Mammoth Energy (NASDAQ: TUSK) turns Q1 2026 profit, lifts EBITDA outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Mammoth Energy Services reported a strong turnaround in the first quarter of 2026. Total revenue from continuing operations was $22.0 million, up from $11.6 million a year earlier and $9.5 million in the prior quarter, driven largely by growth in rental services and aviation, including a $6.5 million auxiliary power unit sale.
The company generated net income from continuing operations of $4.7 million, or $0.10 per diluted share, compared with a $2.2 million loss a year ago and a $12.3 million loss in the fourth quarter of 2025. Adjusted EBITDA from continuing operations improved to $1.9 million from losses in both comparison periods.
Mammoth ended March 31, 2026 debt-free with $125.1 million of cash, cash equivalents and marketable securities and an undrawn revolving credit facility with $45.0 million of borrowing capacity. Management highlighted the start of share repurchases and raised its 2026 outlook, now expecting to achieve full-year positive Adjusted EBITDA.
Positive
- Return to profitability and EBITDA improvement: Q1 2026 net income from continuing operations was $4.7 million versus a $2.2 million loss a year ago, and Adjusted EBITDA improved to $1.9 million from negative levels in both comparison periods.
- Strong revenue growth in rental and aviation: Revenue from continuing operations rose to $22.0 million from $11.6 million in Q1 2025, led by rental services, including a $10.0 million aviation revenue increase and a $6.5 million auxiliary power unit sale.
- Robust, debt-free balance sheet: As of March 31, 2026, the company was debt-free with $125.1 million of cash, cash equivalents and marketable securities and additional liquidity from an undrawn revolving credit facility.
- Raised 2026 outlook: Management now expects to achieve full-year positive Adjusted EBITDA in 2026, indicating improved confidence in the repositioned portfolio and cost structure.
Negative
- None.
Insights
Mammoth posts profitable Q1, boosts 2026 EBITDA outlook.
Mammoth Energy Services delivered a notable shift to profitability in Q1 2026. Revenue from continuing operations reached $22.0 million, compared with $11.6 million in Q1 2025, with rental services and aviation leading growth, including a $6.5 million auxiliary power unit sale.
Net income from continuing operations improved to $4.7 million versus prior losses, while Adjusted EBITDA moved to a positive $1.9 million. The company remains debt-free and held $125.1 million in cash, cash equivalents and marketable securities as of March 31, 2026, alongside an undrawn revolver.
Management began using its share repurchase program and raised its 2026 outlook, now expecting full-year positive Adjusted EBITDA in 2026. Actual performance will depend on sustaining rental and aviation momentum, executing capital spending of $11.7 million this quarter, and maintaining strong liquidity as detailed in upcoming filings and calls.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue from continuing operations: $22.0 million
Net income from continuing operations: $4.684 million
Adjusted EBITDA from continuing operations: $1.927 million
+5 more
8 metrics
Q1 2026 revenue from continuing operations
$22.0 million
Compared with $11.6 million in Q1 2025 and $9.5 million in Q4 2025
Net income from continuing operations
$4.684 million
Q1 2026 vs $2.249 million loss in Q1 2025
Adjusted EBITDA from continuing operations
$1.927 million
Q1 2026 vs $(2.341) million in Q1 2025
Rental services revenue
$13.0 million
Q1 2026, driven by $10.0 million aviation revenue increase
Auxiliary power unit sale
$6.5 million
Included in Q1 2026 aviation revenue
Cash, cash equivalents & marketable securities
$125.1 million
As of March 31, 2026; company debt-free
Capital expenditures from continuing operations
$11.706 million
Q1 2026, primarily for aviation rental fleet and fiber fleets
Available revolver borrowing capacity
$45.0 million
As of March 31, 2026, after $5.0 million letters of credit
Key Terms
Adjusted EBITDA from continuing operations, marketable securities, revolving credit facility, auxiliary power unit, +2 more
6 terms
Adjusted EBITDA from continuing operations financial
"Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $1.9 million for the first quarter of 2026"
marketable securities financial
"As of March 31, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $92.7 million and marketable securities of $32.4 million."
Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.
revolving credit facility financial
"As of March 31, 2026, the Company’s revolving credit facility was undrawn, the borrowing base was $50.0 million"
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.
auxiliary power unit technical
"The increase in revenue was primarily driven by a $10.0 million increase in aviation revenue, which included the sale of an auxiliary power unit for $6.5 million."
