U.S Well Services Announces Second Quarter 2022 Financial and Operational Results.

HOUSTON: U.S. Well Services, Inc. (the "Company," "USWS," "U.S. Well Services" or "we") (NASDAQ: USWS) today reported second quarter 2022 financial and operational results.

Second Quarter 2022 Highlights

Announced merger with ProFrac Holding Corp. ("ProFrac") in a stock-for-stock transaction with a split-adjusted exchange ratio of 0.3366 shares of ProFrac Class A common stock for each share of USWS Class A common stock upon closing of the pending transaction, which is expected in the fourth quarter of 2022

Preparation for the proposed merger with ProFrac is continuing as planned, including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act")

Completed $12.5 million financing transaction to help fund the Company's first newbuild Nyx Clean Fleet(r)

Deployed the Company's first newbuild Nyx Clean Fleet(r) to the Rockies, with pressure pumping operations having commenced in July 2022

Averaged 5.5 fully-utilized fleets compared to 4.4 fully-utilized fleets during the first quarter of 2022

Total revenue of $68.8 million compared to $41.2 million in the first quarter of 2022

Net loss attributable to the Company of $(9.3) million compared to net loss of $(25.7) million in the first quarter of 2022

Adjusted EBITDA(1) of $7.5 million compared to $(3.5) million in the first quarter of 2022

Reported annualized Adjusted EBITDA per fully-utilized fleet of $5.4 million compared to $(3.2) million for the first quarter of 2022(2)

Total liquidity, consisting of cash, restricted cash and availability under the Company's asset-backed revolving credit facility, was $35.9 million as of June 30, 2022

(1)

Each of Adjusted EBITDA and Adjusted EBITDA margin is a Non-GAAP financial measure. Please read "Non-GAAP Financial Measures."

(2)

Adjusted EBITDA per fully-utilized fleet equivalent is defined as Adjusted EBITDA divided by the product of average active fleets during the quarter and the utilization rate for active fleets during the quarter.

"The second quarter of 2022 marked a turning point for U.S. Well Services," commented Kyle O'Neill, the Company's President and CEO. "During the second quarter, we observed a meaningful increase in both activity levels and pricing for our services. Although we continue to experience headwinds from inflation and supply chain tightness, the determination and commitment of our team allowed us to post a strong sequential improvement in our financial results."

"Following the...