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Mammoth Energy (NASDAQ: TUSK) lifts 2026 outlook after Q2 surge

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Mammoth Energy Services reported strong second-quarter 2026 growth, with revenue from continuing operations rising 110% year over year to $26.1 million and Adjusted EBITDA improving to $2.6 million. The company still recorded a net loss from continuing operations of $1.2 million, or $0.02 per diluted share, compared with a $36.5 million loss a year earlier.

Rental services, driven by aviation activity, generated $10.2 million of revenue, while sand, accommodation and drilling segments also grew versus 2025. Management raised full-year 2026 guidance, now expecting revenue growth to exceed 90% and Adjusted EBITDA margin to exceed 10%. Liquidity comprised $77.0 million of cash, cash equivalents and marketable securities and an undrawn $20.0 million revolving credit facility as of June 30, 2026.

Positive

  • Revenue from continuing operations grew 110% year over year to $26.1 million, with Adjusted EBITDA improving to $2.6 million and full-year 2026 revenue growth now expected to exceed 90% and Adjusted EBITDA margin to exceed 10%.

Negative

  • Net cash used in operating activities from continuing operations was $10,224 thousand for the six months ended June 30, 2026, while capital expenditures totaled $55,669 thousand, reducing cash, cash equivalents and restricted cash of continuing operations to $62,783 thousand.

Filing Explained

Completed acquisitions expand fiber infrastructure, while cash and securities totaled $67.9 million after six-month capital deployment.

Form 8-K reports specified material events, and this filing furnishes Mammoth’s second-quarter results while stating that the Mission Construction and BERE Rentals acquisitions were completed, expanding its fiber-infrastructure capabilities.

The acquisitions are reported as completed rather than proposed; the company also reported $55,669 thousand of capital expenditures and $5,748 thousand of business acquisitions for the six months ended June 30, 2026, representing capital deployed into operating assets and acquired businesses.

Cash, cash equivalents and marketable securities totaled $77.0 million at June 30, 2026 and $67.9 million at August 4, 2026; the revolving facility remained undrawn with $20.0 million of available capacity at both dates.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 revenue from continuing operations $26.1 million Second quarter 2026; 110% year-over-year increase vs $12.4 million in Q2 2025
Q2 2026 Adjusted EBITDA from continuing operations $2.6 million Compared to $(3.5) million in Q2 2025 and $1.9 million in Q1 2026
Net loss from continuing operations $1.2 million Q2 2026 net loss; $0.02 per diluted share vs $36.5 million loss in Q2 2025
Cash and marketable securities $77.0 million As of June 30, 2026; $50.9 million cash and cash equivalents and $26.1 million marketable securities
Total capital expenditures $43,963 thousand Three months ended June 30, 2026; primarily for aviation rental fleet and equipment purchases
Full-year 2026 revenue growth outlook >90% Management expects 2026 revenue growth to exceed 90%
Full-year 2026 Adjusted EBITDA margin outlook >10% Management expects Adjusted EBITDA margin to exceed 10% in 2026
Total assets $345,962 thousand Consolidated balance sheet total assets as of June 30, 2026
Adjusted EBITDA from continuing operations financial
"Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below)"
marketable securities financial
"fluctuations in the value of our marketable securities portfolio and the impact of unrealized gains and losses"
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.
asset retirement obligations financial
"Asset retirement obligations | | 2,777 | | | 2,759"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
forward-looking statements regulatory
"contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
stock repurchase program financial
"plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance"
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.
Revenue from continuing operations $26.1 million Increased 110% year-over-year from $12.4 million in Q2 2025
Net loss from continuing operations $1.2 million Improved from a net loss of $36.5 million in Q2 2025
Adjusted EBITDA from continuing operations $2.6 million Up from $(3.5) million in Q2 2025 and 37% higher than Q1 2026
Guidance

For full-year 2026, management expects revenue growth to exceed 90% and Adjusted EBITDA margin to exceed 10%.

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FAQ

What were Mammoth Energy (TUSK) Q2 2026 financial results?
Mammoth reported Q2 2026 revenue from continuing operations of $26.1 million, a 110% year-over-year increase, with net loss from continuing operations of $1.2 million, or $0.02 per diluted share, and Adjusted EBITDA of $2.6 million.

