Raises Full-Year 2026 Outlook

Third Quarter 2026 Highlights:

• Revenue increased 95% year-over-year to $21.3 million
• Net income from continuing operations was $0.3 million, compared with net losses from continuing operations of $12.6 million in the third quarter of 2025 and $1.2 million in the second quarter of 2026
• Adjusted EBITDA more than doubled from the second quarter of 2026 to $5.8 million
• Adjusted EBITDA margin of 27.2%, up from 10.0% in the second quarter; 15.0% for the first nine months
• Rental services segment Adjusted EBITDA increased 35% sequentially to $5.0 million
• Expanded our aviation portfolio to 44 assets, including 14 aircraft, 14 engines and 16 auxiliary power units, up from 15 at the end of the prior-year period
• 29 of 44 aviation assets were revenue-producing as of September 30, 2026, up from 23 of 38 as of June 30, 2026
• No funded debt; $37.6 million of cash and marketable securities; $41.8 million invested, led by aviation
• Subsequent to quarter-end, entered into a term loan facility providing commitments of up to $58.0 million to support aviation growth

Updated 2026 Outlook:

• Revenue growth expected to exceed 90%
• Adjusted EBITDA margin expected to be in the mid-teens
• Increased full-year 2026 outlook for the third time this year

Initial 2027 Outlook:

Adjusted EBITDA expected to increase by more than 40% compared with full-year 2026 Adjusted EBITDA

The 2027 outlook assumes continued deployment of the Company's existing aviation fleet, incremental contributions from aviation investments and continued operating improvement across the Company's portfolio and does not assume material aviation asset sales.

The Company is unable to provide a reconciliation of its forward-looking Adjusted EBITDA to the most directly comparable GAAP measure because certain components necessary to provide such a reconciliation are not available without unreasonable effort.  These components may include, among other items, changes in marketable securities, gains or losses on asset dispositions, income taxes and other items that could have a significant impact on the Company's GAAP results.

OKLAHOMA CITY, Oct. 30, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2026.

Total revenue from continuing operations was $21.3 million for the third quarter of 2026 compared to $10.9 million for the third quarter of 2025 and $26.1 million for the second quarter of 2026.

Net income from continuing operations for the third quarter of 2026 was $0.3 million, or $0.01 per diluted share, compared to net loss from continuing operations of $12.6 million, or $0.26 per diluted share, for the third quarter of 2025 and net loss from continuing operations of $1.2 million, or $0.02 per diluted share, in the second quarter of 2026.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $5.8 million for the third quarter of 2026, compared to ($4.8) million for the third quarter of 2025 and $2.6 million for the second quarter of 2026.

Mark Layton, Chief Financial Officer of Mammoth commented, "This was an outstanding quarter for Mammoth and a clear demonstration of our focus on driving returns. Revenue nearly doubled year over year to $21.3 million. Adjusted EBITDA more than doubled sequentially to $5.8 million, and our Adjusted EBITDA margin expanded to 27% from 10% in the second quarter. Growth in aviation leasing, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations drove the increase.

With an Adjusted EBITDA margin of 15% through the first nine months, we are raising our full-year 2026 outlook for the third time this year. We now expect Adjusted EBITDA margins in the mid-teens, roughly a year ahead of the plan we laid out in March, and we are reaffirming our outlook for revenue growth of greater than 90%.

Aviation remains our priority for capital deployment based on its returns profile. We invested $41.8 million in the quarter, led by aviation. The growth in aviation leasing assets enhances our recurring revenue profile while requiring comparatively modest incremental operating personnel as additional assets are deployed. As we look ahead to 2027, we currently expect Adjusted EBITDA to increase by more than 40% compared with full-year 2026 Adjusted EBITDA, driven primarily by the growing contribution from our aviation leasing platform and continued focus on operating execution and margin improvement."

Results by Reportable Segments

Rental Services and Aviation Sales
Mammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $9.6 million for the third quarter of 2026 compared to $2.8 million for the third quarter of 2025 and $10.2 million for the second quarter of 2026. The increase in revenue compared to the prior year was primarily driven by a $5.4 million increase due to aviation fleet expansion and higher aviation utilization. The average number of pieces of equipment rented to customers was 430 for the third quarter of 2026 compared to 286 during the third quarter of 2025 and 407 during the second quarter of 2026.

Natural Sand Proppant Services
Mammoth's natural sand proppant services segment contributed revenue of $5.2 million for the third quarter of 2026 compared to $2.7 million for the third quarter of 2025 and $8.0 million for the second quarter of 2026. The decrease in revenue from the second quarter of 2026 was due to a $3.0 million decline in freight revenue. In the third quarter of 2026, the Company sold approximately 228,000 tons of sand at an average sales price of $22.18 per ton compared to sales of approximately 122,000 tons of sand at an average sales price of $18.26 per ton during the third quarter of 2025. Average price per ton of sand sold increased primarily due to a shift in grade mix. In the second quarter of 2026, sales were approximately 229,000 tons of sand at an average price of $21.36 per ton.

