Mammoth Energy Services (TUSK) investor relations material

Executive summary

• Q1 2026 marked a major inflection point, with revenue rising to $22 million, up 90% year-over-year and 133% sequentially, driven by strong performance in rentals, aviation, accommodations, and drilling services.

• Adjusted EBITDA turned positive at $1.9 million, the first positive quarter in eight quarters, reflecting improved operational execution and cost control.

• Net income from continuing operations was $4.7 million, or $0.10 per diluted share, reversing prior losses.

• The business completed a portfolio transformation, is now debt-free, and initiated a share repurchase program, buying 187,000 shares for $0.4 million.

• Strategic actions on cost control, portfolio simplification, and capital redeployment are yielding measurable results.

Financial highlights

• Revenue was $22 million in Q1 2026, up from $11.6 million in Q1 2025 and $9.5 million in Q4 2025.

• Adjusted EBITDA was $1.9 million, compared to $(2.3) million in Q1 2025 and $(6.8) million in Q4 2025.

• Net income from continuing operations was $4.7 million, or $0.10 per diluted share.

• SG&A expense was $3.6 million, down from $4.1 million in Q1 2025 and $5.7 million in Q4 2025.

• Capital expenditures totaled $11.7 million, focused on aviation and infrastructure.

Outlook and guidance

• Full-year 2026 guidance raised: now expecting positive Adjusted EBITDA for the full year, a year ahead of prior guidance.

• Full-year revenue growth now expected to exceed 60%, up from previous 50% guidance.

• Management remains focused on margin improvement, operational execution, and scaling infrastructure.