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0001679268FALSE00016792682026-03-062026-03-06



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 6, 2026
 
Mammoth Energy Services, Inc.

(Exact name of registrant as specified in its charter)

001-37917
(Commission File No.)
Delaware 32-0498321
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
14201 Caliber Drive, Suite 300
Oklahoma City, Oklahoma (405) 608-6007 73134
(Address of principal executive offices) (Registrant’s telephone number, including area code) (Zip Code)
______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of The Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock TUSK The Nasdaq Stock Market LLC
NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§232.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(s) of the Exchange Act.  ¨






Item 2.02 Results of Operations and Financial Condition

On March 6, 2026, Mammoth Energy Services, Inc. (the “Company”) issued a press release announcing its operational and financial results for the fourth quarter and full year ended December 31, 2025. A copy of that press release is furnished as Exhibit 99.1 to this report.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference in the registration statement.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.





Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MAMMOTH ENERGY SERVICES, INC.
Date: March 6, 2026 By: /s/ Mark Layton
Mark Layton
Chief Financial Officer and Secretary






EX-99.1 2 a2025-12x31exx991.htm EX-99.1 Document

Exhibit 99.1

image.jpg


Mammoth Energy Services, Inc. Announces
Fourth Quarter and Full Year 2025 Operational and Financial Results


OKLAHOMA CITY, OK – March 6, 2026 – Mammoth Energy Services, Inc. (NASDAQ: TUSK) (“Mammoth” or the “Company”) today reported financial and operational results for the fourth quarter and full year ended

Mark Layton, Chief Financial Officer of Mammoth commented, “2025 was a transformative year for Mammoth. We made the deliberate decision to reshape our portfolio, with four divestitures generating in excess of $150 million in cash proceeds. These transactions strengthened our balance sheet, pruned non-performing businesses and gave us the financial flexibility to invest in higher-return opportunities. Most notably, we deployed over $65 million into our aviation platform at an attractive entry point — a business we continue to view as high-growth and scalable — and we remain committed to using our available liquidity to make additional accretive investments across our current portfolio that create long-term shareholder value.

We also made meaningful progress on our cost structure, materially reducing our SG&A run rate as we continue building a leaner, more efficient organization aligned to the portfolio we have today. That said, I want to be direct: Q4 operational execution was not at the level we expect of ourselves, and improving execution across our segments is our top priority — it is the clearest path to unlocking the value embedded in this business.

As we enter 2026, we see significant potential across our segments, driven by internal self-help initiatives, favorable market tailwinds, and our continued focus on deploying capital into opportunities with accretive returns. We have the balance sheet, the strategy, and the team to deliver meaningfully better results.”

Financial Overview for the Fourth Quarter and Full Year 2025:
Total revenue from continuing operations was $9.5 million for the fourth quarter of 2025 compared to $10.0 million for the fourth quarter of 2024 and $10.9 million for the third quarter of 2025. Total revenue for the full year of 2025 was $44.3 million compared to $45.6 million in 2024.

Net loss from continuing operations for the fourth quarter of 2025 was $12.3 million, or $0.26 per diluted share, compared to $9.6 million, or $0.20 per diluted share, for the fourth quarter of 2024 and $12.6 million, or $0.26 per diluted share, for the third quarter of 2025. Net loss for the full year of 2025 was $63.8 million, or $1.32 per diluted share, compared to net loss of $183.1 million, or $3.81 per diluted share for 2024.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was ($6.8) million for the fourth quarter of 2025, compared to ($6.0) million for the fourth quarter of 2024 and ($4.8) million for the third quarter of 2025. Adjusted EBITDA was ($17.4) million for the full year of 2025 compared to ($171.2) million for 2024.

Infrastructure Services
Mammoth’s infrastructure services segment contributed revenue of $1.2 million for the fourth quarter of 2025 compared to $0.4 million for the fourth quarter of 2024 and $0.8 million for the third quarter of 2025. The infrastructure services division contributed revenues of $4.1 million for the full year of 2025 compared to $1.5 million for 2024. The increase in revenue was primarily due to an increase in fiber optic activity.




Rental Services
Mammoth’s rental services segment contributed revenue (inclusive of inter-segment revenue) of $3.3 million for the fourth quarter of 2025 compared to $1.2 million for the fourth quarter of 2024 and $2.8 million for the third quarter of 2025. The average number of pieces of equipment rented to customers was 328 for the fourth quarter of 2025 compared to 158 during the fourth quarter of 2024 and 286 during the third quarter of 2025. The rental services segment contributed revenue (inclusive of inter-segment revenue) of $11.1 million for the full year of 2025, compared to $7.1 million for 2024. The average number of pieces of equipment rented to customers was 285 for the full year of 2025 compared to 210 for 2024. Additionally, during the second quarter of 2025, the Company expanded its aviation rental offerings, which contributed to the increased revenue.

