Financial Data and Key Metrics Changes - For Q3 2025, revenue was $14.8 million, down from $16.4 million in Q2 and $17.1 million year-over-year, primarily due to the divestiture of the Piranha division assets and underperformance in the sand segment [4][5] - Net loss from continuing operations was $12.1 million, or $0.25 per diluted share, compared to a loss of $8.9 million, or $0.18 per diluted share, in Q3 2024 [5][17] - Adjusted EBITDA from continuing operations was a loss of $4.4 million in Q3 compared to a loss of $2.9 million in the prior year [18] Business Line Data and Key Metrics Changes - Rentals segment revenue was $2.8 million, down 11% sequentially but up 24% year-over-year, with aviation performing well [13][14] - Infrastructure segment revenue declined 13% sequentially to $4.8 million, impacted by operational execution challenges [15] - Sand segment revenue was $2.7 million, down 49% from Q2 and 44% year-over-year, reflecting the Piranha division divestiture and weather-related disruptions [16] - Accommodations revenue increased 29% sequentially to $2.3 million, with solid EBITDA growth [16] Market Data and Key Metrics Changes - Market fundamentals in energy services remain steady, with firm pricing in most basins [7] - Infrastructure demand is benefiting from grid hardening, broadband expansion, and data center investments [8] - The aviation platform is positioned to capture sustained leasing demand in the regional passenger market [8] Company Strategy and Development Direction - The company is focused on transforming and simplifying its portfolio towards higher-return businesses, with a notable emphasis on the drilling segment [4][6] - Capital deployment is disciplined, with investments directed towards aviation assets that generate consistent cash flow [7][8] - The company aims to build a leaner organization centered on sustainable returns rather than scale [6][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced in the sand and infrastructure segments but remains optimistic about the long-term opportunities [10][11] - The company expects improved cash generation and margin recovery in 2026 as transformation initiatives take hold [22][23] - Management emphasizes the importance of operational excellence and strategic capital deployment for future growth [30] Other Important Information - The company maintained a strong balance sheet with $110.9 million in unrestricted cash and total liquidity of approximately $153.4 million [20] - Subsequent to the quarter end, approximately $19.8 million of restricted cash was released, improving the liquidity position [21] Q&A Session Summary Question: Visibility for sand volumes in 2026 - Management expects an increase in sand volumes compared to Q3, with encouraging sales dialogues for 2026 [24][25] Question: Balance sheet details - Cash and marketable securities were about $123 million, excluding $10 million in escrow and $5 to $10 million from land rigs held for sale [26][27] Question: Path to getting the sand business back to free cash flow neutral - Management highlighted several levers, including encouraging sales dialogues and one-time charges related to railcar returns [28][29]

Financial Performance - Total revenue from continuing operations for Q3 2025 was $14.8 million, a decrease of 13.5% from $17.1 million in Q3 2024 and a decrease of 9.8% from $16.4 million in Q2 2025[4] - Net loss from continuing operations for Q3 2025 was $12.1 million, or $0.25 per diluted share, compared to a net loss of $8.9 million, or $0.18 per diluted share, in Q3 2024[5] - Adjusted EBITDA from continuing operations was ($4.4) million for Q3 2025, worsening from ($2.9) million in Q3 2024 and ($2.8) million in Q2 2025[6] - Total revenue for the three months ended September 30, 2025, was $14,801,000, a decrease of 13.8% compared to $17,052,000 for the same period in 2024[28] - The company reported a comprehensive loss of $12,795,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $23,917,000 for the same period in 2024[28] - The company reported a net loss from continuing operations of $(12,058) million for the three months ended September 30, 2025, compared to $(8,865) million in the same period of 2024[38] - The company experienced a total revenue of $46,802 million for the nine months ended September 30, 2025, slightly down from $48,418 million in the same period of 2024, a decrease of approximately 3.3%[34] Segment Performance - Infrastructure services segment revenue increased to $4.8 million in Q3 2025 from $4.4 million in Q3 2024, driven by higher fiber optic activity[7] - Natural sand proppant services segment revenue decreased to $2.7 million in Q3 2025 from $4.9 million in Q3 2024, with sales of approximately 122,000 tons at an average price of $18.26 per ton[9] - Accommodation services segment revenue was $2.3 million in Q3 2025, down from $2.9 million in Q3 2024, with an average of 185 rooms