Mark Layton, Chief Financial Officer of Mammoth commented, "2025 was a transformative year for Mammoth. We made the deliberate decision to reshape our portfolio, with four divestitures generating in excess of $150 million in cash proceeds. These transactions strengthened our balance sheet, pruned non-performing businesses and gave us the financial flexibility to invest in higher-return opportunities. Most notably, we deployed over $65 million into our aviation platform at an attractive entry point, a business we continue to view as high-growth and scalable, and we remain committed to using our available liquidity to make additional accretive investments across our current portfolio that create long-term shareholder value.
We also made meaningful progress on our cost structure, materially reducing our SG&A run rate as we continue building a leaner, more efficient organization aligned to the portfolio we have today. That said, I want to be direct: Q4 operational execution was not at the level we expect of ourselves, and improving execution across our segments is our top priority, it is the clearest path to unlocking the value embedded in this business.
As we enter 2026, we see significant potential across our segments, driven by internal self-help initiatives, favorable market tailwinds, and our continued focus on deploying capital into opportunities with accretive returns. We have the balance sheet, the strategy, and the team to deliver meaningfully better results."
Financial Overview for the Fourth Quarter and Full Year 2025:Total revenue from continuing operations was $9.5 million for the fourth quarter of 2025 compared to $10.0 million for the fourth quarter of 2024 and $10.9 million for the third quarter of 2025. Total revenue for the full year of 2025 was $44.3 million compared to $45.6 million in 2024.
Net loss from continuing operations for the fourth quarter of 2025 was $12.3 million, or $0.26 per diluted share, compared to $9.6 million, or $0.20 per diluted share, for the fourth quarter of 2024 and $12.6 million, or $0.26 per diluted share, for the third quarter of 2025. Net loss for the full year of 2025 was $63.8 million, or $1.32 per diluted share, compared to net loss of $183.1 million, or $3.81 per diluted share for 2024.
Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was ($6.8) million for the fourth quarter of 2025, compared to ($6.0) million for the fourth quarter of 2024 and ($4.8) million for the third quarter of 2025. Adjusted EBITDA was ($17.4) million for the full year of 2025 compared to ($171.2) million for 2024.
Infrastructure ServicesMammoth's infrastructure services segment contributed revenue of $1.2 million for the fourth quarter of 2025 compared to $0.4 million for the fourth quarter of 2024 and $0.8 million for the third quarter of 2025. The infrastructure services division contributed revenues of $4.1 million for the full year of 2025 compared to $1.5 million for 2024. The increase in revenue was primarily due to an increase in fiber optic activity.
Rental ServicesMammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $3.3 million for the fourth quarter of 2025 compared to $1.2 million for the fourth quarter of 2024 and $2.8 million for the third quarter of 2025. The average number of pieces of equipment rented to customers was 328 for the fourth quarter of 2025 compared to 158 during the fourth quarter of 2024 and 286 during the third quarter of 2025. The rental services segment contributed revenue (inclusive of inter-segment revenue) of $11.1 million for the full year of 2025, compared to $7.1 million for 2024. The average number of pieces of equipment rented to customers was 285 for the full year of 2025 compared to 210 for 2024. Additionally, during the second quarter of 2025, the Company expanded its aviation rental offerings, which contributed to the increased revenue.
Natural Sand Proppant ServicesMammoth's natural sand proppant services segment contributed revenue of $1.7 million for the fourth quarter of 2025 compared to $5.1 million for the fourth quarter of 2024 and $2.7 million for the third quarter of 2025. In the fourth quarter of 2025, the Company sold approximately 92,000 tons of sand at an average sales price of $18.56 per ton compared to sales of approximately 129,000 tons of sand at an average sales price of $22.54 per ton during the fourth quarter of 2024. In the third quarter of 2025, sales were approximately 122,000 tons of sand at an average price of $18.26 per ton. The natural sand proppant division contributed revenues of $16.6 million for the full year of 2025 compared to $19.1 million for 2024. The Company sold 645,000 tons of sand during 2025, an increase from 578,000 tons of sand sold during 2024. The Company's average sales price for the sand sold during 2025 was $20.43 per ton compared to $23.15 per ton average sales price during 2024.
Accommodation ServicesMammoth's accommodation services segment contributed revenue of $2.8 million for the fourth quarter of 2025 compared to $2.4 million for the fourth quarter of 2024 and $2.3 million for the third quarter of 2025. On average, 232 rooms were utilized for the fourth quarter of 2025 compared to 197 during the fourth quarter of 2024 and 185 during the third quarter of 2025 for our accommodations services. The Company's accommodation services segment contributed revenues of $9.0 million for the full year of 2025 compared to $10.9 million for 2024. On average, 186 rooms utilized for 2025 compared to 216 for 2024.
