Mammoth Energy Services, Inc. Announces Fourth Quarter and Full Year 2025 Operational and Financial Results

OKLAHOMA CITY, March 6, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the fourth quarter and full year ended

Mark Layton, Chief Financial Officer of Mammoth commented, "2025 was a transformative year for Mammoth. We made the deliberate decision to reshape our portfolio, with four divestitures generating in excess of $150 million in cash proceeds. These transactions strengthened our balance sheet, pruned non-performing businesses and gave us the financial flexibility to invest in higher-return opportunities. Most notably, we deployed over $65 million into our aviation platform at an attractive entry point — a business we continue to view as high-growth and scalable — and we remain committed to using our available liquidity to make additional accretive investments across our current portfolio that create long-term shareholder value.

We also made meaningful progress on our cost structure, materially reducing our SG&A run rate as we continue building a leaner, more efficient organization aligned to the portfolio we have today. That said, I want to be direct: Q4 operational execution was not at the level we expect of ourselves, and improving execution across our segments is our top priority — it is the clearest path to unlocking the value embedded in this business.

As we enter 2026, we see significant potential across our segments, driven by internal self-help initiatives, favorable market tailwinds, and our continued focus on deploying capital into opportunities with accretive returns. We have the balance sheet, the strategy, and the team to deliver meaningfully better results."

Financial Overview for the Fourth Quarter and Full Year 2025:

Total revenue from continuing operations was $9.5 million for the fourth quarter of 2025 compared to $10.0 million for the fourth quarter of 2024 and $10.9 million for the third quarter of 2025. Total revenue for the full year of 2025 was $44.3 million compared to $45.6 million in 2024.

Net loss from continuing operations for the fourth quarter of 2025 was $12.3 million, or $0.26 per diluted share, compared to $9.6 million, or $0.20 per diluted share, for the fourth quarter of 2024 and $12.6 million, or $0.26 per diluted share, for the third quarter of 2025. Net loss for the full year of 2025 was $63.8 million, or $1.32 per diluted share, compared to net loss of $183.1 million, or $3.81 per diluted share for 2024.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was ($6.8) million for the fourth quarter of 2025, compared to ($6.0) million for the fourth quarter of 2024 and ($4.8) million for the third quarter of 2025. Adjusted EBITDA was ($17.4) million for the full year of 2025 compared to ($171.2) million for 2024.

Infrastructure Services

Mammoth's infrastructure services segment contributed revenue of $1.2 million for the fourth quarter of 2025 compared to $0.4 million for the fourth quarter of 2024 and $0.8 million for the third quarter of 2025. The infrastructure services division contributed revenues of $4.1 million for the full year of 2025 compared to $1.5 million for 2024. The increase in revenue was primarily due to an increase in fiber optic activity.

Rental Services

Mammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $3.3 million for the fourth quarter of 2025 compared to $1.2 million for the fourth quarter of 2024 and $2.8 million for the third quarter of 2025. The average number of pieces of equipment rented to customers was 328 for the fourth quarter of 2025 compared to 158 during the fourth quarter of 2024 and 286 during the third quarter of 2025. The rental services segment contributed revenue (inclusive of inter-segment revenue) of $11.1 million for the full year of 2025, compared to $7.1 million for 2024. The average number of pieces of equipment rented to customers was 285 for the full year of 2025 compared to 210 for 2024. Additionally, during the second quarter of 2025, the Company expanded its aviation rental offerings, which contributed to the increased revenue.

Natural Sand Proppant Services

Mammoth's natural sand proppant services segment contributed revenue of $1.7 million for the fourth quarter of 2025 compared to $5.1 million for the fourth quarter of 2024 and $2.7 million for the third quarter of 2025. In the fourth quarter of 2025, the Company sold approximately 92,000 tons of sand at an average sales price of $18.56 per ton compared to sales of approximately 129,000 tons of sand at an average sales price of $22.54 per ton during the fourth quarter of 2024. In the third quarter of 2025, sales were approximately 122,000 tons of sand at an average price of $18.26 per ton. The natural sand proppant division contributed revenues of $16.6 million for the full year of 2025 compared to $19.1 million for 2024. The Company sold 645,000 tons of sand during 2025, an increase from 578,000 tons of sand sold during 2024. The Company's average sales price for the sand sold during 2025 was $20.43 per ton compared to $23.15 per ton average sales price during 2024.

