Mammoth Energy Services, Inc. Announces Second Quarter 2026 Operational and Financial Results
Rhea-AI Summary
Mammoth Energy Services (NASDAQ: TUSK) reported second quarter 2026 revenue from continuing operations of $26.1 million, up 110% year over year from $12.4 million and up from $22.0 million in the first quarter of 2026. Adjusted EBITDA from continuing operations rose to $2.6 million versus a loss of $3.5 million a year ago and $1.9 million in the prior quarter, while net loss from continuing operations narrowed to $1.2 million, or $0.02 per diluted share, compared to a $36.5 million loss a year earlier.
The company increased its full-year 2026 outlook, now expecting revenue growth to exceed 90% and Adjusted EBITDA margin to exceed 10%. Rental services revenue grew to $10.2 million, natural sand proppant to $8.0 million and drilling services to $3.8 million, aided by aviation equipment sales and higher volumes. Mammoth completed acquisitions of Mission Construction and BERE Rentals to expand fiber infrastructure capabilities, deployed $44.0 million of Q2 capital expenditures (mostly aviation fleet growth), and ended June 30, 2026 with $77.0 million in cash, cash equivalents and marketable securities plus an undrawn $20.0 million revolving credit facility.
Positive
- Revenue +110% YoY to $26.1 million in Q2 2026 from $12.4 million
- Adjusted EBITDA from continuing operations improved to $2.6 million from a $(3.5) million loss
- Net loss from continuing operations narrowed to $1.2 million from $36.5 million
- Raised 2026 outlook: revenue growth to exceed 90%, Adjusted EBITDA margin to exceed 10%
- Strong liquidity at June 30, 2026 with $77.0 million cash and marketable securities and $20.0 million undrawn revolver
- Q2 2026 capital deployed: $44.0 million in capex, mainly expanding aviation rental fleet
Negative
- Q2 2026 net loss from continuing operations of $1.2 million persists despite revenue growth
- Net cash used in operating activities from continuing operations of $10.2 million for the first half of 2026
- Infrastructure services revenue declined to $0.9 million from $1.4 million year over year
- Six‑month capital expenditures of $55.7 million significantly exceeded operating cash generation
- Q2 2026 other expense included a $1.1 million loss on marketable securities and $0.8 million net interest expense
Market Reaction – TUSK
Following this news, TUSK has gained 11.90%, reflecting a significant positive market reaction. Our momentum scanner has triggered 14 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $3.29.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 earnings report | Positive | +21.8% | Revenue growth and positive net income prompted a strong positive earnings reaction. |
| Mar 06 | FY2025 earnings report | Negative | -16.9% | Annual losses and negative adjusted EBITDA accompanied a sharp post-earnings decline. |
| Oct 31 | Q3 earnings report | Negative | -4.2% | Quarterly loss and negative adjusted EBITDA coincided with another earnings decline. |
| Aug 08 | Q2 earnings report | Negative | -4.5% | Net loss and negative adjusted EBITDA accompanied mixed segment results and a decline. |
| May 07 | Q1 earnings report | Negative | -5.6% | Net loss improved year over year, but the earnings reaction remained negative. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings announcements produced negative reactions in four of five tag-specific events, with one strongly positive exception.
