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Greetings, and welcome to the Mammoth Energy Services first quarter earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Mohammed Topiwala with Vizara Investor Relations. Thank you. You may begin.

Thank you operator, and good morning, everyone. We appreciate you joining us for Mammoth's first quarter 2026 earnings conference call. Joining us on the call today are Mark Layton, Chief Financial Officer, and Bernard Lancaster, Chief Operating Officer. We will start today with our prepared remarks and then open it up for questions. I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements. Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our first quarter earnings press release, which can be found on our website.

As a reminder, today's call is being webcast and a recorded version will be available on the investor relations section of Mammoth's website following the conclusion of this call. With that, I'll turn the call over to Mark.

Thank you, Mohammed, and good morning, everyone. I'll 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'll come back to cover the financials, capital allocation, and our updated outlook for 2026, after which we'll open the line for questions. The first quarter of 2026 represents a clear inflection point for Mammoth. 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 owned that. We took targeted action, and the first quarter is early proof that those actions are working. Revenue was $22 million, up 90% YoY 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'll walk through the specifics later in the call. During the first quarter, and 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'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. There is more work ahead. I'll 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 rental segment, particularly aviation, where we benefited from a full quarter of utilization on assets deployed throughout 2025. In addition to the improved utilization, during the quarter, we sold an aviation APU that we had purchased only two quarters earlier in the third quarter of 2025, generating a gross IRR of approximately 20%. We 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've 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. We now have line of sight to an annual run rate of approximately $11 million-$12 million as the work on structural costs continues to take hold. Cost trajectory is the result of deliberate work, sharing services more efficiently across the platform and maintaining strict discipline on spend. In accommodation 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.

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 the third quarter of 2025 before timing related items affected the fourth. First quarter saw activity rebound on that base. With utilization building, cost 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. As the operational changes take hold, we expect financial performance to improve. This is our smallest segment today, 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'll turn it over to Bernie to walk through the operational performance in more detail.

Thanks, Mark. Good morning, everyone. When we spoke in March, I told you Q4 was a mixed quarter. Pockets of real strength, execution and cost control that did not meet our standard. We own that. 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 the fourth quarter of 2025 and 231 in the first quarter of 2025. The customer and fleet mix work we discussed on the Q4 call is starting to flow through, and the 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 Q1 of 2025. This represents a significant advancement in the right direction, maintaining momentum as we anticipate ongoing growth in 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. In infrastructure, activity levels remain modest with a revenue of approximately $0.3 million 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'll turn it back over to Mark.

Thanks, Bernie. Let me walk through our segment results for the first quarter of 2026, and then I'll cover the consolidated results, balance sheet, capital allocation, and our outlook. Rental segment revenue was $13 million, up approximately 294% sequentially and up 584% YoY, 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% YoY, 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% YoY, as utilization stepped up 20% from low single digits in the fourth quarter and first quarter of 2025. Margins were pressured by higher operating costs in the quarter. 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-water mark, partially offset by a YoY decline in average sales price as a result of an increased proportion of coarse grade sand.

Segment margins remain below our expectations, and operational efficiency and railcar fleet rationalization remain the focus areas. Infrastructure segment revenue was $0.3 million, reflecting the operational reset underway in our fiber business. We expect an EBITDA overhang throughout the first half of 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. 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.

The first quarter of 2026, total revenue was $22 million, compared to $9.5 million in the fourth quarter of 2025 and $11.6 million in the first quarter of 2025, an increase of 133% sequentially and 90% YoY. 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 the fourth quarter of 2025, and a net loss of $2.2 million, or $0.05 per diluted share in the first quarter of 2025. Significant improvement from prior periods.

Adjusted EBITDA from continuing operations was $1.9 million, compared to a loss of $6.8 million in the fourth quarter of 2025 and a loss of $2.3 million in the first quarter of 2025. As I mentioned at the outset, this is the first positive EBITDA quarter since Q1 of 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 the first quarter of 2026, compared to $5.7 million in the fourth quarter of 2025 and $4.1 million in the first quarter of 2025. We continue to target an annual SG&A run rate of approximately $11 million-$12 million as the work on structural costs takes hold. Turning to balance sheet and liquidity. Mammoth remains debt-free with a strong balance sheet position. We ended the quarter with unrestricted 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 $0.4 million 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've 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 of 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'll 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 1st quarter and the momentum building across the platform, we are updating our 2026 guidance on two dimensions. 1st, and most importantly, we now expect Mammoth 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, 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. 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. 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'll open the line for questions.

