Mammoth Energy Services, Inc. Announces Second Quarter 2025 Operational and Financial Results
Mammoth Energy Services (NASDAQ: TUSK) reported Q2 2025 financial results, highlighting three strategic transactions: the $108.7 million sale of infrastructure subsidiaries, acquisition of eight passenger aircraft, and $15 million divestment of hydraulic fracturing equipment. Revenue from continuing operations reached $16.4 million, up from $16.0 million in Q2 2024.
The company reported a net loss of $35.7 million ($0.74 per share) and negative Adjusted EBITDA of $2.8 million. Segment performance showed mixed results, with infrastructure services revenue at $5.4 million, rental services at $3.1 million, and natural sand proppant services at $5.4 million. As of June 30, 2025, Mammoth maintained strong liquidity with $127.3 million in unrestricted cash and total liquidity of $194.8 million.
The company is executing a strategic transformation toward a more demand-centric portfolio, emphasizing value creation and portfolio repositioning.
Mammoth Energy Services (NASDAQ: TUSK) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando tre operazioni strategiche: la vendita per 108,7 milioni di dollari di filiali infrastrutturali, l'acquisizione di otto aeromobili passeggeri e la cessione per 15 milioni di dollari di attrezzature per la fratturazione idraulica. I ricavi dalle attività continuative hanno raggiunto i 16,4 milioni di dollari, in aumento rispetto ai 16,0 milioni del secondo trimestre 2024.
L'azienda ha riportato una perdita netta di 35,7 milioni di dollari (0,74 dollari per azione) e un EBITDA rettificato negativo di 2,8 milioni di dollari. La performance dei segmenti ha mostrato risultati misti, con ricavi dai servizi infrastrutturali pari a 5,4 milioni, servizi di noleggio a 3,1 milioni e servizi di sabbia naturale proppante a 5,4 milioni. Al 30 giugno 2025, Mammoth manteneva una solida liquidità con 127,3 milioni di dollari in contanti non vincolati e una liquidità totale di 194,8 milioni.
L'azienda sta portando avanti una trasformazione strategica verso un portafoglio più orientato alla domanda, con un focus sulla creazione di valore e il riposizionamento del portafoglio.
Mammoth Energy Services (NASDAQ: TUSK) reportó los resultados financieros del segundo trimestre de 2025, destacando tres transacciones estratégicas: la venta por 108,7 millones de dólares de subsidiarias de infraestructura, la adquisición de ocho aviones de pasajeros y la desinversión por 15 millones de dólares de equipos de fracturación hidráulica. Los ingresos por operaciones continuas alcanzaron los 16,4 millones de dólares, frente a 16,0 millones en el segundo trimestre de 2024.
La compañía reportó una pérdida neta de 35,7 millones de dólares (0,74 dólares por acción) y un EBITDA ajustado negativo de 2,8 millones. El desempeño por segmentos mostró resultados mixtos, con ingresos por servicios de infraestructura de 5,4 millones, servicios de alquiler de 3,1 millones y servicios de arena natural para fracturación de 5,4 millones. Al 30 de junio de 2025, Mammoth mantenía una sólida liquidez con 127,3 millones de dólares en efectivo no restringido y una liquidez total de 194,8 millones.
La empresa está ejecutando una transformación estratégica hacia un portafolio más centrado en la demanda, enfatizando la creación de valor y el reposicionamiento del portafolio.
Mammoth Energy Services (NASDAQ: TUSK)는 2025년 2분기 재무 실적을 발표하며 세 가지 전략적 거래를 강조했습니다: 인프라 자회사 1억 870만 달러 매각, 여객기 8대 인수, 그리고 유압 파쇄 장비 1,500만 달러 매각입니다. 지속 영업 수익은 1,640만 달러로 2024년 2분기의 1,600만 달러에서 증가했습니다.
회사는 3,570만 달러의 순손실(주당 0.74달러)과 조정 EBITDA -280만 달러를 보고했습니다. 부문별 실적은 혼재되어 인프라 서비스 수익은 540만 달러, 임대 서비스는 310만 달러, 천연 모래 프로펀트 서비스는 540만 달러였습니다. 2025년 6월 30일 기준으로 Mammoth는 1억 2,730만 달러의 제한 없는 현금과 총 유동성 1억 9,480만 달러를 유지하며 강한 유동성을 보유하고 있습니다.