Key Terms
adjusted ebitda financial
natural sand proppant services technical
marketable securities financial
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Mark Layton, Chief Financial Officer of Mammoth commented, "We are increasing our full-year 2026 outlook for the second time this year based on continued improvement across our operating businesses and the growing contribution from our aviation platform. During the second quarter, revenue increased
Second Quarter 2026 Highlights:
- Revenue increased
110% year-over-year to$26.1 million - Adjusted EBITDA improved to
$2.6 million - Drilling generated positive Adjusted EBITDA
- Completed the acquisitions of Mission Construction and BERE Rentals, expanding the Company's fiber infrastructure capabilities
- Increased full-year 2026 outlook for the second time this year
Updated 2026 Outlook:
- Revenue growth expected to exceed
90% - Adjusted EBITDA margin expected to exceed
10%
Financial Overview for the Second Quarter 2026:
Total revenue from continuing operations was
Net loss from continuing operations for the second quarter of 2026 was
Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was
Rental Services and Aviation Sales
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
Infrastructure Services
Mammoth's infrastructure 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 June 30, 2026, Mammoth had unrestricted cash and cash equivalents on hand of
As of August 4, 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 | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | |||||||
2026 | 2025 | 2026 | 2026 | 2025 | |||||
Rental services(a) | $ 41,213 | $ 26,821 | $ 9,335 | $ 50,548 | $ 26,940 | ||||
Infrastructure services(b) | 900 | — | 1,935 | 2,835 | 110 | ||||
Natural sand proppant services(c) | 1,001 | — | 235 | 1,236 | 93 | ||||
Accommodation services(c) | 158 | 58 | 201 | 359 | 75 | ||||
Drilling services(c) | 691 | 19 | — | 691 | 116 | ||||
Total capital expenditures | $ 43,963 | $ 26,898 | $ 11,706 | $ 55,669 | $ 27,334 | ||||
(a) | Capital expenditures primarily for expansion of our aviation rental fleet and equipment rental purchases for the periods presented. |
(b) | Capital expenditures primarily for our fiber optic fleets for the periods presented. |
(c) | Capital expenditures primarily for equipment for the periods presented. |
Conference Call Information
Mammoth will host a conference call on Friday, August 7, 2026 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@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, aviation and utility 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 fiber optic services to the utility infrastructure 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 segment 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, 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. Forward-looking statements may be identified by words such as "may," "will," "could," "should," "expect," "anticipate," "plan," "intend," "believe," "estimate," "project," "forecast," "target," "continue," "potential," or similar expressions, and the negative thereof. 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 expectations, plans, objectives, strategies, business outlook, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. Forward-looking statements include, without limitation, the Company's 2026 outlook, including expected revenue growth, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance.
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). Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, actual outcomes and results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, among others:
- the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC, Python Equipment LLC and Aquawolf LLC, and the equipment previously used in our hydraulic fracturing business;
- general economic, financial and industry conditions, including inflation, commodity price volatility and fluctuations in customer spending and capital expenditure activity;
- conditions in the energy, infrastructure, aviation, rental equipment and natural sand proppant markets that affect demand for our services and products;
- fluctuations in the value of our marketable securities portfolio and the impact of unrealized gains and losses on our reported financial results;
- our ability to execute our business strategy, successfully integrate acquired businesses, realize anticipated acquisition benefits, grow existing operations and identify additional growth opportunities;
- our ability to successfully deploy capital into aviation assets, achieve expected utilization levels and realize anticipated returns on aviation-related investments;
- the availability and cost of labor, equipment, materials, replacement parts and other operational resources;
- customer concentration, customer payment risks and our ability to collect outstanding receivables, including the timing and collectability of amounts owed by the Puerto Rico Electric Power Authority ("PREPA");