An auxiliary power unit (APU) is a small onboard engine that provides electricity, air conditioning and starting power when a vehicle or aircraft’s main engines are off. Think of it as a built-in backup generator that keeps systems running on the ground or during downtime. Investors care because APUs affect operating costs, fuel use, maintenance needs and regulatory compliance, all of which influence profitability and asset value.
natural sand proppant technical
"Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing."
stock repurchase program financial
"During the quarter, we began executing on our share repurchase program for the first time since it was authorized"
A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.
Earnings Snapshot
Revenue from continuing operations: $22.0 million · Guidance included
Q1 2026
Revenue from continuing operations
$22.0 million
vs $11.6 million in Q1 2025
Net income from continuing operations
$4.684 million
vs $(2.249) million in Q1 2025
Adjusted EBITDA from continuing operations
$1.927 million
vs $(2.341) million in Q1 2025
Net income per share
$0.11 basic and diluted
vs $(0.01) in Q1 2025
Guidance
Company raised 2026 outlook and now expects to reach full-year positive Adjusted EBITDA in 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
| PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
Date of Report (Date of earliest event reported): May 11, 2026
(Exact name of registrant as specified in its charter)
(Commission File No.)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| (Address of principal executive offices) | (Registrant’s telephone number, including area code) | (Zip Code) | ||||||||||||
______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Securities registered pursuant to Section 12(b) of The Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§232.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(s) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition
On May 11, 2026 , Mammoth Energy Services, Inc. (the “Company”) issued a press release announcing its operational and financial results for the first quarter ended March 31, 2026. A copy of that press release is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference in the registration statement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 | Press release dated May 11, 2026, entitled “Mammoth Energy Services, Inc. Announces First Quarter 2026 Operational and Financial Results.” | ||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| MAMMOTH ENERGY SERVICES, INC. | |||||||||||||||||
| Date: | By: | /s/ Mark Layton | |||||||||||||||
| Mark Layton | |||||||||||||||||
| Chief Financial Officer and Secretary | |||||||||||||||||
Exhibit 99.1
Mammoth Energy Services, Inc. Announces
First Quarter 2026 Operational and Financial Results
OKLAHOMA CITY, OK – May 11, 2026 – Mammoth Energy Services, Inc. (NASDAQ: TUSK) (“Mammoth” or the “Company”) today reported financial and operational results for the first quarter ended March 31, 2026.
Mark Layton, Chief Financial Officer of Mammoth commented, “The first quarter is a meaningful step forward for Mammoth and reflects the work we've been doing over the past several quarters to reposition the business. We've simplified the portfolio, allocated capital towards high returns businesses, and taken meaningful cost out of the structure — and we're starting to see that come through in the results.
Aviation continues to perform well and is providing a more stable earnings base, and across the rest of the platform we're seeing clear signs of improvement as the operational changes we made coming out of the fourth quarter begin to take hold.
Our balance sheet remains a real point of strength. We ended the quarter debt-free with approximately $125 million of cash, cash equivalents and marketable securities, which gives us flexibility both to invest in the business and return capital to shareholders. During the quarter, we began executing on our share repurchase program for the first time since it was authorized, and we expect to remain opportunistic going forward.
Based on the progress we're seeing, we are raising our 2026 outlook, including now expecting to reach full-year Adjusted EBITDA positive in 2026. There's still work to do, but the business is moving in the right direction and we're focused on continuing to execute.”
Financial Overview for the First Quarter 2026:
Total revenue from continuing operations was $22.0 million for the first quarter of 2026 compared to $11.6 million for the first quarter of 2025 and $9.5 million for the fourth quarter of 2025.
Net income from continuing operations for the first quarter of 2026 was $4.7 million, or $0.10 per diluted share, compared to net loss from continuing operations of $2.2 million, or $0.05 per diluted share, for the first quarter of 2025 and $12.3 million, or $0.26 per diluted share, for the fourth quarter of 2025.
Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $1.9 million for the first quarter of 2026, compared to ($2.3) million for the first quarter of 2025 and ($6.8) million for the fourth quarter of 2025.
Rental Services and Aviation Sales
Mammoth’s rental services segment contributed revenue (inclusive of inter-segment revenue) of $13.0 million for the first quarter of 2026 compared to $1.9 million for the first quarter of 2025 and $3.3 million for the fourth quarter of 2025. The increase in revenue was primarily driven by a $10.0 million increase in aviation revenue, which included the sale of an auxiliary power unit for $6.5 million. The average number of pieces of equipment rented to customers was 389 for the first quarter of 2026 compared to 231 during the first quarter of 2025 and 328 during the fourth quarter of 2025.