Accommodation Services

Mammoth's accommodation services segment contributed revenue of $2.8 million for the fourth quarter of 2025 compared to $2.4 million for the fourth quarter of 2024 and $2.3 million for the third quarter of 2025. On average, 232 rooms were utilized for the fourth quarter of 2025 compared to 197 during the fourth quarter of 2024 and 185 during the third quarter of 2025 for our accommodations services. The Company's accommodation services segment contributed revenues of $9.0 million for the full year of 2025 compared to $10.9 million for 2024. On average, 186 rooms utilized for 2025 compared to 216 for 2024.

Drilling Services

Mammoth's drilling services segment contributed revenue of $0.5 million for the fourth quarter of 2025 compared to $0.8 million for the fourth quarter of 2024 and $2.3 million for the third quarter of 2025. The Company's drilling services segment contributed revenues of $3.7 million for the full year of 2025 compared to $3.6 million for 2024.

Selling, General and Administrative Expense

Selling, general and administrative ("SG&A") expense was $5.7 million for the fourth quarter of 2025 compared to $6.9 million for the fourth quarter of 2024 and $4.7 million for the third quarter of 2025. SG&A expenses were $19.6 million for the full year of 2025 compared to $114.5 million for 2024. The decrease is primarily due to a decrease in the provision for expected credit losses in connection with the Settlement Agreement with PREPA that was recognized in 2024.

Liquidity

As of December 31, 2025, Mammoth had unrestricted cash and cash equivalents on hand of $102.0 million and marketable securities of $19.6 million. As of December 31, 2025, the Company's revolving credit facility was undrawn, the borrowing base was $50.0 million and there was $36.7 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of December 31, 2025, Mammoth had total liquidity of $158.3 million.

As of March 3, 2026, Mammoth had unrestricted cash on hand of $89.6 million, marketable securities of $28.8 million, no outstanding borrowings under its revolving credit facility. As of March 3, 2026, the Company had $38.2 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of March 3, 2026, Mammoth had total liquidity of $156.6 million.

Capital Expenditures

The following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands):

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

2025

2024

2025

2024

Rental services (a)

$ 25,676

$ —

$ 17,185

$ 69,953

$ 351

Infrastructure services (b)

—

128

299

Accommodation services (c)

173

343

161

Drilling services (c)

—

128

184

Other (c)

—

219

Total capital expenditures

$ 25,861

$ 245

$ 17,299

$ 70,552

$ 1,214

(a)

Capital expenditures primarily for expansion of our aviation rental fleet for the periods presented.

(b)

Capital expenditures primarily for our fiber optic fleets for the periods presented.

(c)

Capital expenditures primarily for maintenance for the periods presented.

Conference Call Information

Mammoth will host a conference call on Friday, March 6, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its fourth quarter and full year financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to [email protected].

About Mammoth Energy Services, Inc.

We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the oil and natural gas and 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 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 provides directional drilling to oilfield operators. For more information, please visit www.mammothenergy.com.

Forward-Looking Statements and Cautionary Statements

This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC and Python Equipment LLC and the equipment previously used in our hydraulic fracturing business; the levels of capital expenditures by our customers and the impact of reduced completions activity on utilization and pricing for our natural sand proppant services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; conditions of U.S. oil and natural gas industry and the effect of U.S. energy, monetary and trade policies; U.S. and global economic conditions and political and economic developments, including the energy and environmental policies; changes in U.S. and foreign trade regulations and tariffs, including potential increases of tariffs on goods imported into the U.S., and uncertainty regarding the same; inflationary pressures; higher interest rates and their impact on the cost of capital; the failure to receive or delays in receiving the remaining payment under the settlement agreement with PREPA; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under its revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas industry; and costs and availability of resources.

Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

ASSETS

December 31,

2025

2024

CURRENT ASSETS

(in thousands, except share data)

Cash and cash equivalents

$ 101,987

$ 60,845

Marketable securities

19,635

—

Restricted cash

12,085

19,359

Accounts receivable, net

28,934

40,672

Inventories

4,083

6,848

Current assets held for sale

4,287

—

Other current assets

4,619

10,854

Current assets of discontinued operations

1,518

50,009

Total current assets

177,148

188,587

Property, plant and equipment, net

106,097

66,651

Sand reserves, net

39,613

57,273

Operating lease right-of-use assets

2,591

3,954

Other non-current assets

5,767

7,383

Noncurrent assets of discontinued operations

3,678

60,183

Total assets

$ 334,894

$ 384,031

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$ 9,327

$ 12,107

Accrued expenses and other current liabilities

18,336

25,650

Current operating lease liabilities

2,071

2,643

Income taxes payable

39,899

44,570

Current liabilities of discontinued operations

383

29,537

Total current liabilities

70,016

114,507

Deferred income tax liabilities

2,430

3,021

Long-term operating lease liabilities

1,375

1,316

Asset retirement obligation

2,759

4,234

Other long-term liabilities

213

Noncurrent liabilities of discontinued operations

—

7,922

Total liabilities

76,606

131,213

COMMITMENTS AND CONTINGENCIES

EQUITY

Equity:

