TUSK

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by broad-based growth across sand, drilling, and infrastructure, alongside expanding recurring rental revenue from aviation and equipment leasing. The Rentals segment saw meaningful sequential revenue growth from higher utilization and asset deployment, despite a headline decline caused by the non-linear nature of aviation asset sales. Management emphasized a return-focused strategy for aviation, choosing to sell assets like airframes while retaining high-return components like engines for leasing. The Drilling segment achieved positive adjusted EBITDA ahead of schedule due to utilization more than doubling quarter-over-quarter as Permian activity firmed. Infrastructure growth was bolstered by the acquisition of two fiber optic service providers, marking the company's first operating business acquisitions in eight years. Sand segment performance improved due to record natural gas demand in the Montney basin, leading to positive gross margins and narrowed EBITDA losses. A significantly lower cost structure compared to the prior year has allowed the company to reach double-digit adjusted EBITDA margins a full year ahead of initial projections. Full-year 2026 revenue growth guidance was raised to greater than 90%, reflecting the contribution of newly acquired assets and broad-based operational execution. Management expects adjusted EBITDA margins to exceed 10% for the full year, representing the second upward revision in five months. The second-half outlook is based entirely on recurring operating revenue and excludes potential aviation asset sales, which would represent upside to current guidance. Strategic focus for the remainder of the year includes integrating new fiber acquisitions and placing 11 recently acquired aviation assets on lease. Sand segment results are expected to be much stronger in the second half of 2026, supported by firming volumes and new supply agreement conversations for 2027. Invested approximately $50 million in capital during the quarter, including $44 million in deployment and $6.5 million for two infrastructure acquisitions. The company remains completely debt-free with $77 million in combined cash and marketable securities as of quarter-end. Aviation fleet growth outpaced lease placement during the quarter, creating a natural lag that management expects to resolve as assets are moved to active status. Share repurchases remain opportunistic but are currently secondary to high-return capital deployment opportunities in the aviation and equipment rental businesses. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is seeing firming volumes through Q3 and is engaged in encouraging conversations regarding supply agreements for the back half of 2026 and 2027. Capital is being deployed to the sand business specifically to reduce fixed costs and improve gross margins on a go-forward basis. Tightness in equipment availability is positively impacting pricing, a trend management expects to continue in the short term. The company is leveraging its debt-free balance sheet to move quickly and 'get front in line' to acquire desirable equipment despite industry-wide delays. Current pipeline includes over $40 million in actionable aviation deals with attractive return profiles and $15 million for other operating businesses. Management believes the company is nearing a free cash flow positive inflection point as the aviation portfolio scales and drilling/sand margins improve. The Board views the current share price as trading below tangible book value and the value of the aviation portfolio. Repurchase activity is currently limited by trading windows and volume restrictions, as well as the prioritization of high-return aviation investments.

This article first appeared on GuruFocus. Total Revenue: $26.1 million, up 19% sequentially and 110% year-over-year. Adjusted EBITDA: $2.6 million, up 37% sequentially, compared to a loss of $3.5 million in Q2 2025. Adjusted EBITDA Margin: 10%, well ahead of plan. Net Loss from Continuing Operations: $1.2 million, or $0.02 per diluted share, compared to net income of $4.7 million in Q1 2026 and a net loss of $36.5 million in Q2 2025. Rental Segment Revenue: $10.2 million, down 22% sequentially but up 229% year-over-year. Rental Segment Adjusted EBITDA: $3.7 million, up 3% sequentially, at a 36% margin. Accommodations Segment Revenue: $3.2 million, down 9% sequentially but up 78% year-over-year. Drilling Segment Revenue: $3.8 million, up 171% sequentially and 443% year-over-year. Sand Segment Revenue: $8 million, up 105% sequentially and 48% year-over-year. Infrastructure Segment Revenue: $0.9 million, up sequentially. SG&A Expense: $4.2 million in Q2, compared to $3.6 million in Q1. Capital Expenditures: $44 million in the quarter, with approximately $41.2 million into rentals. Cash and Cash Equivalents: $50.9 million, with marketable securities of $26.1 million, totaling $77 million. Share Repurchases: Approximately 43,000 shares at an average price of $2.99 per share. Sand Volume: Approximately 229,000 tons sold, up from roughly 156,000 tons in Q1. Sand Average Price per Ton: $21.36, compared to $19.49 in Q1. Equipment Rental Fleet: Average pieces on rent increased to 407 from 389 in Q1. Aviation Fleet: Ended the quarter with 38 assets, up from 27 at the end of Q1, with 23 generating revenue on lease. Warning! GuruFocus has detected 5 Warning Signs with TUSK. Is TUSK fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Mammoth Energy Services Inc (NASDAQ:TUSK) delivered a strong second quarter with revenue of $26.1 million, up 19% sequentially and 110% year-over-year, and achieved a second consecutive quarter of positive adjusted EBITDA with margins of 10%. The company raised its full-year 2026 guidance for the second time in five months, now expecting revenue growth of greater than 90% and adjusted EBITDA margins in excess of 10%, ahead of its original timeline. The drilling segment turned adjusted EBITDA positive, and the sand segment saw gross margin turn positive, with sand volumes up 47% sequentially and average price per ton improving to $21.36. Mammoth Energy Services Inc (NASDAQ:TUSK) completed its first acquisitions of operating businesses in eight years, acquiring Mission Construction and BRE Rentals to expand its fiber optic services, with integration progressing well. The company remains debt-free with $77 million in cash and marketable securities, and deployed $50 million in capital during the quarter, including a Boeing 747 package where it retained high-returning engines and sold the airframe for $2 million. Aviation