Mammoth Energy Services (TUSK) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a significant turnaround, with revenue reaching $22 million, up 90% year-over-year and 133% sequentially, driven by strong performance in rentals, especially aviation, and improvements across all segments.

• Achieved first positive Adjusted EBITDA in eight quarters at $1.9 million, reflecting successful cost control and operational changes.

• Net income turned positive, reaching $4.7 million ($0.10 per diluted share), reversing prior losses.

• Completed portfolio transformation to a debt-free, diversified business with five operating segments and initiated share repurchases, buying 187,000 shares for $0.4 million.

• Strategic divestitures in 2025 included infrastructure, hydraulic fracturing, and engineering businesses, reported as discontinued operations.

Financial highlights

• Total revenue was $22 million, compared to $9.5 million in Q4 2025 and $11.6 million in Q1 2025, representing 133% sequential and 90% YoY growth.

• Adjusted EBITDA was $1.9 million, compared to losses of $6.8 million in Q4 2025 and $2.3 million in Q1 2025.

• SG&A expense reduced to $3.6 million, down 38% sequentially, with a targeted annual run rate of $11–$12 million.

• Ended the quarter debt-free with $125.1 million in cash, equivalents, and marketable securities.

• Net income from continuing operations was $4.7 million ($0.10 per diluted share), versus net losses in prior quarters.

Outlook and guidance

• Raised 2026 guidance: now expect to be Adjusted EBITDA positive for the full year, a year ahead of prior expectations.

• Full-year revenue growth now expected to exceed 60%, up from previous 50% guidance, led by rentals and improving performance in other segments.

• Continued focus on margin improvement in sand and drilling, and scaling infrastructure segment.

• Aviation segment expected to drive growth with full-year contribution from recent investments.