Thank you. At this time, we will conduct the Q&A session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you, ladies and gentlemen. There are no questions at this time. I'll turn the floor to Mark Layton for closing remarks. Thank you.

Thank you again for joining us today. The first quarter of 2026 was the quarter where the 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.

Thank you. That concludes today's call. All parties may disconnect. Have a good day.

Greetings, and welcome to the Mammoth Energy Services, Inc. fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Mohammed Topiwala with Visara Advisors Investor Relations. Thank you. You may begin.

Thank you, operator. Good morning, everyone. We appreciate you joining us for Mammoth Energy Services, Inc.’s fourth quarter and full year 2025 earnings conference call. Joining us on the call today are Mark Layton, Chief Financial Officer, and Bernard Lancaster, Chief Operating Officer. We will start today with our prepared remarks and then open it up for questions. I want to remind everyone that some of today’s comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and caution regarding forward-looking statements. Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our fourth quarter earnings press release, which can be found on our website. As a reminder, today’s call is being webcast, and a recorded version will be available on the Investor Relations section of Mammoth Energy Services, Inc.’s website following the conclusion of this call. With that, I will turn the call over to Mark.

Thank you, Mohammed, and good morning, everyone. I will start with a brief review of 2025 as a whole, cover fourth quarter results, and 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 and our outlook for 2026, after which we will open the line for questions. With that, let me start with 2025. Over the course of the year, we executed four major transactions that meaningfully reshaped the company. Collectively, these transactions generated approximately $150,000,000 of proceeds, and they reflect two things. First, the value embedded in assets we built and operated well. And second, our willingness to monetize businesses that no longer fit our long-term return objectives. We sold our transmission and distribution and our engineering businesses at valuations we believe were attractive. Those were good businesses, and the prices we achieved reflect that. We think those outcomes are a direct signal of the value that exists inside this company, value that in our view is not reflected in where the stock currently trades. We also exited two businesses that were not meeting our return standards. First, we sold our pressure pumping equipment, which lacked scale, was capital intensive, and increasingly challenged from a cycle and return standpoint. Second, we divested a sand mine that had become a drag on performance and did not warrant continued investment based on logistical challenges with that particular mine and processing plant. Those were the right exits, and we are a leaner, more focused company because of them. At the same time, 2025 was the year we initiated a meaningful expansion of our platform in aviation rentals. We deployed more than $65,000,000 of capital with the goal of creating a more stable, recurring revenue stream with strong cash flow characteristics. Aviation started the year with limited scale, and it ended the year with real operating scale and a clear path to becoming a core earnings contributor as utilization ramps. Put simply, 2025 was a deliberate pivot: exit assets without a clear path to sustainable returns and redeploy capital into areas where we see a better return profile. Now turning to the fourth quarter. Revenue was $9,500,000 compared to $10,900,000 in the third quarter of 2025 and $10,000,000 in the fourth quarter of 2024, a year-over-year decline of approximately 6%. For the full year, revenue was $44,300,000 versus $45,600,000 in 2024, down approximately 3%, which we view as a reasonable outcome given the amount of portfolio change we executed throughout the year. Within the quarter, there were areas that performed well. Rentals, infrastructure, and accommodations all came in ahead of our internal revenue expectations. Aviation revenue continued its upward trajectory relative to continued deployment of aviation assets on lease. Infrastructure showed solid demand across grid- and broadband-related project work. Accommodations continued to improve on both occupancy and cost efficiency. I want to be direct about where we fell short. EBITDA in Q4 was below our expectations and below our standard. This was not a demand problem; it was an execution and cost control issue, and we own it. We have already started taking action. In infrastructure, we made additional management changes within the fiber business to address the performance issues that surfaced during the quarter. Across the rest of the portfolio, we are making targeted investments to address cost structure and improve the conversion of revenue to EBITDA. Bernard will walk through the specifics by segment. With that, I will turn the call over to Bernard Lancaster.

