Mammoth Energy Services (TUSK) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 95% YoY to $21.3 million; Adjusted EBITDA reached $5.8 million at a 27.2% margin, more than doubling QoQ.

• Aviation leasing, Sand and Accommodations supported stronger results; FY 2026 Adjusted EBITDA margin guidance rose to the mid-teens while revenue growth guidance remained above 90%.

Financial highlights

• Q3 revenue was $21.3 million, versus $10.9 million a year earlier and $26.1 million in Q2; the QoQ decline reflected no repeat of Q2 asset sales, lower Sand freight and reduced Drilling activity.

• Net income from continuing operations was $0.3 million, or $0.01 per diluted share; Adjusted EBITDA was $5.8 million versus $2.6 million in Q2 and negative $4.8 million a year earlier.

• Nine-month revenue rose 99% YoY to $69.4 million; Adjusted EBITDA was $10.4 million versus a loss of $10.6 million.

• SG&A was $4.1 million; FY 2026 exit-rate guidance remained $11–12 million, excluding identified transaction, Puerto Rico legal and other nonrecurring costs.

Outlook and guidance

• FY 2026 revenue growth guidance remained above 90%, and Adjusted EBITDA margin guidance rose to the mid-teens, previously framed as a 2027 target. Nine-month margin was 15%.

• FY 2027 Adjusted EBITDA is expected to increase more than 40% versus FY 2026, assuming fleet deployment and continued operating improvement; no material aviation asset sales are assumed.

• Q4 is expected to be seasonally softer in Sand, Drilling and Accommodations; Infrastructure activity is expected to build as projects start and customer onboarding continues.

• Guidance excludes further aviation asset sales; additional sales would be additive.