Mammoth Reports Third Quarter 2026 Operational and Financial Results

Mammoth expects adjusted EBITDA to grow more than 40% in 2027 as aviation leasing contributions expand.

Rhea-AI Summary

Mammoth Energy Services (NASDAQ: TUSK) raised its full-year outlook as third-quarter revenue increased 95% year over year to $21.3 million. Revenue fell from $26.1 million in the second quarter. Continuing operations earned $0.3 million, or $0.01 per diluted share, versus losses in both comparison quarters. Adjusted EBITDA, a non-GAAP earnings measure, reached $5.8 million, versus negative $4.8 million a year earlier and $2.6 million sequentially; its margin reached 27.2%.

Mammoth expects 2026 revenue growth above 90% and now expects a mid-teens adjusted EBITDA margin. It expects 2027 adjusted EBITDA growth above 40%. Aviation assets expanded to 44, with 29 producing revenue at quarter-end. Quarterly capital spending totaled $41.8 million. Cash and marketable securities fell to $27.5 million by October 27 from $37.6 million at quarter-end. On October 28, Mammoth entered a secured term loan facility with commitments up to $58.0 million.

25 points · 2 major

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1 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Mammoth raised its 2026 margin outlook to mid-teens and reaffirmed expected revenue growth above 90%.
• Major pointBank7 term loan commitments provide up to $58.0 million to support aviation growth. 41% of market cap
• Moderate pointThird-quarter revenue rose 95% year over year to $21.3 million, but fell from $26.1 million sequentially.
• Moderate pointContinuing operations earned $0.3 million, versus losses of $12.6 million year-over-year and $1.2 million sequentially.
• Moderate pointAdjusted EBITDA reached $5.8 million, versus negative $4.8 million year-over-year and $2.6 million sequentially.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Mammoth expects 2027 adjusted EBITDA to increase more than 40% over full-year 2026.
• Moderate pointAviation assets expanded to 44 from 15 a year earlier; revenue-producing assets rose to 29 from 23 sequentially.
• Moderate pointQuarterly rental capital spending of $40.079 million primarily supported aviation fleet expansion and equipment purchases. 29% of market cap

17 minor points

• Minor pointContinuing-operations diluted EPS reached $0.01, versus negative $0.26 year-over-year and negative $0.02 sequentially.
• Minor pointAdjusted EBITDA margin reached 27.2%, versus 10.0% sequentially; nine-month margin was 15.0%.
• Minor pointRental revenue reached $9.6 million, versus $2.8 million year-over-year, but below $10.2 million sequentially.
• Minor pointAverage equipment rentals increased to 430 pieces, versus 286 year-over-year and 407 sequentially.
• Minor pointRental adjusted EBITDA increased 35% sequentially to $5.0 million.
• Minor pointSand revenue reached $5.2 million, versus $2.7 million year-over-year, but below $8.0 million sequentially.
• Minor pointSand sales were approximately 228,000 tons, versus approximately 122,000 year-over-year and approximately 229,000 sequentially.
• Minor pointAverage sand pricing increased to $22.18 per ton, versus $18.26 year-over-year and $21.36 sequentially.
• Minor pointSand services generated $1.5 million of quarterly adjusted EBITDA.
• Minor pointAccommodation revenue rose to $3.4 million, versus $2.3 million year-over-year and $3.2 million sequentially.
• Minor pointAverage occupied rooms increased to 270, versus 185 year-over-year and 259 sequentially.
• Minor pointAccommodation services generated $1.1 million of quarterly adjusted EBITDA.
• Minor pointInfrastructure revenue rose to $1.1 million, versus $0.8 million year-over-year and $0.9 million sequentially.
• Minor pointSelling, general and administrative expense fell to $4.1 million, from $4.7 million year-over-year and $4.2 million sequentially.
• Minor pointQuarter-end funded debt was zero; revolving borrowing capacity remained $20.0 million on October 27.
• Minor pointNine-month revenue rose to $69.430 million from $34.835 million a year earlier.
• Minor pointNine-month continuing operations earned $3.783 million, versus a $51.418 million year-earlier loss.