leasing and equipment rental activity continued to grow, with the aviation fleet expanding to 38 assets and equipment rental pieces on rent increasing to 407, driving strong sequential revenue growth in these areas. Mammoth Energy Services Inc (NASDAQ:TUSK) reported a net loss from continuing operations of $1.2 million in the second quarter, a sequential decline from net income of $4.7 million in the first quarter. Rental segment revenue declined 22% sequentially due to a $4.5 million drop in aviation asset sale revenue, which was close to cost basis and not forecasted, creating volatility in revenue. The sand segment still reported negative adjusted EBITDA, though the loss narrowed by 71% sequentially, and the company is nearing capacity with current staffing, limiting near-term volume growth without adding shifts. Infrastructure segment revenue remained down year-over-year as the operational reset continues, with only three weeks of contribution from the newly acquired fiber businesses in the quarter. SG&A expenses increased to $4.2 million in the second quarter, driven partly by $0.3 million in transaction costs related to aviation fleet growth, and the company faces limitations on share repurchases due to trading windows and volume constraints. The company's capital deployment in aviation, with over $100 million invested, has not yet translated to consistent free cash flow positivity, and the pace of lease placement lags asset acquisitions, creating a timing gap. Q: Could you provide more detail on what you're seeing on the volume and price side for the sand business heading into the back half of 2026, and are you having conversations on 2027 supply agreements? A: Mark Layton (CFO) stated that the company is seeing increasing demand in terms of volume, with a slight shift in late Q2 relative to coarse-grade sands. They expect firming volumes throughout Q3 and into the remainder of the year. They are also having encouraging conversations with customers for the back half of '26 and into '27 regarding supply agreements. The company is focused on margin improvement and deploying CapEx to benefit gross margins on a go-forward basis. Q: How close are you to your effective capacity in the sand business today given your current staffing and volumes? A: Mark Layton (CFO) noted that with current staffing, the company is nearing capacity. However, they have the capability to add shifts and personnel, which would meaningfully increase capacity on a go-forward basis. Q: Can you discuss what you're seeing in the equipment rental business, particularly regarding market tightness and any changes in customer conversations? A: Bernard Lancaster (COO) confirmed there is definite tightening in the market, with delays in finding and purchasing equipment. This is starting to positively impact pricing, and he believes this trend will continue in the short term. Q: Have you seen any supply chain disruptions in your business lines, and if so, how are you mitigating them? A: Bernard Lancaster (COO) stated that internally, they haven't seen a lot of disruptions, but they are trying to get ahead of them by purchasing equipment when available. Mark Layton (CFO) added that the company's clean balance sheet and liquidity allow them to move quickly and deploy capital to get in front of the line to acquire equipment with desirable returns. Q: Can you provide more color on how the Board thinks about attractive price points for share repurchases, considering the trade-off with CapEx investments? A: Mark Layton (CFO) explained that the Board views the current share price as trading below the company's intrinsic value, citing tangible book value and the value of cash, marketable securities, and the aviation portfolio. However, repurchases are opportunistic and were deprioritized in Q2 due to significant capital deployment in aviation. He also noted limitations based on trading windows and volume constraints. Q: Is there a governor or limit on the volume of shares you can repurchase? A: Mark Layton (CFO) confirmed there are limitations on trailing volume that prevent the company from purchasing above certain thresholds. They are also limited by trading windows, especially during material non-public events. Q: What are the top one or two places in your current pipeline for future investments? A: Mark Layton (CFO) stated that near term, they have about $15 million in capital to deploy across operating businesses, excluding aviation. They are seeing robust deal flow in aviation, with over $40 million in actionable deals that have attractive return profiles. They are also focusing on equipment rental assets and the fiber optic services market. Q: What is the path to the company becoming free cash flow positive? A: Mark Layton (CFO) said the company is close to achieving positive free cash flow. They continue to scale the aviation portfolio, which is well-suited for leverage. Other segments like equipment rental, accommodations, and drilling are showing encouraging trends. While sand still has work to do on gross margin, the company is nearing the point of being overall cash flow positive. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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 SalesMammoth'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 ServicesMammoth'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 ServicesMammoth'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 ServicesMammoth'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 ServicesMammoth'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 ExpendituresThe following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands): Conference Call InformationMammoth 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 StatementsThis 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): View original content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-second-quarter-2026-operational-and-financial-results-302845964.html

