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

OKLAHOMA CITY, Aug. 7, 2026 /PRNewswire/ -- 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.

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

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 [email protected].

About Mammoth Energy Services, Inc.
We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the oil and natural gas, aviation and utility infrastructure industries. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services segment provides fiber optic services to the utility infrastructure industry. Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing. Our accommodation services provide housing, kitchen and dining, and recreational service facilities for workers located in remote areas away from readily available lodging. Our drilling services segment provides directional drilling to oilfield operators. For more information, please visit www.mammothenergy.com.

Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as "may," "will," "could," "should," "expect," "anticipate," "plan," "intend," "believe," "estimate," "project," "forecast," "target," "continue," "potential," or similar expressions, and the negative thereof. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's expectations, plans, objectives, strategies, business outlook, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. Forward-looking statements include, without limitation, the Company's 2026 outlook, including expected revenue growth, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance.

These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, actual outcomes and results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, among others:

• the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC, Python Equipment LLC and Aquawolf LLC, and the equipment previously used in our hydraulic fracturing business;

• general economic, financial and industry conditions, including inflation, commodity price volatility and fluctuations in customer spending and capital expenditure activity;

• conditions in the energy, infrastructure, aviation, rental equipment and natural sand proppant markets that affect demand for our services and products;

• fluctuations in the value of our marketable securities portfolio and the impact of unrealized gains and losses on our reported financial results;

• our ability to execute our business strategy, successfully integrate acquired businesses, realize anticipated acquisition benefits, grow existing operations and identify additional growth opportunities;

• our ability to successfully deploy capital into aviation assets, achieve expected utilization levels and realize anticipated returns on aviation-related investments;

• the availability and cost of labor, equipment, materials, replacement parts and other operational resources;

• customer concentration, customer payment risks and our ability to collect outstanding receivables, including the timing and collectability of amounts owed by the Puerto Rico Electric Power Authority ("PREPA");

• the adequacy of our capital resources and liquidity;

• governmental actions, regulations, permitting requirements, trade policies, tariffs and other legal or regulatory developments;

• litigation, claims, investigations and other contingent liabilities;

• weather events, natural disasters, acts of war, terrorism, civil unrest, cybersecurity incidents and other events beyond our control; and

• the other risks and uncertainties described under Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026, as updated by Part II, Item 1A, "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K and other filings we make with the SEC, which are available on the SEC's website at www.sec.gov and on Mammoth's website at www.ir.mammothenergy.com.

The forward-looking statements contained in this news release speak only as of the date of this news release or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements.

MAMMOTH ENERGY SERVICES, INC.
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):

SOURCE MAMMOTH ENERGY SERVICES