Mammoth Energy Services (TUSK) investor relations material

Executive summary

• Q2 2026 revenue rose 110% year-over-year to $26.1 million, with sequential growth from Q1 2026's $22.0 million, driven by aviation, sand, drilling, and recurring rental revenue.

• Adjusted EBITDA reached $2.6 million (10% margin), marking the second consecutive positive quarter and a 37% sequential increase from Q1 2026.

• Net loss from continuing operations narrowed to $1.2 million, a significant improvement from a $36.5 million loss in Q2 2025.

• Strategic acquisitions in fiber optic services and divestitures of non-core businesses realigned the portfolio and supported growth.

• Maintained a debt-free balance sheet with $77 million in liquidity at quarter-end.

Financial highlights

• Q2 2026 revenue: $26.1 million, up 19% sequentially and 110% year-over-year; adjusted EBITDA: $2.6 million (10% margin), up from $1.9 million in Q1 2026.

• Gross profit improved to $6.9 million (+25% sequentially, +431% YoY); gross margin in Sand segment turned positive.

• Net loss from continuing operations was $1.2 million, compared to net income of $4.7 million in Q1 and a net loss of $36.5 million in Q2 2025.

• SG&A expense decreased to $4.2 million from $5.0 million in Q2 2025, reflecting operating leverage.

• Capital expenditures for Q2 2026 were $44 million, primarily for aviation fleet expansion.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to over 90% year-over-year, with adjusted EBITDA margin expected above 10%.

• Guidance for the second half is based on recurring operating revenue, with asset sales representing upside.

• Focus remains on increasing equipment utilization, expanding aviation rentals, and integrating recent acquisitions.

• Achieving double-digit margins in 2026 puts the company a year ahead of initial expectations.

• Liquidity and operating platform expected to support continued execution through 2026.