Negative

• Major pointBank7's new term loan facility is senior secured.
• Moderate pointCash and marketable securities declined to $27.5 million on October 27, from $37.6 million at quarter-end.
• Minor pointQuarterly operating loss was $421,000, versus a $9.407 million year-earlier loss and $2.628 million sequential profit.
• Minor pointDrilling revenue fell to $2.1 million, from $2.3 million year-over-year and $3.8 million sequentially.
• Minor pointDepreciation, depletion, amortization and accretion rose to $6.557 million, from $2.751 million year-over-year and $4.634 million sequentially.

2 minor points

• Minor pointDiscontinued operations lost $168,000, versus $33,000 year-earlier income and $438,000 sequential income.
• Minor point. Forward-looking: it has not happened yet and may not happen.The 2027 outlook assumes continued fleet deployment, incremental aviation investment contributions and operating improvement, excluding material aviation asset sales.

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Key Figures

Revenue: $21.3 million; increased 95% year over year Net income from continuing operations: $0.3 million Adjusted EBITDA: $5.8 million +5 more

Revenue

$21.3 million; increased 95% year over year

Third quarter 2026

Net income from continuing operations

$0.3 million

Third quarter 2026; compared with losses in Q3 2025 and Q2 2026

Adjusted EBITDA

$5.8 million

Third quarter 2026; compared with ($4.8) million in Q3 2025 and $2.6 million in Q2 2026

Adjusted EBITDA margin

27.2%

Third quarter 2026; compared with 10.0% in Q2 2026

2026 revenue growth outlook

Expected to exceed 90%

Full-year 2026 outlook

2026 Adjusted EBITDA margin outlook

Expected to be in the mid-teens

Full-year 2026 outlook

2027 Adjusted EBITDA outlook

Expected to increase by more than 40%

Compared with full-year 2026 Adjusted EBITDA

Term loan facility commitments

Up to $58.0 million

Senior secured facility entered into October 28, 2026

Previous Earnings Reports

1 past event · Latest: Aug 07

Same Type 1 event

1. Aug 07

   Q2 earnings

   24h Move

   +15.3%

   Q2 EBITDA reached $2.6 million; outlook called for >90% revenue growth and >10% margin.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, senior secured term loan facility, revolving credit facility, diluted share

4 terms

gaap financial

"the most directly comparable GAAP measure"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

senior secured term loan facility financial

"entered into a senior secured term loan facility with Bank7"

A senior secured term loan facility is a type of borrowed money that a company takes out, which is backed by its valuable assets like property or equipment. Because it is secured by these assets and ranks higher in repayment priority, it is considered safer for lenders and typically offers lower interest rates. For investors, it provides a relatively stable and priority claim on the company's assets if it encounters financial difficulties.

revolving credit facility financial

"the Company's revolving credit facility was undrawn"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

diluted share financial

"or $0.01 per diluted share"

Diluted share count is the total number of company shares that would exist if all potential claims that can become stock—such as employee stock options, warrants and convertible bonds—were exercised or converted. Investors use diluted shares to see a more conservative view of ownership and per-share metrics (like earnings per share), because it’s like slicing a cake into more pieces: the same profit spread over more slices makes each slice smaller.

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Raises Full-Year 2026 Outlook

Third Quarter 2026 Highlights:

• Revenue increased 95% year-over-year to $21.3 million
• Net income from continuing operations was $0.3 million, compared with net losses from continuing operations of $12.6 million in the third quarter of 2025 and $1.2 million in the second quarter of 2026
• Adjusted EBITDA more than doubled from the second quarter of 2026 to $5.8 million
• Adjusted EBITDA margin of 27.2%, up from 10.0% in the second quarter; 15.0% for the first nine months
• Rental services segment Adjusted EBITDA increased 35% sequentially to $5.0 million
• Expanded our aviation portfolio to 44 assets, including 14 aircraft, 14 engines and 16 auxiliary power units, up from 15 at the end of the prior-year period
• 29 of 44 aviation assets were revenue-producing as of September 30, 2026, up from 23 of 38 as of June 30, 2026
• No funded debt; $37.6 million of cash and marketable securities; $41.8 million invested, led by aviation
• Subsequent to quarter-end, entered into a term loan facility providing commitments of up to $58.0 million to support aviation growth

