Mammoth Energy Services Inc. press release

Mammoth Energy Services, Inc. Announces Third Quarter 2025 Operational and Financial Results

2025-10-31

NASDAQ - Nasdaq Stock Market · Sand · United States · Corporate Finance

PR Newswire

OKLAHOMA CITY, Oct. 31, 2025/PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2025.

Mark Layton, Chief Financial Officer of Mammoth commented, "Mammoth continued to make meaningful progress this quarter in advancing our transformation and strengthening the foundation of the Company. During the quarter, we completed the divestiture of our Piranha assets within the Sand segment — another deliberate step in pruning the portfolio and exiting lower-return assets — while continuing to deploy capital in our aviation platform, which remains a high-return and scalable growth area for Mammoth. These actions reflect our disciplined approach to building a leaner, more efficient organization centered on consistent cash generation and long-term value creation.

"We closed the quarter with approximately $153.4 million in total liquidity and no debt, providing us with exceptional financial flexibility to navigate market conditions and pursue opportunities that align with our return thresholds. With this balance sheet strength and continued focus on operational execution, we believe Mammoth is well-positioned to build durable value and deliver sustainable performance through cycles."

Financial Overview for the Third Quarter 2025: Total revenue from continuing operations was $14.8 millionfor the third quarter of 2025 compared to $17.1 millionfor the third quarter of 2024 and $16.4 millionfor the second quarter of 2025.

Net loss from continuing operations for the third quarter of 2025 was $12.1 million, or $0.25per diluted share, compared to $8.9 million, or $0.18per diluted share, for the third quarter of 2024 and $35.7 million, or $0.74per diluted share, for the second quarter of 2025.

Adjusted EBITDA from continuing operations (as defined and reconciled in the tables below) was ($4.4) millionfor the third quarter of 2025, compared to ($2.9) millionfor the third quarter of 2024 and ($2.8) millionfor the second quarter of 2025.

Infrastructure Services Mammoth's infrastructure services segment contributed revenue of $4.8 millionfor the third quarter of 2025 compared to $4.4 millionfor the third quarter of 2024 and $5.4 millionfor the second quarter of 2025. 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 $2.8 millionfor the third quarter of 2025 compared to $2.2 millionfor the third quarter of 2024 and $3.1 millionfor the second quarter of 2025. The average number of pieces of equipment rented to customers was 286 for the third quarter of 2025 compared to 249 during the third quarter of 2024 and 296 during the second quarter of 2025. 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 $2.7 millionfor the third quarter of 2025 compared to $4.9 millionfor the third quarter of 2024 and $5.4 millionfor the second quarter of 2025. In the third quarter of 2025, the Company sold approximately 122,000 tons of sand at an average sales price of $18.26per ton compared to sales of approximately 163,000 tons of sand at an average sales price of $22.89per ton during the third quarter of 2024. In the second quarter of 2025, sales were approximately 242,000 tons of sand at an average price of $21.41per ton.

Accommodation Services Mammoth's accommodation services segment contributed revenue of $2.3 millionfor the third quarter of 2025 compared to $2.9 millionfor the third quarter of 2024 and $1.8 millionfor the second quarter of 2025. On average, 185 rooms utilized for the third quarter of 2025 compared to 222 during the third quarter of 2024 and 145 during the second quarter of 2025 for our accommodations services.

Drilling Services Mammoth's drilling services division contributed revenue of $2.3 millionfor the third quarter of 2025 compared to $1.6 millionfor the third quarter of 2024 and $0.7 millionfor the second quarter of 2025. The increase in drilling services revenue for the third quarter of 2025 compared to the second quarter of 2025 is primarily attributable to an increase in utilization.

Selling, General and Administrative Expense Selling, general and administrative ("SG&A") expense was $5.2 millionfor the third quarter of 2025 compared to $6.8 millionfor the third quarter of 2024 and $5.3 millionfor the second quarter of 2025. The decrease is primarily due to a decrease in legal fees.

Liquidity As of September 30, 2025, Mammoth had unrestricted cash and cash equivalents on hand of $98.2 millionand marketable securities of $12.7 million. As of September 30, 2025, the Company's revolving credit facility was undrawn, the borrowing base was $50.0 millionand there was $42.5 millionof available borrowing capacity under the revolving credit facility, after giving effect to $7.5 millionof outstanding letters of credit. As of September 30, 2025, Mammoth had total liquidity of $153.4 million.