- the adequacy of our capital resources and liquidity;
- governmental actions, regulations, permitting requirements, trade policies, tariffs and other legal or regulatory developments;
- litigation, claims, investigations and other contingent liabilities;
- weather events, natural disasters, acts of war, terrorism, civil unrest, cybersecurity incidents and other events beyond our control; and
- the other risks and uncertainties described under Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026, as updated by Part II, Item 1A, "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K and other filings we make with the SEC, which are available on the SEC's website at www.sec.gov and on Mammoth's website at www.ir.mammothenergy.com.
The forward-looking statements contained in this news release speak only as of the date of this news release or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements.
MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED BALANCE SHEETS (unaudited)
| ||||
ASSETS | June 30, | December 31, | ||
2026 | 2025 | |||
CURRENT ASSETS | (in thousands, except share data) | |||
Cash and cash equivalents | $ 50,869 | $ 101,987 | ||
Marketable securities | 26,150 | 19,635 | ||
Restricted cash | 11,914 | 12,085 | ||
Accounts receivable, net | 39,402 | 28,934 | ||
Inventories | 11,043 | 4,083 | ||
Current assets held for sale | 2,227 | 4,287 | ||
Other current assets | 3,066 | 4,619 | ||
Current assets of discontinued operations | 1,334 | 1,518 | ||
Total current assets | 146,005 | 177,148 | ||
Property, plant and equipment, net | 149,909 | 106,097 | ||
Sand reserves, net | 39,369 | 39,613 | ||
Operating lease right-of-use assets | 3,518 | 2,591 | ||
Goodwill | 1,462 | — | ||
Other non-current assets | 5,693 | 5,767 | ||
Noncurrent assets of discontinued operations | 6 | 3,678 | ||
Total assets | $ 345,962 | $ 334,894 | ||
LIABILITIES AND EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable | $ 11,557 | $ 9,327 | ||
Accrued expenses and other current liabilities | 19,875 | 18,336 | ||
Current operating lease liabilities | 2,359 | 2,071 | ||
Income taxes payable | 41,421 | 39,899 | ||
Current liabilities of discontinued operations | 298 | 383 | ||
Total current liabilities | 75,510 | 70,016 | ||
Deferred income tax liabilities | 3,345 | 2,430 | ||
Long-term operating lease liabilities | 1,617 | 1,375 | ||
Asset retirement obligations | 2,777 | 2,759 | ||
Other long-term liabilities | 324 | 26 | ||
Total liabilities | 83,573 | 76,606 | ||
COMMITMENTS AND CONTINGENCIES | ||||
EQUITY | ||||
Equity: | ||||
Common stock, | 481 | 483 | ||
Additional paid-in capital | 540,848 | 540,841 | ||
Accumulated deficit | (274,619) | (279,046) | ||
Accumulated other comprehensive loss | (4,321) | (3,990) | ||
Total equity | 262,389 | 258,288 | ||
Total liabilities and equity | $ 345,962 | $ 334,894 | ||
MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | |||||||
2026 | 2025 | 2026 | 2026 | 2025 | |||||
(in thousands, except per share amounts) | |||||||||
REVENUE | |||||||||
Services revenue | $ 15,882 | $ 6,402 | $ 11,170 | $ 27,052 | $ 11,216 | ||||
Services revenue - related parties | 197 | 575 | 496 | 694 | 652 | ||||
Product revenue | 9,975 | 5,376 | 10,364 | 20,339 | 12,115 | ||||
Total revenue | 26,054 | 12,353 | 22,030 | 48,085 | 23,983 | ||||
COST, EXPENSES AND GAINS | |||||||||
Services cost of revenue (exclusive of depreciation, depletion, | 9,488 | 5,744 | 6,254 | 15,742 | 10,239 | ||||
Services cost of revenue - related parties | — | 96 | — | — | 192 | ||||
Product cost of revenue (exclusive of depreciation, depletion, | 9,713 | 5,263 | 10,253 | 19,966 | 10,738 | ||||
Selling, general and administrative | 4,232 | 4,958 | 3,596 | 7,828 | 9,074 | ||||
Depreciation, depletion, amortization and accretion | 4,634 | 2,827 | 3,470 | 8,104 | 4,910 | ||||
Gains on disposal of assets, net | (4,641) | (1,077) | (674) | (5,316) | (4,549) | ||||
Impairment of long-lived assets | — | 31,669 | — | — | 31,669 | ||||
Total cost, expenses and gains, net | 23,426 | 49,480 | 22,899 | 46,324 | 62,273 | ||||
Operating income (loss) | 2,628 | (37,127) | (869) | 1,761 | (38,290) | ||||
OTHER INCOME (EXPENSE) | |||||||||
Interest (expense) income, net | (784) | 298 | 514 | (270) | 383 | ||||
(Loss) gain on marketable securities, net | (1,116) | — | 7,103 | 5,987 | — | ||||
Other expense, net | (73) | (628) | (609) | (682) | (960) | ||||
Total other (expense) income, net | (1,973) | (330) | 7,008 | 5,035 | (577) | ||||
Income (loss) before income taxes | 655 | (37,457) | 6,139 | 6,796 | (38,867) | ||||
Provision (benefit) for income taxes | 1,853 | (934) | 1,455 | 3,309 | (97) | ||||
Net (loss) income from continuing operations | (1,198) | (36,523) | 4,684 | 3,487 | (38,770) | ||||
Net income from discontinued operations, net of income taxes | 438 | 45,371 | 503 | 940 | 47,081 | ||||
