Mammoth Energy Services, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for the second quarter of 2026 was $26.1 million, representing an 110% increase year-over-year compared to $12.4 million in the second quarter of 2025 and a 19% increase sequentially from $22.0 million in the first quarter of 2026.
• Net loss from continuing operations was $1.2 million ($0.02 per diluted share) for the second quarter of 2026, compared to a net loss of $36.5 million ($0.76 per diluted share) in the second quarter of 2025 and net income of $4.7 million ($0.10 per diluted share) in the first quarter of 2026.
• Adjusted EBITDA from continuing operations was $2.6 million for the second quarter of 2026, an increase of 37% sequentially from $1.9 million in the first quarter of 2026 and a significant improvement from a loss of $3.5 million in the second quarter of 2025.
• Selling, general and administrative (SG&A) expense was $4.2 million for the second quarter of 2026, down from $5.0 million in the second quarter of 2025 and up from $3.6 million in the first quarter of 2026.
• As of June 30, 2026, the Company held $50.9 million in unrestricted cash and cash equivalents and $26.1 million in marketable securities, totaling $77.0 million in liquid assets.
• The revolving credit facility was undrawn as of June 30, 2026, with $20.0 million of available borrowing capacity after accounting for $5.0 million in outstanding letters of credit.

Guidance and Future Outlook

• The Company increased its full-year 2026 outlook for the second time in the year, citing continued improvement across operating businesses and the growing contribution from its aviation platform.
• Updated 2026 guidance expects revenue growth to exceed 90%.
• Updated 2026 guidance expects Adjusted EBITDA margin to exceed 10%.

Business Segments and Product Lines

• Rental Services and Aviation Sales: Generated $10.2 million in revenue for the second quarter of 2026, up from $3.1 million in the second quarter of 2025. The increase was primarily driven by a $5.7 million rise in aviation revenue, which included the sale of an airframe and landing gear for $2.0 million. Average equipment pieces rented increased to 407 in Q2 2026 from 296 in Q2 2025.
• Natural Sand Proppant Services: Generated $8.0 million in revenue for the second quarter of 2026, up from $5.4 million in the second quarter of 2025. The Company sold approximately 229,000 tons of sand at an average price of $21.36 per ton, compared to 242,000 tons at $21.41 per ton in the prior year period. Freight revenue increased by approximately $2.9 million year-over-year.
• Accommodation Services: Generated $3.2 million in revenue for the second quarter of 2026, up from $1.8 million in the second quarter of 2025. Average room utilization was 259 in Q2 2026 compared to 145 in Q2 2025.
• Infrastructure Services: Generated $0.9 million in revenue for the second quarter of 2026, down from $1.4 million in the second quarter of 2025.
• Drilling Services: Generated $3.8 million in revenue for the second quarter of 2026, up from $0.7 million in the second quarter of 2025. Performance improved sequentially due to increased utilization and activity levels.
• The Company completed the acquisitions of Mission Construction and BERE Rentals during the quarter, expanding its fiber infrastructure capabilities.

Market and Competitive Landscape

• The Company noted a shift in the grade mix for natural sand proppant, which contributed to a slight decrease in the average sales price per ton compared to the prior year period.
• The Company continues to deploy capital into high-return aviation assets.

Risks and Challenges

• Risks include the impact of recent divestitures of subsidiaries (5 Star Electric, LLC, Higher Power Electrical, LLC, Python Equipment LLC, and Aquawolf LLC) and related equipment.
• Potential risks involve general economic conditions, commodity price volatility, and fluctuations in customer spending and capital expenditure activity.
• Specific risks include the collectability of amounts owed by the Puerto Rico Electric Power Authority ("PREPA") and customer concentration risks.
• Risks related to the ability to successfully integrate acquired businesses and realize anticipated benefits are noted.
• Risks include the availability and cost of labor, equipment, materials, and replacement parts.

Management Commentary and Tone

• CFO Mark Layton stated the Company is increasing its full-year 2026 outlook for the second time this year based on continued improvement across operating businesses.
• Management highlighted that drilling generated positive Adjusted EBITDA ahead of expectations and that the Sand segment returned to positive gross margins.
• The tone emphasized a focus on disciplined execution, margin expansion, and creating long-term shareholder value as the Company enters the second half of 2026.

Other Key Points

• Capital expenditures for the second quarter of 2026 totaled $43.963 million, primarily for the expansion of the aviation rental fleet and equipment rental purchases.
• For the six months ended June 30, 2026, total capital expenditures were $55.669 million.
• The Company reported business acquisitions, net of cash transferred, of $5.748 million for the six months ended June 30, 2026.
• Common stock repurchased and retired totaled $534,000 for the six months ended June 30, 2026.
• The Company hosted a conference call on August 7, 2026, to discuss results.