utilized[10] - Drilling services revenue increased to $2.3 million in Q3 2025 from $1.6 million in Q3 2024, attributed to higher utilization[11] - Revenue from external customers for the Rentals segment in the nine months ended September 30, 2025, was $7,744 million, up from $5,594 million in the same period of 2024, reflecting an increase of approximately 38.4%[34] - The Infrastructure segment reported revenue of $14,881 million for the nine months ended September 30, 2025, compared to $13,957 million in 2024, marking an increase of about 6.6%[34] Liquidity and Capital Expenditures - Total liquidity as of September 30, 2025, was $153.4 million, with unrestricted cash and cash equivalents of $98.2 million and no debt[4][13] - As of October 29, 2025, total liquidity increased to $166.7 million, with unrestricted cash on hand of $106.6 million[14] - Capital expenditures for Q3 2025 totaled $17.3 million, primarily for the expansion of the aviation rental fleet[15] Assets and Liabilities - Cash, cash equivalents, and restricted cash at the end of the period was $127,687,000, significantly up from $6,165,000 at the end of the same period in 2024[30] - Total current assets increased to $199,009,000 as of September 30, 2025, compared to $188,587,000 as of December 31, 2024[25] - Total liabilities decreased to $87,510,000 as of September 30, 2025, from $131,213,000 as of December 31, 2024[25] - Total equity decreased to $249,243,000 as of September 30, 2025, from $252,818,000 as of December 31, 2024[25] Expenses - Cost of revenue for the three months ended September 30, 2025, was $14,020 million, compared to $13,433 million in the same period of 2024, an increase of approximately 4.4%[32] - Selling, general and administrative expenses for the three months ended September 30, 2025, totaled $5,160 million, up from $6,561 million in the same period of 2024, a decrease of about 21.4%[32] - The company’s total expenses for the three months ended September 30, 2025, were $18,180 million, compared to $17,994 million in the same period of 2024, reflecting a slight increase[32] Impairment - The company incurred impairment of long-lived assets amounting to $31,669,000 during the nine months ended September 30, 2025[30] Share Information - The weighted average number of shares outstanding for the three months ended September 30, 2025, was 48,358,000, compared to 48,127,000 for the same period in 2024[28] - Adjusted EBITDA for the three months ended September 30, 2025, was $(4,379) million, compared to $(2,942) million for the same period in 2024, indicating a worsening performance[38] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(8,841) million, compared to $(163,272) million in the same period of 2024, indicating a significant decline[38]

Core Insights - Mammoth Energy Services reported a total revenue of $14.8 million for Q3 2025, a decrease from $17.1 million in Q3 2024 and $16.4 million in Q2 2025 [3][4] - The company experienced a net loss from continuing operations of $12.1 million, or $0.25 per diluted share, compared to a loss of $8.9 million, or $0.18 per diluted share, in Q3 2024 [4][22] - Adjusted EBITDA from continuing operations was ($4.4) million for Q3 2025, worsening from ($2.9) million in Q3 2024 [5] Financial Overview - Total liquidity as of September 30, 2025, was approximately $153.4 million, with no debt, providing financial flexibility [3][12] - The infrastructure services segment generated $4.8 million in revenue, up from $4.4 million in Q3 2024, driven by increased fiber optic activity [6] - The rental services segment reported revenue of $2.8 million, an increase from $2.2 million in Q3 2024, attributed to expanded aviation rental offerings [7] - Revenue from natural sand proppant services fell to $2.7 million, down from $4.9 million in Q3 2024, with a decrease in sales volume and average sales price [8] - Accommodation services revenue decreased to $2.3 million from $2.9 million in Q3 2024, with average room utilization dropping [9] - Drilling services revenue increased to $2.3 million from $1.6 million in Q3 2024, primarily due to higher utilization [10] Operational Highlights - Selling, general and administrative expenses decreased to $5.2 million from $6.8 million in Q3 2024, mainly due to lower legal fees [11] - Capital expenditures for Q3 2025 totaled $17.3 million, primarily for the expansion of the aviation rental fleet [14] - As of October 29, 2025, unrestricted cash on hand was $106.6 million, with total liquidity increasing to $166.7 million [13]

Core Insights - Mammoth Energy Services (NASDAQ: TUSK) has shifted its business focus by divesting some infrastructure subsidiaries, which represented approximately 85% to 90% of its infrastructure business, along with its pressure pumping equipment [2] Group 1: Company Changes - The company has sold off significant portions of its infrastructure business, indicating a strategic pivot in operations [2] - The divestiture is part of a broader strategy to refocus on core competencies and potentially enhance shareholder value [2] Group 2: Analyst Background - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [2] - Chow co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his experience in both analytical and entrepreneurial ventures [2]