회사는 수요 중심의 포트폴리오로의 전략적 전환을 진행 중이며, 가치 창출과 포트폴리오 재배치에 중점을 두고 있습니다.
Mammoth Energy Services (NASDAQ: TUSK) a publié ses résultats financiers du deuxième trimestre 2025, mettant en avant trois transactions stratégiques : la vente de filiales d'infrastructure pour 108,7 millions de dollars, l'acquisition de huit avions de passagers et la cession d'équipements de fracturation hydraulique pour 15 millions de dollars. Le chiffre d'affaires des activités poursuivies a atteint 16,4 millions de dollars, en hausse par rapport à 16,0 millions au deuxième trimestre 2024.
La société a enregistré une perte nette de 35,7 millions de dollars (0,74 dollar par action) et un EBITDA ajusté négatif de 2,8 millions. La performance par segment a été mitigée, avec un chiffre d'affaires de 5,4 millions pour les services d'infrastructure, 3,1 millions pour les services de location et 5,4 millions pour les services de sable naturel proppant. Au 30 juin 2025, Mammoth disposait d'une forte liquidité avec 127,3 millions de dollars en liquidités non restreintes et une liquidité totale de 194,8 millions.
L'entreprise mène une transformation stratégique vers un portefeuille plus centré sur la demande, mettant l'accent sur la création de valeur et le repositionnement du portefeuille.
Mammoth Energy Services (NASDAQ: TUSK) meldete die Finanzergebnisse für das zweite Quartal 2025 und hob drei strategische Transaktionen hervor: den Verkauf von Infrastrukturtöchtern für 108,7 Millionen US-Dollar, den Erwerb von acht Passagierflugzeugen sowie die Veräußerung von hydraulischen Frack-Ausrüstungen im Wert von 15 Millionen US-Dollar. Die Umsatzerlöse aus fortgeführten Geschäften erreichten 16,4 Millionen US-Dollar, gegenüber 16,0 Millionen im zweiten Quartal 2024.
Das Unternehmen verzeichnete einen Nettoverlust von 35,7 Millionen US-Dollar (0,74 US-Dollar je Aktie) und ein negatives bereinigtes EBITDA von 2,8 Millionen US-Dollar. Die Segmentergebnisse waren gemischt, mit 5,4 Millionen US-Dollar Umsatz im Bereich Infrastrukturdienstleistungen, 3,1 Millionen im Vermietungsbereich und 5,4 Millionen im Bereich natürlicher Sandproppants. Zum 30. Juni 2025 verfügte Mammoth über eine starke Liquidität mit 127,3 Millionen US-Dollar ungebundenen Barmitteln und einer Gesamtliquidität von 194,8 Millionen US-Dollar.
Das Unternehmen befindet sich in einer strategischen Transformation hin zu einem stärker nachfrageorientierten Portfolio, mit Fokus auf Wertschöpfung und Portfolioumschichtung.
- Sale of infrastructure subsidiaries for $108.7 million, representing significant value appreciation from original $10 million investment
- Strategic expansion into aviation rental business with eight leased passenger aircraft providing stable recurring revenue
- Strong liquidity position with $127.3 million cash and $194.8 million total liquidity
- Increased fiber optic activity driving infrastructure services revenue growth
- 32% improvement in rental equipment utilization to 296 pieces from 223 year-over-year
- Net loss of $35.7 million ($0.74 per share) in Q2 2025
- Negative Adjusted EBITDA of $2.8 million
- Declining accommodation services with room utilization dropping to 145 from 212 year-over-year
- Decreased sand sales price to $21.41 per ton from $22.73 year-over-year
- Higher SG&A expenses as percentage of revenue at 32% compared to 29% in Q1 2025
Insights
Mammoth Energy's strategic repositioning shows potential despite Q2 losses, with $108.7M infrastructure sale generating substantial ROI from assets acquired for under $10M.
Mammoth Energy's Q2 results reveal a company in strategic transition, executing three pivotal transactions that signal a fundamental shift toward a more demand-centric business model. The most significant move was the $108.7 million sale of three infrastructure subsidiaries originally purchased for under $10 million in 2017 – representing an exceptional return on investment. This transaction demonstrates management's ability to create substantial value through organic growth and timely divestiture.