Common stock, $0.01 par value, 200,000,000 shares authorized, 48,358,315 and 48,127,369

issued and outstanding at December 31, 2025 and 2024, respectively

483

481

Additional paid-in capital

540,841

540,431

Accumulated deficit

(279,046)

(283,643)

Accumulated other comprehensive loss

(3,990)

(4,451)

Total equity

258,288

252,818

Total liabilities and equity

$ 334,894

$ 384,031

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

2025

2024

2025

2024

(in thousands, except per share amounts)

REVENUE

Services revenue

$ 7,363

$ 4,517

$ 7,608

$ 26,187

$ 24,994

Services revenue - related parties

385

377

516

1,553

1,548

Product revenue

1,709

5,121

2,728

16,552

19,057

Total revenue

9,457

10,015

10,852

44,292

45,599

COST, EXPENSES AND GAINS

Services cost of revenue (exclusive of depreciation, depletion,

amortization and accretion of $2,078, $1,262, $1,488, $6,186

and $6,486 for the three months ended December 31, 2025,

December 31, 2024, and September 30, 2025 and years ended

December 31, 2025 and 2024, respectively)

7,279

5,036

6,641

24,158

24,378

Services cost of revenue - related parties

—

288

366

Product cost of revenue (exclusive of depreciation, depletion,

amortization and accretion of $553, $1,123, $1,263, $4,106 and

$5,229 for the three months ended December 31, 2025,

December 31, 2024, and September 30, 2025 and years ended

December 31, 2025 and 2024, respectively)

3,231

4,307

4,148

18,117

17,791

Selling, general and administrative

5,750

6,893

4,748

19,572

114,468

Depreciation, depletion, amortization and accretion

2,631

2,385

2,751

10,292

11,715

Losses (gains) on disposal of assets, net

304

(1,125)

1,874

(2,371)

(2,762)

Impairment of long-lived assets

—

31,669

—

Total cost, expenses and gains, net

19,195

17,507

20,258

101,725

165,956

Operating loss

(9,738)

(7,492)

(9,406)

(57,433)

(120,357)

OTHER INCOME (EXPENSE)

Interest income (expense and financing charges), net

558

(773)

729

1,670

(4,790)

Interest income (expense and financing charges), net - related

parties

—

(36)

—

(4,707)

Other (expense) income, net

(1,116)

(1,831)

(3,906)

(64,564)

Total other (expense) income, net

(558)

(749)

(1,102)

(2,236)

(74,061)

Loss before income taxes

(10,296)

(8,241)

(10,508)

(59,669)

(194,418)

Provision (benefit) for income taxes

2,043

1,407

2,140

4,087

(11,306)

Net loss from continuing operations

(12,339)

(9,648)

(12,648)

(63,756)

(183,112)

Net income (loss) from discontinued operations, net of income

taxes

21,239

(5,826)

68,353

(24,214)

Net income (loss)

$ 8,900

$ (15,474)

$ (12,615)

$ 4,597

$ (207,326)

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation adjustment

$ 144

$ (598)

$ (180)

$ 461

$ (831)

Other comprehensive income (loss)

144

(598)

(180)

461

(831)

Comprehensive income (loss)

$ 9,044

$ (16,072)

$ (12,795)

$ 5,058

$ (208,157)

Net loss per share from continuing operations, basic and diluted

$ (0.26)

$ (0.20)

$ (0.26)

$ (1.32)

$ (3.81)

Net income (loss) per share from discontinued operations, basic

and diluted

0.44

(0.12)

—

1.42

(0.50)

Net income (loss) per share, basic and diluted

$ 0.18

$ (0.32)

$ (0.26)

$ 0.10

$ (4.31)

Weighted average number of shares outstanding, basic and diluted

48,358

48,127

48,358

48,274

48,065

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Twelve Months Ended

December 31,

2025

2024

(in thousands)

