MAMMOTH ENERGY SERVICES, INC. (TUSK)
SIC breadcrumb: Mining > SIC Major Group 13 > SIC 1389 Oil & Gas Field Services, NEC
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1679268. Latest filing source: 0001628280-26-015693.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 44,292,000 USD verified
- Net income
- 4,597,000 USD verified
- Assets
- 334,894,000 USD verified
- Free cash flow
- -89,122,000 USD computed
- Net margin
- 10.38% computed
- Operating margin
- -129.67% computed
- Revenue YoY
- -2.87% computed
- ROE
- 1.78% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1389 Oil & Gas Field Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 44,292,000 | USD | 2025 | 2026-03-06 |
| Net income | 4,597,000 | USD | 2025 | 2026-03-06 |
| Assets | 334,894,000 | USD | 2025 | 2026-03-06 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001679268.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 230,625,000 | 691,496,000 | 1,690,084,000 | 625,012,000 | 313,076,000 | 228,962,000 | 362,086,000 | 309,492,000 | 45,599,000 | 44,292,000 |
| Net income | -92,453,000 | 58,964,000 | 235,965,000 | -79,044,000 | -107,607,000 | -101,430,000 | -619,000 | -3,163,000 | -207,326,000 | 4,597,000 |
| Operating income | -34,630,000 | 62,771,000 | 394,451,000 | -128,383,000 | -148,679,000 | -123,041,000 | -16,418,000 | -16,685,000 | -120,357,000 | -57,433,000 |
| Diluted EPS | -2.94 | 1.42 | 5.24 | -1.76 | -2.36 | -2.18 | -0.01 | -0.07 | -4.31 | 0.10 |
| Operating cash flow | 29,689,000 | 57,616,000 | 386,668,000 | -95,318,000 | 6,967,000 | -18,865,000 | 15,266,000 | 31,386,000 | 180,717,000 | -18,570,000 |
| Capital expenditures | 5,843,000 | 12,737,000 | 19,395,000 | 1,214,000 | 70,552,000 | |||||
| Assets | 502,362,000 | 867,243,000 | 1,073,091,000 | 952,385,000 | 824,562,000 | 720,892,000 | 724,678,000 | 698,479,000 | 384,031,000 | 334,894,000 |
| Liabilities | 79,581,000 | 359,447,000 | 319,039,000 | 283,644,000 | 261,235,000 | 257,670,000 | 262,062,000 | 238,379,000 | 131,213,000 | 76,606,000 |
| Stockholders' equity | 507,796,000 | 754,052,000 | 668,741,000 | 563,327,000 | 463,222,000 | 462,616,000 | 460,100,000 | 252,818,000 | 258,288,000 | |
| Cash and cash equivalents | 29,239,000 | 5,637,000 | 67,625,000 | 5,872,000 | 14,822,000 | 9,899,000 | 17,282,000 | 16,556,000 | 60,845,000 | 101,987,000 |
| Free cash flow | -24,708,000 | 2,529,000 | 11,991,000 | 179,503,000 | -89,122,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | -40.09% | 8.53% | 13.96% | -12.65% | -34.37% | -44.30% | -0.17% | -1.02% | 10.38% | |
| Operating margin | -15.02% | 9.08% | 23.34% | -20.54% | -47.49% | -53.74% | -4.53% | -5.39% | -129.67% | |
| Return on equity | 11.61% | 31.29% | -11.82% | -19.10% | -21.90% | -0.13% | -0.69% | -82.01% | 1.78% | |
| Return on assets | -18.40% | 6.80% | 21.99% | -8.30% | -13.05% | -14.07% | -0.09% | -0.45% | -53.99% | 1.37% |
| Liabilities / equity | 0.71 | 0.42 | 0.42 | 0.46 | 0.56 | 0.57 | 0.52 | 0.52 | 0.30 | |
| Current ratio | 3.04 | 1.43 | 1.92 | 3.12 | 3.61 | 2.93 | 2.09 | 2.72 | 1.65 | 2.53 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001628280-26-015693; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001628280-26-015693; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001628280-26-015693; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: Revenues. Source concepts: us-gaap:Revenues.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001628280-26-015693; filed 2026-03-06. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001679268.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2021-Q1 | 2021-03-31 | 66,804,000 | reported discrete quarter | ||
| 2021-Q2 | 2021-06-30 | 47,440,000 | reported discrete quarter | ||
| 2021-Q3 | 2021-09-30 | 57,485,000 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 0.16 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 0.17 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 75,431,000 | -0.09 | reported discrete quarter | |
| 2023-Q3 | 2023-09-30 | -1,088,000 | -0.02 | reported discrete quarter | |
| 2023-Q4 | 2023-12-31 | -5,956,000 | derived Q4 = FY annual - nine-month YTD | ||
