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:
Updated 2026 Outlook:
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):
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
2026
2025
2026
2026
2025
Rental services (a)
$ 41,213
$ 26,821
$ 9,335
$ 50,548
$ 26,940
Infrastructure services (b)
900
—
1,935
2,835
110
Natural sand proppant services (c)
1,001
—
235
1,236
93
Accommodation services (c)
158
58
201
359
75
Drilling services (c)
691
19
—
691
116
Total capital expenditures
$ 43,963
$ 26,898
$ 11,706
$ 55,669
$ 27,334
(a)
Capital expenditures primarily for expansion of our aviation rental fleet and equipment rental purchases for the periods presented.
(b)
Capital expenditures primarily for our fiber optic fleets for the periods presented.
(c)
Capital expenditures primarily for equipment for the periods presented.
Conference Call Information
Mammoth will host a conference call on Friday, August 7, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its second quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to [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 forward-looking statements contained in this news release speak only as of the date of this news release or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements.
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
ASSETS
June 30,
December 31,
2026
2025
CURRENT ASSETS
(in thousands, except share data)
Cash and cash equivalents
$ 50,869
$ 101,987
Marketable securities
26,150
19,635
Restricted cash
11,914
12,085
Accounts receivable, net
39,402
28,934
Inventories
11,043
4,083
Current assets held for sale
2,227
4,287
Other current assets
3,066
4,619
Current assets of discontinued operations
1,334
1,518
Total current assets
146,005
177,148
Property, plant and equipment, net
149,909
106,097
Sand reserves, net
39,369
39,613
Operating lease right-of-use assets
3,518
2,591
Goodwill
1,462
—
Other non-current assets
5,693
5,767
Noncurrent assets of discontinued operations
6
3,678
Total assets
$ 345,962
$ 334,894
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$ 11,557
$ 9,327
Accrued expenses and other current liabilities
19,875
18,336
Current operating lease liabilities
2,359
2,071
Income taxes payable
41,421
39,899
Current liabilities of discontinued operations
298
383
Total current liabilities
75,510
70,016
Deferred income tax liabilities
3,345
2,430
Long-term operating lease liabilities
1,617
1,375
Asset retirement obligations
2,777
2,759
Other long-term liabilities
324
26
Total liabilities
83,573
76,606
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $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 capital
540,848
540,841
Accumulated deficit
(274,619)
(279,046)
Accumulated other comprehensive loss
(4,321)
(3,990)
Total equity
262,389
258,288
Total liabilities and equity
$ 345,962
$ 334,894
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
2026
2025
2026
2026
2025
(in thousands, except per share amounts)
REVENUE
Services revenue
$ 15,882
$ 6,402
$ 11,170
$ 27,052
$ 11,216
Services revenue - related parties
197
575
496
694
652
Product revenue
9,975
5,376
10,364
20,339
12,115
Total revenue
26,054
12,353
22,030
48,085
23,983
COST, EXPENSES AND GAINS
Services cost of revenue (exclusive of depreciation, depletion,
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 administrative
4,232
4,958
3,596
7,828
9,074
Depreciation, depletion, amortization and accretion
4,634
2,827
3,470
8,104
4,910
Gains on disposal of assets, net
(4,641)
(1,077)
(674)
(5,316)
(4,549)
Impairment of long-lived assets
—
31,669
—
—
31,669
Total cost, expenses and gains, net
23,426
49,480
22,899
46,324
62,273
Operating income (loss)
2,628
(37,127)
(869)
1,761
(38,290)
OTHER INCOME (EXPENSE)
Interest (expense) income, net
(784)
298
514
(270)
383
(Loss) gain on marketable securities, net
(1,116)
—
7,103
5,987
—
Other expense, net
(73)
(628)
(609)
(682)
(960)
Total other (expense) income, net
(1,973)
(330)
7,008
5,035
(577)
Income (loss) before income taxes
655
(37,457)
6,139
6,796
(38,867)
Provision (benefit) for income taxes
1,853
(934)
1,455
3,309
(97)
Net (loss) income from continuing operations
(1,198)
(36,523)
4,684
3,487
(38,770)
Net income from discontinued operations, net of income taxes
438
45,371
503
940
47,081
Net (loss) income
$ (760)
$ 8,848
$ 5,187
$ 4,427
$ 8,311
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment
$ (213)
$ 478