Net (loss) income | $ (760) | $ 8,848 | $ 5,187 | $ 4,427 | $ 8,311 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Foreign currency translation adjustment | $ (213) | $ 478 | $ (118) | $ (331) | $ 497 | ||||
Other comprehensive (loss) income | (213) | 478 | (118) | (331) | 497 | ||||
Comprehensive (loss) income | $ (973) | $ 9,326 | $ 5,069 | $ 4,096 | $ 8,808 | ||||
Net (loss) income per share from continuing operations, basic and diluted | $ (0.02) | $ (0.76) | $ 0.10 | $ 0.07 | $ (0.80) | ||||
Net income per share from discontinued operations, basic and diluted | 0.01 | 0.94 | 0.01 | 0.02 | 0.98 | ||||
Net (loss) income per share, basic and diluted | $ (0.01) | $ 0.18 | $ 0.11 | $ 0.09 | $ 0.18 | ||||
Weighted average number of shares outstanding, basic and diluted | 48,164 | 48,225 | 48,330 | 48,247 | 48,188 | ||||
MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |||
Six Months Ended | |||
June 30, | |||
2026 | 2025 | ||
(in thousands) | |||
Cash flows from operating activities: | |||
Net income | $ 4,427 | $ 8,311 | |
Less: Net income from discontinued operations, net of income taxes | 940 | 47,081 | |
Net income (loss) from continuing operations | 3,487 | (38,770) | |
Adjustments to reconcile net income (loss) from continuing operations to net cash used in | |||
Stock based compensation | — | 412 | |
Depreciation, depletion, amortization and accretion | 8,104 | 4,910 | |
Amortization of debt origination costs | 1,432 | 354 | |
Gains on disposal of assets, net | (5,316) | (4,549) | |
Gains from sale of aviation equipment | (700) | — | |
Gains from sales of equipment damaged or lost down-hole | (230) | — | |
Impairment of long-lived assets | — | 31,669 | |
Gain on marketable securities, net | (5,987) | — | |
Other | 1,750 | (1,839) | |
Changes in assets and liabilities: | |||
Accounts receivable, net | (9,331) | (702) | |
Inventories | (6,960) | 531 | |
Other current assets | 532 | 3,271 | |
Accounts payable | 187 | (1,588) | |
Accrued expenses and other liabilities | 1,273 | (4,893) | |
Income taxes payable | 1,535 | 3,440 | |
Net cash used in operating activities from continuing operations | (10,224) | (7,754) | |
Net cash provided by (used in) operating activities from discontinued operations | 200 | (2,059) | |
Net cash used in operating activities | (10,024) | (9,813) | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (55,669) | (27,334) | |
Business acquisitions, net of cash transferred | (5,748) | — | |
Proceeds from disposal of property, plant and equipment | 8,383 | 4,942 | |
Proceeds from sale of aviation equipment | 8,500 | — | |
Purchases of marketable securities | (7,929) | — | |
Distributions received from publicly traded limited partnerships | 665 | — | |
Proceeds from sale of marketable securities | 6,736 | — | |
Net cash used in investing activities from continuing operations | (45,062) | (22,392) | |
Net cash provided by investing activities from discontinued operations | 4,581 | 111,258 | |
Net cash (used in) provided by investing activities | (40,481) | 88,866 | |
Cash flows from financing activities: | |||
Principal payments on finance leases and equipment financing notes | (136) | (253) | |
Common stock repurchased and retired | (534) | — | |
Net cash used in financing activities from continuing operations | (670) | (253) | |
Net cash used in financing activities from discontinued operations | — | (3,848) | |
Net cash used in financing activities | (670) | (4,101) | |
Effect of foreign exchange rate on cash | (111) | 113 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (51,286) | 75,065 | |
Cash, cash equivalents and restricted cash at beginning of period | 114,124 | 82,326 | |
Cash, cash equivalents and restricted cash at end of period | 62,838 | 157,391 | |
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period | 55 | 88 | |
Cash, cash equivalents and restricted cash of continuing operations | $ 62,783 | $ 157,303 | |
MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands)
| |||||||
Three Months Ended June 30, 2026 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external and related party | $ 10,115 | $ 940 | $ 7,975 | $ 3,202 | $ 3,822 | $ — | $ 26,054 |
Intersegment revenue | 108 | — | — | — | — | (108) | — |
Total revenue | 10,223 | 940 | 7,975 | 3,202 | 3,822 | (108) | 26,054 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 4,722 | 1,540 | 7,713 | 2,118 | 2,972 | 136 | 19,201 |
Selling, general and administrative, | 1,775 | 290 | 685 | 288 | 230 | 964 | 4,232 |
Adjusted EBITDA | $ 3,726 | $ (890) | $ (423) | $ 796 | $ 620 | $ (1,208) | $ 2,621 |
Three Months Ended June 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external and related party | $ 3,078 | $ 1,389 | $ 5,376 | $ 1,767 | $ 743 | $ — | $ 12,353 |
Intersegment revenue | 28 | — | — | — | — | (28) | — |
Total revenue | 3,106 | 1,389 | 5,376 | 1,767 | 743 | (28) | 12,353 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 1,567 | 1,355 | 5,262 | 1,242 | 758 | 919 | 11,103 |