How did Mammoth Energy (TUSK) Q2 2026 performance compare with Q2 2025?
Revenue from continuing operations rose from $12.4 million to $26.1 million, while net loss from continuing operations improved from $36.5 million to $1.2 million. Adjusted EBITDA increased from $(3.5) million in Q2 2025 to $2.6 million in Q2 2026.

What 2026 outlook did Mammoth Energy (TUSK) provide?
Management increased its full-year 2026 outlook, now expecting revenue growth to exceed 90% and Adjusted EBITDA margin to exceed 10%. This represents the second upward adjustment to the company’s 2026 guidance during the year.

What is Mammoth Energy (TUSK)'s liquidity position as of June 30, 2026?
As of June 30, 2026, Mammoth held $50.9 million in unrestricted cash and cash equivalents and $26.1 million in marketable securities, totaling $77.0 million, with an undrawn $20.0 million revolving credit facility and $5.0 million of outstanding letters of credit.

Which segments drove Mammoth Energy (TUSK) growth in Q2 2026?
The rental services segment generated $10.2 million of revenue, up from $3.1 million a year earlier, aided by a $5.7 million increase in aviation revenue including a $2.0 million airframe and landing gear sale. Sand, accommodations and drilling segments also posted higher revenue versus Q2 2025.

How much is Mammoth Energy (TUSK) spending on capital expenditures in 2026?
Total capital expenditures from continuing operations were $43,963 thousand in Q2 2026 and $55,669 thousand for the six months ended June 30, 2026, largely directed to expanding the aviation rental fleet, equipment rentals and fiber optic fleets.
0001679268FALSE00016792682026-08-072026-08-07



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): August 7, 2026
 
Mammoth Energy Services, Inc.

(Exact name of registrant as specified in its charter)

001-37917
(Commission File No.)
Delaware32-0498321
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14201 Caliber Drive,Suite 300
Oklahoma City,Oklahoma(405)608-600773134
(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:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of The Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockTUSKThe Nasdaq Stock Market LLC
NASDAQ Global Select Market

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 August 7, 2026, Mammoth Energy Services, Inc. (the “Company”) issued a press release announcing its operational and financial results for the second quarter ended June 30, 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 7.01 Regulation FD Disclosure

On August 7, 2026, the Company posted an investor presentation to the “investors” section of its website (www.mammothenergy.com), where the Company routinely posts announcements, updates, events, investor information and presentations and recent news releases. Information on the Company's website does not constitute part of this Current Report on Form 8-K.

The information in this Item 7.01 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 August 7, 2026, entitled “Mammoth Energy Services, Inc. Announces Second Quarter 2026 Operational and Financial Results.”
104Cover 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:
August 7, 2026
By:/s/ Mark Layton
Mark Layton
Chief Financial Officer and Secretary







Exhibit 99.1

image.jpg


Mammoth Energy Services, Inc. Announces
Second Quarter 2026 Operational and Financial Results


OKLAHOMA CITY, OK – August 7, 2026 – Mammoth Energy Services, Inc. (NASDAQ: TUSK) (“Mammoth” or the “Company”) today reported financial and operational results for the second quarter ended June 30, 2026.

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 110% year over year to $26.1 million and Adjusted EBITDA increased 37% sequentially to $2.6 million. Drilling generated positive Adjusted EBITDA ahead of expectations, Sand returned to positive gross margins, and we continued to deploy capital into high-return aviation assets while completing strategic acquisitions in infrastructure services. As we enter the second half of 2026, our focus remains on disciplined execution, margin expansion and creating long-term shareholder value.”

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 $26.1 million for the second quarter of 2026 compared to $12.4 million for the second quarter of 2025 and $22.0 million for the first quarter of 2026.

Net loss from continuing operations for the second quarter of 2026 was $1.2 million, or $0.02 per diluted share, compared to net loss from continuing operations of $36.5 million, or $0.76 per diluted share, for the second quarter of 2025 and net income from continuing operations of $4.7 million, or $0.10 per diluted share, in the first quarter of 2026.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $2.6 million for the second quarter of 2026, compared to ($3.5) million for the second quarter of 2025 and $1.9 million for the first quarter of 2026.

