Mammoth Energy Services (TUSK) Q4 2025 earnings summary

Executive summary

• Executed four major divestitures in 2025, generating over $150 million in proceeds and strengthening the balance sheet.

• Deployed $65 million into the aviation platform, targeting high-growth opportunities and expanding aviation rentals.

• Materially reduced SG&A expenses, aligning cost structure with the reshaped portfolio.

• Q4 operational execution lagged expectations, with improvement and cost control set as top priorities.

Financial highlights

• Q4 2025 revenue from continuing operations was $9.5 million, down from $10.0 million in Q4 2024 and $10.9 million in Q3 2025; full-year revenue was $44.3 million, down 3% year-over-year.

• Q4 net loss from continuing operations was $12.3 million ($0.26 per diluted share), compared to $0.20 in Q4 2024; full-year net loss was $63.8 million ($1.32/share), improved from $183.1 million ($3.81/share) in 2024.

• Adjusted EBITDA loss of $6.8 million in Q4 2025, versus $6 million loss in prior year; full-year Adjusted EBITDA was ($17.4) million, versus ($171.2) million in 2024.

• SG&A expense in Q4 was $5.7 million, down 17% year-over-year; full-year SG&A was $19.6 million, sharply lower than $114.5 million in 2024.

• Ended Q4 with $121.6 million in cash and equivalents, $158.3 million in total liquidity, and no debt.

Outlook and guidance

• Expecting over 50% revenue growth in 2026, driven by full-year aviation contribution, improved asset utilization, and market tailwinds.

• Non-aviation CapEx for 2026 projected at ~$11 million, focused on maintenance and targeted growth.

• Targeting positive EBITDA in 2026 and mid-teens EBITDA margins with positive free cash flow by 2027.

• Focus remains on improving operational execution and investing in accretive opportunities.