Updated 2026 Outlook:

• Revenue growth expected to exceed 90%
• Adjusted EBITDA margin expected to be in the mid-teens
• Increased full-year 2026 outlook for the third time this year

Initial 2027 Outlook:

Adjusted EBITDA expected to increase by more than 40% compared with full-year 2026 Adjusted EBITDA

The 2027 outlook assumes continued deployment of the Company's existing aviation fleet, incremental contributions from aviation investments and continued operating improvement across the Company's portfolio and does not assume material aviation asset sales.

The Company is unable to provide a reconciliation of its forward-looking Adjusted EBITDA to the most directly comparable GAAP measure because certain components necessary to provide such a reconciliation are not available without unreasonable effort.  These components may include, among other items, changes in marketable securities, gains or losses on asset dispositions, income taxes and other items that could have a significant impact on the Company's GAAP results.

OKLAHOMA CITY, Oct. 30, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2026.

Total revenue from continuing operations was $21.3 million for the third quarter of 2026 compared to $10.9 million for the third quarter of 2025 and $26.1 million for the second quarter of 2026.

Net income from continuing operations for the third quarter of 2026 was $0.3 million, or $0.01 per diluted share, compared to net loss from continuing operations of $12.6 million, or $0.26 per diluted share, for the third quarter of 2025 and net loss from continuing operations of $1.2 million, or $0.02 per diluted share, in the second quarter of 2026.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $5.8 million for the third quarter of 2026, compared to ($4.8) million for the third quarter of 2025 and $2.6 million for the second quarter of 2026.

Mark Layton, Chief Financial Officer of Mammoth commented, "This was an outstanding quarter for Mammoth and a clear demonstration of our focus on driving returns. Revenue nearly doubled year over year to $21.3 million. Adjusted EBITDA more than doubled sequentially to $5.8 million, and our Adjusted EBITDA margin expanded to 27% from 10% in the second quarter. Growth in aviation leasing, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations drove the increase.

With an Adjusted EBITDA margin of 15% through the first nine months, we are raising our full-year 2026 outlook for the third time this year. We now expect Adjusted EBITDA margins in the mid-teens, roughly a year ahead of the plan we laid out in March, and we are reaffirming our outlook for revenue growth of greater than 90%.

Aviation remains our priority for capital deployment based on its returns profile. We invested $41.8 million in the quarter, led by aviation. The growth in aviation leasing assets enhances our recurring revenue profile while requiring comparatively modest incremental operating personnel as additional assets are deployed. As we look ahead to 2027, we currently expect Adjusted EBITDA to increase by more than 40% compared with full-year 2026 Adjusted EBITDA, driven primarily by the growing contribution from our aviation leasing platform and continued focus on operating execution and margin improvement."

Results by Reportable Segments

Rental Services and Aviation Sales
Mammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $9.6 million for the third quarter of 2026 compared to $2.8 million for the third quarter of 2025 and $10.2 million for the second quarter of 2026. The increase in revenue compared to the prior year was primarily driven by a $5.4 million increase due to aviation fleet expansion and higher aviation utilization. The average number of pieces of equipment rented to customers was 430 for the third quarter of 2026 compared to 286 during the third quarter of 2025 and 407 during the second quarter of 2026.

Natural Sand Proppant Services
Mammoth's natural sand proppant services segment contributed revenue of $5.2 million for the third quarter of 2026 compared to $2.7 million for the third quarter of 2025 and $8.0 million for the second quarter of 2026. The decrease in revenue from the second quarter of 2026 was due to a $3.0 million decline in freight revenue. In the third quarter of 2026, the Company sold approximately 228,000 tons of sand at an average sales price of $22.18 per ton compared to sales of approximately 122,000 tons of sand at an average sales price of $18.26 per ton during the third quarter of 2025. Average price per ton of sand sold increased primarily due to a shift in grade mix. In the second quarter of 2026, sales were approximately 229,000 tons of sand at an average price of $21.36 per ton.

