Mammoth Reports Third Quarter 2026 Operational and Financial Results

Raises Full-Year 2026 Outlook

Third Quarter 2026 Highlights:

Updated 2026 Outlook:

Initial 2027 Outlook:

Adjusted EBITDA expected to increase by more than 40% compared with full-year 2026 Adjusted EBITDA

The 2027 outlook assumes continued deployment of the Company's existing aviation fleet, incremental contributions from aviation investments and continued operating improvement across the Company's portfolio and does not assume material aviation asset sales.

The Company is unable to provide a reconciliation of its forward-looking Adjusted EBITDA to the most directly comparable GAAP measure because certain components necessary to provide such a reconciliation are not available without unreasonable effort. These components may include, among other items, changes in marketable securities, gains or losses on asset dispositions, income taxes and other items that could have a significant impact on the Company's GAAP results.

OKLAHOMA CITY, Oct. 30, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2026.

Total revenue from continuing operations was $21.3 million for the third quarter of 2026 compared to $10.9 million for the third quarter of 2025 and $26.1 million for the second quarter of 2026.

Net income from continuing operations for the third quarter of 2026 was $0.3 million, or $0.01 per diluted share, compared to net loss from continuing operations of $12.6 million, or $0.26 per diluted share, for the third quarter of 2025 and net loss from continuing operations of $1.2 million, or $0.02 per diluted share, in the second quarter of 2026.

Adjusted EBITDA from continuing operations ("Adjusted EBITDA" as defined and reconciled in the tables below) was $5.8 million for the third quarter of 2026, compared to ($4.8) million for the third quarter of 2025 and $2.6 million for the second quarter of 2026.

Mark Layton, Chief Financial Officer of Mammoth commented, "This was an outstanding quarter for Mammoth and a clear demonstration of our focus on driving returns. Revenue nearly doubled year over year to $21.3 million. Adjusted EBITDA more than doubled sequentially to $5.8 million, and our Adjusted EBITDA margin expanded to 27% from 10% in the second quarter. Growth in aviation leasing, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations drove the increase.

With an Adjusted EBITDA margin of 15% through the first nine months, we are raising our full-year 2026 outlook for the third time this year. We now expect Adjusted EBITDA margins in the mid-teens, roughly a year ahead of the plan we laid out in March, and we are reaffirming our outlook for revenue growth of greater than 90%.

Aviation remains our priority for capital deployment based on its returns profile. We invested $41.8 million in the quarter, led by aviation. The growth in aviation leasing assets enhances our recurring revenue profile while requiring comparatively modest incremental operating personnel as additional assets are deployed. As we look ahead to 2027, we currently expect Adjusted EBITDA to increase by more than 40% compared with full-year 2026 Adjusted EBITDA, driven primarily by the growing contribution from our aviation leasing platform and continued focus on operating execution and margin improvement."

Results by Reportable Segments

Rental Services and Aviation Sales

Mammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $9.6 million for the third quarter of 2026 compared to $2.8 million for the third quarter of 2025 and $10.2 million for the second quarter of 2026. The increase in revenue compared to the prior year was primarily driven by a $5.4 million increase due to aviation fleet expansion and higher aviation utilization. The average number of pieces of equipment rented to customers was 430 for the third quarter of 2026 compared to 286 during the third quarter of 2025 and 407 during the second quarter of 2026.

Natural Sand Proppant Services

Mammoth's natural sand proppant services segment contributed revenue of $5.2 million for the third quarter of 2026 compared to $2.7 million for the third quarter of 2025 and $8.0 million for the second quarter of 2026. The decrease in revenue from the second quarter of 2026 was due to a $3.0 million decline in freight revenue. In the third quarter of 2026, the Company sold approximately 228,000 tons of sand at an average sales price of $22.18 per ton compared to sales of approximately 122,000 tons of sand at an average sales price of $18.26 per ton during the third quarter of 2025. Average price per ton of sand sold increased primarily due to a shift in grade mix. In the second quarter of 2026, sales were approximately 229,000 tons of sand at an average price of $21.36 per ton.