Interested in Mammoth Energy Services, Inc.? Here are five stocks we like better. Strong quarterly improvement: Second-quarter revenue rose 19% sequentially and 110% year over year to $26.1 million, while adjusted EBITDA reached $2.6 million, marking the company’s second consecutive profitable quarter on that measure. 2026 outlook raised: Mammoth now expects full-year revenue growth above 90% and adjusted EBITDA margins exceeding 10%, with management saying double-digit margins would put the company about a year ahead of its prior expectations. Aviation and fiber expansion: The company invested $44 million in the quarter, bringing aviation assets deployed above $100 million, and acquired two Midwest fiber-services businesses for $6.5 million. Mammoth ended the quarter debt-free with $77 million in cash and marketable securities. Mammoth Energy Services (NASDAQ:TUSK) reported second-quarter revenue growth and a second consecutive quarter of positive adjusted EBITDA, supported by stronger activity in its sand, drilling, rental and infrastructure businesses. Management also raised its full-year outlook following substantial aviation-related capital deployment and acquisitions in the fiber optic services market. Total second-quarter revenue was $26.1 million, rising 19% from the first quarter and 110% from a year earlier. Adjusted EBITDA totaled $2.6 million, up 37% sequentially, compared with an adjusted EBITDA loss of $3.5 million in the second quarter of 2025. The company reported adjusted EBITDA margins of 10%. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth “We delivered another strong quarter,” Chief Financial Officer Mark Layton said, citing growth across sand, drilling and infrastructure, as well as expanding recurring revenue from aviation leasing and equipment rentals. Mammoth raised its 2026 outlook for the second time in five months. The company now expects full-year revenue growth of more than 90% and adjusted EBITDA margins exceeding 10%. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Layton said the outlook is based on recurring operating revenue in the second half and does not assume further aviation asset sales. First-half results included about $8.5 million in aviation asset sales, according to the company. The company previously targeted mid-teens adjusted EBITDA margins as a 2027 objective. Layton said attaining double-digit margins in 2026 would put Mammoth about a year ahead of its expectations at the beginning of the year. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Mammoth invested $44 million during the quarter, its most active period of capital deployment since beginning its aviation platform buildout. Approximately $41.2 million of capital expenditures went to rentals, almost entirely for aviation assets. The company said it now has more than $100 million deployed in its aviation portfolio. During the quarter, Mammoth acquired a Boeing 747 package that included an airframe, two installed engines, a spare engine and spare-parts inventory. The company leased the engines to a “blue-chip customer” and later sold the airframe and landing gear for $2 million, retaining what Layton described as the package’s higher-returning components. The aviation fleet ended the quarter with 38 assets, up from 27 at the end of the first quarter. Of those assets, 23 were generating lease revenue, compared with 21 in the preceding quarter. Chief Operating Officer Bernie Lancaster said the fleet additions outpaced lease placements as expected, and management expects lease placements to increase as 11 recently acquired aircraft, engines and auxiliary power units are put on lease. Management said industry demand for leased aircraft, engines and auxiliary power units remains strong amid constrained original equipment manufacturer production and maintenance capacity. Rentals: Revenue was $10.2 million, down 22% sequentially but up 229% year over year. Segment adjusted EBITDA rose 3% sequentially to $3.7 million. Layton said the revenue decline primarily reflected lower aviation asset-sale revenue, which fell to $2 million from $6.5 million in the first quarter. Asset sales in the second quarter were close to cost basis. Accommodations: Revenue totaled $3.2 million, down 9% from the first quarter and up 78% from a year earlier. Management attributed the sequential decline to normal seasonal patterns. Facility occupancy softened modestly from the prior quarter but increased more than 79% year over year. Drilling: Revenue increased 171% sequentially and 443% year over year to $3.8 million. The segment produced positive adjusted EBITDA of $0.6 million as utilization more than doubled from the first quarter. Sand: Revenue increased 105% sequentially and 48% year over year to $8 million, aided by higher volumes and freight revenue. Mammoth sold approximately 229,000 tons, compared with about 156,000 tons in the first quarter, while average pricing rose to $21.36 per ton from $19.49. Segment gross margin turned positive, while its adjusted EBITDA loss narrowed about 71% sequentially. Infrastructure: Revenue was $0.9 million, improving from a reset low in the first quarter but remaining below the prior-year level. The company said its recent acquisitions contributed for just under three weeks during the quarter. Regarding sand, Layton said Mammoth is seeing increased volume demand and firmer demand for coarse-grade sands late in the second quarter. He said the company expects firmer volumes through the third quarter and the rest of 2026, and is discussing potential supply agreements with customers for late 2026 and 2027. Mammoth is also deploying capital intended to reduce fixed costs and improve gross margin in the business. Lancaster said the equipment-rental market is showing some tightening, including delays in sourcing and purchasing equipment, which he said is beginning to support pricing. He added that supply-chain disruptions have not materially affected Mammoth so far, though the company is attempting to purchase equipment when it becomes available. On June 12, Mammoth acquired Mission Construction LLC and BERE Rentals LLC for combined cash consideration of $6.5 million. Both businesses provide fiber optic services to utility customers in the Midwest and are now part of Mammoth’s infrastructure segment. The company said the acquisitions expand its fiber equipment fleet, add experienced crews and broaden the work it can pursue. Management said integration is underway, including alignment of safety programs, project-management systems and fleet-maintenance practices. Mammoth ended the quarter debt-free, with $50.9 million in cash and cash equivalents and $26.1 million in marketable securities, totaling $77 million. It reported a net loss from continuing operations of $1.2 million, or $0.02 per diluted share, compared with net income of $4.7 million, or $0.10 per diluted share, in the first quarter. The company repurchased approximately 43,000 shares during the quarter at an average price of $2.99 per share. Layton said management weighs share repurchases against returns available from operating investments, particularly aviation opportunities. He also cited restrictions related to trading windows and trailing trading volumes. Looking ahead, Layton said Mammoth will monitor lease