$ (118)
$ (331)
$ 497
Other comprehensive (loss) income
(213)
478
(118)
(331)
497
Comprehensive (loss) income
$ (973)
$ 9,326
$ 5,069
$ 4,096
$ 8,808
Net (loss) income per share from continuing operations, basic and diluted
$ (0.02)
$ (0.76)
$ 0.10
$ 0.07
$ (0.80)
Net income per share from discontinued operations, basic and diluted
0.01
0.94
0.01
0.02
0.98
Net (loss) income per share, basic and diluted
$ (0.01)
$ 0.18
$ 0.11
$ 0.09
$ 0.18
Weighted average number of shares outstanding, basic and diluted
48,164
48,225
48,330
48,247
48,188
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended
June 30,
2026
2025
(in thousands)
Cash flows from operating activities:
Net income
$ 4,427
$ 8,311
Less: Net income from discontinued operations, net of income taxes
940
47,081
Net income (loss) from continuing operations
3,487
(38,770)
Adjustments to reconcile net income (loss) from continuing operations to net cash used in
operating activities:
Stock based compensation
—
412
Depreciation, depletion, amortization and accretion
8,104
4,910
Amortization of debt origination costs
1,432
354
Gains on disposal of assets, net
(5,316)
(4,549)
Gains from sale of aviation equipment
(700)
—
Gains from sales of equipment damaged or lost down-hole
(230)
—
Impairment of long-lived assets
—
31,669
Gain on marketable securities, net
(5,987)
—
Other
1,750
(1,839)
Changes in assets and liabilities:
Accounts receivable, net
(9,331)
(702)
Inventories
(6,960)
531
Other current assets
532
3,271
Accounts payable
187
(1,588)
Accrued expenses and other liabilities
1,273
(4,893)
Income taxes payable
1,535
3,440
Net cash used in operating activities from continuing operations
(10,224)
(7,754)
Net cash provided by (used in) operating activities from discontinued operations
200
(2,059)
Net cash used in operating activities
(10,024)
(9,813)
Cash flows from investing activities:
Purchases of property, plant and equipment
(55,669)
(27,334)
Business acquisitions, net of cash transferred
(5,748)
—
Proceeds from disposal of property, plant and equipment
8,383
4,942
Proceeds from sale of aviation equipment
8,500
—
Purchases of marketable securities
(7,929)
—
Distributions received from publicly traded limited partnerships
665
—
Proceeds from sale of marketable securities
6,736
—
Net cash used in investing activities from continuing operations
(45,062)
(22,392)
Net cash provided by investing activities from discontinued operations
4,581
111,258
Net cash (used in) provided by investing activities
(40,481)
88,866
Cash flows from financing activities:
Principal payments on finance leases and equipment financing notes
(136)
(253)
Common stock repurchased and retired
(534)
—
Net cash used in financing activities from continuing operations
(670)
(253)
Net cash used in financing activities from discontinued operations
—
(3,848)
Net cash used in financing activities
(670)
(4,101)
Effect of foreign exchange rate on cash
(111)
113
Net (decrease) increase in cash, cash equivalents and restricted cash
(51,286)
75,065
Cash, cash equivalents and restricted cash at beginning of period
114,124
82,326
Cash, cash equivalents and restricted cash at end of period
62,838
157,391
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period
55
88
Cash, cash equivalents and restricted cash of continuing operations
$ 62,783
$ 157,303
MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)
Three Months Ended June 30, 2026
Rentals
Infrastructure
Sand
Accommodations
Drilling
Corporate,
Other &
Eliminations
Total
Revenue from external and related party
customers
$ 10,115
$ 940
$ 7,975
$ 3,202
$ 3,822
$ —
$ 26,054
Intersegment revenue
108
—
—
—
—
(108)
—
Total revenue
10,223
940
7,975
3,202
3,822
(108)
26,054
Less expenses:
Cost of revenue, exclusive of depreciation,
depletion, amortization and accretion
4,722
1,540
7,713
2,118
2,972
136
19,201
Selling, general and administrative,
exclusive of stock based compensation
1,775
290
685
288
230
964
4,232
Adjusted EBITDA
$ 3,726
$ (890)
$ (423)
$ 796
$ 620
$ (1,208)
$ 2,621
Three Months Ended June 30, 2025
Rentals
Infrastructure
Sand
Accommodations
Drilling
Corporate,
Other &
Eliminations
Total
Revenue from external and related party
customers
$ 3,078
$ 1,389
$ 5,376
$ 1,767
$ 743
$ —
$ 12,353
Intersegment revenue
28
—
—
—
—
(28)
—
Total revenue
3,106
1,389
5,376
1,767
743
(28)
12,353
Less expenses:
Cost of revenue, exclusive of depreciation,
