0001628280-26-015693
SEC filingMammoth Energy Services, Inc. (TUSK) reported FY 2025 results with a net income of $4.6M, a significant improvement from a net loss of $207.3M in FY 2024. This was driven by a $68.4M net income from discontinued operations, which offset a $63.8M net loss from continuing operations. Total revenue was $44.3M, a slight decrease of 3% year-over-year. The company's continuing operations faced challenges, with an operating loss of $57.4M, primarily due to a $31.7M impairment of long-lived assets and high SG&A costs. However, the balance sheet strengthened with $102.0M in cash and no outstanding debt, and comprehensive income was $5.1M. The year was marked by strategic divestitures, including the sale of infrastructure services entities and natural sand proppant operations, which are now reported as discontinued operations.
Mammoth Energy Services reported FY 2025 net income of $4.6M, a dramatic reversal from a net loss of $207.3M in FY 2024. This improvement was entirely attributable to a $68.4M net income from discontinued operations, which included gains from strategic divestitures completed during the year. The company's continuing operations reported a net loss of $63.8M, compared to a $183.1M loss in the prior year. The FY 2024 loss from continuing operations included a non-cash, pre-tax charge of approximately $170.7M related to the Settlement Agreement with PREPA. Total revenue for FY 2025 was $44.3M, a slight 3% decrease from $45.6M in FY 2024. Comprehensive income for the period was $5.1M.
Total revenue of $44.3M saw mixed performance across segments. Rental Services revenue increased 56% to $11.1M, driven by a $2.5M increase in aviation rental revenue and higher equipment rental activity. Infrastructure Services revenue grew 173% to $4.1M due to increased fiber optic work. Conversely, Natural Sand Proppant Services revenue decreased 13% to $16.6M, primarily due to a 12% decline in the average price per ton of sand sold, despite a 12% increase in volumes. Accommodation Services revenue fell 17% to $9.0M due to lower room utilization. Drilling Services revenue was relatively flat at $3.7M. The company's customer base remains concentrated, with the top five customers accounting for 55% of total revenue.
The company's continuing operations reported an operating loss of $57.4M for FY 2025, resulting in an operating margin of -129.7%. This loss was driven by several factors: cost of revenue (excluding depreciation) was $42.6M or 96% of total revenue; selling, general and administrative expenses were $19.6M; depreciation, depletion, amortization and accretion was $10.3M; and a significant impairment of long-lived assets of $31.7M was recognized, primarily related to natural sand proppant operations. These costs were partially offset by gains on disposal of assets of $2.4M. The net loss from continuing operations was $63.8M, or $1.32 per diluted share.
Net cash used in operating activities from continuing operations was $19.6M for FY 2025. The balance sheet strengthened significantly, with cash and cash equivalents of $102.0M as of December 31, 2025, up from $60.8M at the end of FY 2024. The company had no outstanding debt, having fully repaid its term credit facility in October 2024 using proceeds from the PREPA Settlement Agreement. Total assets were $334.9M, with total liabilities of $76.6M, resulting in total equity of $258.3M. The company maintains a $50.0M revolving credit facility, with $38.2M of available borrowing capacity as of March 3, 2026, after letters of credit.
The company expects 2026 activity to remain steady during the first half of the year with potential for upside in the back half, driven by LNG export capacity coming online and general electricity and power demand enhancements. The capital budget for 2026, excluding aviation equipment, is estimated to be $11M. Management's strategy focuses on driving returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. Key risks include customer concentration, volatility in the oil and natural gas industry, and the remaining $20.0M receivable from PREPA, which is contingent upon the effective date of PREPA's plan of adjustment.