Infrastructure Services
Mammoth’s infrastructure services segment contributed revenue of $0.3 million for the first quarter of 2026 compared to $0.7 million for the first quarter of 2025 and $1.2 million for the fourth quarter of 2025.
Natural Sand Proppant Services
Mammoth’s natural sand proppant services segment contributed revenue of $3.9 million for the first quarter of 2026 compared to $6.7 million for the first quarter of 2025 and $1.7 million for the fourth quarter of 2025. In the first quarter of 2026, the Company sold approximately 156,000 tons of sand at an average sales price of $19.49 per ton compared to sales of approximately 189,000 tons of sand at an average sales price of $21.49 per ton during the first quarter of 2025. Average price per ton of sand sold decreased primarily due to a shift of grade mix. In the fourth quarter of 2025, sales were approximately 92,000 tons of sand at an average price of $18.56 per ton.
Accommodation Services
Mammoth’s accommodation services segment contributed revenue of $3.5 million for the first quarter of 2026 compared to $2.1 million for the first quarter of 2025 and $2.8 million for the fourth quarter of 2025. On average, 275 rooms were utilized for the first quarter of 2026 compared to 179 during the first quarter of 2025 and 232 during the fourth quarter of 2025 for our accommodations services.
Drilling Services
Mammoth’s drilling services segment contributed revenue of $1.4 million for the first quarter of 2026 compared to $0.2 million for the first quarter of 2025 and $0.5 million for the fourth quarter of 2025.
Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense was $3.6 million for the first quarter of 2026 compared to $4.1 million for the first quarter of 2025 and $5.7 million for the fourth quarter of 2025.
Liquidity
As of March 31, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $92.7 million and marketable securities of $32.4 million. As of March 31, 2026, the Company’s revolving credit facility was undrawn, the borrowing base was $50.0 million and there was $45.0 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of March 31, 2026, Mammoth had cash, cash equivalents and marketable securities of $125.1 million.
As of May 6, 2026, Mammoth had unrestricted cash on hand of $56.0 million, marketable securities of $32.6 million, no outstanding borrowings under its revolving credit facility. As of May 6, 2026, the Company had $40.4 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of May 6, 2026, Mammoth had cash, cash equivalents and marketable securities of $88.6 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 | |||||||||||||||||
| March 31, | December 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
Rental services(a) | $ | 9,335 | $ | 55 | $ | 25,676 | |||||||||||
Infrastructure services(b) | 1,935 | 202 | — | ||||||||||||||
Natural sand proppant services(c) | 235 | 93 | — | ||||||||||||||
Accommodation services(c) | 201 | 15 | 173 | ||||||||||||||
Drilling services(c) | — | 97 | 12 | ||||||||||||||
| Total capital expenditures | $ | 11,706 | $ | 462 | $ | 25,861 | |||||||||||
(a)Capital expenditures primarily for expansion of our aviation rental fleet for the periods presented.
(b)Capital expenditures primarily for our fiber optic fleets for the periods presented.
(c)Capital expenditures primarily for equipment for the periods presented.
2
Conference Call Information
Mammoth will host a conference call on Monday, May 11, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its first 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 and infrastructure industries. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services segment provides design and fiber optic services to the utility industry. Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing. Our accommodation services provide housing, kitchen and dining, and recreational service facilities for workers located in remote areas away from readily available lodging. Our drilling services provides directional drilling to oilfield operators. For more information, please visit www.mammothenergy.com.
Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
investors@mammothenergy.com
Mohammed Topiwala
Vizara Advisors - Investor Relations
TUSK@vizaraadvisors.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
3
affecting commodities prices and production levels; conditions of U.S. oil and natural gas industry and the effect of U.S. energy, monetary and trade policies; U.S. and global economic conditions and political and economic developments, including the energy and environmental policies; changes in U.S. and foreign trade regulations and tariffs, including potential increases of tariffs on goods imported into the U.S., and uncertainty regarding the same; inflationary pressures; higher interest rates and their impact on the cost of capital; the failure to receive or delays in receiving the remaining payment under the settlement agreement with PREPA; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth’s significant suppliers or customers; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under its revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas industry; and costs and availability of resources.
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.