Accommodation Services

Mammoth's accommodation services segment contributed revenue of $3.4 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.2 million for the second quarter of 2026. On average, 270 rooms were utilized for the third quarter of 2026 compared to 185 during the third quarter of 2025 and 259 during the second quarter of 2026 within the accommodation services segment.

Infrastructure Services

Mammoth's infrastructure services segment contributed revenue of $1.1 million for the third quarter of 2026 compared to $0.8 million for the third quarter of 2025 and $0.9 million for the second quarter of 2026.

Drilling Services

Mammoth's drilling services segment contributed revenue of $2.1 million for the third quarter of 2026 compared to $2.3 million for the third quarter of 2025 and $3.8 million for the second quarter of 2026. Drilling utilization and activity levels decreased sequentially, largely reflecting normal seasonal trends.

Segment Performance

Segment performance improved during the quarter, led by Rental Services, Natural Sand Proppant Services and Accommodation Services, which generated Adjusted EBITDA of $5.0 million, $1.5 million and $1.1 million, respectively.

Selling, General and Administrative Expense

Selling, general and administrative ("SG&A") expense was $4.1 million for the third quarter of 2026 compared to $4.7 million for the third quarter of 2025 and $4.2 million for the second quarter of 2026.

Liquidity

As of September 30, 2026, Mammoth had unrestricted cash and cash equivalents on hand of $13.1 million and marketable securities of $24.5 million. As of September 30, 2026, the Company's revolving credit facility was undrawn, and there was $20.0 million of available borrowing capacity under the revolving credit facility, after giving effect to $5.0 million of outstanding letters of credit. As of September 30, 2026, Mammoth had cash, cash equivalents and marketable securities of $37.6 million.

As of October 27, 2026, Mammoth had unrestricted cash on hand of $11.6 million and marketable securities of $15.9 million, with no outstanding borrowings under its revolving credit facility. As of October 27, 2026, the Company had $20.0 million of available borrowing capacity, after giving effect to $5.0 million of outstanding letters of credit. As of October 27, 2026, Mammoth had cash, cash equivalents and marketable securities of $27.5 million. On October 28, 2026, we entered into a senior secured term loan facility with Bank7 providing for aggregate commitments of up to $58.0 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

Nine Months Ended

September 30,

June 30,

September 30,

2026

2025

2026

2025

Rental services (a)

$ 40,079

$ 17,185

$ 41,213

$ 90,663

$ 44,125

Infrastructure services (b)

—

900

2,835

129

Natural sand proppant services (c)

1,154

—

1,001

2,390

Accommodation services (c)

135

158

494

170

Drilling services (c)

440

—

691

1,131

116

Total capital expenditures

$ 41,808

$ 17,299

$ 43,963

$ 97,513

$ 44,633

(a)

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

(b)

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

(c)

Capital expenditures primarily for equipment for the periods presented.

Conference Call Information

Mammoth will host a conference call on Friday, October 30, 2026 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its third quarter 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.

Mammoth Energy Services, Inc. (NASDAQ: TUSK) is a growth-oriented company centered on an expanding aviation leasing platform. Through its rental services segment, Mammoth leases and sells aviation assets and rents heavy equipment used in construction and energy operations. The Company also provides fiber optic services to utility customers; natural sand proppant for hydraulic fracturing; workforce accommodations for projects in remote locations; and directional drilling services. 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, 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. Forward-looking statements may be identified by words such as "may," "will," "could," "should," "expect," "anticipate," "plan," "intend," "believe," "estimate," "project," "forecast," "target," "continue," "potential," or similar expressions, and the negative thereof. 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 expectations, plans, objectives, strategies, business outlook, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. Forward-looking statements include, without limitation, the Company's 2026 and 2027 outlook, including expected revenue growth, Adjusted EBITDA, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance, as well as the expected use of proceeds of the term loans, the availability and timing of advances under the facility and the Company's plans to acquire additional aircraft and grow its aviation leasing platform.

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). Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, actual outcomes and results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, among others:

The forward-looking statements contained in this news release speak only as of the date of this news release or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements.