Natural Sand Proppant Services
Mammoth’s natural sand proppant services segment contributed revenue of $1.7 million for the fourth quarter of 2025 compared to $5.1 million for the fourth quarter of 2024 and $2.7 million for the third quarter of 2025. In the fourth quarter of 2025, the Company sold approximately 92,000 tons of sand at an average sales price of $18.56 per ton compared to sales of approximately 129,000 tons of sand at an average sales price of $22.54 per ton during the fourth quarter of 2024. In the third quarter of 2025, sales were approximately 122,000 tons of sand at an average price of $18.26 per ton. The natural sand proppant division contributed revenues of $16.6 million for the full year of 2025 compared to $19.1 million for 2024. The Company sold 645,000 tons of sand during 2025, an increase from 578,000 tons of sand sold during 2024. The Company’s average sales price for the sand sold during 2025 was $20.43 per ton compared to $23.15 per ton average sales price during 2024.

Accommodation Services
Mammoth’s accommodation services segment contributed revenue of $2.8 million for the fourth quarter of 2025 compared to $2.4 million for the fourth quarter of 2024 and $2.3 million for the third quarter of 2025. On average, 232 rooms were utilized for the fourth quarter of 2025 compared to 197 during the fourth quarter of 2024 and 185 during the third quarter of 2025 for our accommodations services. The Company’s accommodation services segment contributed revenues of $9.0 million for the full year of 2025 compared to $10.9 million for 2024. On average, 186 rooms utilized for 2025 compared to 216 for 2024.

Drilling Services
Mammoth’s drilling services segment contributed revenue of $0.5 million for the fourth quarter of 2025 compared to $0.8 million for the fourth quarter of 2024 and $2.3 million for the third quarter of 2025. The Company’s drilling services segment contributed revenues of $3.7 million for the full year of 2025 compared to $3.6 million for 2024.

Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense was $5.7 million for the fourth quarter of 2025 compared to $6.9 million for the fourth quarter of 2024 and $4.7 million for the third quarter of 2025. SG&A expenses were $19.6 million for the full year of 2025 compared to $114.5 million for 2024. The decrease is primarily due to a decrease in the provision for expected credit losses in connection with the Settlement Agreement with PREPA that was recognized in 2024.
Liquidity
As of December 31, 2025, Mammoth had unrestricted cash and cash equivalents on hand of $102.0 million and marketable securities of $19.6 million. As of December 31, 2025, the Company’s revolving credit facility was undrawn, the borrowing base was $50.0 million and there was $36.7 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of December 31, 2025, Mammoth had total liquidity of $158.3 million.
As of March 3, 2026, Mammoth had unrestricted cash on hand of $89.6 million, marketable securities of $28.8 million, no outstanding borrowings under its revolving credit facility. As of March 3, 2026, the Company had $38.2 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of March 3, 2026, Mammoth had total liquidity of $156.6 million.

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Capital Expenditures
The following table summarizes Mammoth’s capital expenditures from continuing operations by segment for the periods indicated (in thousands):
Three Months Ended Twelve Months Ended
December 31, September 30, December 31,
2025 2024 2025 2025 2024
Rental services(a)
$ 25,676  $ —  $ 17,185  $ 69,953  $ 351 
Infrastructure services(b)
—  —  19  128  299 
Accommodation services(c)
173  64  95  343  161 
Drilling services(c)
12  83  —  128  184 
Other(c)
—  98  —  —  219 
Total capital expenditures $ 25,861  $ 245  $ 17,299  $ 70,552  $ 1,214 
(a)Capital expenditures primarily for expansion of our aviation rental fleet for the periods presented.
(b)Capital expenditures primarily for our fiber optic fleets for the periods presented.
(c)Capital expenditures primarily for maintenance for the periods presented.

Conference Call Information
Mammoth will host a conference call on Friday, March 6, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its fourth quarter and full year 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 TUSK@vizaraadvisors.com.

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.

Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
investors@mammothenergy.com

Mohammed Topiwala
Vizara Advisors - Investor Relations
TUSK@vizaraadvisors.com

Forward-Looking Statements and Cautionary Statements
This 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
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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.