Accommodation Services
Mammoth's accommodation services segment contributed revenue of $3.4 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.2 million for the second quarter of 2026. On average, 270 rooms were utilized for the third quarter of 2026 compared to 185 during the third quarter of 2025 and 259 during the second quarter of 2026 within the accommodation services segment.

Infrastructure Services
Mammoth's infrastructure services segment contributed revenue of $1.1 million for the third quarter of 2026 compared to $0.8 million for the third quarter of 2025 and $0.9 million for the second quarter of 2026.

Drilling Services
Mammoth's drilling services segment contributed revenue of $2.1 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.8 million for the second quarter of 2026. Drilling utilization and activity levels decreased sequentially, largely reflecting normal seasonal trends.

Segment Performance
Segment performance improved during the quarter, led by Rental Services, Natural Sand Proppant Services and Accommodation Services, which generated Adjusted EBITDA of $5.0 million, $1.5 million and $1.1 million, respectively.

Selling, General and Administrative Expense 
Selling, general and administrative ("SG&A") expense was $4.1 million for the third quarter of 2026 compared to $4.7 million for the third quarter of 2025 and $4.2 million for the second quarter of 2026.

Liquidity 
As of September 30, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $13.1 million and marketable securities of $24.5 million. As of September 30, 2026, the Company's revolving credit facility was undrawn, and there was $20.0 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of September 30, 2026, Mammoth had cash, cash equivalents and marketable securities of $37.6 million.

As of October 27, 2026, Mammoth had unrestricted cash on hand of $11.6 million and marketable securities of $15.9 million, with no outstanding borrowings under its revolving credit facility. As of October 27, 2026, the Company had $20.0 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of October 27, 2026, Mammoth had cash, cash equivalents and marketable securities of $27.5 million. On October 28, 2026, we entered into a senior secured term loan facility with Bank7 providing for aggregate commitments of up to $58.0 million.

Capital Expenditures
The following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,				June 30,		September 30,
	2026		2025		2026		2026		2025
Rental services(a)	$       40,079		$       17,185		$       41,213		$       90,663		$       44,125
Infrastructure services(b)	—		19		900		2,835		129
Natural sand proppant services(c)	1,154		—		1,001		2,390		93
Accommodation services(c)	135		95		158		494		170
Drilling services(c)	440		—		691		1,131		116
Total capital expenditures	$       41,808		$       17,299		$       43,963		$       97,513		$       44,633

(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, October 30, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its third 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.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) is a growth-oriented company centered on an expanding aviation leasing platform. Through its rental services segment, Mammoth leases and sells aviation assets and rents heavy equipment used in construction and energy operations. The Company also provides fiber optic services to utility customers; natural sand proppant for hydraulic fracturing; workforce accommodations for projects in remote locations; and directional drilling services. 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 and 2027 outlook, including expected revenue growth, Adjusted EBITDA, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance, as well as the expected use of proceeds of the term loans, the availability and timing of advances under the facility and the Company's plans to acquire additional aircraft and grow its aviation leasing platform. 

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:

• our ability to comply with the financial covenants and other terms of the loan and security agreement and our revolving credit facility;
• changes in interest rates and their impact on our cost of capital;
• the impact of the 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		September 30,		December 31,
		2026		2025
CURRENT ASSETS		(in thousands, except share data)
Cash and cash equivalents		$             13,090		$            101,987
Marketable securities		24,496		19,635
Restricted cash		11,928		12,085
Accounts receivable, net		38,583		28,934
Inventories		14,760		4,083
Current assets held for sale		2,227		4,287
Other current assets		2,363		4,619
Current assets of discontinued operations		1,297		1,518
Total current assets		108,744		177,148
Property, plant and equipment, net		184,344		106,097
Sand reserves, net		38,424		39,613
Operating lease right-of-use assets		3,504		2,591
Goodwill		1,147		—
Other non-current assets		5,454		5,767
Noncurrent assets of discontinued operations		6		3,678
Total assets		$            341,623		$            334,894
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable		$              7,934		$               9,327
Accrued expenses and other current liabilities		19,240		18,336
Current operating lease liabilities		2,584		2,071
Income taxes payable		42,346		39,899
Current liabilities of discontinued operations		185		383
Total current liabilities		72,289		70,016
Deferred income tax liabilities		2,447		2,430
Long-term operating lease liabilities		1,214		1,375
Asset retirement obligations		2,803		2,759
Other long-term liabilities		303		26
Total liabilities		79,056		76,606
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 48,127,585 and 48,358,315 issued and outstanding at September 30, 2026 and December 31, 2025, respectively		481		483
Additional paid-in capital		540,848		540,841
Accumulated deficit		(274,493)		(279,046)
Accumulated other comprehensive loss		(4,269)		(3,990)
Total equity		262,567		258,288
Total liabilities and equity		$            341,623		$            334,894