placements for recently acquired aviation assets, continued margin improvement in sand and drilling, and the growth pace of the infrastructure business as the acquired fiber operations are integrated. Mammoth Energy Services, Inc, headquartered in Houston, Texas, is a diversified energy services company that primarily provides hydraulic fracturing and complementary well completion and production services to oil and natural gas exploration and production companies across North America. Its core offerings include fracturing, coiled tubing, cementing, wireline, nitrogen pumping, and pressure pumping equipment, supported by proprietary fluid blends and digital monitoring systems. In addition to conventional oilfield services, the company operates a dedicated solar division—Mammoth Solar—that delivers engineering, procurement and construction (EPC) services for utility-scale and commercial solar projects. Mammoth's fracturing operations are focused on major shale plays such as the Permian Basin, Eagle Ford, Bakken, Williston Basin, and Rockies regions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Mammoth Energy Services Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

OKLAHOMA CITY, May 11, 2026 /PRNewswire/ -- 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 SalesMammoth'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 ServicesMammoth'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 ServicesMammoth'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 ServicesMammoth'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 ServicesMammoth'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 ExpenseSelling, 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. LiquidityAs 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 ExpendituresThe following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands): Conference Call InformationMammoth 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 [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 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. Forward-Looking Statements and Cautionary StatementsThis 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.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):   View original content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-first-quarter-2026-operational-and-financial-results-302767607.html

Interested in Mammoth Energy Services, Inc.? Here are five stocks we like better. Mammoth Energy Services posted a sharp first-quarter turnaround, with revenue rising to $22 million and adjusted EBITDA from continuing operations turning positive at $1.9 million for the company’s first profitable EBITDA quarter in eight periods. The rental and aviation businesses were the main growth engines, driving the rental segment’s revenue up 294% sequentially and helping management emphasize improving utilization and asset returns across the fleet. Mammoth ended the quarter debt-free with $125.1 million in cash and securities, started share buybacks, and raised its 2026 outlook to more than 60% revenue growth with full-year adjusted EBITDA now expected to be positive. Mammoth Energy Services (NASDAQ:TUSK) reported a sharp rebound in first-quarter 2026 results, with executives describing the period as an “inflection point” after several quarters of portfolio restructuring, cost reductions and operational fixes. Chief Financial Officer Mark Layton said first-quarter revenue rose to $22 million, up 90% from a year earlier and 133% sequentially. Adjusted EBITDA from continuing operations was positive $1.9 million, compared with a loss of $6.8 million in the fourth quarter of 2025 and a loss of $2.3 million in the prior-year period. Layton said it was Mammoth’s first positive adjusted EBITDA quarter in eight quarters. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Net income from continuing operations was $4.7 million, or $0.10 per diluted share, compared with a net loss of $12.3 million, or $0.26 per diluted share, in the fourth quarter of 2025. In the first quarter of 2025, the company posted a net loss from continuing operations of $2.2 million, or $0.05 per diluted share. “The pivot we’ve spent the last several quarters executing — simplifying the portfolio, redeploying capital into higher-return businesses, and rebuilding the cost structure to match the size and shape of the company we are today — is now showing up in the numbers,” Layton said. → 3 Ways to Target the Resources Powering AI and Data Centers Mammoth’s rental segment was the company’s largest contributor in the quarter. Segment revenue was $13 million, up approximately 294% sequentially and 584% year-over-year. Layton said the increase was mainly driven by a full quarter of contribution from aviation assets deployed during 2025, a $6.5 million sale of an aviation auxiliary power unit that was not on lease, and continued strength in non-aviation rentals. Layton said the APU had been purchased two quarters earlier and generated a gross internal rate of return of about 20%. He said Mammoth redeployed the proceeds into another aviation asset with what management views as a stronger return profile. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players Chief Operating Officer Bernard Lancaster said the rental segment continues to be the primary growth driver for the company. In equipment rentals, Mammoth averaged 389 pieces of equipment on rent during the quarter, compared with 328 in the fourth quarter of 2025 and 231 in the first quarter of 2025. In aviation, Lancaster said Mammoth ended the quarter with 27 assets in its fleet, 21 of which were generating revenue. He said utilization continued to improve, and the company expects further gains as additional assets are placed on lease, subject to maintenance schedules and customer delivery timing. The accommodations segment also posted gains. Revenue was $3.5 million, up approximately 25% sequentially and 67% year-over-year. Lancaster said nights on rent totaled 24,778 in the first quarter, compared with 21,384 in the fourth quarter and 16,108 a year earlier. Gross margins were approximately 40%, the highest level for the segment in five quarters. Drilling revenue rose to $1.4 million, up 180% sequentially and 600% from a year earlier, as utilization improved from low single-digit levels in the fourth quarter and the first quarter of 2025. However, Layton said margins were pressured by higher operating costs, some of which were front-loaded, particularly maintenance-related expenses. Management said it expects drilling margins to improve through the year and the segment to reach EBITDA positive in 2026. Sand