4
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
| ASSETS | March 31, | December 31, | ||||||||||||
| 2026 | 2025 | |||||||||||||
| CURRENT ASSETS | (in thousands, except share data) | |||||||||||||
| Cash and cash equivalents | $ | 92,717 | $ | 101,987 | ||||||||||
| Marketable securities | 32,447 | 19,635 | ||||||||||||
| Restricted cash | 12,097 | 12,085 | ||||||||||||
| Accounts receivable, net | 34,739 | 28,934 | ||||||||||||
| Inventories | 3,194 | 4,083 | ||||||||||||
| Current assets held for sale | 4,333 | 4,287 | ||||||||||||
| Other current assets | 3,895 | 4,619 | ||||||||||||
| Current assets of discontinued operations | 1,363 | 1,518 | ||||||||||||
| Total current assets | 184,785 | 177,148 | ||||||||||||
| Property, plant and equipment, net | 113,228 | 106,097 | ||||||||||||
| Sand reserves, net | 39,613 | 39,613 | ||||||||||||
| Operating lease right-of-use assets | 2,043 | 2,591 | ||||||||||||
| Other non-current assets | 5,061 | 5,767 | ||||||||||||
| Noncurrent assets of discontinued operations | 6 | 3,678 | ||||||||||||
| Total assets | $ | 344,736 | $ | 334,894 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| CURRENT LIABILITIES | ||||||||||||||
| Accounts payable | $ | 14,412 | $ | 9,327 | ||||||||||
| Accrued expenses and other current liabilities | 18,016 | 18,336 | ||||||||||||
| Current operating lease liabilities | 1,619 | 2,071 | ||||||||||||
| Income taxes payable | 40,931 | 39,899 | ||||||||||||
| Current liabilities of discontinued operations | 295 | 383 | ||||||||||||
| Total current liabilities | 75,273 | 70,016 | ||||||||||||
| Deferred income tax liabilities | 2,686 | 2,430 | ||||||||||||
| Long-term operating lease liabilities | 1,047 | 1,375 | ||||||||||||
| Asset retirement obligation | 2,770 | 2,759 | ||||||||||||
| Other long-term liabilities | 11 | 26 | ||||||||||||
| Total liabilities | 81,787 | 76,606 | ||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||
| EQUITY | ||||||||||||||
| Equity: | ||||||||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 48,170,647 and 48,358,315 issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 481 | 483 | ||||||||||||
| Additional paid-in capital | 540,435 | 540,841 | ||||||||||||
| Accumulated deficit | (273,859) | (279,046) | ||||||||||||
| Accumulated other comprehensive loss | (4,108) | (3,990) | ||||||||||||
| Total equity | 262,949 | 258,288 | ||||||||||||
| Total liabilities and equity | $ | 344,736 | $ | 334,894 | ||||||||||
5
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||
| REVENUE | |||||||||||||||||
| Services revenue | $ | 11,170 | $ | 4,814 | $ | 7,363 | |||||||||||
| Services revenue - related parties | 496 | 78 | 385 | ||||||||||||||
| Product revenue | 10,364 | 6,739 | 1,709 | ||||||||||||||
| Total revenue | 22,030 | 11,631 | 9,457 | ||||||||||||||
| COST, EXPENSES AND GAINS | |||||||||||||||||
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $3,041, $1,206 and $2,078 for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025, respectively) | 6,254 | 4,495 | 7,279 | ||||||||||||||
| Services cost of revenue - related parties | — | 96 | — | ||||||||||||||
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $429, $877 and $553 for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025, respectively) | 10,253 | 5,476 | 3,231 | ||||||||||||||
| Selling, general and administrative | 3,596 | 4,116 | 5,750 | ||||||||||||||
| Depreciation, depletion, amortization and accretion | 3,470 | 2,083 | 2,631 | ||||||||||||||
| (Gains) loss on disposal of assets, net | (674) | (3,472) | 304 | ||||||||||||||
| Total cost, expenses and gains, net | 22,899 | 12,794 | 19,195 | ||||||||||||||
| Operating loss | (869) | (1,163) | (9,738) | ||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||
| Interest income, net | 514 | 85 | 558 | ||||||||||||||
| Unrealized gain on marketable securities, net | 7,103 | — | 28 | ||||||||||||||
| Other expense, net | (609) | (333) | (1,144) | ||||||||||||||
| Total other (expense) income, net | 7,008 | (248) | (558) | ||||||||||||||
| Income (loss) before income taxes | 6,139 | (1,411) | (10,296) | ||||||||||||||
| Provision for income taxes | 1,455 | 838 | 2,043 | ||||||||||||||
| Net income (loss) from continuing operations | 4,684 | (2,249) | (12,339) | ||||||||||||||
| Net income from discontinued operations, net of income taxes | 503 | 1,712 | 21,239 | ||||||||||||||