Cash flows from operating activities:

Net loss

$ 4,597

$ (207,326)

Less: Net income (loss) from discontinued operations, net of income taxes

68,353

(24,214)

Net loss from continuing operations

(63,756)

(183,112)

Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by

operating activities:

Stock based compensation

412

875

Depreciation, depletion, amortization and accretion

10,292

11,715

Amortization of debt origination costs

708

2,971

Change in provision for expected credit losses

171,140

Gains on disposal of assets, net

(2,371)

(2,762)

Gains from sales of equipment damaged or lost down-hole

(221)

(157)

Impairment of long-lived assets

31,669

—

Inventory obsolescence

—

Deferred income taxes

(591)

4,237

Other

1,159

Changes in assets and liabilities:

Accounts receivable, net

11,756

206,129

Inventories

116

Other current assets

6,200

590

Accounts payable

(2,843)

(1,643)

Accrued expenses and other liabilities

(7,483)

(3,369)

Accrued expenses and other liabilities - related parties

—

4,647

Income taxes payable

(4,671)

(16,743)

Net cash (used in) provided by operating activities from continuing operations

(19,575)

194,721

Net cash provided by (used in) operating activities from discontinued operations

1,005

(14,004)

Net cash (used in) provided by operating activities

(18,570)

180,717

Cash flows from investing activities:

Purchases of property, plant and equipment

(70,552)

(1,214)

Contributions to equity investee

(368)

—

Proceeds from disposal of property, plant and equipment

7,950

5,061

Purchases of marketable securities

(19,534)

—

Net cash (used in) provided by investing activities from continuing operations

(82,504)

3,847

Net cash provided by (used in) investing activities from discontinued operations

137,050

(14,279)

Net cash provided by (used in) investing activities

54,546

(10,432)

Cash flows from financing activities:

Borrowings on long-term debt - related parties

—

(50,888)

Payments on financing transaction

—

(46,837)

Principal payments on financing leases and equipment financing notes

(433)

(469)

Debt issuance costs

—

(37)

Net cash used in financing activities from continuing operations

(433)

(98,231)

Net cash used in financing activities from discontinued operations

(3,854)

(13,882)

Net cash used in financing activities

(4,287)

(112,113)

Effect of foreign exchange rate on cash

109

(144)

Net increase (decrease) in cash, cash equivalents and restricted cash

31,798

58,028

Cash, cash equivalents and restricted cash at beginning of period

82,326

24,298

Cash, cash equivalents and restricted cash at end of period

114,124

82,326

Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period

2,122

Cash, cash equivalents and restricted cash of continuing operations

$ 114,072

$ 80,204

MAMMOTH ENERGY SERVICES, INC.

SEGMENT INFORMATION

(in thousands)

Three Months Ended December 31, 2025

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external customers

$ 3,281

$ 1,172

$ 1,709

$ 2,827

$ 468

$ —

$ 9,457

Intersegment revenue

—

(19)

—

Total revenue

3,300

1,172

1,709

2,827

468

(19)

9,457

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

2,027

2,086

3,231

1,841

768

557

10,510

Selling, general and administrative,

exclusive of stock based compensation

1,670

402

1,158

677

217

1,626

5,750

Adjusted EBITDA

$ (397)

$ (1,316)

$ (2,680)

$ 309

$ (517)

$ (2,202)

$ (6,803)

Three Months Ended December 31, 2024

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external customers

$ 1,118

$ 354

$ 5,121

$ 2,377

$ 754

$ 291

$ 10,015

Intersegment revenue

—

(67)

—

Total revenue

1,185

354

5,121

2,377

754

224

10,015

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

1,076

563

4,307

1,444

1,024

940

9,354

Selling, general and administrative,

exclusive of stock based compensation

575

2,181

709

359

2,782

6,674

Adjusted EBITDA

$ (466)

$ (277)

$ (1,367)

$ 224

$ (629)

$ (3,498)

$ (6,013)

Three Months Ended September 30, 2025

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external customers

$ 2,750

$ 812

$ 2,728

$ 2,280

$ 2,282

$ —

$ 10,852

Intersegment revenue

—

(16)

—

Total revenue

2,766

812

2,728

2,280

2,282

(16)

10,852

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

1,691

1,579

4,148

1,436

1,840

191

10,885

Selling, general and administrative,

exclusive of stock based compensation

997

293

1,157

483

308

1,510

4,748

Adjusted EBITDA

$ 78

$ (1,060)