Core Points - Mammoth Energy Services, Inc. will host a conference call on October 31, 2025, to discuss its third-quarter results for the period ending September 30, 2025 [1][2] - The conference call will start at 11:00 a.m. Eastern Time and will be accessible via the company's website or by phone [2][3] - A telephonic replay of the call will be available until November 7, 2025, and an archived webcast will be accessible shortly after the call [3] Company Overview - Mammoth Energy Services is an integrated, growth-oriented company providing a diversified suite of rental, infrastructure, and energy services across North America [5] - The company's offerings include specialized equipment rentals for aviation, construction, and energy operations, as well as utility infrastructure solutions [5] - Mammoth also provides natural sand proppant for hydraulic fracturing, directional drilling services, and workforce accommodation facilities for large-scale projects in remote locations [5]

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section details various forward-looking statements and the risks that could cause actual results to differ from expectations [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements and risks, such as divestitures, commodity price volatility, and the PREPA settlement, that could cause actual results to differ - Key factors that could affect actual results include the impact of recent divestitures of subsidiaries like 5 Star Electric and hydraulic fracturing equipment[10](index=10&type=chunk) - The company identifies volatility in oil and natural gas prices, actions by OPEC+, and general economic conditions as significant risks[10](index=10&type=chunk) - Potential delays or failure to receive the remaining payment under the settlement agreement with the Puerto Rico Electric Power Authority (PREPA) is noted as a forward-looking risk[10](index=10&type=chunk) [PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the periods ended June 30, 2025, including balance sheets, statements of operations, changes in equity, cash flows, and comprehensive notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows total assets of **$364.2 million**, a decrease from **$384.0 million** at year-end 2024, primarily due to divestitures. Cash increased to **$127.3 million** from **$60.8 million**, while total liabilities decreased and total equity increased Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $127.3 | $60.8 | | Total current assets | $240.1 | $188.6 | | Total assets | $364.2 | $384.0 | | **Liabilities & Equity** | | | | Total current liabilities | $96.1 | $114.5 | | Total liabilities | $102.2 | $131.2 | | Total equity | $262.0 | $252.8 | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) For Q2 2025, the company reported a net income of **$8.8 million**, a significant improvement from a **$156.0 million** net loss in Q2 2024, driven by income from discontinued operations and absence of prior-year PREPA charges Q2 Statement of Operations Highlights (in millions, except per share) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $16.4 | $16.0 | | Operating Loss | $(36.4) | $(96.0) | | Net Loss from Continuing Operations | $(35.7) | $(155.6) | | Net Income (Loss) from Discontinued Operations | $44.5 | $(0.4) | | **Net Income (Loss)** | **$8.8** | **$(156.0)** | | **Net Income (Loss) per Share** | **$0.18** | **$(3.25)** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by investing activities was **$88.9 million**, driven by **$111.2 million** from discontinued operations, resulting in a net cash increase of **$75.1 million** Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(9.8) | $40.5 | | Net cash provided by (used in) investing activities | $88.9 | $(4.5) | | Net cash used in financing activities | $(4.1) | $(50.0) | | **Net increase (decrease) in cash** | **$75.1** | **$(14.0)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial results, including strategic divestitures, a **$31.7 million** impairment on sand proppant assets, full repayment of the term credit facility, and updates on the PREPA settlement - On April 11, 2025, the company sold a portion of its infrastructure services entities for **$108.7 million**. On June 16, 2025, it sold all equipment from its hydraulic fracturing services for **$15.0 million**. These are reported as discontinued operations[30](index=30&type=chunk) - The company recognized a **$31.7 million** impairment expense on natural sand proppant assets at its Piranha and Muskie processing plants, which were reclassified