segment revenue was $3.9 million, up 129% sequentially. Lancaster said Mammoth sold approximately 156,000 tons at an average price of $19.49 per ton. Layton said revenue benefited from improved volumes but was partially offset year-over-year by a lower average sales price due to a higher proportion of coarse-grade sand. Both executives said sand margins remained below expectations, with operational efficiency, pricing capture and railcar fleet rationalization remaining priorities. Infrastructure remained Mammoth’s smallest segment, producing approximately $0.3 million of revenue in the quarter. Lancaster said the new leadership team in the fiber business is implementing tighter project oversight, better cost discipline and a more selective approach to projects. Layton said Mammoth expects an EBITDA overhang in infrastructure through the first half of 2026, consistent with prior comments. During the quarter, the company invested $1.9 million in its fiber optic fleet. Layton said the demand backdrop for fiber is “compelling” and that the investment is intended to position the company to pursue work in the second half of 2026 and into 2027. Mammoth ended the quarter debt-free, with unrestricted cash, cash equivalents and marketable securities of $125.1 million. Capital expenditures totaled $11.7 million, including $9.3 million for rentals. The company acquired two APUs during the quarter for $6.6 million and, after quarter-end, deployed an additional $25.7 million to acquire six aviation engines. Layton said Mammoth expects four of those six engines to go on lease during the second quarter. The company also began repurchasing stock under a program first authorized in August 2023. Layton said Mammoth bought approximately 187,000 shares for $400,000 at an average price of $2.14 per share. The authorization allows repurchases of up to the lesser of $55 million or 10 million shares. “The dollar amount is modest relative to our liquidity, and that is intentional, but the signal is not,” Layton said, adding that management believes the company’s equity is trading at levels that do not reflect Mammoth’s cash position or asset base. Mammoth raised its 2026 outlook on both revenue and profitability. Layton said the company now expects to be adjusted EBITDA positive for the full year, one year earlier than previously communicated. The company also now expects full-year revenue growth of more than 60%, up from its prior expectation of approximately 50%. Layton said the improved outlook is being driven primarily by stronger-than-expected performance in rentals, particularly aviation, along with continued cost discipline and early benefits from operational changes made after the fourth quarter. SG&A expense was $3.6 million in the first quarter, down from $5.7 million in the fourth quarter of 2025 and $4.1 million a year earlier. Layton said Mammoth continues to target an annual SG&A run rate of approximately $11 million to $12 million. No analysts asked questions during the call. In closing remarks, Layton said the quarter showed “positive EBITDA, strong revenue growth, disciplined capital allocation, and continued progress cutting costs,” while noting that execution remains the company’s focus for the rest of the year. Mammoth Energy Services, Inc, headquartered in Houston, Texas, is a diversified energy services company that primarily provides hydraulic fracturing and complementary well completion and production services to oil and natural gas exploration and production companies across North America. Its core offerings include fracturing, coiled tubing, cementing, wireline, nitrogen pumping, and pressure pumping equipment, supported by proprietary fluid blends and digital monitoring systems. In addition to conventional oilfield services, the company operates a dedicated solar division—Mammoth Solar—that delivers engineering, procurement and construction (EPC) services for utility-scale and commercial solar projects. Mammoth's fracturing operations are focused on major shale plays such as the Permian Basin, Eagle Ford, Bakken, Williston Basin, and Rockies regions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Mammoth Energy Services Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved first positive adjusted EBITDA in eight quarters, signaling a successful pivot toward a simplified portfolio and higher-return businesses. Performance was primarily driven by the rental segment, specifically the deployment of aviation assets and improved utilization in gas-weighted basins. Aggressive cost restructuring reduced SG&A by 38% sequentially, with management targeting a long-term annual run rate of $11 million to $12 million. Accommodations segment delivered 40% gross margins, the highest in five quarters, due to strong customer activity and inherent operating leverage. Drilling and sand segments saw significant sequential revenue growth of 180% and 129% respectively, though margins remain pressured by front-loaded maintenance and pricing competition. Management executed a strategic 'buy-and-sell' approach in aviation, monetizing an APU at a 20% gross IRR to recycle capital into higher-yielding assets. Infrastructure services are undergoing an operational reset under new leadership to improve project oversight and cost discipline in the fiber optic business. Raised 2026 revenue growth guidance to greater than 60%, up from the previous 50% estimate, led by continued momentum in the rental segment. Pulled forward the timeline for full-year adjusted EBITDA profitability by one year, now expecting to be positive for the full year of 2026. Anticipates drilling segment will reach positive EBITDA in 2026 as utilization builds and front-loaded maintenance costs normalize. Expects fiber optic demand to build in the second half of 2026 and into 2027, supported by a $1.9 million investment in the fiber optic fleet. Aviation portfolio growth is expected to continue with four of six newly acquired engines slated to go on lease during the second quarter. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Initiated share repurchases for the first time since 2023, signaling management's view that the stock price does not reflect the company's $125.1 million cash position. Maintains a debt-free balance sheet with $125.1 million in liquidity to support opportunistic capital deployment and further buybacks. Identified an EBITDA overhang in the infrastructure segment for the remainder of 2026 due to the ongoing operational reset. Sand segment margins remain a risk factor as the company works through railcar lease optimization and competitive pricing in the Montney region.