| 2024-Q1 | 2024-03-31 | -11,811,000 | -0.25 | reported discrete quarter | |
| 2024-Q2 | 2024-06-30 | 51,529,000 | -155,993,000 | -3.25 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 40,015,000 | -24,042,000 | -0.50 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 53,200,000 | -15,480,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 62,465,000 | -537,000 | -0.01 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 16,409,000 | 8,848,000 | 0.18 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 14,801,000 | -12,615,000 | -0.26 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 8,901,000 | derived Q4 = FY annual - nine-month YTD | ||
| 2026-Q1 | 2026-03-31 | 22,030,000 | 5,187,000 | 0.11 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 26,054,000 | -760,000 | -0.01 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001628280-26-054813; filed 2026-08-07. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001628280-26-054813; filed 2026-08-07. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001628280-26-054813; filed 2026-08-07. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read TUSK's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read TUSK's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0001628280-26-054813.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related notes thereto presented in this Quarterly Report and the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission, or the SEC, on March 6, 2026 and the section entitled “Cautionary Note Regarding Forward-Looking Statements” appearing elsewhere in this Quarterly Report.
Overview
We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the aviation, oil and natural gas and utility 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 engineering, 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 provide directional drilling to oilfield operators.
We are focused on driving returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. While macroeconomic uncertainty, including tariffs and demand volatility, continues to affect parts of the market, we remain proactive in repositioning Mammoth to perform through differing business cycles.
Business Developments
During 2025, we completed four strategic divestitures. On April 11, 2025, we sold a portion of our infrastructure services entities, including our distribution, transmission and substation operations, for aggregate proceeds of approximately $108.7 million. On June 16, 2025, we sold all of the equipment previously used in our hydraulic fracturing services for $15.0 million. On September 15, 2025, the Company completed the sale of assets related to its natural sand proppant operations at its Piranha Proppant LLC processing plant. On December 2, 2025, we completed the sale of our engineering services business, Aquawolf for approximately $30.0 million. The results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and discussed in this report. Unless otherwise indicated, the information presented in this Management’s Discussion and Analysis relates only to our continuing operations.
To reflect how management evaluates the business after these divestitures, prior period segment information in our results of operations below has been recast to conform with our segment composition as of June 30, 2026. See Note 4. Discontinued Operations of the notes to our unaudited condensed consolidated financial statements for more information.
During the second quarter of 2026, we expanded our fiber optic services offering through the acquisitions of Mission Construction LLC and BERE Rentals LLC, both providers of fiber optic services to utility customers in the midwestern region of the United States. On June 12, 2026, we acquired all of the outstanding equity interests in Mission Construction LLC for aggregate consideration of $3.1 million and all of the outstanding equity interests in BERE Rentals LLC for aggregate consideration of $3.4 million. The acquisitions were funded with cash on hand. These acquisitions extend our presence in the fiber optic services market and broaden the range of services we provide to utility customers in the region.
