Bernard Lancaster
MAMMOTH ENERGY SERVICESAbout Bernard Lancaster
Bernard Lancaster, age 37, was appointed Chief Operating Officer and Principal Executive Officer of Mammoth Energy Services (TUSK) effective July 1, 2025; he has over 11 years of operating experience across Mammoth subsidiaries and holds a B.S. in Finance from St. Edwards University . Company performance entering his tenure showed stress: revenue fell to $187.9M in FY2024 from $309.5M in FY2023 and $362.1M in FY2022; net loss widened to $207.3M in FY2024 from $3.2M in FY2023; EBITDA turned negative in FY2024; TSR (value of a fixed $100 investment) declined to $165 in 2024 from $245 in 2023 .*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mammoth Energy Services (parent) | Vice President of Operations | Through June 2025 | Oversight of operating functions across business units |
| Stingray Energy Services LLC | Operations Manager | Jun 2019–Dec 2024 | Led operations; assisted projects for Lion Power Services LLC and Higher Power Electrical LLC |
| Redback Energy Services LLC | Vice President | Aug 2013–Jul 2014; Aug 2015–May 2019 | Senior operating leadership in oilfield services |
| Redback Energy Services/Coil Tubing/Pumpdowns LLC | Chief Operating Officer | Aug 2014–Jul 2015 | Multi-subsidiary operational leadership (HSE/DOT oversight earlier) |
| Redback Energy Services LLC | HSE/DOT Manager | Oct 2011–Jul 2013 | Safety and compliance leadership |
| Great White Pressure Pumping LLC | Quality Assurance Technician | May 2010–Jul 2011 | Quality systems in pressure pumping |
| Great White Directional Drilling LLC | Mud Motor Technician | May 2010–Jul 2011 | Technical field support in directional drilling |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | None disclosed in Company filings reviewed | — | — |
Fixed Compensation
| Component | Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $300,000 per year | Jul 1, 2025 | Approved by Compensation Committee upon appointment as COO/PEO |
| Annual Bonus | Eligible to receive annual discretionary bonus based on individual and Company performance | Jul 1, 2025 | No target % disclosed; subject to Compensation Committee discretion |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual discretionary cash bonus | Not disclosed | Not disclosed | Not disclosed | Discretionary (based on individual and Company performance) | Not disclosed |
Clawback: Mammoth adopted a Nasdaq/Rule 10D-1 compliant clawback policy effective Dec 1, 2023 that applies to executive incentive compensation, enabling recoupment over a three-fiscal-year lookback in case of financial restatement .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Not listed among officers/directors in the April 1, 2025 beneficial ownership table (pre-appointment) |
| Equity awards | 8-K compensation disclosure for Bernard covered base salary and bonus; no equity awards were described in that filing |
| Hedging/Pledging | Company policy prohibits hedging and pledging by directors and executive officers; no current NEOs/directors had pledged shares as of proxy date |
| Ownership guidelines | Director stock ownership guidelines exist; no executive ownership guidelines disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Named Chief Operating Officer and Principal Executive Officer effective July 1, 2025 |
| Compensation process | Initial 8-K noted no finalized compensatory arrangement as of June 5, 2025; Compensation Committee later approved base salary and bonus eligibility |
| Employment agreement | Company states it does not have written employment agreements with NEOs (CEO/CFO); agreements are generally oral; no specific written agreement for Bernard disclosed |
| Severance/change-of-control | RSU agreements for NEOs include accelerated vesting upon change-of-control/death/disability; no individual severance multiple or RSU grants for Bernard disclosed |
| Clawback | Executive incentive compensation subject to clawback under Rule 10D-1 |
| Anti-hedging/pledging | Prohibited for directors/executive officers |
| Related party | Bernard is the son of Phil Lancaster; Company disclosed employment of a son of the CEO in operations; related-party disclosures are reviewed by the Audit Committee |
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 362,086,000 | 309,492,000 | 187,932,000 |
| Net Income ($) | (619,000) | (3,163,000) | (207,326,000) |
| EBITDA ($) | 43,945,000* | 24,194,000* | (18,440,000)* |
| EBITDA Margin (%) | 12.14%* | 7.82%* | (9.81%)* |
*Values retrieved from S&P Global.
TSR (fixed $100 investment) was $245 in 2023 and $165 in 2024, highlighting shareholder return pressure entering his appointment .
Investment Implications
- Incentive alignment: As of appointment, compensation is primarily fixed cash with discretionary bonus and no disclosed equity grants—this reduces immediate insider-selling pressure but limits equity alignment until grants are made; monitor upcoming equity awards and any Form 3/4 filings for ownership build .
- Governance/related-party risk: Bernard’s familial relationship to Phil Lancaster (former CEO and director) raises potential perception risks; the Audit Committee oversees related-party transactions, but investors should watch for continued disclosures and committee independence after management changes .
- Policy safeguards: Anti-hedging/pledging prohibitions and an Exchange Act Rule 10D-1 clawback policy mitigate downside governance risk and support pay-for-performance recourse in restatement scenarios .
- Performance backdrop: The sharp revenue decline and net loss in 2024, alongside TSR compression, set a demanding operating baseline; bonus outcomes will likely hinge on measurable recovery in revenues/EBITDA and capital allocation discipline post-asset sales and credit facility amendments .