OKLAHOMA CITY – October 30, 2026 -- Mammoth Energy Services (NASDAQ: TUSK) reported third-quarter 2026 revenue from continuing operations of $21.3 million, up 95% from $10.9 million a year earlier, and raised its full-year outlook for the third time this year.
Net income from continuing operations was $0.3 million, or $0.01 per diluted share. That compares with a loss of $12.6 million in the third quarter of 2025 and a loss of $1.2 million in the second quarter of 2026. Adjusted EBITDA reached $5.8 million, against negative $4.8 million a year ago and $2.6 million in the second quarter. The Adjusted EBITDA margin was 27.2%, up from 10.0% in the second quarter and 15.0% for the first nine months. Revenue fell from $26.1 million in the second quarter.
Aviation fleet grows to 44 assets, 29 of them earning revenue
Mammoth's aviation portfolio comprises 14 aircraft, 14 engines and 16 auxiliary power units, up from 15 assets a year earlier. As of September 30, 29 of 44 assets were revenue-producing, compared with 23 of 38 on June 30. The company invested $41.8 million in the quarter, led by aviation.
CFO Mark Layton called it an "outstanding quarter" and said aviation leasing adds recurring revenue while requiring comparatively modest incremental operating personnel.
Rental services Adjusted EBITDA climbs 35% sequentially to $5.0 million
Rental services revenue, including inter-segment sales, rose to $9.6 million from $2.8 million a year earlier but slipped from $10.2 million in the second quarter. Aviation fleet expansion and higher utilization contributed a $5.4 million year-over-year increase. The average number of rented equipment pieces was 430, up from 286 a year ago.
Natural sand proppant services added $1.5 million of Adjusted EBITDA on $5.2 million of revenue. The company sold about 228,000 tons at $22.18 per ton, against roughly 122,000 tons at $18.26 a year earlier. The price gain came mainly from a shift in grade mix. Sequentially, revenue fell from $8.0 million on a $3.0 million drop in freight revenue.
Accommodation services generated $1.1 million of Adjusted EBITDA on $3.4 million of revenue, with 270 rooms used on average versus 185 a year ago. Infrastructure services revenue was $1.1 million, up from $0.8 million. Drilling services revenue declined to $2.1 million from $2.3 million a year ago and $3.8 million in the second quarter, which the company attributed largely to normal seasonal trends.
SG&A expense was $4.1 million, down from $4.7 million a year earlier.
Mammoth lifts 2026 margin guidance to mid-teens and guides 2027 EBITDA up 40%
The company now expects full-year 2026 revenue growth above 90% and an Adjusted EBITDA margin in the mid-teens. Layton said that margin level arrives roughly a year ahead of the plan laid out in March.
For 2027, Mammoth expects Adjusted EBITDA to rise by more than 40% from the 2026 level. The outlook assumes continued deployment of the existing aviation fleet, incremental contributions from aviation investments and operating improvement across the portfolio. It does not assume material aviation asset sales.
Mammoth signs term loan of up to $58.0 million with Bank7 for aviation growth
The company ended September with no funded debt and $37.6 million in cash ($13.1 million) and marketable securities ($24.5 million). Its revolving credit facility was undrawn, with $20.0 million of available capacity after $5.0 million of letters of credit. By October 27, cash and marketable securities had fallen to $27.5 million. On October 28, Mammoth entered a senior secured term loan facility with Bank7 with aggregate commitments of up to $58.0 million.