 

MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)
	Three Months Ended						Nine Months Ended
	September 30,				June 30,		September 30,
	2026		2025		2026		2026		2025
	(in thousands, except per share amounts)
REVENUE
Services revenue	$      15,520		$       7,608		$      15,882		$      42,572		$      18,824
Services revenue - related parties	672		516		197		1,365		1,168
Product revenue	5,154		2,728		9,975		25,493		14,843
Total revenue	21,346		10,852		26,054		69,430		34,835
COST, EXPENSES AND GAINS
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $5,169, $1,488, $3,958, $12,168 and $4,109 for the three months ended September 30, 2026, September 30, 2025, and June 30, 2026 and nine months ended September 30, 2026 and 2025, respectively)	8,408		6,641		9,488		24,150		16,879
Services cost of revenue - related parties	—		96		—		—		288
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,388, $1,263, $676, $2,493 and $3,552 for the three months ended September 30, 2026, September 30, 2025, and June 30, 2026 and nine months ended September 30, 2026 and 2025, respectively)	2,980		4,148		9,713		22,946		14,886
Selling, general and administrative	4,134		4,749		4,232		11,962		13,823
Depreciation, depletion, amortization and accretion	6,557		2,751		4,634		14,661		7,661
(Gains) loss on disposal of assets, net	(312)		1,874		(4,641)		(5,628)		(2,675)
Impairment of long-lived assets	—		—		—		—		31,669
Total cost, expenses and gains, net	21,767		20,259		23,426		68,091		82,531
Operating (loss) income	(421)		(9,407)		2,628		1,339		(47,696)
OTHER INCOME (EXPENSE)
Interest income (expense), net	211		729		(784)		(59)		1,112
Gain (loss) on marketable securities, net	1,173		73		(1,116)		7,161		73
Other expense, net	(533)		(1,903)		(73)		(1,214)		(2,863)
Total other income (expense), net	851		(1,101)		(1,973)		5,888		(1,678)
Income (loss) before income taxes	430		(10,508)		655		7,227		(49,374)
Provision for income taxes	136		2,140		1,853		3,444		2,044
Net income (loss) from continuing operations	294		(12,648)		(1,198)		3,783		(51,418)
Net (loss) income from discontinued operations, net of income taxes	(168)		33		438		770		47,114
Net income (loss)	$         126		$     (12,615)		$        (760)		$       4,553		$      (4,304)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	$          52		$        (180)		$        (213)		$        (279)		$         317
Other comprehensive income (loss)	52		(180)		(213)		(279)		317
Comprehensive income (loss)	$         178		$     (12,795)		$        (973)		$       4,274		$      (3,987)
Net income (loss) per share from continuing operations, basic and diluted	$        0.01		$       (0.26)		$       (0.02)		$        0.08		$       (1.07)
Net income per share from discontinued operations, basic and diluted	—		—		0.01		0.02		0.98
Net income (loss) per share, basic and diluted	$        0.01		$       (0.26)		$       (0.01)		$        0.10		$       (0.09)
Weighted average number of shares outstanding, basic and diluted	48,128		48,358		48,164		48,207		48,245

 

