Mammoth Energy Services, Inc. Announces Fourth Quarter and Full Year 2025 Operational and Financial Results
Rhea-AI Summary
Mammoth Energy Services (NASDAQ: TUSK) reported fourth-quarter and full-year 2025 results on March 6, 2026. Total revenue from continuing operations was $9.5M in Q4 and $44.3M for 2025. Net loss from continuing operations was $12.3M in Q4 and $63.8M for the year. Adjusted EBITDA improved to ($17.4M) for 2025 from ($171.2M) in 2024. The company completed four divestitures generating in excess of $150M, deployed over $65M into its aviation rental platform, and finished 2025 with total liquidity of $158.3M.
Positive
- Divestitures generated >$150 million in cash proceeds, strengthening liquidity
- Deployed >$65 million into aviation rental platform, signaling targeted reinvestment
- Adjusted EBITDA improved from ($171.2M) in 2024 to ($17.4M) in 2025
- Total liquidity of $158.3 million as of December 31, 2025
Negative
- Net loss from continuing operations of $63.8 million for full year 2025 remained material
- Adjusted EBITDA remained negative at ($17.4M) for 2025 despite improvement
- Q4 2025 operational execution declined, with net loss of $12.3M in the quarter
News Market Reaction – TUSK
In the Mar 6 session, TUSK declined 16.86%, reflecting a significant negative market reaction. Argus tracked a trough of -21.1% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 31 | Q3 2025 earnings | Negative | -4.2% | Reported Q3 2025 loss with negative Adjusted EBITDA amid ongoing portfolio shifts. |
| Aug 08 | Q2 2025 earnings | Negative | -4.5% | Q2 2025 losses and negative Adjusted EBITDA despite higher revenue from continuing ops. |
| May 07 | Q1 2025 earnings | Negative | -5.6% | Q1 2025 near break-even but still a net loss, with major asset sales highlighted. |
| Mar 07 | FY 2024 results | Negative | -8.4% | Full-year 2024 revenue decline and significantly larger net loss versus prior year. |
| Nov 01 | Q3 2024 earnings | Negative | -16.5% | Q3 2024 revenue drop and sizeable loss despite improved liquidity from PREPA settlement. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have consistently been followed by negative price reactions, suggesting results have tended to disappoint market expectations.
Over the past year, Mammoth’s earnings releases have highlighted a major portfolio reshaping, including large divestitures, shifting away from legacy infrastructure and pressure pumping while building an aviation-focused rental platform. Liquidity has remained strong with substantial cash and no debt, but results still show recurring net losses and negative Adjusted EBITDA. Each of the last 5 earnings events, including Q1–Q3 2025 and full-year 2024, was followed by a share-price decline, framing today’s fourth quarter and full-year 2025 results within a persistently challenging earnings track record.
Key Terms
adjusted EBITDA financial
SG&A financial
revolving credit facility financial
letters of credit financial
marketable securities financial
capital expenditures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Mark Layton, Chief Financial Officer of Mammoth commented, "2025 was a transformative year for Mammoth. We made the deliberate decision to reshape our portfolio, with four divestitures generating in excess of
We also made meaningful progress on our cost structure, materially reducing our SG&A run rate as we continue building a leaner, more efficient organization aligned to the portfolio we have today. That said, I want to be direct: Q4 operational execution was not at the level we expect of ourselves, and improving execution across our segments is our top priority — it is the clearest path to unlocking the value embedded in this business.
As we enter 2026, we see significant potential across our segments, driven by internal self-help initiatives, favorable market tailwinds, and our continued focus on deploying capital into opportunities with accretive returns. We have the balance sheet, the strategy, and the team to deliver meaningfully better results."