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

ASSETS

September 30,

December 31,

2026

2025

CURRENT ASSETS

(in thousands, except share data)

Cash and cash equivalents

$ 13,090

$ 101,987

Marketable securities

24,496

19,635

Restricted cash

11,928

12,085

Accounts receivable, net

38,583

28,934

Inventories

14,760

4,083

Current assets held for sale

2,227

4,287

Other current assets

2,363

4,619

Current assets of discontinued operations

1,297

1,518

Total current assets

108,744

177,148

Property, plant and equipment, net

184,344

106,097

Sand reserves, net

38,424

39,613

Operating lease right-of-use assets

3,504

2,591

Goodwill

1,147

—

Other non-current assets

5,454

5,767

Noncurrent assets of discontinued operations

3,678

Total assets

$ 341,623

$ 334,894

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$ 7,934

$ 9,327

Accrued expenses and other current liabilities

19,240

18,336

Current operating lease liabilities

2,584

2,071

Income taxes payable

42,346

39,899

Current liabilities of discontinued operations

185

383

Total current liabilities

72,289

70,016

Deferred income tax liabilities

2,447

2,430

Long-term operating lease liabilities

1,214

1,375

Asset retirement obligations

2,803

2,759

Other long-term liabilities

303

Total liabilities

79,056

76,606

COMMITMENTS AND CONTINGENCIES

EQUITY

Equity:

Common stock, $0.01 par value, 200,000,000 shares authorized, 48,127,585 and 48,358,315

issued and outstanding at September 30, 2026 and December 31, 2025, respectively

481

483

Additional paid-in capital

540,848

540,841

Accumulated deficit

(274,493)

(279,046)

Accumulated other comprehensive loss

(4,269)

(3,990)

Total equity

262,567

258,288

Total liabilities and equity

$ 341,623

$ 334,894

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited)

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

2026

2025

2026

2025

(in thousands, except per share amounts)

REVENUE

Services revenue

$ 15,520

$ 7,608

$ 15,882

$ 42,572

$ 18,824

Services revenue - related parties

672

516

197

1,365

1,168

Product revenue

5,154

2,728

9,975

25,493

14,843

Total revenue

21,346

10,852

26,054

69,430

34,835

COST, EXPENSES AND GAINS

Services cost of revenue (exclusive of depreciation, depletion,

amortization and accretion of $5,169, $1,488, $3,958, $12,168

and $4,109 for the three months ended September 30, 2026,

September 30, 2025, and June 30, 2026 and nine months ended

September 30, 2026 and 2025, respectively)

8,408

6,641

9,488

24,150

16,879

Services cost of revenue - related parties

—

288

Product cost of revenue (exclusive of depreciation, depletion,

amortization and accretion of $1,388, $1,263, $676, $2,493 and

$3,552 for the three months ended September 30, 2026,

September 30, 2025, and June 30, 2026 and nine months ended

September 30, 2026 and 2025, respectively)

2,980

4,148

9,713

22,946

14,886

Selling, general and administrative

4,134

4,749

4,232

11,962

13,823

Depreciation, depletion, amortization and accretion

6,557

2,751

4,634

14,661

7,661

(Gains) loss on disposal of assets, net

(312)

1,874

(4,641)

(5,628)

(2,675)

Impairment of long-lived assets

—

31,669

Total cost, expenses and gains, net

21,767

20,259

23,426

68,091

82,531

Operating (loss) income

(421)

(9,407)

2,628

1,339

(47,696)

OTHER INCOME (EXPENSE)

Interest income (expense), net

211

729

(784)

(59)

1,112

Gain (loss) on marketable securities, net

1,173

(1,116)

7,161

Other expense, net

(533)

(1,903)

(73)

(1,214)

(2,863)

Total other income (expense), net

851

(1,101)

(1,973)

5,888

(1,678)

Income (loss) before income taxes

430

(10,508)

655

7,227

(49,374)

Provision for income taxes

136

2,140

1,853

3,444

2,044

Net income (loss) from continuing operations

294

(12,648)

(1,198)

3,783

(51,418)

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

(168)

438

770

47,114

Net income (loss)

$ 126

$ (12,615)

$ (760)

$ 4,553

$ (4,304)

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation adjustment

$ 52

$ (180)

$ (213)

$ (279)

$ 317

Other comprehensive income (loss)

(180)

(213)

(279)

317

Comprehensive income (loss)