Drilling ServicesMammoth's drilling services segment contributed revenue of $0.5 million for the fourth quarter of 2025 compared to $0.8 million for the fourth quarter of 2024 and $2.3 million for the third quarter of 2025. The Company's drilling services segment contributed revenues of $3.7 million for the full year of 2025 compared to $3.6 million for 2024.
Selling, General and Administrative Expense Selling, general and administrative ("SG&A") expense was $5.7 million for the fourth quarter of 2025 compared to $6.9 million for the fourth quarter of 2024 and $4.7 million for the third quarter of 2025. SG&A expenses were $19.6 million for the full year of 2025 compared to $114.5 million for 2024. The decrease is primarily due to a decrease in the provision for expected credit losses in connection with the Settlement Agreement with PREPA that was recognized in 2024.
Liquidity As of December 31, 2025, Mammoth had unrestricted cash and cash equivalents on hand of $102.0 million and marketable securities of $19.6 million. As of December 31, 2025, the Company's revolving credit facility was undrawn, the borrowing base was $50.0 million and there was $36.7 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of December 31, 2025, Mammoth had total liquidity of $158.3 million.
As of March 3, 2026, Mammoth had unrestricted cash on hand of $89.6 million, marketable securities of $28.8 million, no outstanding borrowings under its revolving credit facility. As of March 3, 2026, the Company had $38.2 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of March 3, 2026, Mammoth had total liquidity of $156.6 million.
Capital ExpendituresThe following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
2025
2024
2025
2025
2024
Rental services(a)
$ 25,676
$ ,
$ 17,185
$ 69,953
$ 351
Infrastructure services(b)
—
—
19
128
299
Accommodation services(c)
173
64
95
343
161
Drilling services(c)
12
83
—
128
184
Other(c)
—
98
—
—
219
Total capital expenditures
$ 25,861
$ 245
$ 17,299
$ 70,552
$ 1,214
(a)
Capital expenditures primarily for expansion of our aviation rental fleet for the periods presented.
(b)
Capital expenditures primarily for our fiber optic fleets for the periods presented.
(c)
Capital expenditures primarily for maintenance for the periods presented.
Conference Call InformationMammoth will host a conference call on Friday, March 6, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its fourth quarter and full year financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to
About Mammoth Energy Services, Inc.We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the oil and natural gas and infrastructure industries. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services segment provides design and fiber optic services to the utility industry. Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing. Our accommodation services provide housing, kitchen and dining, and recreational service facilities for workers located in remote areas away from readily available lodging. Our drilling services provides directional drilling to oilfield operators. For more information, please visit www.mammothenergy.com.
Forward-Looking Statements and Cautionary StatementsThis news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC and Python Equipment LLC and the equipment previously used in our hydraulic fracturing business; the levels of capital expenditures by our customers and the impact of reduced completions activity on utilization and pricing for our natural sand proppant services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; conditions of U.S. oil and natural gas industry and the effect of U.S. energy, monetary and trade policies; U.S. and global economic conditions and political and economic developments, including the energy and environmental policies; changes in U.S. and foreign trade regulations and tariffs, including potential increases of tariffs on goods imported into the U.S., and uncertainty regarding the same; inflationary pressures; higher interest rates and their impact on the cost of capital; the failure to receive or delays in receiving the remaining payment under the settlement agreement with PREPA; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under its revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas industry; and costs and availability of resources.
Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.
MAMMOTH ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
ASSETS
December 31,
December 31,
2025
2024
CURRENT ASSETS
(in thousands, except share data)
Cash and cash equivalents
$ 101,987
$ 60,845
Marketable securities
19,635
—
Restricted cash
12,085
19,359
Accounts receivable, net
28,934
40,672
Inventories
4,083
6,848
Current assets held for sale
4,287
—
Other current assets
4,619
10,854
Current assets of discontinued operations
1,518
50,009
Total current assets
177,148
188,587
Property, plant and equipment, net
106,097
66,651
Sand reserves, net
39,613
57,273
Operating lease right-of-use assets
2,591
3,954
Other non-current assets
5,767
7,383
Noncurrent assets of discontinued operations
3,678
60,183
Total assets
$ 334,894
$ 384,031
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$ 9,327
$ 12,107
Accrued expenses and other current liabilities
18,336
25,650
Current operating lease liabilities
2,071
2,643
Income taxes payable
39,899
44,570
Current liabilities of discontinued operations
383
29,537
Total current liabilities
70,016
114,507
Deferred income tax liabilities
2,430
3,021
Long-term operating lease liabilities
1,375
1,316
Asset retirement obligation
2,759
4,234
Other long-term liabilities
26
213
Noncurrent liabilities of discontinued operations
—
7,922
Total liabilities
76,606
131,213
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 48,358,315 and 48,127,369issued and outstanding at December 31, 2025 and 2024, respectively
483
481
Additional paid-in capital
540,841
540,431
Accumulated deficit
(279,046)
(283,643)
Accumulated other comprehensive loss
(3,990)
(4,451)