Financial Overview for the Fourth Quarter and Full Year 2025:
Total revenue from continuing operations was
Net loss from continuing operations for the fourth quarter of 2025 was
Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was
Infrastructure Services
Mammoth's infrastructure services segment contributed revenue of
Rental Services
Mammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of
Natural Sand Proppant Services
Mammoth's natural sand proppant services segment contributed revenue of
Accommodation Services
Mammoth's accommodation services segment contributed revenue of
Drilling Services
Mammoth's drilling services segment contributed revenue of
Selling, General and Administrative Expense
Selling, general and administrative ("SG&A") expense was
Liquidity
As of December 31, 2025, Mammoth had unrestricted cash and cash equivalents on hand of
As of March 3, 2026, Mammoth had unrestricted cash on hand of
Capital Expenditures
The following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):
Three Months Ended | Twelve Months Ended | ||||||||
December 31, | September 30, | December 31, | |||||||
2025 | 2024 | 2025 | 2025 | 2024 | |||||
Rental services(a) | $ 25,676 | $ — | $ 17,185 | $ 69,953 | $ 351 | ||||
Infrastructure services(b) | — | — | 19 | 128 | 299 | ||||
Accommodation services(c) | 173 | 64 | 95 | 343 | 161 | ||||
Drilling services(c) | 12 | 83 | — | 128 | 184 | ||||
Other(c) | — | 98 | — | — | 219 | ||||
Total capital expenditures | $ 25,861 | $ 245 | $ 17,299 | $ 70,552 | $ 1,214 | ||||
(a) | Capital expenditures primarily for expansion of our aviation rental fleet for the periods presented. |
(b) | Capital expenditures primarily for our fiber optic fleets for the periods presented. |
(c) | Capital expenditures primarily for maintenance for the periods presented. |
Conference Call Information
Mammoth will host a conference call on Friday, March 6, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its fourth quarter and full year financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to TUSK@vizaraadvisors.com.
About Mammoth Energy Services, Inc.
We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the oil and natural gas and infrastructure industries. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services segment provides design and fiber optic services to the utility industry. Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing. Our accommodation services provide housing, kitchen and dining, and recreational service facilities for workers located in remote areas away from readily available lodging. Our drilling services provides directional drilling to oilfield operators. For more information, please visit www.mammothenergy.com.
Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC and Python Equipment LLC and the equipment previously used in our hydraulic fracturing business; the levels of capital expenditures by our customers and the impact of reduced completions activity on utilization and pricing for our natural sand proppant services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; conditions of
Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.
MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED BALANCE SHEETS (unaudited)
| ||||
ASSETS | December 31, | December 31, | ||
2025 | 2024 | |||
CURRENT ASSETS | (in thousands, except share data) | |||
Cash and cash equivalents | $ 101,987 | $ 60,845 | ||
Marketable securities | 19,635 | — | ||
Restricted cash | 12,085 | 19,359 | ||
Accounts receivable, net | 28,934 | 40,672 | ||
Inventories | 4,083 | 6,848 | ||
Current assets held for sale | 4,287 | — | ||
Other current assets | 4,619 | 10,854 | ||
Current assets of discontinued operations | 1,518 | 50,009 | ||
Total current assets | 177,148 | 188,587 | ||
Property, plant and equipment, net | 106,097 | 66,651 | ||
Sand reserves, net | 39,613 | 57,273 | ||
Operating lease right-of-use assets | 2,591 | 3,954 | ||
Other non-current assets | 5,767 | 7,383 | ||
Noncurrent assets of discontinued operations | 3,678 | 60,183 | ||
Total assets | $ 334,894 | $ 384,031 | ||
LIABILITIES AND EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable | $ 9,327 | $ 12,107 | ||
Accrued expenses and other current liabilities | 18,336 | 25,650 | ||
Current operating lease liabilities | 2,071 | 2,643 | ||
Income taxes payable | 39,899 | 44,570 | ||
Current liabilities of discontinued operations | 383 | 29,537 | ||
Total current liabilities | 70,016 | 114,507 | ||
Deferred income tax liabilities | 2,430 | 3,021 | ||
Long-term operating lease liabilities | 1,375 | 1,316 | ||
Asset retirement obligation | 2,759 | 4,234 | ||
Other long-term liabilities | 26 | 213 | ||
Noncurrent liabilities of discontinued operations | — | 7,922 | ||
Total liabilities | 76,606 | 131,213 | ||
COMMITMENTS AND CONTINGENCIES | ||||
EQUITY | ||||
Equity: | ||||
Common stock, | 483 | 481 | ||
Additional paid-in capital | 540,841 | 540,431 | ||