Rental Services and Aviation Sales
Mammoth’s rental services segment contributed revenue (inclusive of inter-segment revenue) of $10.2 million for the second quarter of 2026 compared to $3.1 million for the second quarter of 2025 and $13.0 million for the first quarter of 2026. The increase in revenue compared to the prior year was primarily driven by a $5.7 million increase in aviation revenue, which included the sale of an airframe and landing gear for $2.0 million. The average number


of pieces of equipment rented to customers was 407 for the second quarter of 2026 compared to 296 during the second quarter of 2025 and 389 during the first quarter of 2026.

Natural Sand Proppant Services
Mammoth’s natural sand proppant services segment contributed revenue of $8.0 million for the second quarter of 2026 compared to $5.4 million for the second quarter of 2025 and $3.9 million for the first quarter of 2026. In the second quarter of 2026, the Company sold approximately 229,000 tons of sand at an average sales price of $21.36 per ton compared to sales of approximately 242,000 tons of sand at an average sales price of $21.41 per ton during the second quarter of 2025. Average price per ton of sand sold decreased primarily due to a shift of grade mix. In addition, freight revenue increased by approximately $2.9 million compared to second quarter of 2025. In the first quarter of 2026, sales were approximately 156,000 tons of sand at an average price of $19.49 per ton.

Accommodation Services
Mammoth’s accommodation services segment contributed revenue of $3.2 million for the second quarter of 2026 compared to $1.8 million for the second quarter of 2025 and $3.5 million for the first quarter of 2026. On average, 259 rooms were utilized for the second quarter of 2026 compared to 145 during the second quarter of 2025 and 275 during the first quarter of 2026 within the accommodations services segment.

Infrastructure Services
Mammoth’s infrastructure services segment contributed revenue of $0.9 million for the second quarter of 2026 compared to $1.4 million for the second quarter of 2025 and $0.3 million for the first quarter of 2026.

Drilling Services
Mammoth’s drilling services segment contributed revenue of $3.8 million for the second quarter of 2026 compared to $0.7 million for the second quarter of 2025 and $1.4 million for the first quarter of 2026. Drilling performance improved sequentially due to increased utilization and activity levels.

Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense was $4.2 million for the second quarter of 2026 compared to $5.0 million for the second quarter of 2025 and $3.6 million for the first quarter of 2026.
Liquidity
As of June 30, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $50.9 million and marketable securities of $26.1 million. As of June 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 June 30, 2026, Mammoth had cash, cash equivalents and marketable securities of $77.0 million.
As of August 4, 2026, Mammoth had unrestricted cash on hand of $40.4 million, marketable securities of $27.5 million, no outstanding borrowings under its revolving credit facility. As of August 4, 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 August 4, 2026, Mammoth had cash, cash equivalents and marketable securities of $67.9 million.

2

Capital Expenditures
The following table summarizes Mammoth’s capital expenditures from continuing operations by segment for the periods indicated (in thousands):
Three Months EndedSix Months Ended
June 30,March 31,June 30,
20262025202620262025
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.

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, 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
3

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.
4
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

ASSETSJune 30,December 31,
20262025
CURRENT ASSETS(in thousands, except share data)
Cash and cash equivalents$50,869 $101,987 
Marketable securities26,150 19,635 
Restricted cash11,914 12,085 
Accounts receivable, net39,402 28,934 
Inventories11,043 4,083 
Current assets held for sale2,227 4,287 
Other current assets3,066 4,619 
Current assets of discontinued operations1,334 1,518 
Total current assets146,005 177,148 
Property, plant and equipment, net149,909 106,097 
Sand reserves, net39,369 39,613 
Operating lease right-of-use assets3,518 2,591 
Goodwill1,462 — 
Other non-current assets5,693 5,767 
Noncurrent assets of discontinued operations6 3,678 
Total assets$345,962 $334,894 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$11,557 $9,327 
Accrued expenses and other current liabilities19,875 18,336 
Current operating lease liabilities2,359 2,071 
Income taxes payable41,421 39,899 
Current liabilities of discontinued operations298 383 
Total current liabilities75,510 70,016 
Deferred income tax liabilities3,345 2,430 
Long-term operating lease liabilities1,617 1,375 
Asset retirement obligations2,777 2,759 
Other long-term liabilities324 26 
Total liabilities83,573 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 June 30, 2026 and December 31, 2025, respectively
481 483 
Additional paid-in capital540,848 540,841 
Accumulated deficit(274,619)(279,046)
Accumulated other comprehensive loss(4,321)(3,990)
Total equity262,389 258,288 
Total liabilities and equity$345,962 $334,894 