$ (2,577)

$ 361

$ 134

$ (1,717)

$ (4,781)

Twelve Months Ended December 31, 2025

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external customers

$ 11,025

$ 4,086

$ 16,552

$ 8,954

$ 3,675

$ —

$ 44,292

Intersegment revenue

—

(73)

—

Total revenue

11,098

4,086

16,552

8,954

3,675

(73)

44,292

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

6,701

5,893

18,117

5,951

3,765

2,136

42,563

Selling, general and administrative,

exclusive of stock based compensation

4,155

1,019

5,131

1,957

944

5,954

19,160

Adjusted EBITDA

$ 242

$ (2,826)

$ (6,696)

$ 1,046

$ (1,034)

$ (8,163)

$ (17,431)

Twelve Months Ended December 31, 2024

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external customers

$ 6,712

$ 1,476

$ 19,057

$ 10,851

$ 3,558

$ 3,945

$ 45,599

Intersegment revenue

393

—

(393)

—

Total revenue

7,105

1,476

19,057

10,851

3,558

3,552

45,599

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

4,955

2,280

17,791

6,397

4,373

6,739

42,535

Selling, general and administrative,

exclusive of stock based compensation

1,851

880

6,741

2,361

1,338

100,422

113,593

Interest on trade accounts receivable

—

60,686

Adjusted EBITDA

$ 299

$ (1,684)

$ (5,475)

$ 2,093

$ (2,153)

$ (164,295)

$ (171,215)

MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net income or loss from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and (benefit) provision for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net (loss) income from continuing operations in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historical costs of depreciable assets. Mammoth's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.

The following table provides a reconciliation of Adjusted EBITDA to net loss from continuing operations, the most directly comparable GAAP financial measure (in thousands):

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

Reconciliation of net loss from continuing

operations to Adjusted EBITDA:

2025

2024

2025

2024

Net loss from continuing operations

$ (12,339)

$ (9,648)

$ (12,648)

$ (63,756)

$ (183,112)

Depreciation, depletion, amortization and accretion

2,631

2,385

2,751

10,292

11,715

Losses (gains) on disposal of assets, net

304

(1,125)

1,874

(2,371)

(2,762)

Impairment of long-lived assets

—

31,669

—

Stock based compensation

—

219

—

412

875

Interest (income) expense and financing charges, net

(558)

809

(729)

(1,670)

9,497

Other expense (income), net

1,116

(60)

1,831

3,906

64,564

Provision (benefit) for income taxes

2,043

1,407

2,140

4,087

(11,306)

Interest on trade accounts receivable

—

(60,686)

Adjusted EBITDA

$ (6,803)

$ (6,013)

$ (4,781)

$ (17,431)

$ (171,215)

Adjusted Net Loss from Continuing Operations and Adjusted Loss per Share from Continuing Operations

Adjusted net loss from continuing operations and adjusted basic and diluted loss per share from continuing operations are supplemental non-GAAP financial measures that are used by management to evaluate our operating and financial performance. Management believes these measures provide meaningful information about the Company's performance by excluding certain non-cash charges, such as impairment of long-lived assets, which may not be indicative of the Company's ongoing operating results, from net loss from continuing operations. Adjusted net loss from continuing operations and adjusted loss per share from continuing operations should not be considered in isolation or as a substitute for net loss from continuing operations and loss per share from continuing operations prepared in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The following tables provide a reconciliation of adjusted net loss from continuing operations and adjusted loss per share from continuing operations to the GAAP financial measures of net loss from continuing operations and loss per share from continuing operations for the periods specified.

Three Months Ended

Years Ended

December 31,

September 30,

December 31,

2025

2024

2025

2024

(in thousands, except per share amounts)

Net loss from continuing operations, as reported

$ (12,339)

$ (9,648)

$ (12,648)

$ (63,756)

$ (183,112)

Impairment of long-lived assets

—

31,669

—

Adjusted net loss from continuing operations

$ (12,339)

$ (9,648)

$ (12,648)

$ (32,087)

$ (183,112)

Basic and diluted earnings per share from

continuing operations, as reported

$ (0.26)

$ (0.20)

$ (0.26)

$ (1.32)

$ (3.81)

Impairment of long-lived assets

—

0.66

—

Adjusted basic and diluted earnings per share

from continuing operations

$ (0.26)

$ (0.20)

$ (0.26)

$ (0.66)

$ (3.81)

SOURCE MAMMOTH ENERGY SERVICES