Accumulated deficit | (279,046) | (283,643) | ||
Accumulated other comprehensive loss | (3,990) | (4,451) | ||
Total equity | 258,288 | 252,818 | ||
Total liabilities and equity | $ 334,894 | $ 384,031 | ||
MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)
| |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
December 31, | September 30, | December 31, | |||||||
2025 | 2024 | 2025 | 2025 | 2024 | |||||
(in thousands, except per share amounts) | |||||||||
REVENUE | |||||||||
Services revenue | $ 7,363 | $ 4,517 | $ 7,608 | $ 26,187 | $ 24,994 | ||||
Services revenue - related parties | 385 | 377 | 516 | 1,553 | 1,548 | ||||
Product revenue | 1,709 | 5,121 | 2,728 | 16,552 | 19,057 | ||||
Total revenue | 9,457 | 10,015 | 10,852 | 44,292 | 45,599 | ||||
COST, EXPENSES AND GAINS | |||||||||
Services cost of revenue (exclusive of depreciation, depletion, | 7,279 | 5,036 | 6,641 | 24,158 | 24,378 | ||||
Services cost of revenue - related parties | — | 11 | 96 | 288 | 366 | ||||
Product cost of revenue (exclusive of depreciation, depletion, | 3,231 | 4,307 | 4,148 | 18,117 | 17,791 | ||||
Selling, general and administrative | 5,750 | 6,893 | 4,748 | 19,572 | 114,468 | ||||
Depreciation, depletion, amortization and accretion | 2,631 | 2,385 | 2,751 | 10,292 | 11,715 | ||||
Losses (gains) on disposal of assets, net | 304 | (1,125) | 1,874 | (2,371) | (2,762) | ||||
Impairment of long-lived assets | — | — | — | 31,669 | — | ||||
Total cost, expenses and gains, net | 19,195 | 17,507 | 20,258 | 101,725 | 165,956 | ||||
Operating loss | (9,738) | (7,492) | (9,406) | (57,433) | (120,357) | ||||
OTHER INCOME (EXPENSE) | |||||||||
Interest income (expense and financing charges), net | 558 | (773) | 729 | 1,670 | (4,790) | ||||
Interest income (expense and financing charges), net - related | — | (36) | — | — | (4,707) | ||||
Other (expense) income, net | (1,116) | 60 | (1,831) | (3,906) | (64,564) | ||||
Total other (expense) income, net | (558) | (749) | (1,102) | (2,236) | (74,061) | ||||
Loss before income taxes | (10,296) | (8,241) | (10,508) | (59,669) | (194,418) | ||||
Provision (benefit) for income taxes | 2,043 | 1,407 | 2,140 | 4,087 | (11,306) | ||||
Net loss from continuing operations | (12,339) | (9,648) | (12,648) | (63,756) | (183,112) | ||||
Net income (loss) from discontinued operations, net of income | 21,239 | (5,826) | 33 | 68,353 | (24,214) | ||||
Net income (loss) | $ 8,900 | $ (15,474) | $ (12,615) | $ 4,597 | $ (207,326) | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Foreign currency translation adjustment | $ 144 | $ (598) | $ (180) | $ 461 | $ (831) | ||||
Other comprehensive income (loss) | 144 | (598) | (180) | 461 | (831) | ||||
Comprehensive income (loss) | $ 9,044 | $ (16,072) | $ (12,795) | $ 5,058 | $ (208,157) | ||||
Net loss per share from continuing operations, basic and diluted | $ (0.26) | $ (0.20) | $ (0.26) | $ (1.32) | $ (3.81) | ||||
Net income (loss) per share from discontinued operations, basic | 0.44 | (0.12) | — | 1.42 | (0.50) | ||||
Net income (loss) per share, basic and diluted | $ 0.18 | $ (0.32) | $ (0.26) | $ 0.10 | $ (4.31) | ||||
Weighted average number of shares outstanding, basic and diluted | 48,358 | 48,127 | 48,358 | 48,274 | 48,065 | ||||
MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| |||
Twelve Months Ended | |||
December 31, | |||
2025 | 2024 | ||
(in thousands) | |||
Cash flows from operating activities: | |||
Net loss | $ 4,597 | $ (207,326) | |
Less: Net income (loss) from discontinued operations, net of income taxes | 68,353 | (24,214) | |
Net loss from continuing operations | (63,756) | (183,112) | |
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by | |||
Stock based compensation | 412 | 875 | |
Depreciation, depletion, amortization and accretion | 10,292 | 11,715 | |
Amortization of debt origination costs | 708 | 2,971 | |
Change in provision for expected credit losses | 49 | 171,140 | |
Gains on disposal of assets, net | (2,371) | (2,762) | |
Gains from sales of equipment damaged or lost down-hole | (221) | (157) | |
Impairment of long-lived assets | 31,669 | — | |
Inventory obsolescence | — | 97 | |
Deferred income taxes | (591) | 4,237 | |
Other | 1,159 | 63 | |
Changes in assets and liabilities: | |||
Accounts receivable, net | 11,756 | 206,129 | |
Inventories | 116 | 43 | |
Other current assets | 6,200 | 590 | |
Accounts payable | (2,843) | (1,643) | |
Accrued expenses and other liabilities | (7,483) | (3,369) | |
Accrued expenses and other liabilities - related parties | — | 4,647 | |
Income taxes payable | (4,671) | (16,743) | |
Net cash (used in) provided by operating activities from continuing operations | (19,575) | 194,721 | |
Net cash provided by (used in) operating activities from discontinued operations | 1,005 | (14,004) | |
Net cash (used in) provided by operating activities | (18,570) | 180,717 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (70,552) | (1,214) | |