depletion, amortization and accretion,
inclusive of related parties
1,567
1,355
5,262
1,242
758
919
11,103
Selling, general and administrative,
exclusive of stock based compensation
1,121
203
1,386
407
210
1,431
4,758
Adjusted EBITDA
$ 418
$ (169)
$ (1,272)
$ 118
$ (225)
$ (2,378)
$ (3,508)
Three Months Ended March 31, 2026
Rentals
Infrastructure
Sand
Accommodations
Drilling
Corporate,
Other &
Eliminations
Total
Revenue from external and related party
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
MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)
Six Months Ended June 30, 2026
Rentals
Infrastructure
Sand
Accommodations
Drilling
Corporate,
Other &
Eliminations
Total
Revenue from external and related party customers
$ 23,050
$ 1,208
$ 11,839
$ 6,743
$ 5,245
$ —
$ 48,085
Intersegment revenue
140
—
—
—
—
(140)
—
Total revenue
23,190
1,208
11,839
6,743
5,245
(140)
48,085
Less expenses:
Cost of revenue, exclusive of depreciation,
depletion, amortization and accretion
12,781
2,051
12,168
4,257
4,164
287
35,708
Selling, general and administrative,
exclusive of stock based compensation
3,043
476
1,538
620
482
1,669
7,828
Adjusted EBITDA
$ 7,366
$ (1,319)
$ (1,867)
$ 1,866
$ 599
$ (2,096)
$ 4,549
Six Months Ended June 30, 2025
Rentals
Infrastructure
Sand
Accommodations
Drilling
Corporate,
Other &
Eliminations
Total
Revenue from external and related party customers
$ 4,994
$ 2,102
$ 12,115
$ 3,847
$ 925
$ —
$ 23,983
Intersegment revenue
38
—
—
—
—
(38)
—
Total revenue
5,032
2,102
12,115
3,847
925
(38)
23,983
Less expenses:
Cost of revenue, exclusive of depreciation,
depletion, amortization and accretion, inclusive of related parties
2,984
2,229
10,738
2,673
1,154
1,391
21,169
Selling, general and administrative, exclusive of
stock based compensation
1,488
323
2,816
796
420
2,819
8,662
Adjusted EBITDA
$ 560
$ (450)
$ (1,439)
$ 378
$ (649)
$ (4,248)
$ (5,848)
MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA from Continuing Operations
Adjusted EBITDA from continuing operations is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA from continuing operations as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long lived assets, equity based compensation, stock based compensation, interest expense (income), net, (loss) gain on marketable securities, net, other (income) expense, net and provision for income taxes. We exclude the items listed above from net income (loss) from continuing operations in arriving at Adjusted EBITDA from continuing operations because these amounts can vary substantially from company to company within our industries depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA from continuing operations should not be considered as an alternative to, or more meaningful than, net income (loss) from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA from continuing operations are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historical costs of depreciable assets, none of which are components of Adjusted EBITDA from continuing operations. Our computations of Adjusted EBITDA from continuing operations may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA from continuing operations is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.
The following tables provide a reconciliation of Adjusted EBITDA from continuing operations to net income (loss) from continuing operations, the most directly comparable GAAP financial measure for the specified periods (in thousands):
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
Reconciliation of net (loss) income from continuing
operations to Adjusted EBITDA from continuing
operations:
2026
2025
2026
2026
2025
Net (loss) income from continuing operations
$ (1,198)
$ (36,523)
$ 4,684
$ 3,487
$ (38,770)
Depreciation, depletion, amortization and accretion
4,634
2,827
3,470
8,104
4,910
Gains on disposal of assets, net
(4,641)
(1,077)
(674)
(5,316)
(4,549)
Impairment of long-lived assets
—
31,669
—
—
31,669
Equity based compensation
544
—
—
544
—
Stock based compensation
—
200
—
—
412
Interest expense (income), net
784
(298)
(514)
270
(383)
Loss (gain) on marketable securities, net
1,116
—
(7,103)
(5,987)
—
Other (income) expense, net
(471)
628
609
138
960
Provision (benefit) for income taxes
1,853
(934)
1,455
3,309
(97)
Adjusted EBITDA from continuing operations
$ 2,621
$ (3,508)
$ 1,927
$ 4,549
$ (5,848)
SOURCE MAMMOTH ENERGY SERVICES