$ 178

$ (12,795)

$ (973)

$ 4,274

$ (3,987)

Net income (loss) per share from continuing operations, basic and

diluted

$ 0.01

$ (0.26)

$ (0.02)

$ 0.08

$ (1.07)

Net income per share from discontinued operations, basic and

diluted

—

0.01

0.02

0.98

Net income (loss) per share, basic and diluted

$ 0.01

$ (0.26)

$ (0.01)

$ 0.10

$ (0.09)

Weighted average number of shares outstanding, basic and diluted

48,128

48,358

48,164

48,207

48,245

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended

September 30,

2026

2025

(in thousands)

Cash flows from operating activities:

Net income (loss)

$ 4,553

$ (4,304)

Less: Net income from discontinued operations, net of income taxes

770

47,114

Net income (loss) from continuing operations

3,783

(51,418)

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

operating activities:

Stock based compensation

—

412

Depreciation, depletion, amortization and accretion

14,661

7,661

Amortization of debt origination costs

1,488

531

Gains on disposal of assets, net

(5,628)

(2,675)

Gains from sale of aviation equipment

(700)

—

Gains from sales of equipment damaged or lost down-hole

(230)

(217)

Impairment of long-lived assets

—

31,669

Gain on marketable securities, net

(7,161)

(73)

Other

931

199

Changes in assets and liabilities:

Accounts receivable, net

(8,554)

1,321

Inventories

(10,677)

(70)

Other current assets

1,238

6,460

Accounts payable

(1,949)

(1,105)

Accrued expenses and other liabilities

469

(8,920)

Income taxes payable

2,466

2,066

Net cash used in operating activities from continuing operations

(9,863)

(14,159)

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

(70)

5,076

Net cash used in operating activities

(9,933)

(9,083)

Cash flows from investing activities:

Purchases of property, plant and equipment

(97,513)

(44,633)

Business acquisitions, net of cash transferred

(5,805)

—

Proceeds from disposal of property, plant and equipment

9,566

5,465

Proceeds from sale of aviation equipment

8,500

—

Purchases of marketable securities

(7,929)

(12,660)

Distributions received from publicly traded limited partnerships

1,001

—

Proceeds from sale of marketable securities

9,228

—

Net cash used in investing activities from continuing operations

(82,952)

(51,828)

Net cash provided by investing activities from discontinued operations

4,581

110,421

Net cash (used in) provided by investing activities

(78,371)

58,593

Cash flows from financing activities:

Principal payments on finance leases and equipment financing notes

(199)

(371)

Common stock repurchased and retired

(534)

—

Net cash used in financing activities from continuing operations

(733)

(371)

Net cash used in financing activities from discontinued operations

—

(3,851)

Net cash used in financing activities

(733)

(4,222)

Effect of foreign exchange rate on cash

(39)

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

(89,076)

45,361

Cash, cash equivalents and restricted cash at beginning of period

114,124

82,326

Cash, cash equivalents and restricted cash at end of period

25,048

127,687

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

Cash, cash equivalents and restricted cash of continuing operations

$ 25,018

$ 127,628

MAMMOTH ENERGY SERVICES, INC.

SEGMENT INFORMATION

(in thousands)

Three Months Ended September 30, 2026

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external and related party

customers

$ 9,625

$ 1,120

$ 5,154

$ 3,390

$ 2,057

$ —

$ 21,346

Intersegment revenue

—

(21)

—

Total revenue

9,646

1,120

5,154

3,390

2,057

(21)

21,346

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

2,652

1,735

2,980

2,043

1,880

11,388

Selling, general and administrative,

exclusive of stock based compensation

2,027

322

647

278

205

655

4,134

Adjusted EBITDA

$ 4,967

$ (937)

$ 1,527

$ 1,069

$ (28)

$ (774)

$ 5,824

Three Months Ended September 30, 2025

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external and related party

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,

inclusive of related parties

1,691

1,579

4,148

1,436

1,840

191

10,885

Selling, general and administrative,

exclusive of stock based compensation

997

294

1,157

483

308

1,510

4,749

Adjusted EBITDA

$ 78

$ (1,061)

$ (2,577)

$ 361

$ 134

$ (1,717)