Contributions to equity investee | (368) | — | |
Proceeds from disposal of property, plant and equipment | 7,950 | 5,061 | |
Purchases of marketable securities | (19,534) | — | |
Net cash (used in) provided by investing activities from continuing operations | (82,504) | 3,847 | |
Net cash provided by (used in) investing activities from discontinued operations | 137,050 | (14,279) | |
Net cash provided by (used in) investing activities | 54,546 | (10,432) | |
Cash flows from financing activities: | |||
Borrowings on long-term debt - related parties | — | (50,888) | |
Payments on financing transaction | — | (46,837) | |
Principal payments on financing leases and equipment financing notes | (433) | (469) | |
Debt issuance costs | — | (37) | |
Net cash used in financing activities from continuing operations | (433) | (98,231) | |
Net cash used in financing activities from discontinued operations | (3,854) | (13,882) | |
Net cash used in financing activities | (4,287) | (112,113) | |
Effect of foreign exchange rate on cash | 109 | (144) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 31,798 | 58,028 | |
Cash, cash equivalents and restricted cash at beginning of period | 82,326 | 24,298 | |
Cash, cash equivalents and restricted cash at end of period | 114,124 | 82,326 | |
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period | 52 | 2,122 | |
Cash, cash equivalents and restricted cash of continuing operations | $ 114,072 | $ 80,204 | |
MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands)
| |||||||
Three Months Ended December 31, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 3,281 | $ 1,172 | $ 1,709 | $ 2,827 | $ 468 | $ — | $ 9,457 |
Intersegment revenue | 19 | — | — | — | — | (19) | — |
Total revenue | 3,300 | 1,172 | 1,709 | 2,827 | 468 | (19) | 9,457 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 2,027 | 2,086 | 3,231 | 1,841 | 768 | 557 | 10,510 |
Selling, general and administrative, | 1,670 | 402 | 1,158 | 677 | 217 | 1,626 | 5,750 |
Adjusted EBITDA | $ (397) | $ (1,316) | $ (2,680) | $ 309 | $ (517) | $ (2,202) | $ (6,803) |
Three Months Ended December 31, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 1,118 | $ 354 | $ 5,121 | $ 2,377 | $ 754 | $ 291 | $ 10,015 |
Intersegment revenue | 67 | — | — | — | — | (67) | — |
Total revenue | 1,185 | 354 | 5,121 | 2,377 | 754 | 224 | 10,015 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 1,076 | 563 | 4,307 | 1,444 | 1,024 | 940 | 9,354 |
Selling, general and administrative, | 575 | 68 | 2,181 | 709 | 359 | 2,782 | 6,674 |
Adjusted EBITDA | $ (466) | $ (277) | $ (1,367) | $ 224 | $ (629) | $ (3,498) | $ (6,013) |
Three Months Ended September 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 2,750 | $ 812 | $ 2,728 | $ 2,280 | $ 2,282 | $ — | $ 10,852 |
Intersegment revenue | 16 | — | — | — | — | (16) | — |
Total revenue | 2,766 | 812 | 2,728 | 2,280 | 2,282 | (16) | 10,852 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 1,691 | 1,579 | 4,148 | 1,436 | 1,840 | 191 | 10,885 |
Selling, general and administrative, | 997 | 293 | 1,157 | 483 | 308 | 1,510 | 4,748 |
Adjusted EBITDA | $ 78 | $ (1,060) | $ (2,577) | $ 361 | $ 134 | $ (1,717) | $ (4,781) |
Twelve Months Ended December 31, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 11,025 | $ 4,086 | $ 16,552 | $ 8,954 | $ 3,675 | $ — | $ 44,292 |
Intersegment revenue | 73 | — | — | — | — | (73) | — |
Total revenue | 11,098 | 4,086 | 16,552 | 8,954 | 3,675 | (73) | 44,292 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 6,701 | 5,893 | 18,117 | 5,951 | 3,765 | 2,136 | 42,563 |
Selling, general and administrative, | 4,155 | 1,019 | 5,131 | 1,957 | 944 | 5,954 | 19,160 |
Adjusted EBITDA | $ 242 | $ (2,826) | $ (6,696) | $ 1,046 | $ (1,034) | $ (8,163) | $ (17,431) |
Twelve Months Ended December 31, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 6,712 | $ 1,476 | $ 19,057 | $ 10,851 | $ 3,558 | $ 3,945 | $ 45,599 |
Intersegment revenue | 393 | — | — | — | — | (393) | — |
Total revenue | 7,105 | 1,476 | 19,057 | 10,851 | 3,558 | 3,552 | 45,599 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 4,955 | 2,280 | 17,791 | 6,397 | 4,373 | 6,739 | 42,535 |
Selling, general and administrative, | 1,851 | 880 | 6,741 | 2,361 | 1,338 | 100,422 | 113,593 |
Interest on trade accounts receivable | — | — | — | — | — | 60,686 | 60,686 |
Adjusted EBITDA | $ 299 | $ (1,684) | $ (5,475) | $ 2,093 | $ (2,153) | $ (164,295) | $ (171,215) |
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net income or loss from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and (benefit) provision for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net (loss) income from continuing operations in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historical costs of depreciable assets. Mammoth's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.