Thanks, Mark. Q4 was a mixed quarter operationally with some pockets of real strength, which we will build upon in 2026. In our rental segment, we continued to build on our aviation business with another full quarter of revenue contribution. We exited the third quarter with approximately 15 aviation assets and added another 11 assets during the fourth quarter. A total of 16 of the 26 aviation assets were on lease at quarter-end, and we expect the remaining assets to go on lease during 2026, subject to maintenance schedules and customer delivery timing. There is still meaningful runway here. Non-aviation rentals showed good top-line momentum; assets on rent increased 15% sequentially to approximately 328 pieces. Profitability was pressured by higher equipment rental costs and insurance premiums. Our non-aviation rentals have lost some of the advantages previously realized from economies of scale. As a result, we have identified additional opportunities to be more strategic with our customer and fleet mix in an effort to reduce overall coverage requirements and expect to work through this process as we move into 2026. Investing in the non-aviation rental business is a priority in 2026, as we see strong demand and a tightening equipment market. Turning to infrastructure. Revenue came in ahead of our expectations, which speaks to the demand environment across network hardening, broadband expansion, and data center-related work. EBITDA, however, was not acceptable. Execution challenges in our fiber operations drove significant cost overruns and margin compression. We have already acted and made top-down management changes within the fiber business and tightened project oversight to improve accountability, schedule discipline, and cost control. These are meaningful changes, and our focus is on restoring consistent execution so the business can convert demand into profitable growth in 2026. Accommodations revenue was up, driven by a 25% increase in occupancy. This segment has been improving quarter after quarter, and the team deserves considerable credit for their consistent execution and excellent safety record. Sand and drilling were challenged in the quarter. In sand, pricing and volume pressure continued to significantly constrain the team’s results. We are focused on positioning ourselves to obtain more consistent volumes while also reducing the lease expense burden from parts of our railcar fleet that are no longer needed. In drilling, fourth quarter 2025 stepped down from a very strong third quarter performance as customer timing worked against our team. One of our priorities in 2026 is to invest back into our drilling business and improve performance through high-grading the asset base, where we see a clear path to better utilization and profitability. We believe that adding motor and MWD capacity to reduce rental expense and upgrading our power sections to improve customer marketability during the first half of the year will lead to material improvement in 2026. Overall, revenue performance in the fourth quarter showed that demand is there in several parts of our portfolio, but our execution and cost management did not meet our expectations. We are not making excuses; we are making changes, and I am confident the actions underway will drive a better trajectory in 2026. Thank you to our employees for the hard work through a demanding quarter. With that, I will hand it back to Mark.