as held for sale in Q2 2025[52](index=52&type=chunk)[77](index=77&type=chunk) - As of June 30, 2025, PREPA owes Cobra **$20.0 million** under the settlement agreement, payable after PREPA's bankruptcy plan becomes effective[42](index=42&type=chunk)[131](index=131&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic shift post-divestitures, reporting a Q2 2025 net income of **$8.8 million** (vs. **$156.0 million** loss in Q2 2024) driven by discontinued operations and improved liquidity - The company completed the sale of its distribution, transmission, and substation operations for **$108.7 million** and its hydraulic fracturing equipment for **$15.0 million**, shifting its strategic focus[157](index=157&type=chunk) Q2 2025 Financial Overview | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $16.4 million | $16.0 million | | Net Income (Loss) | $8.8 million | $(156.0) million | | Net Income (Loss) per Share | $0.18 | $(3.25) | | Adjusted EBITDA | $(2.8) million | $(164.6) million | - For the second half of 2025, management expects to generate an adjusted EBITDA loss from continuing operations of **$3.0 million** to **$4.0 million**[165](index=165&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2025 revenue increased **2%** year-over-year to **$16.4 million**, driven by growth in Rental, Infrastructure, and Sand services, while operating loss decreased to **$36.4 million** from **$96.0 million** due to the absence of prior-year PREPA charges Q2 Revenue by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Rental services | $3.1 | $1.8 | +72% | | Infrastructure services | $5.4 | $4.5 | +20% | | Natural sand proppant services | $5.4 | $4.7 | +15% | | Accommodation services | $1.8 | $2.7 | -33% | - The company recognized a **$31.7 million** impairment expense on assets related to its natural sand proppant operations during Q2 2025[183](index=183&type=chunk) - Selling, general and administrative (SG&A) expenses decreased to **$5.3 million** in Q2 2025 from **$95.3 million** in Q2 2024, primarily due to an **$89.2 million** charge related to the PREPA settlement in the prior-year period[180](index=180&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly strengthened, with cash increasing to **$127.3 million** at June 30, 2025, and an undrawn revolving credit facility, while capital expenditures for 2025 are estimated at **$42.0 million** Liquidity Summary (in millions) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $127.3 | $60.8 | | Revolving credit facility borrowing base | $75.0 | $25.2 | - Capital expenditures for continuing operations totaled **$27.3 million** for the first six months of 2025, with a full-year estimate of approximately **$42.0 million**[247](index=247&type=chunk) - The term credit facility with Wexford was fully paid off and terminated on October 2, 2024[239](index=239&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies its primary market risks as being tied to the volatility of the U.S. oil and natural gas and utility infrastructure industries, including interest rate, foreign currency, and customer credit risks - The company is exposed to interest rate risk through its revolving credit facility, which has a variable interest rate[253](index=253&type=chunk) - Foreign currency risk exists due to the accommodation services segment generating revenue and incurring expenses in Canadian dollars. As of June 30, 2025, the company held **$2.8 million** in Canadian dollars[254](index=254&type=chunk) - Significant customer credit risk is highlighted, specifically the **$20.0 million** receivable due from PREPA, which is in bankruptcy proceedings[256](index=256&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The Chief Operating Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[261](index=261&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[262](index=262&type=chunk) [PART II. OTHER INFORMATION](index=57&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and refers to Note 18 for detailed disclosures, expecting no material adverse effect beyond what is disclosed - For detailed information on legal proceedings, the report refers to Note 18 of the unaudited condensed consolidated financial statements[264](index=264&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) The company's operations remain subject to risk factors previously disclosed in its Annual Report on Form 10-K, with no new or materially changed risks presented - The company's risk factors have not materially changed from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024[265](index=265&type=chunk) [Item 4. Mine Safety Disclosures](index=57&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company's operations are subject to the Federal Mine Safety and Health Act of 1977, with required safety violation information included in Exhibit 95.1 - Information regarding mine safety violations required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95.1 to this Form 10-Q[268](index=268&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the 10-Q report, including purchase agreements for divestitures, credit agreement amendments, and officer certifications - Key exhibits filed include the Equity Interest Purchase Agreement for the T&D Transaction (Exhibit 10.3) and the Equipment Purchase Agreement for the Pressure Pumping Transaction (Exhibit 10.4)[273](index=273&type=chunk) - Certifications by the Chief Operating Officer and Chief Financial Officer pursuant to Sarbanes-Oxley Sections 302 and 906 are included as Exhibits 31.1, 31.2, 32.1, and 32.2[273](index=273&type=chunk)