MAMMOTH ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
	Nine Months Ended
	September 30,
	2026		2025
	(in thousands)
Cash flows from operating activities:
Net income (loss)	$                 4,553		$                (4,304)
Less: Net income from discontinued operations, net of income taxes	770		47,114
Net income (loss) from continuing operations	3,783		(51,418)
Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities:
Stock based compensation	—		412
Depreciation, depletion, amortization and accretion	14,661		7,661
Amortization of debt origination costs	1,488		531
Gains on disposal of assets, net	(5,628)		(2,675)
Gains from sale of aviation equipment	(700)		—
Gains from sales of equipment damaged or lost down-hole	(230)		(217)
Impairment of long-lived assets	—		31,669
Gain on marketable securities, net	(7,161)		(73)
Other	931		199
Changes in assets and liabilities:
Accounts receivable, net	(8,554)		1,321
Inventories	(10,677)		(70)
Other current assets	1,238		6,460
Accounts payable	(1,949)		(1,105)
Accrued expenses and other liabilities	469		(8,920)
Income taxes payable	2,466		2,066
Net cash used in operating activities from continuing operations	(9,863)		(14,159)
Net cash (used in) provided by operating activities from discontinued operations	(70)		5,076
Net cash used in operating activities	(9,933)		(9,083)
Cash flows from investing activities:
Purchases of property, plant and equipment	(97,513)		(44,633)
Business acquisitions, net of cash transferred	(5,805)		—
Proceeds from disposal of property, plant and equipment	9,566		5,465
Proceeds from sale of aviation equipment	8,500		—
Purchases of marketable securities	(7,929)		(12,660)
Distributions received from publicly traded limited partnerships	1,001		—
Proceeds from sale of marketable securities	9,228		—
Net cash used in investing activities from continuing operations	(82,952)		(51,828)
Net cash provided by investing activities from discontinued operations	4,581		110,421
Net cash (used in) provided by investing activities	(78,371)		58,593
Cash flows from financing activities:
Principal payments on finance leases and equipment financing notes	(199)		(371)
Common stock repurchased and retired	(534)		—
Net cash used in financing activities from continuing operations	(733)		(371)
Net cash used in financing activities from discontinued operations	—		(3,851)
Net cash used in financing activities	(733)		(4,222)
Effect of foreign exchange rate on cash	(39)		73
Net (decrease) increase in cash, cash equivalents and restricted cash	(89,076)		45,361
Cash, cash equivalents and restricted cash at beginning of period	114,124		82,326
Cash, cash equivalents and restricted cash at end of period	25,048		127,687
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	30		59
Cash, cash equivalents and restricted cash of continuing operations	$                25,018		$               127,628

 

MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands)
Three Months Ended September 30, 2026	Rentals	Infrastructure	Sand	Accommodations	Drilling	Corporate, Other & Eliminations	Total
Revenue from external and related party customers	$       9,625	$       1,120	$       5,154	$        3,390	$       2,057	$          —	$      21,346
Intersegment revenue	21	—	—	—	—	(21)	—
Total revenue	9,646	1,120	5,154	3,390	2,057	(21)	21,346
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	2,652	1,735	2,980	2,043	1,880	98	11,388
Selling, general and administrative, exclusive of stock based compensation	2,027	322	647	278	205	655	4,134
Adjusted EBITDA	$       4,967	$        (937)	$       1,527	$        1,069	$         (28)	$        (774)	$       5,824

 

Three Months Ended September 30, 2025	Rentals	Infrastructure	Sand	Accommodations	Drilling	Corporate, Other & Eliminations	Total
Revenue from external and related party 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, depletion, amortization and accretion, inclusive of related parties	1,691	1,579	4,148	1,436	1,840	191	10,885
Selling, general and administrative, exclusive of stock based compensation	997	294	1,157	483	308	1,510	4,749
Adjusted EBITDA	$          78	$      (1,061)	$      (2,577)	$          361	$         134	$      (1,717)	$      (4,782)

 

Three Months Ended June 30, 2026	Rentals	Infrastructure	Sand	Accommodations	Drilling	Corporate, Other & Eliminations	Total
Revenue from external and related party customers	$      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, depletion, amortization and accretion	4,722	1,540	7,713	2,118	2,972	136	19,201
Selling, general and administrative, exclusive of stock based compensation	1,775	290	685	288	230	964	4,232
Adjusted EBITDA	$       3,726	$        (890)	$        (423)	$          796	$         620	$      (1,208)	$       2,621