As of October 29, 2025, Mammoth had unrestricted cash on hand of $106.6 million, marketable securities of $16.0 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $50.0 million. As of October 29, 2025, the Company had $44.1 millionof available borrowing capacity under its revolving credit facility and total liquidity of $166.7 million.

Capital Expenditures The following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):

| | Three Months Ended | | Nine Months Ended | | | | | | | | | September 30, | | June 30, | | September 30, | | | | | | | 2025 | | 2024 | | 2025 | | 2025 | | 2024 | | Rental services(a) | $ 17,185 | | $ 127 | | $ 26,821 | | $ 44,125 | | $ 350 | | Infrastructure services(b) | 19 | | — | | — | | 120 | | 291 | | Natural sand proppant services(c) | — | | — | | — | | 93 | | — | | Accommodation services(c) | 95 | | 17 | | 58 | | 170 | | 97 | | Drilling services(c) | — | | 15 | | 19 | | 116 | | 100 | | Other(c) | — | | — | | — | | — | | 227 | | Total capital expenditures | $ 17,299 | | $ 159 | | $ 26,898 | | $ 44,624 | | $ 1,065 |

| | | | (a) | Capital expenditures primarily for expansion of our aviation rental fleet for the three and nine months ended September 30, 2025 and for the three months ended June 30, 2025 and the three and nine months ended September 30, 2024. | | (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, October 31, 2025at 10:00 a.m. Central time(11:00 a.m. Eastern time) to discuss its third quarter 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 engineering, 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 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.

| MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | | | | | | | | | | | | ASSETS | | September 30, | | December 31, | | | | 2025 | | 2024 | | CURRENT ASSETS | | (in thousands, except share data) | | | | Cash and cash equivalents | | $ 98,167 | | $ 60,845 | | Marketable securities | | 12,733 | | — | | Restricted cash | | 29,461 | | 19,359 | | Accounts receivable, net | | 41,893 | | 43,769 | | Inventories | | 4,269 | | 6,848 | | Current assets held for sale | | 5,618 | | — | | Other current assets | | 4,310 | | 11,380 | | Current assets of discontinued operations | | 2,558 | | 46,386 | | Total current assets | | 199,009 | | 188,587 | | | | | | | | Property, plant and equipment, net | | 83,828 | | 66,725 | | Sand reserves, net | | 39,713 | | 57,273 | | Operating lease right-of-use assets | | 3,592 | | 4,722 | | Other non-current assets | | 6,219 | | 7,383 | | Noncurrent assets of discontinued operations | | 4,392 | | 59,341 | | Total assets | | $ 336,753 | | $ 384,031 | | LIABILITIES AND EQUITY | | | | | | CURRENT LIABILITIES | | | | | | Accounts payable | | $ 12,219 | | $ 13,440 | | Accrued expenses and other current liabilities | | 17,519 | | 26,623 | | Current liabilities held for sale | | 42 | | — | | Current operating lease liabilities | | 2,693 | | 2,900 | | Income taxes payable | | 46,634 | | 44,570 | | Current liabilities of discontinued operations | | 1,052 | | 26,974 | | Total current liabilities | | 80,159 | | 114,507 | | | | | | | | Deferred income tax liabilities | | 2,541 | | 3,021 | | Long-term operating lease liabilities | | 2,028 | | 1,838 | | Asset retirement obligation | | 2,722 | | 4,234 | | Other long-term liabilities | | 60 | | 244 | | Noncurrent liabilities of discontinued operations | | — | | 7,369 | | Total liabilities | | 87,510 | | 131,213 | | | | | | | | COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | EQUITY | | | | | | Equity: | | | | | | Common stock, $0.01 par value, 200,000,000 shares authorized, 48,194,035 and 48,127,369 issued and outstanding at September 30, 2025 and December 31, 2024, respectively | | 482 | | 481 | | Additional paid-in capital | | 540,842 | | 540,431 | | Accumulated deficit | | (287,947) | | (283,643) | | Accumulated other comprehensive loss | | (4,134) | | (4,451) | | Total equity | | 249,243 | | 252,818 | | Total liabilities and equity | | $ 336,753 | | $ 384,031 |

| MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | | | | | | September 30, | | June 30, | | September 30, | | | | | | | 2025 | | 2024 | | 2025 | | 2025 | | 2024 | | | (in thousands, except per share amounts) | | | | | | | | | | REVENUE | | | | | | | | | | | Services revenue | $ 11,557 | | $ 11,106 | | $ 10,458 | | $ 30,791 | | $ 33,311 | | Services revenue - related parties | 516 | | 1,037 | | 575 | | 1,168 | | 1,171 | | Product revenue | 2,728 | | 4,909 | | 5,376 | | 14,843 | | 13,936 | | Total revenue | 14,801 | | 17,052 | | 16,409 | | 46,802 | | 48,418 | | | | | | | | | | | | | COST, EXPENSES AND GAINS | | | | | | | | | | | Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,493, $1,468, $1,419, $4,127 and $5,245 for the three months ended September 30, 2025, September 30, 2024, and June 30, 2025 and nine months ended September 30, 2025 and 2024, respectively) | 9,776 | | 10,151 | | 8,686 | | 25,889 | | 28,991 | | Services cost of revenue - related parties | 96 | | 118 | | 96 | | 288 | | 355 | | Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,263, $1,688, $1,413, $3,552 and $4,105 for the three months ended September 30, 2025, September 30, 2024, and June 30, 2025 and nine months ended September 30, 2025 and 2024, respectively) | 4,148 | | 3,164 | | 5,263 | | 14,886 | | 13,484 | | Selling, general and administrative | 5,160 | | 6,780 | | 5,339 | | 14,992 | | 108,831 | | Depreciation, depletion, amortization and accretion | 2,756 | | 3,156 | | 2,832 | | 7,679 | | 9,350 | | Losses (gains) on disposal of assets, net | 1,874 | | (192) | | (1,077) | | (2,675) | | (1,637) | | Impairment of long-lived assets | — | | — | | 31,669 | | 31,669 | | — | | Total cost, expenses and gains, net | 23,810 | | 23,177 | | 52,808 | | 92,728 | | 159,374 | | Operating loss | (9,009) | | (6,125) | | (36,399) | | (45,926) | | (110,956) | | | | | | | | | | | | | OTHER INCOME (EXPENSE) | | | | | | | | | | | Interest income (expense and financing charges), net | 922 | | 577 | | 400 | | 1,434 | | (4,042) | | Interest income (expense and financing charges), net - related parties | — | | (1,642) | | — | | — | | (4,670) | | Other (expense) income, net | (1,831) | | (1,108) | | (628) | | (2,791) | | (64,624) | | Total other (expense) income, net | (909) | | (2,173) | | (228) | | (1,357) | | (73,336) | | Loss before income taxes | (9,918) | | (8,298) | | (36,627) | | (47,283) | | (184,292) | | Provision (benefit) for income taxes | 2,140 | | 567 | | (934) | | 2,044 | | (12,704) | | Net loss from continuing operations | (12,058) | | (8,865) | | (35,693) | | (49,327) | | (171,588) | | Net (loss) income from discontinued operations, net of income taxes | (557) | | (15,177) | | 44,541 | | 45,023 | | (20,258) | | Net (loss) income | $ (12,615) | | $ (24,042) | | $ 8,848 | | $ (4,304) | | $ (191,846) | | | | | | | | | | | | | OTHER COMPREHENSIVE INCOME (LOSS) | | | | | | | | | | | Foreign currency translation adjustment | $ (180) | | $ 125 | | $ 478 | | $ 317 | | $ (233) | | Other comprehensive (loss) income | (180) | | 125 | | 478 | | 317 | | (233) | | Comprehensive (loss) income | $ (12,795) | | $ (23,917) | | $ 9,326 | | $ (3,987) | | $ (192,079) | | | | | | | | | | | | | Net loss per share from continuing operations, basic and diluted | $ (0.25) | | $ (0.18) | | $ (0.74) | | $ (1.02) | | $ (3.57) | | Net (loss) income per share from discontinued operations, basic and diluted | (0.01) | | (0.32) | | 0.92 | | 0.93 | | (0.42) | | Net (loss) income per share, basic and diluted | $ (0.26) | | $ (0.50) | | $ 0.18 | | $ (0.09) | | $ (3.99) | | | | | | | | | | | | | Weighted average number of shares outstanding, basic and diluted | 48,358 | | 48,127 | | 48,225 | | 48,245 | | 48,044 |