The company's financial performance remains challenging with a net loss of $35.7 million ($0.74 per share) from continuing operations, though this marks a significant improvement from the $155.6 million loss in Q2 2024. Adjusted EBITDA remains negative at ($2.8 million), slightly worse than the previous quarter's ($1.7 million). Revenue showed modest improvement at $16.4 million, up from $16.0 million year-over-year and $15.6 million sequentially.
The acquisition of eight small passenger aircraft under lease to a commuter airline represents a strategic diversification that adds predictable recurring revenue – evident in the rental services segment's 72% year-over-year revenue increase to $3.1 million. Meanwhile, divesting the hydraulic fracturing equipment for $15 million further streamlines operations away from cyclical businesses.
Mammoth's liquidity position is robust with $127.3 million in unrestricted cash as of June 30, 2025, and total liquidity of $194.8 million including available credit. This strong cash position provides significant flexibility for future strategic acquisitions or investments in existing businesses.
The company's transformation appears well-timed amid market uncertainty, with segment performances varying: infrastructure services revenue increased 20% year-over-year to $5.4 million due to increased fiber optic activity, while natural sand proppant services saw volume increases but accommodation services declined 33% year-over-year to $1.8 million with lower room utilization.
Mark Layton, Chief Financial Officer of Mammoth commented, "We were pleased to have executed three pivotal transactions during the second quarter that further demonstrated our ability to unlock value and initiated a strategic transformation toward a more demand-centric portfolio. At a time when uncertainty is broadly impacting demand and customer decision making, we remain proactive in repositioning Mammoth to perform through cycles.
"In April, we announced the sale of three infrastructure subsidiaries for an aggregate sales price of
"As we look forward, we continue to prioritize value creation across the business. Our robust cash position gives us the opportunity to execute strategic, value-enhancing transactions. We will use the tools at our disposal to add accretive assets, which will drive expansion and diversify our operations. We will also look to invest in our existing businesses to stimulate organic growth. These strategic steps are transforming the Company and establishing solid footing as we aim to build a more resilient business for the future," concluded Layton.
Financial Overview for the Second Quarter 2025:
Total revenue from continuing operations was
Net loss from continuing operations for the second quarter of 2025 was
Adjusted EBITDA from continuing operations (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 division contributed revenue of
Selling, General and Administrative Expense
Selling, general and administrative ("SG&A") expense was
Liquidity
As of June 30, 2025, Mammoth had unrestricted cash on hand of
As of August 6, 2025, 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 | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | |||||||
2025 | 2024 | 2025 | 2025 | 2024 | |||||
Rental services(a) | $ 26,821 | $ 123 | $ 119 | $ 26,940 | $ 223 | ||||
Infrastructure services(b) | — | 266 | 101 | 101 | 291 | ||||
Natural sand proppant services(c) | — | — | 93 | 93 | — | ||||
Accommodation services(c) | 58 | 43 | 17 | 75 | 80 | ||||
Drilling services(c) | 19 | 85 | 97 | 116 | 85 | ||||
Other(c) | — | 217 | — | — | 227 | ||||
Total capital expenditures | $ 26,898 | $ 734 | $ 427 | $ 27,325 | $ 906 | ||||
(a) | Capital expenditures primarily for expansion of our aviation rental fleet for the three and six months ended June 30, 2025 and maintenance for the three months ended March 31, 2025 and the three and six months ended June 30, 2024. |
(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, August 8, 2025 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its second quarter 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@dennardlascar.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 engineering, 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.
Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
investors@mammothenergy.com
Rick Black / Ken Dennard
Dennard Lascar Investor Relations
TUSK@dennardlascar.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. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
| ||||
ASSETS | June 30, | December 31, | ||
2025 | 2024 | |||
CURRENT ASSETS | (in thousands, except share data) | |||
Cash and cash equivalents | $ 127,250 | $ 60,845 | ||
Restricted cash | 30,053 | 19,359 | ||
Accounts receivable, net | 44,787 | 43,769 | ||
Inventories | 3,466 | 6,848 | ||
Current assets held for sale | 10,017 | — | ||
Other current assets | 7,559 | 11,380 | ||
Current assets of discontinued operations | 17,001 | 46,386 | ||
Total current assets | 240,133 | 188,587 | ||
Property, plant and equipment, net | 68,422 | 66,725 | ||
Sand reserves, net | 40,519 | 57,273 | ||
Operating lease right-of-use assets | 3,884 | 4,722 | ||
Other non-current assets | 6,728 | 7,383 | ||
Noncurrent assets of discontinued operations | 4,508 | 59,341 | ||
Total assets | $ 364,194 | $ 384,031 | ||
LIABILITIES AND EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable | $ 11,407 | $ 13,440 | ||
Accrued expenses and other current liabilities | 21,299 | 26,623 | ||
Current liabilities held for sale | 1,739 | — | ||
Current operating lease liabilities | 2,969 | 2,900 | ||
Income taxes payable | 48,009 | 44,570 | ||
Current liabilities of discontinued operations | 10,678 | 26,974 | ||
Total current liabilities | 96,101 | 114,507 | ||
Deferred income tax liabilities | 932 | 3,021 | ||
Long-term operating lease liabilities | 2,292 | 1,838 | ||
Asset retirement obligation | 2,714 | 4,234 | ||
Other long-term liabilities | 117 | 244 | ||
Noncurrent liabilities of discontinued operations | — | 7,369 | ||
Total liabilities | 102,156 | 131,213 | ||
COMMITMENTS AND CONTINGENCIES | ||||
EQUITY | ||||
Equity: | ||||
Common stock, | 482 | 481 | ||
Additional paid-in capital | 540,842 | 540,431 | ||
Accumulated deficit | (275,332) | (283,643) | ||
Accumulated other comprehensive loss | (3,954) | (4,451) | ||
Total equity | 262,038 | 252,818 | ||
Total liabilities and equity | $ 364,194 | $ 384,031 | ||
MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)
| |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | |||||||
2025 | 2024 | 2025 | 2025 | 2024 | |||||
(in thousands, except per share amounts) | |||||||||
REVENUE | |||||||||
Services revenue | $ 10,458 | $ 11,234 | $ 8,776 | $ 19,234 | $ 22,206 | ||||
Services revenue - related parties | 575 | 66 | 77 | 652 | 133 | ||||
Product revenue | 5,376 | 4,720 | 6,739 | 12,115 | 9,027 | ||||
Total revenue | 16,409 | 16,020 | 15,592 | 32,001 | 31,366 | ||||
COST, EXPENSES AND GAINS | |||||||||
Services cost of revenue (exclusive of depreciation, depletion, | 8,686 | 9,622 | 7,427 | 16,113 | 18,841 | ||||
Services cost of revenue - related parties | 96 | 118 | 96 | 192 | 236 | ||||
Product cost of revenue (exclusive of depreciation, depletion, | 5,263 | 4,590 | 5,475 | 10,738 | 10,320 | ||||
Selling, general and administrative | 5,339 | 95,281 | 4,494 | 9,833 | 102,051 | ||||
Depreciation, depletion, amortization and accretion | 2,832 | 2,908 | 2,091 | 4,923 | 6,194 | ||||
Gains on disposal of assets, net | (1,077) | (512) | (3,472) | (4,549) | (1,446) | ||||
Impairment of long-lived assets | 31,669 | — | — | 31,669 | — | ||||
Total cost, expenses and gains, net | 52,808 | 112,007 | 16,111 | 68,919 | 136,196 | ||||
Operating loss | (36,399) | (95,987) | (519) | (36,918) | (104,830) | ||||
OTHER INCOME (EXPENSE) | |||||||||
Interest income (expense and financing charges), net | 400 | 504 | 112 | 512 | (4,619) | ||||
Interest income (expense and financing charges), net - related parties | — | (1,529) | — | — | (3,028) | ||||
Other (expense) income, net | (628) | (73,668) | (333) | (961) | (63,516) | ||||
Total other (expense) income, net | (228) | (74,693) | (221) | (449) | (71,163) | ||||
Loss before income taxes | (36,627) | (170,680) | (740) | (37,367) | (175,993) | ||||
(Benefit) provision for income taxes | (934) | (15,055) | 837 | (97) | (13,270) | ||||