Selling, general and administrative, | 1,121 | 203 | 1,386 | 407 | 210 | 1,431 | 4,758 |
Adjusted EBITDA | $ 418 | $ (169) | $ (1,272) | $ 118 | $ (225) | $ (2,378) | $ (3,508) |
Three Months Ended March 31, 2026 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external and related party | $ 12,935 | $ 269 | $ 3,864 | $ 3,541 | $ 1,421 | $ — | $ 22,030 |
Intersegment revenue | 32 | — | — | — | — | (32) | — |
Total revenue | 12,967 | 269 | 3,864 | 3,541 | 1,421 | (32) | 22,030 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 8,060 | 511 | 4,455 | 2,138 | 1,192 | 151 | 16,507 |
Selling, general and administrative, | 1,268 | 186 | 853 | 332 | 251 | 706 | 3,596 |
Adjusted EBITDA | $ 3,639 | $ (428) | $ (1,444) | $ 1,071 | $ (22) | $ (889) | $ 1,927 |
MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands)
| |||||||
Six Months Ended June 30, 2026 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external and related party customers | $ 23,050 | $ 1,208 | $ 11,839 | $ 6,743 | $ 5,245 | $ — | $ 48,085 |
Intersegment revenue | 140 | — | — | — | — | (140) | — |
Total revenue | 23,190 | 1,208 | 11,839 | 6,743 | 5,245 | (140) | 48,085 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 12,781 | 2,051 | 12,168 | 4,257 | 4,164 | 287 | 35,708 |
Selling, general and administrative, | 3,043 | 476 | 1,538 | 620 | 482 | 1,669 | 7,828 |
Adjusted EBITDA | $ 7,366 | $ (1,319) | $ (1,867) | $ 1,866 | $ 599 | $ (2,096) | $ 4,549 |
Six Months Ended June 30, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, | Total |
Revenue from external and related party customers | $ 4,994 | $ 2,102 | $ 12,115 | $ 3,847 | $ 925 | $ — | $ 23,983 |
Intersegment revenue | 38 | — | — | — | — | (38) | — |
Total revenue | 5,032 | 2,102 | 12,115 | 3,847 | 925 | (38) | 23,983 |
Less expenses: | |||||||
Cost of revenue, exclusive of depreciation, | 2,984 | 2,229 | 10,738 | 2,673 | 1,154 | 1,391 | 21,169 |
Selling, general and administrative, exclusive of | 1,488 | 323 | 2,816 | 796 | 420 | 2,819 | 8,662 |
Adjusted EBITDA | $ 560 | $ (450) | $ (1,439) | $ 378 | $ (649) | $ (4,248) | $ (5,848) |
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA from Continuing Operations
Adjusted EBITDA from continuing operations is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA from continuing operations as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long lived assets, equity based compensation, stock based compensation, interest expense (income), net, (loss) gain on marketable securities, net, other (income) expense, net and provision for income taxes. We exclude the items listed above from net income (loss) from continuing operations in arriving at Adjusted EBITDA from continuing operations because these amounts can vary substantially from company to company within our industries depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA from continuing operations should not be considered as an alternative to, or more meaningful than, net income (loss) from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA from continuing operations 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, none of which are components of Adjusted EBITDA from continuing operations. Our computations of Adjusted EBITDA from continuing operations may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA from continuing operations is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.
The following tables provide a reconciliation of Adjusted EBITDA from continuing operations to net income (loss) from continuing operations, the most directly comparable GAAP financial measure for the specified periods (in thousands):
Three Months Ended | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | |||||||
Reconciliation of net (loss) income from continuing | 2026 | 2025 | 2026 | 2026 | 2025 | ||||
Net (loss) income from continuing operations | $ (1,198) | $ (36,523) | $ 4,684 | $ 3,487 | $ (38,770) | ||||
Depreciation, depletion, amortization and accretion | 4,634 | 2,827 | 3,470 | 8,104 | 4,910 | ||||
Gains on disposal of assets, net | (4,641) | (1,077) | (674) | (5,316) | (4,549) | ||||
Impairment of long-lived assets | — | 31,669 | — | — | 31,669 | ||||
Equity based compensation | 544 | — | — | 544 | — | ||||
Stock based compensation | — | 200 | — | — | 412 | ||||
Interest expense (income), net | 784 | (298) | (514) | 270 | (383) | ||||
Loss (gain) on marketable securities, net | 1,116 | — | (7,103) | (5,987) | — | ||||
Other (income) expense, net | (471) | 628 | 609 | 138 | 960 | ||||
Provision (benefit) for income taxes | 1,853 | (934) | 1,455 | 3,309 | (97) | ||||
Adjusted EBITDA from continuing operations | $ 2,621 | $ (3,508) | $ 1,927 | $ 4,549 | $ (5,848) | ||||
View original content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-second-quarter-2026-operational-and-financial-results-302845964.html
SOURCE MAMMOTH ENERGY SERVICES