MAMMOTH ENERGY SERVICES, INC. Q4 FY2025 earnings call

• 2025 saw four major transactions reshaping the company, generating ~$150 million proceeds, exiting some businesses and expanding aviation rentals with over $65 million capital deployment.
• Q4 revenue was $9.5 million, down 6% y-o-y. Full year revenue $44.3 million, down 3%. Rentals, infrastructure, accommodations performed well but EBITDA fell short due to execution and cost control issues.
• Rental segment: Aviation rentals continued to grow, non-aviation rentals had top line momentum but profitability pressured. Infrastructure: Revenue ahead of expectations but EBITDA affected by fiber execution issues. Accommodations: Revenue up due to higher occupancy. Sand and drilling challenged with pricing, volume, and customer timing issues.

Rental segment: Q4 revenue was $3.3 million, up 19% sequentially and 179% year-over-year, mainly driven by aviation rentals. Non-aviation rental revenue increased 18% during the quarter. However, it faced cost overruns. Infrastructure segment: Q4 revenue was $1.2 million, up 44% sequentially and 231% year-over-year, but profitability was impacted by fiber execution issues. Accommodations segment: Q4 revenue was $2.8 million, up 24% sequentially and 19% year over year, reflecting higher occupancy. Sand segment: Q4 revenue was $1.7 million, down 37% sequentially and 67% year over year. Drilling segment: Q4 revenue was $0.5 million, down 80% sequentially and 38% year over year.

• Expect 2026 revenue growth greater than 50% vs 2025, driven by full year aviation contribution at higher utilization and improved asset utilization in oil and gas exposed businesses.
• Non-aviation CapEx in 2026 expected to be ~$11 million for maintenance and targeted growth in oil and gas and infrastructure segments.
• Aviation CapEx remains opportunistic, deployed where economics are compelling.
• Aim for positive EBITDA by 2027 with mid-teens EBITDA margins and positive free cash flow.

• Execution issues in segments like infrastructure that led to cost overruns and margin compression.
• Market fluctuations affecting segments like sand and drilling with pricing and volume pressures.
• Dependence on successful execution of strategic actions to improve profitability and growth.

Q: There are no questions at this time, A: Thank you again for joining us on the call today. 2025 was a year of real change for this company in the portfolio, in the asset base, and in how we are positioned going forward. Q4 was a reminder that the work is not finished and we take that seriously. The setup heading into 2026 is straightforward. The demand is there, aviation is ramping, and the balance sheet gives us room to invest. The job is to execute. We look forward to updating you next quarter. Thank you. And with that, we conclude today's call. All parties may disconnect. Have a good day.