| Net income (loss) | $ | 5,187 | $ | (537) | $ | 8,900 | |||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
| Foreign currency translation adjustment | $ | (118) | $ | 19 | $ | 144 | |||||||||||
| Other comprehensive (loss) income | (118) | 19 | 144 | ||||||||||||||
| Comprehensive income (loss) | $ | 5,069 | $ | (518) | $ | 9,044 | |||||||||||
| Net income (loss) per share from continuing operations, basic and diluted | $ | 0.10 | $ | (0.05) | $ | (0.26) | |||||||||||
| Net income per share from discontinued operations, basic and diluted | 0.01 | 0.04 | 0.44 | ||||||||||||||
| Net income (loss) per share, basic and diluted | $ | 0.11 | $ | (0.01) | $ | 0.18 | |||||||||||
| Weighted average number of shares outstanding, basic and diluted | 48,330 | 48,150 | 48,358 | ||||||||||||||
6
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in thousands) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 5,187 | $ | (537) | |||||||
| Less: Net income from discontinued operations, net of income taxes | 503 | 1,712 | |||||||||
| Net income (loss) from continuing operations | 4,684 | (2,249) | |||||||||
| Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities: | |||||||||||
| Stock based compensation | — | 211 | |||||||||
| Depreciation, depletion, amortization and accretion | 3,470 | 2,083 | |||||||||
| Amortization of debt origination costs | 177 | 177 | |||||||||
| Gains on disposal of assets, net | (674) | (3,472) | |||||||||
| Gains from sale of aviation equipment | (700) | — | |||||||||
| Unrealized gain on marketable securities, net | (7,103) | — | |||||||||
| Other | 768 | (140) | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable, net | (5,828) | 3,543 | |||||||||
| Inventories | 889 | 144 | |||||||||
| Other current assets | 1,272 | 2,368 | |||||||||
| Accounts payable | 193 | 411 | |||||||||
| Accrued expenses and other liabilities | (934) | (4,416) | |||||||||
| Income taxes payable | 1,035 | 874 | |||||||||
| Net cash used in operating activities from continuing operations | (2,751) | (466) | |||||||||
| Net cash (used in) provided by operating activities from discontinued operations | (281) | 3,177 | |||||||||
| Net cash (used in) provided by operating activities | (3,032) | 2,711 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | (11,706) | (462) | |||||||||
| Proceeds from disposal of property, plant and equipment | 573 | 3,692 | |||||||||
| Proceeds from sale of aviation equipment | 6,500 | — | |||||||||
| Purchases of marketable securities | (6,041) | — | |||||||||
| Distributions of marketable securities | 331 | — | |||||||||
| Net cash (used in) provided by investing activities from continuing operations | (10,343) | 3,230 | |||||||||
| Net cash provided by (used in) investing activities from discontinued operations | 4,581 | (6,223) | |||||||||
| Net cash used in investing activities | (5,762) | (2,993) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Principal payments on financing leases and equipment financing notes | (61) | (126) | |||||||||
| Common stock repurchased and retired | (404) | — | |||||||||
| Net cash used in financing activities from continuing operations | (465) | (126) | |||||||||
| Net cash used in financing activities from discontinued operations | — | (3,672) | |||||||||
| Net cash used in financing activities | (465) | (3,798) | |||||||||
| Effect of foreign exchange rate on cash | (8) | 5 | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (9,267) | (4,075) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 114,124 | 82,326 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | 104,857 | 78,251 | |||||||||
| Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period | 43 | 2,202 | |||||||||
| Cash, cash equivalents and restricted cash of continuing operations | $ | 104,814 | $ | 76,049 | |||||||
7
MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)
| Three Months Ended March 31, 2026 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, Other & Eliminations | Total | ||||||||||||||||
| Revenue from external customers | $ | 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, depletion, amortization and accretion | 8,060 | 511 | 4,455 | 2,138 | 1,192 | 151 | 16,507 | ||||||||||||||||
| Selling, general and administrative, exclusive of stock based compensation | 1,268 | 186 | 853 | 332 | 251 | 706 | 3,596 | ||||||||||||||||
| Adjusted EBITDA | $ | 3,639 | $ | (428) | $ | (1,444) | $ | 1,071 | $ | (22) | $ | (889) | $ | 1,927 | |||||||||