Financial Data and Key Metrics Changes - Total revenue for the second quarter of 2025 was $16.4 million, compared to $16 million in the same period a year ago, reflecting a modest increase [19] - The net loss for the quarter was $35.7 million, which included a non-cash impairment charge of $31.7 million, compared to a net loss of $155.6 million in the same quarter of 2024 [5][24] - Adjusted EBITDA from continuing operations was a loss of $2.8 million, an improvement from a loss of $164.6 million in the previous year [25] Business Line Data and Key Metrics Changes - Rental Services segment revenue increased by 72% to $3.1 million, driven by expanded aviation rental offerings [22] - Infrastructure Services segment revenue was $5.4 million, a 20% increase compared to the same quarter in 2024 [20] - Natural Sand Proppant Services generated $5.4 million in revenue, a 15% increase, although sales volumes rose while pricing declined by 6% [21] - Remote Accommodation segment revenue decreased to $1.8 million from $2.7 million in the same quarter last year [23] - Drilling segment revenue slightly increased to $743,000 from $736,000 year-over-year [24] Market Data and Key Metrics Changes - The company noted strong demand in the infrastructure space driven by macro tailwinds around data centers, AI, and nuclear developments [15] - The rental services segment saw a 33% increase in the number of equipment rented compared to the same period last year [14] Company Strategy and Development Direction - The company is focused on driving returns through improved internal execution, prioritizing asset utilization, margin expansion, and capital efficiency [6] - Strategic divestitures and acquisitions are part of the transformation strategy to enhance resilience and growth potential [7][11] - The company aims to remain active in M&A, evaluating opportunities that can unlock value while preserving balance sheet strength [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market, viewing it as primed with opportunities despite macroeconomic uncertainties [7] - The company plans to continue investing in quality assets or companies at attractive valuations to generate positive returns [11] - Future growth is expected to be supported by ongoing investments in the aviation sector and other rental services [35][50] Other Important Information - As of June 30, 2025, the company had unrestricted cash of approximately $127.3 million, with total liquidity around $194.8 million [27] - The company remains debt-free and plans to utilize its cash position for future growth investments [29] Q&A Session Summary Question: Growth potential in rental and accommodation services - Management highlighted that the majority of capital has been invested in the aviation sector, targeting IRRs of 25% to 35% [35] Question: Domestic versus Canadian sand sales and market evolution - The majority of sand sales have historically been to Western Canada, particularly the Montney region, with expectations for continued demand [37] Question: Context on aviation market supply-demand imbalances - Management noted favorable passenger travel and production delays at major manufacturers, creating demand in the aviation sector [41] Question: Thoughts on stock buybacks - The board approved a buyback, but execution has been limited due to blackout periods related to ongoing transactions [42] Question: Path to free cash flow - Management indicated that as litigation costs decrease, the current asset mix should help achieve free cash flow neutrality [46]

