USWS - U.S. Well Services pops as Q1 revenue rises despite $5M-plus storm hit

U.S. Well Services (USWS) +9.8% pre-market after reporting a narrower quarterly loss and a 59% Q/Q rise in revenues, driven by an increase in activity levels.Q1 net loss totaled $20.6M compared to a $29.9M net loss in Q4 2020, and adjusted EBITDA jumped to $11.5M from $1.8M in Q4.U.S. Well says it lost $5M-$5.5M in revenues from seven days of lost work caused by February's severe winter storm.The company averaged 10.0 active fleets during the quarter, compared to 5.7 for Q4 2020.The company says Q1 "saw a sharp uptick in activity across the industry as E&P producers responded to higher crude oil prices," but it "expects E&P operators to demonstrate capital discipline going forward, which may limit demand for incremental fracturing fleets in the near term."U.S. Well says it is working with customers to begin implementing price increases during Q2.

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U.S. Well Services pops as Q1 revenue rises despite $5M-plus storm hit