TUSK · Mammoth Energy Services, Inc.

Mammoth Energy Services reported a strong turnaround in Q1 2026, with total revenue from continuing operations of $22.0 million, nearly doubling from $11.6 million in Q1 2025 and more than doubling from $9.5 million in Q4 2025. The company achieved net income of $4.7 million ($0.10 per diluted share), compared to a net loss of $2.2 million in the prior-year quarter. Adjusted EBITDA turned positive at $1.9 million, versus negative $2.3 million a year ago, reflecting the impact of portfolio simplification, cost reductions, and capital allocation to higher-return businesses.

The rental services segment, which includes aviation, drove the revenue increase, contributing $13.0 million (up from $1.9 million in Q1 2025), largely due to a $10.0 million increase in aviation revenue, including a $6.5 million sale of an auxiliary power unit. The average number of rented equipment pieces rose to 389 from 231 a year ago. Infrastructure services revenue declined to $0.3 million from $0.7 million, while natural sand proppant services revenue fell to $3.9 million from $6.7 million, with sand sales of 156,000 tons at $19.49 per ton versus 189,000 tons at $21.49 per ton. Accommodation services revenue grew to $3.5 million from $2.1 million, with average room utilization of 275 rooms versus 179. Drilling services revenue increased to $1.4 million from $0.2 million. SG&A expense decreased to $3.6 million from $4.1 million.

Management highlighted the balance sheet as a strength, ending the quarter debt-free with $125.1 million in cash, cash equivalents, and marketable securities. The company began executing its share repurchase program during the quarter. Based on progress, Mammoth raised its 2026 outlook, now expecting to achieve full-year Adjusted EBITDA positive. CFO Mark Layton noted that the first quarter reflects meaningful progress from repositioning efforts, with aviation providing a stable earnings base and operational improvements taking hold across the platform.