5
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)


Three Months EndedSix Months Ended
June 30,March 31,June 30,
20262025202620262025
(in thousands, except per share amounts)
REVENUE
Services revenue$15,882 $6,402 $11,170 $27,052 $11,216 
Services revenue - related parties197 575 496 694 652 
Product revenue9,975 5,376 10,364 20,339 12,115 
Total revenue26,054 12,353 22,030 48,085 23,983 
COST, EXPENSES AND GAINS
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $3,958, $1,414, $3,041, $6,999 and $2,621 for the three months ended June 30, 2026, June 30, 2025, and March 31, 2026 and six months ended June 30, 2026 and 2025, respectively)
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, amortization and accretion of $676, $1,413, $429, $1,105 and $2,289 for the three months ended June 30, 2026, June 30, 2025, and March 31, 2026 and six months ended June 30, 2026 and 2025, respectively)
9,713 5,263 10,253 19,966 10,738 
Selling, general and administrative4,232 4,958 3,596 7,828 9,074 
Depreciation, depletion, amortization and accretion4,634 2,827 3,470 8,104 4,910 
Gains on disposal of assets, net(4,641)(1,077)(674)(5,316)(4,549)
Impairment of long-lived assets— 31,669 — — 31,669 
Total cost, expenses and gains, net23,426 49,480 22,899 46,324 62,273 
Operating income (loss)2,628 (37,127)(869)1,761 (38,290)
OTHER INCOME (EXPENSE)
Interest (expense) income, net(784)298 514 (270)383 
(Loss) gain on marketable securities, net(1,116)— 7,103 5,987 — 
Other expense, net(73)(628)(609)(682)(960)
Total other (expense) income, net(1,973)(330)7,008 5,035 (577)
Income (loss) before income taxes655 (37,457)6,139 6,796 (38,867)
Provision (benefit) for income taxes1,853 (934)1,455 3,309 (97)
Net (loss) income from continuing operations(1,198)(36,523)4,684 3,487 (38,770)
Net income from discontinued operations, net of income taxes438 45,371 503 940 47,081 
Net (loss) income$(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 $(0.80)
Net income per share from discontinued operations, basic and diluted0.01 0.94 0.01 0.02 0.98 
Net (loss) income per share, basic and diluted$(0.01)$0.18 $0.11 $0.09 $0.18 
Weighted average number of shares outstanding, basic and diluted48,164 48,225 48,330 48,247 48,188 

6
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Six Months Ended
June 30,
20262025
(in thousands)
Cash flows from operating activities:
Net income$4,427 $8,311 
Less: Net income from discontinued operations, net of income taxes940 47,081 
Net income (loss) from continuing operations3,487 (38,770)
Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities:
Stock based compensation— 412 
Depreciation, depletion, amortization and accretion8,104 4,910 
Amortization of debt origination costs1,432 354 
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)— 
Other1,750 (1,839)
Changes in assets and liabilities:
Accounts receivable, net(9,331)(702)
Inventories(6,960)531 
Other current assets532 3,271 
Accounts payable187 (1,588)
Accrued expenses and other liabilities1,273 (4,893)
Income taxes payable1,535 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 operations200 (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 equipment8,383 4,942 
Proceeds from sale of aviation equipment8,500 — 
Purchases of marketable securities(7,929)— 
Distributions received from publicly traded limited partnerships665 — 
Proceeds from sale of marketable securities6,736 — 
Net cash used in investing activities from continuing operations(45,062)(22,392)
Net cash provided by investing activities from discontinued operations4,581 111,258 
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 period114,124 82,326 
Cash, cash equivalents and restricted cash at end of period62,838 157,391 
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period55 88 
Cash, cash equivalents and restricted cash of continuing operations$62,783 $157,303 

