Mammoth Energy Services NASDAQ: TUSK reported a sharp rebound in first-quarter 2026 results, with executives describing the period as an “inflection point” after several quarters of portfolio restructuring, cost reductions and operational fixes.
Chief Financial Officer Mark Layton said first-quarter revenue rose to $22 million, up 90% from a year earlier and 133% sequentially. Adjusted EBITDA from continuing operations was positive $1.9 million, compared with a loss of $6.8 million in the fourth quarter of 2025 and a loss of $2.3 million in the prior-year period. Layton said it was Mammoth’s first positive adjusted EBITDA quarter in eight quarters.
Net income from continuing operations was $4.7 million, or $0.10 per diluted share, compared with a net loss of $12.3 million, or $0.26 per diluted share, in the fourth quarter of 2025. In the first quarter of 2025, the company posted a net loss from continuing operations of $2.2 million, or $0.05 per diluted share.
“The pivot we’ve spent the last several quarters executing — simplifying the portfolio, redeploying capital into higher-return businesses, and rebuilding the cost structure to match the size and shape of the company we are today — is now showing up in the numbers,” Layton said.
Rentals and Aviation Drive Growth
Mammoth’s rental segment was the company’s largest contributor in the quarter. Segment revenue was $13 million, up approximately 294% sequentially and 584% year-over-year. Layton said the increase was mainly driven by a full quarter of contribution from aviation assets deployed during 2025, a $6.5 million sale of an aviation auxiliary power unit that was not on lease, and continued strength in non-aviation rentals.
Layton said the APU had been purchased two quarters earlier and generated a gross internal rate of return of about 20%. He said Mammoth redeployed the proceeds into another aviation asset with what management views as a stronger return profile.
Chief Operating Officer Bernard Lancaster said the rental segment continues to be the primary growth driver for the company. In equipment rentals, Mammoth averaged 389 pieces of equipment on rent during the quarter, compared with 328 in the fourth quarter of 2025 and 231 in the first quarter of 2025.
In aviation, Lancaster said Mammoth ended the quarter with 27 assets in its fleet, 21 of which were generating revenue. He said utilization continued to improve, and the company expects further gains as additional assets are placed on lease, subject to maintenance schedules and customer delivery timing.
Accommodations Improve; Drilling and Sand Still Face Margin Work
The accommodations segment also posted gains. Revenue was $3.5 million, up approximately 25% sequentially and 67% year-over-year. Lancaster said nights on rent totaled 24,778 in the first quarter, compared with 21,384 in the fourth quarter and 16,108 a year earlier. Gross margins were approximately 40%, the highest level for the segment in five quarters.
Drilling revenue rose to $1.4 million, up 180% sequentially and 600% from a year earlier, as utilization improved from low single-digit levels in the fourth quarter and the first quarter of 2025. However, Layton said margins were pressured by higher operating costs, some of which were front-loaded, particularly maintenance-related expenses. Management said it expects drilling margins to improve through the year and the segment to reach EBITDA positive in 2026.
Sand segment revenue was $3.9 million, up 129% sequentially. Lancaster said Mammoth sold approximately 156,000 tons at an average price of $19.49 per ton. Layton said revenue benefited from improved volumes but was partially offset year-over-year by a lower average sales price due to a higher proportion of coarse-grade sand. Both executives said sand margins remained below expectations, with operational efficiency, pricing capture and railcar fleet rationalization remaining priorities.
Infrastructure Reset Continues
Infrastructure remained Mammoth’s smallest segment, producing approximately $0.3 million of revenue in the quarter. Lancaster said the new leadership team in the fiber business is implementing tighter project oversight, better cost discipline and a more selective approach to projects.
Layton said Mammoth expects an EBITDA overhang in infrastructure through the first half of 2026, consistent with prior comments. During the quarter, the company invested $1.9 million in its fiber optic fleet. Layton said the demand backdrop for fiber is “compelling” and that the investment is intended to position the company to pursue work in the second half of 2026 and into 2027.
Balance Sheet, Buybacks and Updated Outlook
Mammoth ended the quarter debt-free, with unrestricted cash, cash equivalents and marketable securities of $125.1 million. Capital expenditures totaled $11.7 million, including $9.3 million for rentals. The company acquired two APUs during the quarter for $6.6 million and, after quarter-end, deployed an additional $25.7 million to acquire six aviation engines. Layton said Mammoth expects four of those six engines to go on lease during the second quarter.
The company also began repurchasing stock under a program first authorized in August 2023. Layton said Mammoth bought approximately 187,000 shares for $400,000 at an average price of $2.14 per share. The authorization allows repurchases of up to the lesser of $55 million or 10 million shares.
“The dollar amount is modest relative to our liquidity, and that is intentional, but the signal is not,” Layton said, adding that management believes the company’s equity is trading at levels that do not reflect Mammoth’s cash position or asset base.
Mammoth raised its 2026 outlook on both revenue and profitability. Layton said the company now expects to be adjusted EBITDA positive for the full year, one year earlier than previously communicated. The company also now expects full-year revenue growth of more than 60%, up from its prior expectation of approximately 50%.
Layton said the improved outlook is being driven primarily by stronger-than-expected performance in rentals, particularly aviation, along with continued cost discipline and early benefits from operational changes made after the fourth quarter. SG&A expense was $3.6 million in the first quarter, down from $5.7 million in the fourth quarter of 2025 and $4.1 million a year earlier. Layton said Mammoth continues to target an annual SG&A run rate of approximately $11 million to $12 million.
No analysts asked questions during the call. In closing remarks, Layton said the quarter showed “positive EBITDA, strong revenue growth, disciplined capital allocation, and continued progress cutting costs,” while noting that execution remains the company’s focus for the rest of the year.
About Mammoth Energy Services NASDAQ: TUSK
Mammoth Energy Services, Inc, headquartered in Houston, Texas, is a diversified energy services company that primarily provides hydraulic fracturing and complementary well completion and production services to oil and natural gas exploration and production companies across North America. Its core offerings include fracturing, coiled tubing, cementing, wireline, nitrogen pumping, and pressure pumping equipment, supported by proprietary fluid blends and digital monitoring systems. In addition to conventional oilfield services, the company operates a dedicated solar division—Mammoth Solar—that delivers engineering, procurement and construction (EPC) services for utility-scale and commercial solar projects.
Mammoth's fracturing operations are focused on major shale plays such as the Permian Basin, Eagle Ford, Bakken, Williston Basin, and Rockies regions.
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