32
Overview of Our Industries
Aircraft Industry
Demand for aviation assets remained favorable during the quarter, supporting increased utilization and revenue in our aviation rental business. We continue to evaluate opportunities to expand our aviation fleet as market conditions warrant.
Oil and Natural Gas Industry
Customer activity improved during 2026, contributing to higher utilization across our drilling, rental and accommodation businesses, although commodity price volatility continues to create uncertainty.
Infrastructure Industry
Demand for our fiber optic services continues to be supported by communications infrastructure investment and broadband deployment initiatives.
Settlement Agreement with PREPA
See Notes 2 and 18 for discussion of the PREPA Settlement Agreement.
Second Quarter 2026 Financial Overview
Revenue increased 110%, to $26.1 million during the second quarter of 2026, driven primarily by aviation, accommodation and drilling activities. Operating income improved to $2.6 million compared to an operating loss of $37.1 million in the prior-year period, reflecting higher utilization and the absence of the impairment charges recorded in 2025. Adjusted EBITDA improved to $2.6 million from a loss of $3.5 million in the prior year period. See “Non-GAAP Financial Measures” for a reconciliation of net income (loss) from continuing operations to Adjusted EBITDA.
Future Results
We remain focused on increasing equipment utilization, expanding our aviation rental platform, developing our infrastructure services business and maintaining capital discipline. While uncertainty remains regarding commodity prices, tariffs and broader economic conditions, we believe our current liquidity position and operating platform will support continued execution of our business strategy during the remainder of 2026.
33
Results of Operations
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 30, 2026 | June 30, 2025 | |||||
| (in thousands) | ||||||
| Revenue: | ||||||
| Rental services and aviation sales | $ | 10,223 | $ | 3,106 | ||
| Infrastructure services | 940 | 1,389 | ||||
| Natural sand proppant services | 7,975 | 5,376 | ||||
| Accommodation services | 3,202 | 1,767 | ||||
| Drilling services | 3,822 | 743 | ||||
| Other services | 48 | — | ||||
| Eliminations | (156) | (28) | ||||
| Total revenue | 26,054 | 12,353 | ||||
| Cost of revenue: | ||||||
| Rental services and aviation sales (exclusive of depreciation and amortization of $3,455 and $929 for the three months ended June 30, 2026 and 2025, respectively) | 4,722 | 1,567 | ||||
| Infrastructure services (exclusive of depreciation and amortization of $129 and $56 for the three months ended June 30, 2026 and 2025, respectively) | 1,540 | 1,355 | ||||
| Natural sand proppant services (exclusive of depreciation, depletion and accretion of $676 and $1,413 for the three months ended June 30, 2026 and 2025, respectively) | 7,713 | 5,262 | ||||
| Accommodation services (exclusive of depreciation and accretion of $288 and $267 for the three months ended June 30, 2026 and 2025, respectively) | 2,118 | 1,242 | ||||
| Drilling services (exclusive of depreciation of $24 and $23 for the three months ended June 30, 2026 and 2025, respectively) | 2,972 | 758 | ||||
| Other services (exclusive of depreciation of $62 and $139 for the three months ended June 30, 2026 and 2025, respectively) | 292 | 947 | ||||
| Eliminations | (156) | (28) | ||||
| Total cost of revenue | 19,201 | 11,103 | ||||
| Selling, general and administrative | 4,232 | 4,958 | ||||
| Depreciation, depletion, amortization and accretion | 4,634 | 2,827 | ||||
| Gains on disposal of assets, net | (4,641) | (1,077) | ||||
| Impairment of long-lived assets | — | 31,669 | ||||
| Operating income (loss) | 2,628 | (37,127) | ||||
| Interest (expense) income, net | (784) | 298 | ||||
| Loss on marketable securities, net | (1,116) | — | ||||
| Other expense, net | (73) | (628) | ||||
| Income (loss) before income taxes | 655 | (37,457) | ||||
| Provision (benefit) for income taxes | 1,853 | (934) | ||||
| Net loss from continuing operations | (1,198) | (36,523) | ||||
| Net income from discontinued operations, net of income taxes | 438 | 45,371 | ||||
| Net (loss) income | $ | (760) | $ | 8,848 |
34
