Form 8-K

8-K — MAMMOTH ENERGY SERVICES, INC.

Accession: 0001628280-26-033142

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001679268

SIC: 1389 (OIL, GAS FIELD SERVICES, NBC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tusk-20260511.htm (Primary)

EX-99.1 (a2026-03x31exx991.htm)

GRAPHIC (imagea.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: tusk-20260511.htm · Sequence: 1

tusk-20260511

0001679268FALSE00016792682026-05-112026-05-11

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

Mammoth Energy Services, Inc.

(Exact name of registrant as specified in its charter)

001-37917

(Commission File No.)

Delaware 32-0498321

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

14201 Caliber Drive, Suite 300

Oklahoma City, Oklahoma (405) 608-6007 73134

(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 class Trading Symbol(s) Name of each exchange on which registered

Common Stock TUSK The 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 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:

May 11, 2026

By: /s/ Mark Layton

Mark Layton

Chief Financial Officer and Secretary

EX-99.1

Filename: a2026-03x31exx991.htm · Sequence: 2

Document

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.

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

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.

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

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

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

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)

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)

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Entity File Number

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Entity Incorporation, State or Country Code

Entity Tax Identification Number

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Entity Address, Address Line One

14201 Caliber Drive,

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Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

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No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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