 

MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands)
Nine Months Ended September 30, 2026	Rentals	Infrastructure	Sand	Accommodations	Drilling	Corporate, Other & Eliminations	Total
Revenue from external and related party customers	$      32,673	$       2,328	$      16,993	$      10,134	$       7,302	$          —	$      69,430
Intersegment revenue	161	—	—	—	—	(161)	—
Total revenue	32,834	2,328	16,993	10,134	7,302	(161)	69,430
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	15,435	3,786	15,146	6,299	6,044	386	47,096
Selling, general and administrative, exclusive of stock based compensation	5,070	797	2,185	898	687	2,325	11,962
Adjusted EBITDA	$      12,329	$      (2,255)	$        (338)	$       2,937	$         571	$      (2,872)	$      10,372

 

Nine Months Ended September 30, 2025	Rentals	Infrastructure	Sand	Accommodations	Drilling	Corporate, Other & Eliminations	Total
Revenue from external and related party customers	$       7,744	$       2,914	$      14,843	$       6,127	$       3,207	$          —	$      34,835
Intersegment revenue	54	—	—	—	—	(54)	—
Total revenue	7,798	2,914	14,843	6,127	3,207	(54)	34,835
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties	4,675	3,807	14,886	4,110	2,994	1,581	32,053
Selling, general and administrative, exclusive of stock based compensation	2,485	616	3,973	1,280	727	4,330	13,411
Adjusted EBITDA	$         638	$      (1,509)	$      (4,016)	$         737	$        (514)	$      (5,965)	$     (10,629)

 

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, (gain) loss 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						Nine Months Ended
	September 30,				June 30,		September 30,
Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations:	2026		2025		2026		2026		2025
Net income (loss) from continuing operations	$       294		$  (12,648)		$   (1,198)		$    3,783		$  (51,418)
Depreciation, depletion, amortization and accretion	6,557		2,751		4,634		14,661		7,661
(Gains) loss on disposal of assets, net	(312)		1,874		(4,641)		(5,628)		(2,675)
Impairment of long-lived assets	—		—		—		—		31,669
Equity based compensation	—		—		544		544		—
Stock based compensation	—		—		—		—		412
Interest (income) expense, net	(211)		(729)		784		59		(1,112)
(Gain) loss on marketable securities, net	(1,173)		(73)		1,116		(7,161)		(73)
Other expense (income), net	533		1,903		(471)		670		2,863
Provision for income taxes	136		2,140		1,853		3,444		2,044
Adjusted EBITDA from continuing operations	$    5,824		$   (4,782)		$    2,621		$   10,372		$  (10,629)

 

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SOURCE MAMMOTH ENERGY SERVICES

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Mammoth Energy Services' third-quarter 2026 earnings?

Mammoth's continuing operations earned $0.3 million, or $0.01 per diluted share, in the third quarter of 2026. Continuing operations lost $12.6 million a year earlier and $1.2 million in the second quarter of 2026. Quarterly adjusted EBITDA was $5.8 million.

What is Mammoth Energy Services' updated 2026 and initial 2027 outlook?

Mammoth expects 2026 revenue growth above 90% and an adjusted EBITDA margin in the mid-teens, followed by adjusted EBITDA growth of more than 40% in 2027 compared with full-year 2026. This was its third increase to the full-year 2026 outlook.

Why did Mammoth's sand services revenue fall sequentially in the third quarter of 2026?

Sand services revenue fell sequentially because of a $3.0 million decline in freight revenue. Segment revenue was $5.2 million, compared with $8.0 million in the second quarter of 2026.

Can Mammoth reconcile its forward-looking adjusted EBITDA outlook to GAAP?

Mammoth cannot provide a reconciliation without unreasonable effort because necessary components are unavailable. These may include changes in marketable securities, gains or losses on asset dispositions, income taxes and other items that could materially affect GAAP results.