Mammoth Energy Services, Inc.

Total revenue was $26.1 million, up 19% sequentially and up 110% year over year. Adjusted EBITDA was $2.6 million, up 37% sequentially, versus a loss of $3.5 million in the second quarter of 2025. Net loss from continuing operations was $1.2 million, or $0.02 per diluted share, versus net income of $4.7 million, or $0.10 per diluted share, in the first quarter, and versus a net loss of $36.5 million, or $0.76 per diluted share, a year ago. For 2026, management now expects revenue growth of greater than 90% and adjusted EBITDA margins in excess of 10%. They also said the second-half outlook is based entirely on recurring operating revenue, with approximately $8.5 million of aviation asset sales already included in the first half and any future asset sales treated as upside.

Mark Layton emphasized that the quarter showed broad-based execution across the portfolio and that the strategy is working first in aviation and now increasingly across the rest of the business. He highlighted the disciplined approach to capital deployment, including the Boeing 747 package transaction and the first operating-business acquisitions in 8 years, saying returns will drive both asset sales and future investment decisions. His tone was upbeat and more confident than prior calls, repeatedly pointing to the business being roughly a year ahead of where management expected to be at the start of 2026.

Layton said rentals revenue was $10.2 million, accommodations revenue was $3.2 million, drilling revenue was $3.8 million, sand revenue was $8 million, and infrastructure revenue was $0.9 million. He noted rentals segment adjusted EBITDA of $3.7 million with a 36% margin, drilling adjusted EBITDA of $0.6 million, and sand gross margin turning positive while the sand adjusted EBITDA loss narrowed by roughly 71% sequentially. He also said SG&A was $4.2 million, the company remains debt-free, ended with $50.9 million of cash and $26.1 million of marketable securities, invested $44 million in capex, and repurchased about 43,000 shares at an average price of $2.99. He added that the board sees the stock as trading below value, but repurchases remain opportunistic and constrained by trading windows and volume limits.

Analysts focused on sand volumes and pricing into the second half and 2027, with management saying volumes are firming in Q3, customer conversations for back-half 2026 and 2027 supply agreements are encouraging, and capex should help fixed costs and gross margin. Questions also centered on equipment rental pricing and supply chain tightness; management said tightness is starting to support pricing, but supply chain issues have not materially affected them so far, and their strong liquidity helps them move quickly on equipment purchases. On capital allocation and buybacks, management said near-term capital includes about $15 million across operating businesses outside aviation and $40 million plus of actionable aviation deals, while repurchases are secondary to investment opportunities and limited by trading rules. Asked about free cash flow, management said they are “close” and “nearing that point” of being cash flow positive overall.