[Q2 2025 Financial and Operational Results](index=1&type=section&id=Mammoth%20Energy%20Services%2C%20Inc.%20Announces%20Second%20Quarter%202025%20Operational%20and%20Financial%20Results) [Management Commentary and Strategic Update](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Update) Management highlighted three Q2 2025 transactions, including asset sales and aviation fleet expansion, to reposition the company for growth - Executed three pivotal transactions to reposition the company's portfolio: sold infrastructure subsidiaries for **$108.7 million**, purchased **eight small passenger aircraft** for rental expansion, and sold hydraulic fracturing equipment for **$15 million**[3](index=3&type=chunk)[4](index=4&type=chunk) - The company's strategy focuses on leveraging its robust cash position for value-enhancing transactions, accretive asset additions, and organic growth investments[5](index=5&type=chunk) [Financial Overview](index=1&type=section&id=Financial%20Overview) Q2 2025 saw total revenue increase slightly to **$16.4 million**, with net loss from continuing operations narrowing to **$35.7 million** Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Total Revenue (Continuing Ops) ($) | $16.4M | $16.0M | $15.6M | | Net Loss (Continuing Ops) ($) | ($35.7M) | ($155.6M) | ($1.6M) | | Diluted EPS (Continuing Ops) ($) | ($0.74) | ($3.24) | ($0.03) | | Adjusted EBITDA (Continuing Ops) ($) | ($2.8M) | ($164.6M) | ($1.7M) | [Segment Performance](index=1&type=section&id=Segment%20Performance) Q2 2025 segment performance was mixed, with growth in Rental and Infrastructure Services, but declines in Accommodation Services Segment Revenue and Adjusted EBITDA (Q2 2025 vs Q2 2024) | Segment | Q2 2025 Revenue ($) | Q2 2024 Revenue ($) | Q2 2025 Adj. EBITDA ($) | Q2 2024 Adj. EBITDA ($) | | :--- | :--- | :--- | :--- | :--- | | Infrastructure Services | $5.4M | $4.5M | $0.2M | ($0.1M) | | Rental Services | $3.1M | $1.8M | $0.5M | $0.3M | | Natural Sand Proppant | $5.4M | $4.7M | ($1.2M) | ($1.1M) | | Accommodation Services | $1.8M | $2.7M | $0.2M | $0.8M | | Drilling Services | $0.7M | $0.7M | ($0.2M) | ($0.5M) | [Infrastructure Services](index=1&type=section&id=Infrastructure%20Services) Infrastructure Services revenue increased to **$5.4 million** in Q2 2025, driven by higher fiber optic activity - Revenue increased to **$5.4 million** in Q2 2025, up **20% YoY** from **$4.5 million** in Q2 2024[9](index=9&type=chunk) [Rental Services](index=2&type=section&id=Rental%20Services) Rental Services revenue grew substantially to **$3.1 million** in Q2 2025, driven by aviation rental expansion - Revenue increased **72% YoY** to **$3.1 million**, driven by the expansion of aviation rental offerings[10](index=10&type=chunk) [Natural Sand Proppant Services](index=2&type=section&id=Natural%20Sand%20Proppant%20Services) Natural Sand Proppant revenue reached **$5.4 million** in Q2 2025, with higher volumes offsetting lower pricing Sand Sales Performance | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Sand Sold (tons) | 242,000 | 141,000 | 189,000 | | Avg. Sales Price/ton ($) | $21.41 | $22.73 | $21.49 | [Accommodation Services](index=2&type=section&id=Accommodation%20Services) Accommodation Services revenue declined to **$1.8 million** in Q2 2025 due to lower average room utilization - Average room utilization dropped to **145 rooms** in Q2 2025, compared to **212** in Q2 2024, leading to lower revenue[12](index=12&type=chunk) [Drilling Services](index=2&type=section&id=Drilling%20Services) Drilling Services revenue remained stable at **$0.7 million** YoY, but increased significantly QoQ due to utilization - Revenue was flat YoY at **$0.7 million** but increased significantly QoQ from **$0.2 million** due to higher utilization[13](index=13&type=chunk) [Operating Expenses and Liquidity](index=2&type=section&id=Operating%20Expenses%20and%20Liquidity) SG&A expenses significantly decreased to **$5.3 million** in Q2 2025, while liquidity remained strong at **$194.8 million** - SG&A expense was **$5.3 million** in Q2 2025, a sharp decrease from **$95.3 million** in Q2 2024 due to a prior-year settlement charge[14](index=14&type=chunk) Liquidity Position as of June 30, 2025 | Metric | Amount ($) | | :--- | :--- | | Unrestricted Cash | $127.3M | | Revolving Credit Facility | Undrawn | | Available Borrowing Capacity | $67.5M | | **Total Liquidity** | **$194.8M** | [Capital Expenditures](index=3&type=section&id=Capital%20Expenditures) Capital expenditures significantly increased to **$26.9 million** in Q2 2025, primarily for aviation rental fleet expansion Capital Expenditures by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Rental services | $26,821 | $123 | | Infrastructure services | $0 | $266 | | Other Segments | $77 | $345 | | **Total** | **$26,898** | **$734** | [Financial Statements](index=5&type=section&id=Financial%20Statements) The financial statements detail the company's position, reflecting increased cash from asset sales and a gain from discontinued operations [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows total assets of **$364.2 million** and cash increased to **$127.3 million** Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $127,250 | $60,845 | | Total current assets | $240,133 | $188,587 | | Total assets | $364,194 | $384,031 | | Total current liabilities | $96,101 | $114,507 | | Total liabilities | $102,156 | $131,213 | | Total equity | $262,038 | $252,818 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 operations show **$16.4 million** revenue, a **$31.7 million** impairment charge, and a **$44.5 million** gain from discontinued