Revenue. Revenue for the three months ended June 30, 2026 increased $13.7 million, or 110%, to $26.1 million compared to $12.4 million for the same period in 2025. The increase in total revenue is primarily attributable to increases in revenue for rental, natural sand proppant, accommodation and drilling services during the three months ended June 30, 2026, which was partially offset by a decrease in revenue for infrastructure services. Revenue by segment was as follows:
Rental Services and Aviation Sales. Rental services and aviation sales revenue increased $7.1 million, or 229%, to $10.2 million for the three months ended June 30, 2026 compared to $3.1 million for the same period in 2025. The increase reflected $5.7 million from aviation fleet expansion, higher aviation utilization and increased aviation sales activity. Aviation utilization improved from 34% during the prior-year period to 71% during the current-year period, while fleet capacity increased through aircraft acquisitions completed during 2025 and 2026. The increase in aviation revenue was partially driven by the sale of an airframe and landing gear for $2.0 million. Revenue also benefited from a 38% increase in the average number of pieces of equipment rented to customers to 407 for the three months ended June 30, 2026 compared to 296 for the same period in 2025.
Infrastructure Services. Infrastructure services revenue decreased $0.5 million, or 36%, to $0.9 million for the three months ended June 30, 2026 compared to $1.4 million for the same period in 2025. The decrease in revenue was primarily due to a decrease in fiber optic revenue related to a loss of a customer and decreased activity. Infrastructure results also reflected transition-related costs and underutilization associated with customer changes and the integration of recent acquisitions. Management expects utilization and operating performance to improve as these acquisitions are further integrated and customer activity expands.
Natural Sand Proppant Services. Natural sand proppant services revenue increased $2.6 million, or 48%, to $8.0 million for the three months ended June 30, 2026 compared to $5.4 million for the same period in 2025 primarily due to a $2.9 million increase in freight revenue. This was partially offset by a 5% decrease in tons of sand sold to 229,031 tons for the three months ended June 30, 2026 compared to 241,763 tons for the same period in 2025, combined with an immaterial decline in the average price per ton of sand sold to $21.36 per ton during the three months ended June 30, 2026 compared to $21.41 per ton for the same period in 2025. The average price per ton of sand sold decreased primarily due to a shift of grade mix to include more coarse sand.
Accommodation Services. Accommodation services revenue increased $1.4 million, or 78%, to $3.2 million for the three months ended June 30, 2026 compared to $1.8 million for the same period in 2025. The increase reflected higher occupancy levels and improved utilization driven by increased custo
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001628280-26-015693. The complete FY 2025 MD&A is published at /company/TUSK/mda/fy2025/.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in Item 1A. “Risk Factors” and the section entitled “Forward-Looking Statements” appearing elsewhere in this annual report.
Overview
We are an integrated, growth-oriented services company focused on providing products and services to our customers primarily in the oil and natural gas, aviation and utility infrastructure industries. Our primary business objective is to drive returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. 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 division provides engineering, design, construction, upgrade, maintenance and repair services to the fiber industry. Our natural sand proppant services division mines, processes and sells natural sand proppant used for hydraulic fracturing. Our drilling services provides directional drilling to oilfield operators. We believe that the services we offer play a critical role in increasing the ultimate recovery and present value of production streams from unconventional resources as well as in constructing and improving fiber networks. Our complementary suite of services provides us with the opportunity to cross-sell our services and expand our customer base and geographic positioning.
We continue to focus on growing our rental business. We believe our portfolio of aviation assets provides an attractive form of aviation asset financing for operators that allows capital deployment and fleet flexibility while eliminating residual value risk for the operators.
