| Investment income, nonoperating | 2,390 | ||||||
| Other nonoperating income | 515 | 108 | 1,768 | 333 | |||
| Interest and debt expense | (6,142) | (1,287) | (12,558) | (190) | |||
| Income (loss) from continuing operations before equity method investments, income taxes: | (57,654) | (223,615) | (86,060) | (37,826) | 1,515 | ||
| Other undisclosed loss from continuing operations before income taxes | (13,022) | (17,597) | (30,099) | (32,636) | |||
| Income (loss) from continuing operations before income taxes: | (70,676) | (241,212) | (116,159) | (70,462) | 1,515 | ||
| Income tax expense (benefit) | 27 | 824 | 77 | (352) | (757) | ||
| Income (loss) from continuing operations: | (70,649) | (240,388) | (116,082) | (70,814) | 758 | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | (70,649) | (240,388) | (116,082) | (70,814) | 758 | |
| Net income (loss): | (70,649) | (240,388) | (116,082) | (70,814) | 758 | ||
| Net income attributable to noncontrolling interest | 44 | 11,048 | 22,169 | 4,918 | |||
| Net income (loss) attributable to parent: | (70,605) | (229,340) | (93,913) | (65,896) | 758 | ||
| Other undisclosed net income (loss) available to common stockholders, basic | (9,440) | (22,849) | (15,256) | 2,142 | |||
| Net income (loss) available to common stockholders, diluted: | (80,045) | (252,189) | (109,169) | (63,754) | 758 | ||
Comprehensive Income ($ in thousands)
| 6/30/2022 TTM | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|
| Net income (loss): | (70,649) | (240,388) | (116,082) | (70,814) | 758 | ||
| Comprehensive income (loss): | (70,649) | (240,388) | (116,082) | (70,814) | 758 | ||
| Comprehensive income, net of tax, attributable to noncontrolling interest | 44 | 11,048 | 22,169 | 4,918 | |||
| Comprehensive income (loss), net of tax, attributable to parent: | (70,605) | (229,340) | (93,913) | (65,896) | 758 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.