Accommodation Services
Mammoth's accommodation services segment contributed revenue of $3.4 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.2 million for the second quarter of 2026. On average, 270 rooms were utilized for the third quarter of 2026 compared to 185 during the third quarter of 2025 and 259 during the second quarter of 2026 within the accommodation services segment.

Infrastructure Services
Mammoth's infrastructure services segment contributed revenue of $1.1 million for the third quarter of 2026 compared to $0.8 million for the third quarter of 2025 and $0.9 million for the second quarter of 2026.

Drilling Services
Mammoth's drilling services segment contributed revenue of $2.1 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.8 million for the second quarter of 2026. Drilling utilization and activity levels decreased sequentially, largely reflecting normal seasonal trends.

Segment Performance
Segment performance improved during the quarter, led by Rental Services, Natural Sand Proppant Services and Accommodation Services, which generated Adjusted EBITDA of $5.0 million, $1.5 million and $1.1 million, respectively.

Selling, General and Administrative Expense 
Selling, general and administrative ("SG&A") expense was $4.1 million for the third quarter of 2026 compared to $4.7 million for the third quarter of 2025 and $4.2 million for the second quarter of 2026.

Liquidity 
As of September 30, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $13.1 million and marketable securities of $24.5 million. As of September 30, 2026, the Company's revolving credit facility was undrawn, and there was $20.0 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of September 30, 2026, Mammoth had cash, cash equivalents and marketable securities of $37.6 million.

As of October 27, 2026, Mammoth had unrestricted cash on hand of $11.6 million and marketable securities of $15.9 million, with no outstanding borrowings under its revolving credit facility. As of October 27, 2026, the Company had $20.0 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of October 27, 2026, Mammoth had cash, cash equivalents and marketable securities of $27.5 million. On October 28, 2026, we entered into a senior secured term loan facility with Bank7 providing for aggregate commitments of up to $58.0 million.

Capital Expenditures
The following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):

Conference Call Information
Mammoth will host a conference call on Friday, October 30, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its third quarter 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 TUSK@vizaraadvisors.com.

About Mammoth Energy Services, Inc.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) is a growth-oriented company centered on an expanding aviation leasing platform. Through its rental services segment, Mammoth leases and sells aviation assets and rents heavy equipment used in construction and energy operations. The Company also provides fiber optic services to utility customers; natural sand proppant for hydraulic fracturing; workforce accommodations for projects in remote locations; and directional drilling services. For more information, please visit www.mammothenergy.com.

Forward-Looking Statements and Cautionary Statements
This 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, 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. Forward-looking statements may be identified by words such as "may," "will," "could," "should," "expect," "anticipate," "plan," "intend," "believe," "estimate," "project," "forecast," "target," "continue," "potential," or similar expressions, and the negative thereof. 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 expectations, plans, objectives, strategies, business outlook, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. Forward-looking statements include, without limitation, the Company's 2026 and 2027 outlook, including expected revenue growth, Adjusted EBITDA, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance, as well as the expected use of proceeds of the term loans, the availability and timing of advances under the facility and the Company's plans to acquire additional aircraft and grow its aviation leasing platform. 

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). Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, actual outcomes and results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, among others:

• our ability to comply with the financial covenants and other terms of the loan and security agreement and our revolving credit facility;
• changes in interest rates and their impact on our cost of capital;
• the impact of the divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC, Python Equipment LLC and Aquawolf LLC, and the equipment previously used in our hydraulic fracturing business;
• general economic, financial and industry conditions, including inflation, commodity price volatility and fluctuations in customer spending and capital expenditure activity;
• conditions in the energy, infrastructure, aviation, rental equipment and natural sand proppant markets that affect demand for our services and products;
• fluctuations in the value of our marketable securities portfolio and the impact of unrealized gains and losses on our reported financial results;
• our ability to execute our business strategy, successfully integrate acquired businesses, realize anticipated acquisition benefits, grow existing operations and identify additional growth opportunities;
• our ability to successfully deploy capital into aviation assets, achieve expected utilization levels and realize anticipated returns on aviation-related investments;
• the availability and cost of labor, equipment, materials, replacement parts and other operational resources;
• customer concentration, customer payment risks and our ability to collect outstanding receivables, including the timing and collectability of amounts owed by the Puerto Rico Electric Power Authority ("PREPA");
• the adequacy of our capital resources and liquidity;
• governmental actions, regulations, permitting requirements, trade policies, tariffs and other legal or regulatory developments;
• litigation, claims, investigations and other contingent liabilities;
• weather events, natural disasters, acts of war, terrorism, civil unrest, cybersecurity incidents and other events beyond our control; and
• the other risks and uncertainties described under Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026, as updated by Part II, Item 1A, "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K and other filings we make with the SEC, which are available on the SEC's website at www.sec.gov and on Mammoth's website at www.ir.mammothenergy.com.

The forward-looking statements contained in this news release speak only as of the date of this news release or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements.

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SOURCE MAMMOTH ENERGY SERVICES