Our revenues, operating (loss) income and identifiable assets are attributable to five reportable segments: rental services; infrastructure services; natural sand proppant services; accommodation services; and drilling services. Following changes to our reportable segments resulting from divestitures completed in 2025, prior‑year segment information for the year ended December 31, 2024 has been recast to align with the current period segment presentation. Since the dates presented below, we have conducted our operations through the following entities:
Rental Services Segment
•Mammoth Equipment Leasing LLC—November 2016
•Stingray Energy Services LLC, or Stingray Energy Services—June 2017
•Dire Wolf Energy Services LLC—January 2018
•Cobra Aviation Services LLC—January 2018
•Predator Aviation LLC—April 2019
•Leopard Aviation LLC—April 2019
Infrastructure Services Segment
•Falcon Fiber Solutions LLC—May 2021
Natural Sand Proppant Services Segment
•Muskie Proppant LLC—September 2011
•Piranha Proppant LLC—May 2017
•Sturgeon Acquisitions LLC—June 2017
•Taylor Frac, LLC—June 2017
•Taylor Real Estate Investments, LLC—June 2017
•South River Road, LLC—June 2017
Accommodation Services Segment
•Great White Sand Tiger Lodging Ltd.—October 2007
Drilling Services Segment
•Panther Drilling Systems LLC—December 2012
Other
47
•Bison Drilling and Field Services, LLC—November 2010
•Bison Trucking—August 2013
•Mammoth Energy Services Inc.—June 2016
•Mammoth Energy Partners, LLC—October 2016
•Cobra Acquisitions LLC, or Cobra—January 2017
•Mako Acquisitions LLC—March 2017
•Tiger Shark Logistics LLC—October 2017
•Black Mamba Energy LLC—March 2018
•Stingray Cementing and Acidizing LLC, formerly RTS Energy Services LLC—June 2018
•Orca Energy Services LLC—December 2024
2025 Financial Overview and Highlights
•Net loss from continuing operations of $63.8 million, or $1.32 per diluted share, for the year ended December 31, 2025 as compared to net loss from continuing operations of $183.1 million, or $3.81 per diluted share, for the year ended December 31, 2024. Net loss for the year ended December 31, 2024 includes a non-cash, pre-tax charge of approximately $170.7 million, of which $89.2 million was charged to credit loss expense and $81.5 million was charged to interest on delinquent accounts receivable in relation to the Settlement Agreement with PREPA.
•Adjusted EBITDA from continuing operations of ($17.4) million for the year ended December 31, 2025 as compared to ($171.2) million for the year ended December 31, 2024. See “Non-GAAP Financial Measures” below for a reconciliation of net loss from continuing operations to Adjusted EBITDA from continuing operations. Adjusted EBITDA from continuing operations for the year ended December 31, 2024 includes a non-cash, pre-tax charge of approximately $170.7 million, of which $89.2 million was charged to credit loss expense and $81.5 million was charged to interest on delinquent accounts receivable in relation to the Settlement Agreement with PREPA.
Overview of Our Industries
Aircraft Industry
The operating environment for the lease of aircraft and aircraft assets is currently favorable. Factors such as population growth as well as improved global economic health and development are positively influencing both passenger and freight demand. In addition, factors and trends including OEM supply chain challenges and backlogs, the financing needs of airlines and the availability of maintenance facilities as well as repair timelines may increase the demand for our aircraft and aircraft assets.
Oil and Natural Gas Industry
The oil and natural gas industry has traditionally been volatile and is influenced by a combination of long-term, short-term and cyclical trends, including the domestic and international supply and demand for oil and natural gas, current and expected future prices for oil and natural gas and the perceived stability and sustainability of those prices, production depletion rates and the resultant levels of cash flows generated and allocated by exploration and production companies to their drilling, completion and related services and products budgets. The oil and natural gas industry is also impacted by general domestic and international economic conditions, political instability in oil producing countries, government regulations (both in the United States and elsewhere), levels of customer demand, the availability of pipeline capacity, storage capacity, shortages of equipment and materials and other conditions and factors that are beyond our control.