$ (4,782)

Three Months Ended June 30, 2026

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external and related party

customers

$ 10,115

$ 940

$ 7,975

$ 3,202

$ 3,822

$ —

$ 26,054

Intersegment revenue

108

—

(108)

—

Total revenue

10,223

940

7,975

3,202

3,822

(108)

26,054

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

4,722

1,540

7,713

2,118

2,972

136

19,201

Selling, general and administrative,

exclusive of stock based compensation

1,775

290

685

288

230

964

4,232

Adjusted EBITDA

$ 3,726

$ (890)

$ (423)

$ 796

$ 620

$ (1,208)

$ 2,621

MAMMOTH ENERGY SERVICES, INC.

SEGMENT INFORMATION

(in thousands)

Nine Months Ended September 30, 2026

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external and related party customers

$ 32,673

$ 2,328

$ 16,993

$ 10,134

$ 7,302

$ —

$ 69,430

Intersegment revenue

161

—

(161)

—

Total revenue

32,834

2,328

16,993

10,134

7,302

(161)

69,430

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion

15,435

3,786

15,146

6,299

6,044

386

47,096

Selling, general and administrative, exclusive of

stock based compensation

5,070

797

2,185

898

687

2,325

11,962

Adjusted EBITDA

$ 12,329

$ (2,255)

$ (338)

$ 2,937

$ 571

$ (2,872)

$ 10,372

Nine Months Ended September 30, 2025

Rentals

Infrastructure

Sand

Accommodations

Drilling

Corporate,

Other &

Eliminations

Total

Revenue from external and related party customers

$ 7,744

$ 2,914

$ 14,843

$ 6,127

$ 3,207

$ —

$ 34,835

Intersegment revenue

—

(54)

—

Total revenue

7,798

2,914

14,843

6,127

3,207

(54)

34,835

Less expenses:

Cost of revenue, exclusive of depreciation,

depletion, amortization and accretion, inclusive of

related parties

4,675

3,807

14,886

4,110

2,994

1,581

32,053

Selling, general and administrative, exclusive of

stock based compensation

2,485

616

3,973

1,280

727

4,330

13,411

Adjusted EBITDA

$ 638

$ (1,509)

$ (4,016)

$ 737

$ (514)

$ (5,965)

$ (10,629)

MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA from Continuing Operations

Adjusted EBITDA from continuing operations is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA from continuing operations as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, equity based compensation, stock based compensation, interest expense (income), net, (gain) loss on marketable securities, net, other (income) expense, net and provision for income taxes. We exclude the items listed above from net income (loss) from continuing operations in arriving at Adjusted EBITDA from continuing operations because these amounts can vary substantially from company to company within our industries depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA from continuing operations should not be considered as an alternative to, or more meaningful than, net income (loss) from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA from continuing operations 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, none of which are components of Adjusted EBITDA from continuing operations. Our computations of Adjusted EBITDA from continuing operations may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA from continuing operations is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.

The following tables provide a reconciliation of Adjusted EBITDA from continuing operations to net income (loss) from continuing operations, the most directly comparable GAAP financial measure for the specified periods (in thousands):

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

Reconciliation of net income (loss) from continuing

operations to Adjusted EBITDA from continuing

operations:

2026

2025

2026

2025

Net income (loss) from continuing operations

$ 294

$ (12,648)

$ (1,198)

$ 3,783

$ (51,418)

Depreciation, depletion, amortization and accretion

6,557

2,751

4,634

14,661

7,661

(Gains) loss on disposal of assets, net

(312)

1,874

(4,641)

(5,628)

(2,675)

Impairment of long-lived assets

—

31,669

Equity based compensation

—

544

—

Stock based compensation

—

412

Interest (income) expense, net

(211)

(729)

784

(1,112)

(Gain) loss on marketable securities, net

(1,173)

(73)

1,116

(7,161)

(73)

Other expense (income), net

533

1,903

(471)

670

2,863

Provision for income taxes

136

2,140

1,853

3,444

2,044

Adjusted EBITDA from continuing operations

$ 5,824

$ (4,782)

$ 2,621

$ 10,372

$ (10,629)

SOURCE MAMMOTH ENERGY SERVICES