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

ASSETS December 31, December 31,
2025 2024
CURRENT ASSETS (in thousands, except share data)
Cash and cash equivalents $ 101,987  $ 60,845 
Marketable securities 19,635  — 
Restricted cash 12,085  19,359 
Accounts receivable, net 28,934  40,672 
Inventories 4,083  6,848 
Current assets held for sale 4,287  — 
Other current assets 4,619  10,854 
Current assets of discontinued operations 1,518  50,009 
Total current assets 177,148  188,587 
Property, plant and equipment, net 106,097  66,651 
Sand reserves, net 39,613  57,273 
Operating lease right-of-use assets 2,591  3,954 
Other non-current assets 5,767  7,383 
Noncurrent assets of discontinued operations 3,678  60,183 
Total assets $ 334,894  $ 384,031 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 9,327  $ 12,107 
Accrued expenses and other current liabilities 18,336  25,650 
Current operating lease liabilities 2,071  2,643 
Income taxes payable 39,899  44,570 
Current liabilities of discontinued operations 383  29,537 
Total current liabilities 70,016  114,507 
Deferred income tax liabilities 2,430  3,021 
Long-term operating lease liabilities 1,375  1,316 
Asset retirement obligation 2,759  4,234 
Other long-term liabilities 26  213 
Noncurrent liabilities of discontinued operations —  7,922 
Total liabilities 76,606  131,213 
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 48,358,315 and 48,127,369 issued and outstanding at December 31, 2025 and 2024, respectively
483  481 
Additional paid-in capital 540,841  540,431 
Accumulated deficit (279,046) (283,643)
Accumulated other comprehensive loss (3,990) (4,451)
Total equity 258,288  252,818 
Total liabilities and equity $ 334,894  $ 384,031 


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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)


Three Months Ended Twelve Months Ended
December 31, September 30, December 31,
2025 2024 2025 2025 2024
(in thousands, except per share amounts)
REVENUE
Services revenue $ 7,363  $ 4,517  $ 7,608  $ 26,187  $ 24,994 
Services revenue - related parties 385  377  516  1,553  1,548 
Product revenue 1,709  5,121  2,728  16,552  19,057 
Total revenue 9,457  10,015  10,852  44,292  45,599 
COST, EXPENSES AND GAINS
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $2,078, $1,262, $1,488, $6,186 and $6,486 for the three months ended December 31, 2025, December 31, 2024, and September 30, 2025 and years ended December 31, 2025 and 2024, respectively)
7,279  5,036  6,641  24,158  24,378 
Services cost of revenue - related parties —  11  96  288  366 
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $553, $1,123, $1,263, $4,106 and $5,229 for the three months ended December 31, 2025, December 31, 2024, and September 30, 2025 and years ended December 31, 2025 and 2024, respectively)
3,231  4,307  4,148  18,117  17,791 
Selling, general and administrative 5,750  6,893  4,748  19,572  114,468 
Depreciation, depletion, amortization and accretion 2,631  2,385  2,751  10,292  11,715 
Losses (gains) on disposal of assets, net 304  (1,125) 1,874  (2,371) (2,762)
Impairment of long-lived assets —  —  —  31,669  — 
Total cost, expenses and gains, net 19,195  17,507  20,258  101,725  165,956 
Operating loss (9,738) (7,492) (9,406) (57,433) (120,357)
OTHER INCOME (EXPENSE)
Interest income (expense and financing charges), net 558  (773) 729  1,670  (4,790)
Interest income (expense and financing charges), net - related parties —  (36) —  —  (4,707)
Other (expense) income, net (1,116) 60  (1,831) (3,906) (64,564)
Total other (expense) income, net (558) (749) (1,102) (2,236) (74,061)
Loss before income taxes (10,296) (8,241) (10,508) (59,669) (194,418)
Provision (benefit) for income taxes 2,043  1,407  2,140  4,087  (11,306)
Net loss from continuing operations (12,339) (9,648) (12,648) (63,756) (183,112)
Net income (loss) from discontinued operations, net of income taxes 21,239  (5,826) 33  68,353  (24,214)
Net income (loss) $ 8,900  $ (15,474) $ (12,615) $ 4,597  $ (207,326)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment $ 144  $ (598) $ (180) $ 461  $ (831)
Other comprehensive income (loss) 144  (598) (180) 461  (831)
Comprehensive income (loss) $ 9,044  $ (16,072) $ (12,795) $ 5,058  $ (208,157)
Net loss per share from continuing operations, basic and diluted $ (0.26) $ (0.20) $ (0.26) $ (1.32) $ (3.81)
Net income (loss) per share from discontinued operations, basic and diluted 0.44  (0.12) —  1.42  (0.50)
Net income (loss) per share, basic and diluted $ 0.18  $ (0.32) $ (0.26) $ 0.10  $ (4.31)
Weighted average number of shares outstanding, basic and diluted 48,358  48,127  48,358  48,274  48,065 

