Mammoth Energy Services, Inc. (TUSK) Earnings
Mammoth Energy Services, Inc. is expected to report next earnings on August 7, 2026 (in NaN days). TUSK has beaten EPS estimates in 1 of its last 11 reported quarters (average surprise -436.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | — | $0.11 | — | $22M | — |
| Mar 6, 2026 | $-0.08 | $-0.26 | -225.0% | $9M | -75.9% |
| Oct 31, 2025 | $-0.07 | $-0.25 | -257.1% | $15M | -65.3% |
| Aug 8, 2025 | $-0.06 | $-0.74 | -1133.3% | $16M | -62.5% |
| Mar 7, 2025 | $-0.14 | $-0.32 | -128.6% | $53M | +34.7% |
| Nov 1, 2024 | $-0.01 | $-0.50 | -4900.0% | $40M | -15.2% |
| Aug 9, 2024 | $-0.07 | $-3.25 | -4533.6% | $52M | +19.9% |
| May 2, 2024 | $-0.03 | $-0.25 | -733.3% | $43M | -22.2% |
| Mar 1, 2024 | $-0.09 | $-0.12 | -33.3% | $53M | -18.1% |
| Nov 9, 2023 | $0.06 | $0.02 | -66.7% | $65M | -14.3% |
| Aug 11, 2023 | $0.10 | $-0.09 | -190.0% | $75M | -12.4% |
| Apr 27, 2023 | $0.09 | $0.17 | +88.9% | $116M | -3.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 11, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Overall Strategic Progress - Q1 2026 marked a clear inflection point for Mammoth, with early proof that post-Q4 2025 corrective actions are delivering results. Total revenue reached $22 million, up 90% year over year and 133% sequentially. Adjusted EBITDA was positive $1.9 million, the first positive adjusted EBITDA quarter in eight quarters (two years). - The company's multi-quarter transformation strategy (portfolio simplification, capital redeployment to higher-return businesses, cost structure rebuild) is now delivering measurable financial results. • Profitability and Cost Management - SG&A expense was $3.6 million in Q1, a 38% sequential decrease. The annual SG&A run rate has been reduced from ~$25 million in 2024 to ~$20 million in 2025, with management targeting an 11 to 12 million annual run rate as structural cost reduction continues. - Favorable insurance adjustments of $1.6 million contributed to Q1 profitability, alongside cost discipline and higher revenue fall-through from core segments. • Balance Sheet and Capital Allocation - Mammoth remains debt-free with a strong balance sheet, ending Q1 with $125.1 million in unrestricted cash, cash equivalents, and marketable securities. Total Q1 capital expenditures were $11.7 million: $9.3 million to rentals, $1.9 million to infrastructure fiber, and $0.4 million to maintenance capex for sand and accommodations. - The company sold an aviation APU held for two quarters for a 20% gross IRR, and redeployed proceeds into another higher-return aviation asset. This aligns with management's capital philosophy that every asset must earn its place in the portfolio. - Mammoth initiated share repurchases for the first time since the 2023 program authorization, buying 187,000 shares for $400,000 at an average price of $2.14 per share. Management will continue opportunistic repurchases, as they believe the current stock price does not reflect the underlying value of the company's cash and asset base. $55 million (or up to 10 million shares) of repurchase capacity remains available. • Operational Corrective Actions - Post-Q4 2025 underperformance, management implemented targeted changes including top-down fiber leadership changes, tighter project oversight, and strategic customer/fleet mix optimization for non-aviation rentals. Q1 results confirm these changes are driving improvement across most of the business.
Guidance
- Management raised 2026 full-year guidance, now expecting full-year 2026 adjusted EBITDA to be positive, one full year ahead of the previously communicated timeline. The accelerated timeline is driven by stronger-than-expected performance in the rental segment (particularly aviation), ongoing cost discipline, and early benefits of Q4 2025 operational fixes. - Full-year 2026 revenue growth guidance was raised to greater than 60%, up from the prior expectation of approximately 50% year-over-year growth. The upward revision is primarily driven by higher utilization and additional asset placements in the rental segment, with supplemented improvement across drilling, sand, and accommodations. - Management expects drilling to reach EBITDA positive in 2026 as activity grows and costs normalize. An EBITDA overhang is expected for the infrastructure segment through the first half of 2026, consistent with prior guidance, with performance improving in the second half of 2026 as the fiber investment delivers additional capacity.
Segment performance
1. Rental segment: Revenue of $13 million, up 294% sequentially and 584% year over year. This segment is the company's primary growth driver, contributing 59.1% of total Q1 2026 revenue. Growth was driven by full-quarter contributions from 2025-deployed aviation assets, a $6.5 million off-lease aviation APU sale, and strong non-aviation rental demand. Segment profitability improved meaningfully from customer and fleet mix optimization. Average equipment rental count rose to 389 units, from 328 in Q4 2025 and 231 in Q1 2025. Aviation ended the quarter with 21 of 27 fleet assets generating revenue, with utilization trending positively. 2. Accommodation segment: Revenue of $3.5 million, up 25% sequentially and 67% year over year, contributing 15.9% of total Q1 2026 revenue. Nights on rent reached 24,778, up from 21,384 in Q4 2025 and 16,108 in Q1 2025. Gross margins hit 40%, the highest level in five quarters, driven by higher occupancy and operating leverage. 3. Drilling segment: Revenue of $1.4 million, up 180% sequentially and 600% year over year, contributing 6.4% of total Q1 2026 revenue. Utilization rose 20% from the low single-digit levels of Q4 2025 and Q1 2025. Margins were pressured by front-loaded higher operating maintenance costs in the quarter. 4. Sand segment: Revenue of $3.9 million, up 129% sequentially, contributing 17.7% of total Q1 2026 revenue. Volumes recovered from Q4 2025 lows, reaching ~156,000 tons sold at an average price of $19.49 per ton. Margins remain below management expectations due to competitive pricing. 5. Infrastructure segment: Revenue of $0.3 million, contributing 1.4% of total Q1 2026 revenue. The segment is in an operational reset following management changes, with $1.9 million in capital invested in the fiber optic fleet during the quarter.
Risks & headwinds
- Margins in the sand segment remain below expectations, with performance dependent on improving activity levels in the core market. Competitive pricing continues to pressure margins, requiring ongoing focus on operational efficiency and pricing capture. - Drilling segment margins were pressured by front-loaded higher operating maintenance costs in Q1, though management expects margins to expand through the year as activity grows. - Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from management's current expectations. Key risks are detailed in the company's latest SEC filings.