The following table provides a reconciliation of Adjusted EBITDA to net loss from continuing operations, the most directly comparable GAAP financial measure (in thousands):
Three Months Ended | Twelve Months Ended | ||||||||
December 31, | September 30, | December 31, | |||||||
Reconciliation of net loss from continuing | 2025 | 2024 | 2025 | 2025 | 2024 | ||||
Net loss from continuing operations | $ (12,339) | $ (9,648) | $ (12,648) | $ (63,756) | $ (183,112) | ||||
Depreciation, depletion, amortization and accretion | 2,631 | 2,385 | 2,751 | 10,292 | 11,715 | ||||
Losses (gains) on disposal of assets, net | 304 | (1,125) | 1,874 | (2,371) | (2,762) | ||||
Impairment of long-lived assets | — | — | — | 31,669 | — | ||||
Stock based compensation | — | 219 | — | 412 | 875 | ||||
Interest (income) expense and financing charges, net | (558) | 809 | (729) | (1,670) | 9,497 | ||||
Other expense (income), net | 1,116 | (60) | 1,831 | 3,906 | 64,564 | ||||
Provision (benefit) for income taxes | 2,043 | 1,407 | 2,140 | 4,087 | (11,306) | ||||
Interest on trade accounts receivable | — | — | — | — | (60,686) | ||||
Adjusted EBITDA | $ (6,803) | $ (6,013) | $ (4,781) | $ (17,431) | $ (171,215) | ||||
Adjusted Net Loss from Continuing Operations and Adjusted Loss per Share from Continuing Operations
Adjusted net loss from continuing operations and adjusted basic and diluted loss per share from continuing operations are supplemental non-GAAP financial measures that are used by management to evaluate our operating and financial performance. Management believes these measures provide meaningful information about the Company's performance by excluding certain non-cash charges, such as impairment of long-lived assets, which may not be indicative of the Company's ongoing operating results, from net loss from continuing operations. Adjusted net loss from continuing operations and adjusted loss per share from continuing operations should not be considered in isolation or as a substitute for net loss from continuing operations and loss per share from continuing operations prepared in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The following tables provide a reconciliation of adjusted net loss from continuing operations and adjusted loss per share from continuing operations to the GAAP financial measures of net loss from continuing operations and loss per share from continuing operations for the periods specified.
Three Months Ended | Years Ended | ||||||||
December 31, | September 30, | December 31, | |||||||
2025 | 2024 | 2024 | 2025 | 2024 | |||||
(in thousands, except per share amounts) | |||||||||
Net loss from continuing operations, as reported | $ (12,339) | $ (9,648) | $ (12,648) | $ (63,756) | $ (183,112) | ||||
Impairment of long-lived assets | — | — | — | 31,669 | — | ||||
Adjusted net loss from continuing operations | $ (12,339) | $ (9,648) | $ (12,648) | $ (32,087) | $ (183,112) | ||||
Basic and diluted earnings per share from | $ (0.26) | $ (0.20) | $ (0.26) | $ (1.32) | $ (3.81) | ||||
Impairment of long-lived assets | — | — | — | 0.66 | — | ||||
Adjusted basic and diluted earnings per share | $ (0.26) | $ (0.20) | $ (0.26) | $ (0.66) | $ (3.81) | ||||
View original content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-fourth-quarter-and-full-year-2025-operational-and-financial-results-302706237.html
SOURCE MAMMOTH ENERGY SERVICES