Image source: The Motley Fool. Monday, May 11, 2026 at 11 a.m. ET Chief Executive Officer — Mark Layton Chief Operating Officer — Bernard Lancaster Need a quote from a Motley Fool analyst? Email [email protected] Mark Layton: Thank you, Mohammed, and good morning, everyone. I will cover first quarter results and the key themes driving the quarter's performance, then turn it over to Bernard Lancaster, our Chief Operating Officer, to walk through operational performance by segment. I will then come back to cover the financials, capital allocation, and our updated outlook for 2026, after which we will open the line for questions. The first quarter of 2026 represents a clear inflection point for Mammoth Energy Services, Inc. When we last spoke in March, we were direct about where the fourth quarter fell short. The demand was there, but our execution and cost control did not meet our expectations, and we own that. We took targeted action, and the first quarter is early proof that those actions are working. Revenue was $22 million, up 90% year-over-year and 133% sequentially. Adjusted EBITDA was positive $1.9 million, our first positive EBITDA quarter in eight quarters. The momentum we are seeing across the platform is strong enough that we are now raising our 2026 guidance on both revenue and EBITDA. I will walk through the specifics later in the call. During the first quarter, for the first time since our share repurchase program was authorized in August 2023, we began returning capital directly to shareholders, a reflection of our confidence in where this business is headed. Stepping back, the pivot we have spent the last several quarters executing—simplifying the portfolio, redeploying capital into higher-return businesses, and rebuilding the cost structure to match the size and shape of the company we are today—is now showing up in the numbers. There is more work ahead, and I will be specific about where later in the call. As reflected in the first quarter results, we are seeing early measurable proof points across multiple parts of the business that the strategy is working. Starting with revenue, growth was led by our rentals. In addition to the improved utilization, during the quarter we sold an aviation APU that we had purchased only two quarters earlier, generating a gross IRR of approximately 20%. We then redeployed the proceeds into another aviation asset where we see a strong return profile. As we said on our last call, there are assets on our balance sheet that carry value not reflected in where the stock trades. This transaction is a real-time data point on exactly that, and it reinforces the capital allocation philosophy we have articulated since we entered this business. Beyond rentals, we saw improvement across several other segments. Drilling revenue increased over 180% sequentially, sand revenue increased over 129% sequentially, and accommodations delivered another strong quarter, with revenue up 25% sequentially. The improvement in profitability was driven by a combination of higher revenue fall-through—particularly in rentals and accommodations—along with continued discipline on the cost structure, with SG&A of $3.6 million, a 38% decrease sequentially. Putting SG&A into longer perspective, we have taken our SG&A run rate from approximately $25 million in 2024 to $20 million in 2025, and we now have line of sight to an annual run rate of approximately $11 million to $12 million as the work on structural cost continues to take hold. The cost trajectory is the result of deliberate work sharing services more efficiently across the platform, and maintaining strict discipline on spend. In accommodations specifically, we generated gross margins of approximately 40%, the highest level in the past five quarters, reflecting both improved utilization and the operating leverage that comes with it. While we are encouraged by the progress, there are still areas where we see meaningful opportunities for improvement. In drilling, revenue improved significantly versus the fourth quarter; however, margins were pressured by higher operating costs, with a portion of these being front-loaded in nature, particularly on the maintenance side. As context, drilling delivered the highest gross margin in the segment's history in 2025, before timing-related items affected the fourth quarter. The first quarter saw activity rebound on that base. With utilization building, costs normalizing, and planned capital deployment improving our operating efficiency, we expect margins to expand through the year and the segment to reach EBITDA positive in 2026. In sand, while volumes and revenue improved meaningfully, margins remained below our expectations. This business is leveraged to activity in the Montney, and we expect performance to track with that market. Our internal focus continues to be on operational efficiency and pricing capture as activity increases. In infrastructure, demand—particularly for fiber—remains intact. The new leadership team we put in place is making progress, and as the operational changes take hold, we expect financial performance to improve. This is our smallest segment today, but one where we see meaningful long-term potential. What we are starting to see now are real proof points that the transformation strategy is working: a more focused portfolio, improving utilization, better capital allocation, and a cost structure aligned with the current scale of the business. With that, I will turn it over to Bernard to walk through the operational performance in more detail. Bernard Lancaster: Thanks, Mark, and good morning, everyone. When we spoke in March, I told you Q4 was a mixed quarter—pockets of real strength with execution and cost control that did not meet our standards. We own that, and we laid out the specific actions underway: top-down management changes in the fiber business, heightened project oversight, and a more strategic approach to customer and fleet mix in