Thanks, Bernard. Let me walk through our segment results for the fourth quarter of 2025, and then I will cover consolidated results, the balance sheet, and our outlook. Rental segment revenue was $3,300,000, up 19% sequentially and 179% year over year, mainly driven by the 23% sequential increase in aviation rentals in line with our commercial expectations. Non-aviation rental revenue increased 18% during the quarter, reflecting improved asset utilization. Our rental segment faced cost overruns driven by insurance costs and equipment rental expense due to equipment needed to support our operations and customer demands, although stronger equipment utilization and favorable aviation rental mix helped offset some of these pressures. The sequential rise in operating costs reduced overall segment profitability. Infrastructure segment revenue was $1,200,000, up 44% sequentially and 231% year over year. Profitability was impacted by fiber execution as Bernard described. Management and oversight changes we have made are focused on ensuring revenue performance flows through to the bottom line going forward. While we expect that there will be an EBITDA overhang on this business through 2026, we are encouraged by the early steps taken by the new leadership team. Accommodations revenue was $2,800,000, up 24% sequentially and up 19% year over year, reflecting higher occupancy. Sand segment revenue was $1,700,000, down 37% sequentially and down 67% year over year. Drilling segment revenue was $500,000, down 80% sequentially and down 38% year over year. Turning to consolidated results. For the fourth quarter of 2025, total revenue was $9,500,000, down 13% sequentially and 6% year over year. For the full year 2025, total revenue was $44,300,000 compared to $45,600,000 in 2024, a year-over-year decline of 3%. Net loss from continuing operations for the fourth quarter was $12,300,000, or $0.26 per diluted share, compared to $0.20 in the fourth quarter of 2024. Adjusted EBITDA from continuing operations was a loss of $6,800,000 in the fourth quarter of 2025 compared to a loss of $6,000,000 in the prior-year period. The underperformance relative to our plan was operationally driven, and we are taking targeted actions across each segment to address it. In our Sand and Drilling segments, cost of services decreased at a significantly lower rate than activity levels, resulting in margin compression driven by reduced utilization and lower fixed cost absorption during the winter slowdown typical in the oil and gas industry. In the Other segment, fully idled operations led to no revenue and only partial cost reductions, creating an unavoidable drag on profitability. SG&A expense during the quarter was $5,700,000, down from $6,900,000 in 2024, a reduction of approximately 17% year over year. On a fully normalized basis, excluding the bad debt expense related to PREPA in 2024, SG&A declined approximately 22%. We have more work to do on the cost structure as we continue to right-size the company for the portfolio we have today, and that remains a priority heading into 2026. Capital expenditures during the quarter were $25,900,000, nearly all directed toward aviation. Eight APUs, two engines, and one small aircraft were acquired during the quarter to bolster capacity and support future contracted deployment. For the full year, aviation accounted for the vast majority of our approximately $70,000,000 in total 2025 CapEx, reflecting our conviction in the return profile and scalability of that platform. Very little capital was allocated to drilling, sand, accommodations, or infrastructure during the year, and we expect that to change meaningfully in 2026 as we high-grade assets, pursue equipment acquisitions that reduce costs, and invest in the operational improvements needed to drive profitability across those segments. At quarter-end, we had $121,600,000 of unrestricted cash, cash equivalents, and marketable securities, and total liquidity of approximately $158,300,000 including our undrawn credit facility. Mammoth Energy Services, Inc. remains debt free. This gives us the flexibility to invest across the portfolio, pursue accretive opportunities, and absorb near-term volatility without any balance sheet pressure. Subsequent to quarter-end, we closed the sale of a property in Ohio that previously supported our pressure pumping operations, generating net proceeds of $4,600,000. The asset was no longer in use following our exit from that business, and converting it to cash was the logical next step. We flagged this because we think it is representative of a broader dynamic. There are assets on our balance sheet, some obvious and some less so, that carry value not reflected in where the stock trades. We will continue to identify and monetize positions where we are not generating an adequate return, and we expect to surface additional value through that process over time. Entering 2026, we are constructive on the path ahead, seeing a path to greater than 50% revenue growth in 2026 versus 2025, primarily driven by two main things: a full year of aviation contribution at higher utilization and improved asset utilization across our oil and gas-exposed businesses. To add some detail regarding our aviation portfolio, we nearly doubled the monthly revenue out of the portfolio from $600,000 in December to $1,000,000 in January. Once fully utilized, we believe this portfolio can generate monthly revenue of approximately $1,600,000 per month. On capital allocation, we expect non-aviation CapEx of approximately $11,000,000 in 2026, a mix of maintenance and targeted growth investments across our oil and gas and infrastructure segments. To be direct, we have underinvested in these businesses for several years, and that has been one of the contributors to the cost and performance issues. The investments are going into an existing asset base to address specific inefficiencies with identifiable paybacks. We expect the returns to be meaningful and relatively quick to materialize. We expect 2026 to be a year of inflection for Mammoth Energy Services, Inc.: revenue growth accelerating and positive EBITDA back within reach. We want to be clear on that last point. The current asset base, operated better and supported by the right level of investment, is capable of delivering positive EBITDA. From that foundation, our sights are set on mid-teens EBITDA margins and positive free cash flow as we move into 2027. The path is clear; the work is to execute against it. The macro backdrop in both areas is favorable. Oil and gas demand fundamentals are solid. Activity in our core basins is steady, and we see specific investment opportunities we are actively evaluating. In aviation, leasing demand in the regional market is holding up, and we have capacity coming available as the fleet continues to ramp. Revenue growth is only part of the equation. The priority in 2026 is ensuring that growth converts into EBITDA and cash flow, and we are working to improve operational execution along with deploying additional capital to help improve returns. On behalf of the entire Mammoth Energy Services, Inc. team, thank you to our employees for their continued commitment and to our shareholders for their support. That concludes our prepared remarks. We will now open for questions. Operator, please open the line for questions.

Thank you. And at this time, we will be conducting our question-and-answer session. Ladies and gentlemen, there are no questions at this time. We will now hand the floor to Mark Layton for closing remarks.

Thank you again for joining us on the call today. 2025 was a year of real change for this company—in the portfolio, in the asset base, and in how we are positioned going forward. Q4 was a reminder that the work is not finished; we take that seriously. The setup heading into 2026 is straightforward. Demand is there, aviation is ramping, and the balance sheet gives us room to invest. The job is to execute. We look forward to updating you next quarter.

Thank you. And with that, we conclude today’s call. All parties may disconnect. Have a good day.