Mammoth Energy Services, Inc. (NASDAQ:TUSK) reported third-quarter 2026 financial and operational results on October 30, 2026, disclosing a 95% year-over-year revenue increase and a swing to net income from continuing operations, while raising its full-year 2026 outlook for the third time this year.

Key Highlights

  • Revenue of $21.3 million: Total revenue from continuing operations rose 95% year-over-year from $10.9 million in Q3 2025, according to the filing.
  • Net income turnaround: Net income from continuing operations was $0.3 million, or $0.01 per diluted share, compared with a net loss of $12.6 million, or $0.26 per diluted share, in Q3 2025.
  • Adjusted EBITDA more than doubled sequentially: Adjusted EBITDA from continuing operations reached $5.8 million in Q3 2026, up from $2.6 million in Q2 2026 and ($4.8) million in Q3 2025.
  • Aviation portfolio expanded to 44 assets: The filing reports 44 aviation assets including 14 aircraft, 14 engines, and 16 auxiliary power units, up from 15 at the end of the prior-year period.
  • No funded debt; $37.6 million in cash and marketable securities: As of September 30, 2026, Mammoth held $13.1 million in unrestricted cash and $24.5 million in marketable securities, with its revolving credit facility undrawn.
  • Term loan facility entered post-quarter: On October 28, 2026, the company entered into a senior secured term loan facility with Bank7 providing aggregate commitments of up to $58.0 million.
  • 2026 outlook raised; 2027 initial outlook issued: The company now expects 2026 revenue growth to exceed 90% and Adjusted EBITDA margin in the mid-teens, and it disclosed an initial 2027 outlook expecting Adjusted EBITDA to increase by more than 40% versus full-year 2026.

Mammoth Energy Q3 2026 Segment Results and Liquidity Position

According to the filing, Mammoth's rental services segment generated revenue of $9.6 million in Q3 2026, up from $2.8 million in Q3 2025, with the increase driven primarily by a $5.4 million rise attributable to aviation fleet expansion and higher aviation utilization. The average number of pieces of equipment rented to customers was 430 in Q3 2026, compared with 286 in Q3 2025. The segment's Adjusted EBITDA increased 35% sequentially to $5.0 million. As of September 30, 2026, 29 of the company's 44 aviation assets were revenue-producing, up from 23 of 38 as of June 30, 2026.

The natural sand proppant services segment contributed revenue of $5.2 million for Q3 2026, compared with $2.7 million in Q3 2025, the filing stated. The company sold approximately 228,000 tons of sand at an average sales price of $22.18 per ton in Q3 2026, versus approximately 122,000 tons at $18.26 per ton in Q3 2025. The accommodation services segment reported revenue of $3.4 million with an average of 270 rooms utilized, compared with 185 rooms in Q3 2025. Drilling services revenue was $2.1 million, with the filing noting that "drilling utilization and activity levels decreased sequentially, largely reflecting normal seasonal trends."

Selling, general and administrative expense was $4.1 million for Q3 2026, down from $4.7 million in Q3 2025. Total capital expenditures from continuing operations for the nine months ended September 30, 2026 were $97.5 million, with rental services accounting for $90.7 million, primarily for aviation fleet expansion. The filing also notes that as of October 27, 2026, the company held $27.5 million in cash, cash equivalents, and marketable securities. The company cautioned that it is unable to provide a reconciliation of its forward-looking Adjusted EBITDA to the most directly comparable GAAP measure without unreasonable effort.

What Was Disclosed

Mammoth Energy Services filed its Q3 2026 earnings results, disclosing a 95% revenue increase year-over-year, a return to net income from continuing operations, sequential Adjusted EBITDA growth, aviation portfolio expansion to 44 assets, a new $58.0 million term loan facility, and raised full-year 2026 and initial 2027 outlooks.