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MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Twelve Months Ended
December 31,
2025 2024
(in thousands)
Cash flows from operating activities:
Net loss $ 4,597  $ (207,326)
Less: Net income (loss) from discontinued operations, net of income taxes 68,353  (24,214)
Net loss from continuing operations (63,756) (183,112)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities:
Stock based compensation 412  875 
Depreciation, depletion, amortization and accretion 10,292  11,715 
Amortization of debt origination costs 708  2,971 
Change in provision for expected credit losses 49  171,140 
Gains on disposal of assets, net (2,371) (2,762)
Gains from sales of equipment damaged or lost down-hole (221) (157)
Impairment of long-lived assets 31,669  — 
Inventory obsolescence —  97 
Deferred income taxes (591) 4,237 
Other 1,159  63 
Changes in assets and liabilities:
Accounts receivable, net 11,756  206,129 
Inventories 116  43 
Other current assets 6,200  590 
Accounts payable (2,843) (1,643)
Accrued expenses and other liabilities (7,483) (3,369)
Accrued expenses and other liabilities - related parties —  4,647 
Income taxes payable (4,671) (16,743)
Net cash (used in) provided by operating activities from continuing operations (19,575) 194,721 
Net cash provided by (used in) operating activities from discontinued operations 1,005  (14,004)
Net cash (used in) provided by operating activities (18,570) 180,717 
Cash flows from investing activities:
Purchases of property, plant and equipment (70,552) (1,214)
Contributions to equity investee (368) — 
Proceeds from disposal of property, plant and equipment 7,950  5,061 
Purchases of marketable securities (19,534) — 
Net cash (used in) provided by investing activities from continuing operations (82,504) 3,847 
Net cash provided by (used in) investing activities from discontinued operations 137,050  (14,279)
Net cash provided by (used in) investing activities 54,546  (10,432)
Cash flows from financing activities:
Borrowings on long-term debt - related parties —  (50,888)
Payments on financing transaction —  (46,837)
Principal payments on financing leases and equipment financing notes (433) (469)
Debt issuance costs —  (37)
Net cash used in financing activities from continuing operations (433) (98,231)
Net cash used in financing activities from discontinued operations (3,854) (13,882)
Net cash used in financing activities (4,287) (112,113)
Effect of foreign exchange rate on cash 109  (144)
Net increase (decrease) in cash, cash equivalents and restricted cash 31,798  58,028 
Cash, cash equivalents and restricted cash at beginning of period 82,326  24,298 
Cash, cash equivalents and restricted cash at end of period 114,124  82,326 
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period 52  2,122 
Cash, cash equivalents and restricted cash of continuing operations $ 114,072  $ 80,204 

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)
Three Months Ended December 31, 2025 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total
Revenue from external customers $ 3,281  $ 1,172  $ 1,709  $ 2,827  $ 468  $ —  $ 9,457 
Intersegment revenue 19  —  —  —  —  (19) — 
Total revenue 3,300  1,172  1,709  2,827  468  (19) 9,457 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 2,027  2,086  3,231  1,841  768  557  10,510 
Selling, general and administrative, exclusive of stock based compensation 1,670  402  1,158  677  217  1,626  5,750 
Adjusted EBITDA $ (397) $ (1,316) $ (2,680) $ 309  $ (517) $ (2,202) $ (6,803)
Three Months Ended December 31, 2024 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total
Revenue from external customers $ 1,118  $ 354  $ 5,121  $ 2,377  $ 754  $ 291  $ 10,015 
Intersegment revenue 67  —  —  —  —  (67) — 
Total revenue 1,185  354  5,121  2,377  754  224  10,015 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 1,076  563  4,307  1,444  1,024  940  9,354 
Selling, general and administrative, exclusive of stock based compensation 575  68  2,181  709  359  2,782  6,674 
Adjusted EBITDA $ (466) $ (277) $ (1,367) $ 224  $ (629) $ (3,498) $ (6,013)

Three Months Ended September 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total
Revenue from external customers $ 2,750  $ 812  $ 2,728  $ 2,280  $ 2,282  $ —  $ 10,852 
Intersegment revenue 16  —  —  —  —  (16) — 
Total revenue 2,766  812  2,728  2,280  2,282  (16) 10,852 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 1,691  1,579  4,148  1,436  1,840  191  10,885 
Selling, general and administrative, exclusive of stock based compensation 997  293  1,157  483  308  1,510  4,748 
Adjusted EBITDA $ 78  $ (1,060) $ (2,577) $ 361  $ 134  $ (1,717) $ (4,781)