operations Q2 2025 Income Statement Highlights (in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenue | $16,409 | $16,020 | | Impairment of long-lived assets | $31,669 | $0 | | Operating loss | ($36,399) | ($95,987) | | Net loss from continuing operations | ($35,693) | ($155,625) | | Net income from discontinued ops | $44,541 | ($368) | | **Net income (loss)** | **$8,848** | **($155,993)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six months ended June 30, 2025, show **$9.8 million** cash used in operations and **$88.9 million** cash provided by investing activities Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($9,813) | $40,528 | | Net cash provided by (used in) investing activities | $88,866 | ($4,522) | | Net cash used in financing activities | ($4,101) | ($49,988) | | **Net increase (decrease) in cash** | **$75,065** | **($14,032)** | [Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles Adjusted EBITDA to net loss from continuing operations, detailing adjustments for Q2 2025 financial results Reconciliation of Net Loss to Adjusted EBITDA for Q2 2025 (in thousands) | Line Item | Amount | | :--- | :--- | | **Net loss from continuing operations** | **($35,693)** | | Depreciation, depletion, amortization and accretion | $2,832 | | Gains on disposal of assets, net | ($1,077) | | Impairment of long-lived assets | $31,669 | | Stock based compensation | $200 | | Other adjustments | ($440) | | **Adjusted EBITDA** | **($2,775)** |

Core Viewpoint - Mammoth Energy Services, Inc. reported its financial and operational results for the second quarter of 2025, highlighting a strategic transformation towards a demand-centric portfolio and the execution of three pivotal transactions aimed at unlocking value and enhancing operations [1][2][4]. Financial Overview - Total revenue from continuing operations for Q2 2025 was $16.4 million, a slight increase from $16.0 million in Q2 2024 and $15.6 million in Q1 2025 [5]. - The net loss from continuing operations for Q2 2025 was $35.7 million, or $0.74 per diluted share, compared to a net loss of $155.6 million, or $3.24 per diluted share, in Q2 2024 [6]. - Adjusted EBITDA from continuing operations was ($2.8) million for Q2 2025, significantly improved from ($164.6) million in Q2 2024 [7]. Segment Performance - **Infrastructure Services**: Revenue increased to $5.4 million in Q2 2025 from $4.5 million in Q2 2024, driven by higher fiber optic activity [8]. - **Rental Services**: Revenue rose to $3.1 million in Q2 2025 from $1.8 million in Q2 2024, with an average of 296 pieces of equipment rented compared to 223 in the previous year [9]. - **Natural Sand Proppant Services**: Revenue was $5.4 million in Q2 2025, up from $4.7 million in Q2 2024, with approximately 242,000 tons sold at an average price of $21.41 per ton [10]. - **Accommodation Services**: Revenue decreased to $1.8 million in Q2 2025 from $2.7 million in Q2 2024, with an average of 145 rooms utilized compared to 212 in the previous year [11]. - **Drilling Services**: Revenue remained stable at $0.7 million for both Q2 2025 and Q2 2024, with increased utilization noted compared to Q1 2025 [12]. Expenses and Liquidity - Selling, general and administrative (SG&A) expenses were $5.3 million in Q2 2025, a significant decrease from $95.3 million in Q2 2024, primarily due to the absence of a large charge related to a settlement agreement [13]. - As of June 30, 2025, the company had unrestricted cash of $127.3 million and total liquidity of $194.8 million [14]. Capital Expenditures - Capital expenditures for Q2 2025 totaled $26.9 million, primarily for the expansion of the aviation rental fleet [16][17]. Conference Call - A conference call is scheduled for August 8, 2025, to discuss the second quarter financial and operational results [18].

Core Viewpoint - Mammoth Energy Services, Inc. will release its second quarter financial results for 2025 on August 8, 2025, and will hold a conference call to discuss these results [1][2]. Company Overview - Mammoth Energy Services is an integrated, growth-oriented company focused on providing products and services primarily in the oil and natural gas and infrastructure industries [3]. - The company offers a variety of services including rental services, infrastructure services, natural sand proppant services, accommodation services, and drilling services [3]. - The rental services segment provides equipment for oilfield, construction, and aviation activities [3]. - Infrastructure services include engineering, design, and fiber optic services for the utility industry [3]. - Natural sand proppant services involve mining, processing, and selling natural sand proppant for hydraulic fracturing [3]. - Remote accommodation services offer housing, kitchen, dining, and recreational facilities for workers in remote areas [3]. - Drilling services focus on directional drilling for oilfield operators [3].