7
MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)
Three Months Ended June 30, 2026RentalsInfrastructureSandAccommodationsDrillingCorporate, Other & EliminationsTotal
Revenue from external and related party customers$10,115 $940 $7,975 $3,202 $3,822 $— $26,054 
Intersegment revenue108 — — — — (108)— 
Total revenue10,223 940 7,975 3,202 3,822 (108)26,054 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion4,722 1,540 7,713 2,118 2,972 136 19,201 
Selling, general and administrative, exclusive of stock based compensation1,775 290 685 288 230 964 4,232 
Adjusted EBITDA$3,726 $(890)$(423)$796 $620 $(1,208)$2,621 
Three Months Ended June 30, 2025RentalsInfrastructureSandAccommodationsDrillingCorporate, Other & EliminationsTotal
Revenue from external and related party customers$3,078 $1,389 $5,376 $1,767 $743 $— $12,353 
Intersegment revenue28 — — — — (28)— 
Total revenue3,106 1,389 5,376 1,767 743 (28)12,353 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties1,567 1,355 5,262 1,242 758 919 11,103 
Selling, general and administrative, exclusive of stock based compensation1,121 203 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, 2026RentalsInfrastructureSandAccommodationsDrillingCorporate, Other & EliminationsTotal
Revenue from external and related party customers$12,935 $269 $3,864 $3,541 $1,421 $— $22,030 
Intersegment revenue32 — — — — (32)— 
Total revenue12,967 269 3,864 3,541 1,421 (32)22,030 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion8,060 511 4,455 2,138 1,192 151 16,507 
Selling, general and administrative, exclusive of stock based compensation1,268 186 853 332 251 706 3,596 
Adjusted EBITDA$3,639 $(428)$(1,444)$1,071 $(22)$(889)$1,927 

8
MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)

Six Months Ended June 30, 2026RentalsInfrastructureSandAccommodationsDrillingCorporate, Other & EliminationsTotal
Revenue from external and related party customers$23,050 $1,208 $11,839 $6,743 $5,245 $— $48,085 
Intersegment revenue140 — — — — (140)— 
Total revenue23,190 1,208 11,839 6,743 5,245 (140)48,085 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion12,781 2,051 12,168 4,257 4,164 287 35,708 
Selling, general and administrative, exclusive of stock based compensation3,043 476 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, 2025RentalsInfrastructureSandAccommodationsDrillingCorporate, Other & EliminationsTotal
Revenue from external and related party customers$4,994 $2,102 $12,115 $3,847 $925 $— $23,983 
Intersegment revenue38 — — — — (38)— 
Total revenue5,032 2,102 12,115 3,847 925 (38)23,983 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties2,984 2,229 10,738 2,673 1,154 1,391 21,169 
Selling, general and administrative, exclusive of stock based compensation1,488 323 2,816 796 420 2,819 8,662 
Adjusted EBITDA$560 $(450)$(1,439)$378 $(649)$(4,248)$(5,848)




9
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 EndedSix Months Ended
June 30,March 31,June 30,
Reconciliation of net (loss) income from continuing operations to Adjusted EBITDA from continuing operations:20262025202620262025
Net (loss) income from continuing operations$(1,198)$(36,523)$4,684 $3,487 $(38,770)
Depreciation, depletion, amortization and accretion4,634 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 compensation544 — — 544 — 
Stock based compensation— 200 — — 412 
Interest expense (income), net784 (298)(514)270 (383)
Loss (gain) on marketable securities, net1,116 — (7,103)(5,987)— 
Other (income) expense, net(471)628 609 138 960 
Provision (benefit) for income taxes1,853 (934)1,455 3,309 (97)
Adjusted EBITDA from continuing operations$2,621 $(3,508)$1,927 $4,549 $(5,848)




10

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