Net loss from continuing operations | (35,693) | (155,625) | (1,577) | (37,270) | (162,723) | ||||
Net income (loss) from discontinued operations, net of income taxes | 44,541 | (368) | 1,040 | 45,581 | (5,081) | ||||
Net income (loss) | $ 8,848 | $ (155,993) | $ (537) | $ 8,311 | $ (167,804) | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Foreign currency translation adjustment | $ 478 | $ (114) | $ 19 | $ 497 | $ (358) | ||||
Other comprehensive income (loss) | 478 | (114) | 19 | 497 | (358) | ||||
Comprehensive income (loss) | $ 9,326 | $ (156,107) | $ (518) | $ 8,808 | $ (168,162) | ||||
Net loss per share from continuing operations, basic and diluted | $ (0.74) | $ (3.24) | $ (0.03) | $ (0.77) | $ (3.39) | ||||
Net income (loss) per share from discontinued operations, basic and diluted | 0.92 | (0.01) | 0.02 | 0.95 | (0.11) | ||||
Net income (loss) per share, basic and diluted | $ 0.18 | $ (3.25) | $ (0.01) | $ 0.18 | $ (3.50) | ||||
Weighted average number of shares outstanding, basic and diluted | 48,225 | 48,040 | 48,150 | 48,188 | 48,002 | ||||
MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| |||
Six Months Ended | |||
June 30, | |||
2025 | 2024 | ||
(in thousands) | |||
Cash flows from operating activities: | |||
Net income (loss) | $ 8,311 | $ (167,804) | |
Less: Net income (loss) from discontinued operations, net of income taxes | 45,581 | (5,081) | |
Net loss from continuing operations | (37,270) | (162,723) | |
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by | |||
Stock based compensation | 412 | 391 | |
Depreciation, depletion, amortization and accretion | 4,923 | 6,194 | |
Amortization of debt origination costs | 354 | 620 | |
Change in provision for expected credit losses | (23) | 170,698 | |
Gains on disposal of assets, net | (4,549) | (1,446) | |
Impairment of long-lived assets | 31,669 | — | |
Deferred income taxes | (2,089) | 3,722 | |
Other | 273 | 1,099 | |
Changes in assets and liabilities: | |||
Accounts receivable, net | (934) | 38,319 | |
Inventories | 531 | 859 | |
Prepaid expenses and other assets | 3,307 | 5,998 | |
Accounts payable | (1,977) | (3,575) | |
Accrued expenses and other liabilities | (4,569) | (7,657) | |
Accrued expenses and other liabilities - related parties | — | 3,028 | |
Income taxes payable | 3,440 | (17,692) | |
Net cash (used in) provided by operating activities from continuing operations | (6,502) | 37,835 | |
Net cash (used in) provided by operating activities from discontinued operations | (3,311) | 2,693 | |
Net cash (used in) provided by operating activities | (9,813) | 40,528 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (27,325) | (906) | |
Proceeds from disposal of property, plant and equipment | 4,942 | 3,470 | |
Net cash (used in) provided by investing activities from continuing operations | (22,383) | 2,564 | |
Net cash provided by (used in) investing activities from discontinued operations | 111,249 | (7,086) | |
Net cash provided by (used in) investing activities | 88,866 | (4,522) | |
Cash flows from financing activities: | |||
Payments on financing transaction | — | (46,837) | |
Principal payments on financing leases and equipment financing notes | (263) | (223) | |
Debt issuance costs | — | (37) | |
Net cash used in financing activities from continuing operations | (263) | (47,097) | |
Net cash used in financing activities from discontinued operations | (3,838) | (2,891) | |
Net cash used in financing activities | (4,101) | (49,988) | |
Effect of foreign exchange rate on cash | 113 | (50) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 75,065 | (14,032) | |
Cash, cash equivalents and restricted cash at beginning of period | 82,326 | 24,298 | |
Cash, cash equivalents and restricted cash at end of period | 157,391 | 10,266 | |
Cash, cash equivalents and restricted cash of discontinued operations at end of period | (88) | (120) | |
Cash, cash equivalents and restricted cash of continuing operations | $ 157,303 | $ 10,146 | |
MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands)
| |||||||