Demand for most of our oil and natural gas products and services depends substantially on the level of expenditures by companies in the oil and natural gas industry. The levels of capital expenditures of our customers are driven by many factors, including the prices of oil and natural gas. Throughout 2025 and 2024, we experienced challenges in our oil and gas businesses as a result of a generally declining rig count combined with elevated oil and natural gas production in the U.S. We expect 2026 activity to remain steady during the first half of the year with potential for upside in the back half of the year. Positive trends that may contribute to increased activity will come from LNG export capacity coming online and general electricity and power demand enhancements. We will be strategically positioned to capitalize on this anticipated demand if and when it ramps up.
48
Natural Sand Proppant Industry
Increased demand from oil and gas companies in 2022 resulted in higher demand and pricing for our sand compared to 2021, which continued throughout the first quarter of 2023. Demand for our natural sand proppant was adversely impacted in the second quarter of 2023 by the wildfires in Canada, which hindered our ability to transport sand. As discussed above, pricing for crude oil and natural gas declined from levels seen in 2022, which slowed down completion activities and adversely impacted demand for our sand proppant services in the second half of 2023. Activity remained suppressed throughout 2024 and 2025. As discussed above, we expect 2026 activity to be relatively steady, with the potential for moderate upside compared to 2025 driven by increases in natural gas demand to support power demand and LNG exports.
Our proppant sand reserves consist of Northern White silica sand, giving us access to a range of high-quality sand grades meeting or exceeding all API specifications, including a mix between concentrations of coarse grades (20/40 and 30/50 mesh size) and finer grades (40/70 and 100 mesh size). Our sample boring data and our historical production data have indicated that our reserves contain deposits of approximately 60% 40 mesh size or finer substrate. The coarseness and conductivity of Northern White frac sand significantly enhances recovery of oil and liquids-rich gas by allowing hydrocarbons to flow more freely than is sometimes possible with native sand. The low acid-solubility increases the integrity of Northern White frac sand relative to other proppants with higher acid-solubility, especially in shales where hydrogen sulfide and other acidic chemicals are co-mingled with the targeted hydrocarbons. In addition, its crush resistant properties enable Northern White frac sand to be used in deeper drilling applications than the frac sand produced from many native mineral deposits.
We believe that the coarseness, conductivity, sphericity, acid-solubility, and crush-resistant properties of our Northern White sand reserves and our facilities’ connectivity to rail and other transportation infrastructure afford us a cost advantage over many of our competitors and make us one of a select group of sand producers capable of delivering high volumes of frac sand that is optimal for oil and natural gas production to all major unconventional resource basins currently producing throughout North America.
Infrastructure Industry
The infrastructure industry involves the construction and maintenance of fiber networks. Demand for our services is driven by artificial intelligence (“AI”) and data center projects.
Certain barriers to entry exist in the markets in which we operate, including adequate financial resources, technical expertise, high safety ratings and a proven track record of operational success. We compete based upon our industry experience, technical expertise, financial and operational resources, geographic presence, industry reputation, safety record and customer service. While we believe our customers consider a number of factors when selecting a service provider, they generally award most of their work through a bid process. Consequently, price is often a principal factor in determining which service provider is selected.
We believe that AI and high-performance computing will drive the upgrade and overbuild of fiber networks in order to increase data capacity. Funding for projects in the infrastructure space remains strong with added opportunities since the Infrastructure Investment and Jobs Act ("IIJA") was signed into law on November 15, 2021. Federal and state agencies continue to implement multi‑year funding programs established under the IIJA, including substantial investments through Broadband Equity, Access and Deployment ("BEAD") program. These programs continue to support planned investment in broadband, utility, transportation, and clean‑energy projects. Although these programs were enacted several years ago, the implem
[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]
MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.