Mammoth Energy Services (TUSK) Q2 2025 earnings summary

Executive summary

• Q2 2025 marked a strategic transformation with major divestitures and acquisitions, including the sale of infrastructure subsidiaries for $108.7 million, the acquisition of eight aircraft for $11.5 million, and the sale of hydraulic fracturing equipment for $15 million, shifting toward a demand-centric and resilient portfolio.

• Revenue for Q2 2025 was $16.4 million, up 2% year-over-year, driven by growth in rental, infrastructure, and sand proppant services.

• Net loss from continuing operations was $35.7 million (or $0.74 per diluted share), improved from a $155.6 million loss in Q2 2024, with a $31.7 million non-cash impairment charge on sand assets.

• Adjusted EBITDA loss was $2.8 million, a significant improvement from a $164.6 million loss in Q2 2024.

• Focus remains on capital efficiency, asset utilization, and margin expansion amid ongoing macroeconomic uncertainty.

Financial highlights

• Q2 2025 revenue from continuing operations: $16.4 million, up from $16 million year-over-year.

• Net loss from continuing operations: $35.7 million (or $0.74 per diluted share), improved from $155.6 million loss in Q2 2024.

• Adjusted EBITDA loss: $2.8 million, a significant improvement from $164.6 million loss in Q2 2024.

• SG&A expenses were $5.3 million in Q2 2025, down from $95.3 million in Q2 2024 due to the absence of PREPA settlement charges.

• CapEx for Q2 2025: $26.9 million, mainly for aviation and rental services growth.

Outlook and guidance

• Adjusted EBITDA loss from continuing operations expected to range from $3–$4 million for the second half of 2025.

• Cash burn from discontinued operations projected at $4–$5 million, funded by asset sales.

• 2025 CapEx budget for continuing operations set at $42 million, focused on aviation and equipment rentals.

• Ongoing evaluation of strategic M&A and capital deployment opportunities.

• Management aims to use robust liquidity to pursue value-enhancing transactions and invest in organic growth.