Three Months Ended June 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 3,078 | $ 5,445 | $ 5,376 | $ 1,767 | $ 743 | $ — | $ 16,409 |
Intersegment revenue | 28 | — | — | — | — | (28) | — |
Total revenue | 3,106 | 5,445 | 5,376 | 1,767 | 743 | (28) | 16,409 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 1,567 | 4,297 | 5,262 | 1,242 | 758 | 919 | 14,045 |
Selling, general and administrative, | 1,055 | 950 | 1,333 | 364 | 187 | 1,250 | 5,139 |
Adjusted EBITDA | $ 484 | $ 198 | $ (1,219) | $ 161 | $ (202) | $ (2,197) | $ (2,775) |
Three Months Ended June 30, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 1,666 | $ 4,542 | $ 4,720 | $ 2,671 | $ 736 | $ 1,685 | $ 16,020 |
Intersegment revenue | 134 | — | — | — | — | (134) | — |
Total revenue | 1,800 | 4,542 | 4,720 | 2,671 | 736 | 1,551 | 16,020 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 1,211 | 3,794 | 4,590 | 1,480 | 1,042 | 2,213 | 14,330 |
Selling, general and administrative, | 278 | 870 | 1,261 | 377 | 228 | 92,072 | 95,086 |
Interest on trade accounts receivable | — | — | — | — | — | 71,171 | 71,171 |
Adjusted EBITDA | $ 311 | $ (122) | $ (1,131) | $ 814 | $ (534) | $ (163,905) | $ (164,567) |
Three Months Ended March 31, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 1,916 | $ 4,675 | $ 6,739 | $ 2,081 | $ 181 | $ — | $ 15,592 |
Intersegment revenue | 10 | — | — | — | — | (10) | — |
Total revenue | 1,926 | 4,675 | 6,739 | 2,081 | 181 | (10) | 15,592 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 1,417 | 3,806 | 5,475 | 1,432 | 396 | 472 | 12,998 |
Selling, general and administrative, | 311 | 794 | 1,280 | 329 | 200 | 1,368 | 4,282 |
Adjusted EBITDA | $ 198 | $ 75 | $ (16) | $ 320 | $ (415) | $ (1,850) | $ (1,688) |
Six Months Ended June 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 4,994 | $ 10,120 | $ 12,115 | $ 3,847 | $ 925 | $ — | $ 32,001 |
Intersegment revenue | 38 | — | — | — | — | (38) | — |
Total revenue | 5,032 | 10,120 | 12,115 | 3,847 | 925 | (38) | 32,001 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 2,984 | 8,103 | 10,738 | 2,673 | 1,154 | 1,391 | 27,043 |
Selling, general and administrative, | 1,366 | 1,744 | 2,612 | 693 | 386 | 2,620 | 9,421 |
Adjusted EBITDA | $ 682 | $ 273 | $ (1,235) | $ 481 | $ (615) | $ (4,049) | $ (4,463) |
Six Months Ended June 30, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external customers | $ 3,447 | $ 9,606 | $ 9,027 | $ 5,620 | $ 1,247 | $ 2,419 | $ 31,366 |
Intersegment revenue | 243 | — | — | — | — | (243) | — |
Total revenue | 3,690 | 9,606 | 9,027 | 5,620 | 1,247 | 2,176 | 31,366 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 2,577 | 7,720 | 10,320 | 3,259 | 1,987 | 3,534 | 29,397 |
Selling, general and administrative, | 657 | 1,900 | 2,608 | 880 | 494 | 95,121 | 101,660 |
Interest on trade accounts receivable | — | — | — | — | — | 60,686 | 60,686 |
Adjusted EBITDA | $ 456 | $ (14) | $ (3,901) | $ 1,481 | $ (1,234) | $ (157,165) | $ (160,377) |
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 | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | |||||||
Reconciliation of net loss from continuing | 2025 | 2024 | 2025 | 2025 | 2024 | ||||
Net loss from continuing operations | $ (35,693) | $ (155,625) | (1,577) | $ (37,270) | $ (162,723) | ||||
Depreciation, depletion, amortization and accretion | 2,832 | 2,908 | 2,091 | 4,923 | 6,194 | ||||
Gains on disposal of assets, net | (1,077) | (512) | (3,472) | (4,549) | (1,446) | ||||
Impairment of long-lived assets | 31,669 | — | — | 31,669 | — | ||||
Stock based compensation | 200 | 195 | 212 | 412 | 391 | ||||
Interest (income) expense and financing charges, net | (400) | 1,025 | (112) | (512) | 7,647 | ||||
Other expense, net | 628 | 73,668 | 333 | 961 | 63,516 | ||||
(Benefit) provision for income taxes | (934) | (15,055) | 837 | (97) | (13,270) | ||||
Interest on trade accounts receivable | — | (71,171) | — | — | (60,686) | ||||
Adjusted EBITDA | $ (2,775) | $ (164,567) | $ (1,688) | $ (4,463) | $ (160,377) | ||||
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SOURCE Mammoth Energy Services, Inc.
FAQ
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