non-aviation rentals. The first quarter results provide early evidence that those actions are working across most of the platform. We have seen clear improvement in our operational trajectory, and the demand backdrop we outlined last quarter has held up. Let me walk through it segment by segment. Starting with rentals, this segment continues to be the primary driver of growth for the company. In equipment rentals, we had an average of 389 pieces of equipment on rent during the quarter, compared to 328 in Q4 2025 and 231 in Q1 2025. The customer and fleet mix work we discussed on the Q4 call is starting to flow through, and demand across our gas-weighted basins remains strong. In aviation, we ended the quarter with 27 assets in the fleet, of which 21 were generating revenue. Utilization continues to trend positively, and we expect further improvement as we place additional assets on lease over the coming quarters, subject to maintenance schedules and customer delivery timing. I would again like to reiterate that there is still meaningful runway here. In accommodations, we saw another strong quarter. Nights on rent in Q1 were 24,778 compared to 21,384 in Q4 and 16,108 in Q1 of 2025. That reflects continued strength in customer activity and improved occupancy which, combined with operating leverage, drove the 40% margin. As Mark referenced earlier, this was the strongest result this segment has delivered in five quarters. This team has consistently performed at an exceptional level quarter after quarter, and they deserve significant recognition for their unwavering execution. In drilling, activity increased meaningfully compared to Q4 and 2025. This represents significant advancement in the right direction, maintaining momentum as we anticipate ongoing growth and activity throughout the year. Sand showed significant top-line improvement, with revenue up 129% sequentially from Q4 2025. We sold approximately 156,000 tons at an average price of $19.49 per ton. Volumes are clearly recovering off the Q4 low, and we are also making progress on the railcar lease optimization we flagged on the Q4 call. As Mark said, pricing remains competitive and margin improvement is paramount, but operationally we are headed in the right direction. Sand is leveraged to activity in the Montney, and while the market has shown improvement, we have more work to do on our margin conversion. That remains a priority. Finally, in infrastructure, activity levels remain modest with revenue of approximately $300,000 in the quarter. The new leadership team in fiber is making the changes we said they would—tighter project oversight, better cost discipline, and a more selective approach to the projects we take on. The operational foundation is continuing to improve, but with the capital investment we made during the first quarter into our fiber optic fleet, we expect to be better positioned to pursue and execute on the work that is in front of us as meaningful demand continues to build. Overall, we are seeing improving activity levels across multiple segments, and the operational issues we flagged on the Q4 call are tracking in the right direction, with the first quarter starting to show the impact of the changes we have been making. With that, I will turn it back over to Mark. Mark Layton: Thanks, Bernie. Let me walk through our segment results for the first quarter of 2026 and then I will cover the consolidated results, balance sheet, capital allocation, and our outlook. Rental segment revenue was $13 million, up approximately 294% sequentially and up 584% year-over-year, mainly driven by a full quarter of contribution from the aviation assets we deployed throughout 2025, the $6.5 million sale of an aviation APU that was not on lease, along with continued strength in non-aviation rentals. Segment profitability improved meaningfully on the back of higher revenue fall-through and the customer and fleet mix actions Bernie referenced. Accommodation segment revenue was $3.5 million, up approximately 25% sequentially and up 67% year-over-year, reflecting higher occupancy and continued cost discipline. Gross margins of approximately 40% were the highest in five quarters, driven by both utilization and operating leverage. Drilling segment revenue was $1.4 million, up 180% sequentially and 600% year-over-year, as utilization stepped up 20% from low single digits in the fourth quarter of 2025. Margins were pressured by higher operating costs in the quarter, but with activity continuing to build we continue to expect drilling to move toward positive EBITDA during 2026. Sand segment revenue was $3.9 million, up 129% sequentially, reflecting a meaningful step-up in volumes off the Q4 low watermark, partially offset by a year-over-year decline in average sales price as a result of an increased proportion of coarse grade sand. Segment margins remained below our expectations, and operational efficiency and railcar fleet rationalization remain the focus areas. Infrastructure segment revenue was $300,000, reflecting the operational reset underway in our fiber business. We expect an EBITDA overhang throughout 2026, consistent with what we communicated last quarter. Importantly, during the quarter, we made our first meaningful capital investment in this segment as we invested $1.9 million into our fiber optic fleet. The demand backdrop for fiber is compelling, and this investment is about ensuring we have the capacity and equipment to execute on that opportunity as it develops in the back half of the year and into 2027. Turning to our consolidated results, first quarter 2026 total revenue was $22 million compared to $9.5 million in Q4 2025 and $11.6 million in Q1 2025, an increase of 133% sequentially and 90% year-over-year. Net income from continuing operations was $4.7 million, or $0.10 per diluted share, compared to a net loss of $12.3 million, or $0.26 per diluted share, in Q4 2025, and a net loss of $2.2 million, or $0.05 per diluted