| Three Months Ended March 31, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, Other & Eliminations | Total | ||||||||||||||||
| Revenue from external customers | $ | 1,917 | $ | 712 | $ | 6,739 | $ | 2,081 | $ | 182 | $ | — | $ | 11,631 | |||||||||
| Intersegment revenue | 10 | — | — | — | — | (10) | — | ||||||||||||||||
| Total revenue | 1,927 | 712 | 6,739 | 2,081 | 182 | (10) | 11,631 | ||||||||||||||||
| Less expenses: | |||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 1,418 | 874 | 5,476 | 1,432 | 396 | 471 | 10,067 | ||||||||||||||||
| Selling, general and administrative, exclusive of stock based compensation | 368 | 122 | 1,430 | 389 | 210 | 1,386 | 3,905 | ||||||||||||||||
| Adjusted EBITDA | $ | 141 | $ | (284) | $ | (167) | $ | 260 | $ | (424) | $ | (1,867) | $ | (2,341) | |||||||||
| Three Months Ended December 31, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Corporate, Other & Eliminations | Total | ||||||||||||||||
| Revenue from external customers | $ | 3,281 | $ | 1,172 | $ | 1,709 | $ | 2,827 | $ | 468 | $ | — | $ | 9,457 | |||||||||
| Intersegment revenue | 19 | — | — | — | — | (19) | — | ||||||||||||||||
| Total revenue | 3,300 | 1,172 | 1,709 | 2,827 | 468 | (19) | 9,457 | ||||||||||||||||
| Less expenses: | |||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 2,027 | 2,086 | 3,231 | 1,841 | 768 | 557 | 10,510 | ||||||||||||||||
| Selling, general and administrative, exclusive of stock based compensation | 1,670 | 402 | 1,158 | 677 | 217 | 1,626 | 5,750 | ||||||||||||||||
| Adjusted EBITDA | $ | (397) | $ | (1,316) | $ | (2,680) | $ | 309 | $ | (517) | $ | (2,202) | $ | (6,803) | |||||||||
8
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, stock based compensation, interest income, net, inclusive of related parties, unrealized gain on marketable securities, net, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision for income taxes, further adjusted to add back interest on trade accounts receivable. 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 | |||||||||||||||||
| March 31, | December 31, | ||||||||||||||||
| Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations: | 2026 | 2025 | 2025 | ||||||||||||||
| Net income (loss) from continuing operations | $ | 4,684 | $ | (2,249) | $ | (12,339) | |||||||||||
| Depreciation, depletion, amortization and accretion | 3,470 | 2,083 | 2,631 | ||||||||||||||
| (Gains) loss on disposal of assets, net | (674) | (3,472) | 304 | ||||||||||||||
| Stock based compensation | — | 211 | — | ||||||||||||||
| Interest income, net, inclusive of related parties | (514) | (85) | (558) | ||||||||||||||
| Unrealized gain on marketable securities, net | (7,103) | — | (28) | ||||||||||||||
| Other expense, net | 609 | 333 | 1,144 | ||||||||||||||
| Provision for income taxes | 1,455 | 838 | 2,043 | ||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 1,927 | $ | (2,341) | $ | (6,803) | |||||||||||
9
FAQ
How did Mammoth Energy Services (TUSK) perform financially in Q1 2026?
Mammoth Energy reported Q1 2026 revenue from continuing operations of $22.0 million and net income from continuing operations of $4.7 million, or $0.10 per diluted share, compared with a loss in the prior-year period.
What happened to Mammoth Energy Services (TUSK) Adjusted EBITDA in Q1 2026?
Adjusted EBITDA from continuing operations improved to $1.9 million in Q1 2026, compared with $(2.3) million in Q1 2025 and $(6.8) million in Q4 2025, reflecting better segment performance and cost controls.
Which segments drove Mammoth Energy Services (TUSK) Q1 2026 results?
The rental services segment was the main growth driver, contributing $13.0 million of revenue, largely from a $10.0 million aviation revenue increase that included a $6.5 million auxiliary power unit sale.
What is Mammoth Energy Services (TUSK) liquidity position as of March 31, 2026?
As of March 31, 2026, Mammoth held $92.7 million in unrestricted cash and cash equivalents, $32.4 million in marketable securities, and had $45.0 million of available borrowing capacity under its revolving credit facility.
What guidance did Mammoth Energy Services (TUSK) provide for 2026?
Management raised its 2026 outlook and now expects to reach full-year positive Adjusted EBITDA in 2026, citing portfolio simplification, cost reductions, and improved operational performance across key segments.