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MAMMOTH ENERGY SERVICES, INC.
SEGMENT INFORMATION
(in thousands)

Twelve Months Ended December 31, 2025 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total
Revenue from external customers $ 11,025  $ 4,086  $ 16,552  $ 8,954  $ 3,675  $ —  $ 44,292 
Intersegment revenue 73  —  —  —  —  (73) — 
Total revenue 11,098  4,086  16,552  8,954  3,675  (73) 44,292 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 6,701  5,893  18,117  5,951  3,765  2,136  42,563 
Selling, general and administrative, exclusive of stock based compensation 4,155  1,019  5,131  1,957  944  5,954  19,160 
Adjusted EBITDA $ 242  $ (2,826) $ (6,696) $ 1,046  $ (1,034) $ (8,163) $ (17,431)
Twelve Months Ended December 31, 2024 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total
Revenue from external customers $ 6,712  $ 1,476  $ 19,057  $ 10,851  $ 3,558  $ 3,945  $ 45,599 
Intersegment revenue 393  —  —  —  —  (393) — 
Total revenue 7,105  1,476  19,057  10,851  3,558  3,552  45,599 
Less expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 4,955  2,280  17,791  6,397  4,373  6,739  42,535 
Selling, general and administrative, exclusive of stock based compensation 1,851  880  6,741  2,361  1,338  100,422  113,593 
Interest on trade accounts receivable —  —  —  —  —  60,686  60,686 
Adjusted EBITDA $ 299  $ (1,684) $ (5,475) $ 2,093  $ (2,153) $ (164,295) $ (171,215)




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MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net income or loss from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and (benefit) provision for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net (loss) income from continuing operations in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA 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. Mammoth’s computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.

The following table provides a reconciliation of Adjusted EBITDA to net loss from continuing operations, the most directly comparable GAAP financial measure (in thousands):

Three Months Ended Twelve Months Ended
December 31, September 30, December 31,
Reconciliation of net loss from continuing operations to Adjusted EBITDA: 2025 2024 2025 2025 2024
Net loss from continuing operations $ (12,339) $ (9,648) $ (12,648) $ (63,756) $ (183,112)
Depreciation, depletion, amortization and accretion 2,631  2,385  2,751  10,292  11,715 
Losses (gains) on disposal of assets, net 304  (1,125) 1,874  (2,371) (2,762)
Impairment of long-lived assets —  —  —  31,669  — 
Stock based compensation —  219  —  412  875 
Interest (income) expense and financing charges, net (558) 809  (729) (1,670) 9,497 
Other expense (income), net 1,116  (60) 1,831  3,906  64,564 
Provision (benefit) for income taxes 2,043  1,407  2,140  4,087  (11,306)
Interest on trade accounts receivable —  —  —  —  (60,686)
Adjusted EBITDA $ (6,803) $ (6,013) $ (4,781) $ (17,431) $ (171,215)




10

MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted Net Loss from Continuing Operations and Adjusted Loss per Share from Continuing Operations

Adjusted net loss from continuing operations and adjusted basic and diluted loss per share from continuing operations are supplemental non-GAAP financial measures that are used by management to evaluate our operating and financial performance. Management believes these measures provide meaningful information about the Company’s performance by excluding certain non-cash charges, such as impairment of long-lived assets, which may not be indicative of the Company’s ongoing operating results, from net loss from continuing operations. Adjusted net loss from continuing operations and adjusted loss per share from continuing operations should not be considered in isolation or as a substitute for net loss from continuing operations and loss per share from continuing operations prepared in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The following tables provide a reconciliation of adjusted net loss from continuing operations and adjusted loss per share from continuing operations to the GAAP financial measures of net loss from continuing operations and loss per share from continuing operations for the periods specified.

Three Months Ended Years Ended
December 31, September 30, December 31,
2025 2024 2024 2025 2024
(in thousands, except per share amounts)
Net loss from continuing operations, as reported $ (12,339) $ (9,648) $ (12,648) $ (63,756) $ (183,112)
Impairment of long-lived assets —  —  —  31,669  — 
Adjusted net loss from continuing operations $ (12,339) $ (9,648) $ (12,648) $ (32,087) $ (183,112)
Basic and diluted earnings per share from continuing operations, as reported $ (0.26) $ (0.20) $ (0.26) $ (1.32) $ (3.81)
Impairment of long-lived assets —  —  —  0.66  — 
Adjusted basic and diluted earnings per share from continuing operations $ (0.26) $ (0.20) $ (0.26) $ (0.66) $ (3.81)
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