share, in Q1 2025—significant improvement from prior periods. Adjusted EBITDA from continuing operations was $1.9 million compared to a loss of $6.8 million in Q4 2025 and a loss of $2.3 million in Q1 2025. As I mentioned at the outset, this is the first positive EBITDA quarter since 2024—two years ago—and prior to the strategic transactions that took place during 2025. The first quarter results were driven by the fall-through from higher rental and accommodations revenues, disciplined cost management, and favorable insurance adjustments of $1.6 million. SG&A expense was $3.6 million in Q1 2026 compared to $5.7 million in Q4 2025 and $4.1 million in Q1 2025. We continue to target an annual SG&A run rate of approximately $11 million to $12 million as the work on structural cost takes hold. Turning to balance sheet and liquidity, Mammoth Energy Services, Inc. remains debt free with a strong balance sheet position. We ended the quarter with unrestricted cash, cash equivalents, and marketable securities of $125.1 million. Capital expenditures in the first quarter were $11.7 million, with $9.3 million of that going into rentals. The majority of the rentals CapEx went into aviation assets as we acquired two APUs during the quarter for $6.6 million. In addition, $1.9 million went into the infrastructure services segment for our fiber optic fleet and $400,000 of maintenance CapEx in our sand and accommodation segments. Subsequent to quarter-end, we have deployed an additional $25.7 million for aviation assets to acquire six engines. We expect four of the six to go on lease during the second quarter. With these additions, we now have just over $90 million deployed in our aviation portfolio. As I mentioned earlier, we also monetized an aviation APU at a 20% gross IRR after a roughly two-quarter hold and recycled that capital into another aviation asset where we see a stronger return profile. This is the philosophy we have articulated surrounding our portfolio of businesses and assets. Every asset has to earn its place in the portfolio, and we will be a buyer or seller depending on where the returns are. During the quarter, we also began deploying capital under our share repurchase program for the first time since the Board authorized it in August 2023. We repurchased approximately 187,000 shares for $400,000 at an average price of $2.14 per share. The dollar amount is modest relative to our liquidity, and that is intentional, but the signal is not. To frame what we see, we ended the quarter with $125 million in cash and marketable securities and a debt-free balance sheet. We delivered our first positive adjusted EBITDA quarter in two years. We are raising guidance, as I will cover in a moment. In our view, the equity is currently trading at levels that ascribe little to no value to our cash position or to the underlying quality of the asset base behind it. We have meaningful capacity remaining under the repurchase authorization, which permits repurchases of up to the lesser of $55 million or 10 million shares. We will continue to be opportunistic with that capacity, particularly at levels where, in our view, the market is not reflecting the underlying value of the business. Turning to our outlook for 2026, based on the operational performance we delivered in the first quarter and the momentum building across the platform, we are updating our 2026 guidance on two dimensions. First, and most importantly, we now expect Mammoth Energy Services, Inc. to be adjusted EBITDA positive for the full year of 2026. This is a full year ahead of the timeline we previously communicated. The pull forward is being driven by stronger-than-expected performance in rentals, particularly aviation, combined with continued discipline on the cost structure and the early benefit of the operational fixes we put in motion last quarter. Second, we now expect full-year revenue growth of greater than 60%, up from our prior expectation of approximately 50%. Again, the primary driver is rentals, where utilization continues to build as we place additional assets on lease, supplemented by sequentially improving performance in drilling, sand, and accommodations. To close, the first quarter of 2026 marks a clear inflection point for Mammoth Energy Services, Inc. We delivered our first positive adjusted EBITDA quarter in eight quarters. We accelerated our path to full-year profitability by a full year. We began deploying capital under our share repurchase program for the first time since it was authorized, and we did all that with a debt-free balance sheet. That said, there is more work ahead, particularly on margin improvement in sand and drilling and on scaling infrastructure, and we remain focused on executing against those objectives. The transformation strategy is working, and we are well positioned to build on this momentum through the balance of 2026. The job is to execute. We look forward to updating you next quarter. On behalf of the entire Mammoth team, thank you to our employees for their continued commitment and to our shareholders for their support. With that, operator, we will open the line for questions. Operator: Thank you. Ladies and gentlemen, there are no questions at this time. I will now turn the floor to Mark Layton for closing remarks. Thank you. Mark Layton: Thank you again for joining us today. The first quarter of 2026 was the quarter where strategy began to show up clearly in the numbers—positive EBITDA, strong revenue growth, disciplined capital allocation, and continued progress cutting costs. We look forward to updating you next quarter. Operator: That concludes today's call. All parties may disconnect. Have a good day. Before you buy stock in Mammoth Energy Services, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Mammoth Energy Services wasn’t one of them. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Mammoth Energy (TUSK) Q1 2026 Earnings Transcript was originally published by The Motley Fool