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- **Drilling Segment Breakout**: 207% sequential revenue growth, 19% gross margin, positioning for 2026 Permian dominance.
- **Aviation Investment Payoff**: $40M deployed in 2025, generating immediate EBITDA and 80% gas-basin exposure.
- **Balance Sheet Strength**: $110.9M cash, $153.4M liquidity, debt-free, with $19.8M restricted cash released post-Q3.
- **Sand Segment Reset**: 2026 recovery path via 30% fleet reduction, $30K/month cost savings, and pricing stabilization near $20/ton.
- **2026 Outlook**: Improved cash flow from Aviation and Drilling, offsetting Sand drag, with Infrastructure long-term growth drivers intact.

**【Management Opening Remarks】**
- Mammoth delivered Q3 2025 revenue of $14.8 million, down 10% YoY due to Sand segment divestitures and underperformance. Drilling segment revenue surged 207% sequentially, driven by Permian Basin activity, with gross margin reaching 19%, the highest in segment history.
- The company achieved positive free cash flow from operations, supported by asset monetization and disciplined capital deployment. $40 million invested year-to-date in aviation assets is generating immediate EBITDA contributions.
- Strategic portfolio realignment continues: Piranha assets sold, 30% Sand fleet rightsized, and 2 aircraft upgraded for higher lease rates in Q4.

**【COO Segment Review】**
- **Rentals**: Aviation revenue up 24% YoY, 80% of activity in gas-weighted basins. 286 units rented Q3, with 2 aircraft off-lease for upgrades. Non-aviation rentals stable with strong equipment returns.
- **Infrastructure**: Q3 revenue $4.8 million (-13% sequential) due to project delays, but long-term demand from grid modernization and AI data centers remains strong.
- **Sand**: Q3 revenue $2.7 million (-49% sequential), impacted by Piranha divestiture and $0.6 million railcar return costs. 2026 recovery expected via cost reduction and pricing improvements.
- **Accommodations**: EBITDA up to $0.5 million (from $0.2 million Q2) on 29% higher occupancy and cost efficiency.

**【CFO Financial Commentary】**
- Net loss $12.1 million (-31% YoY) due to Sand underperformance, offset by $19.8 million restricted cash release post-quarter. Adjusted EBITDA loss $4.4 million (-52% YoY).
- SG&A reduced 40% YoY to $5.2 million, excluding $1 million Puerto Rico legal expenses. Balance sheet: $110.9 million cash, $153.4 million liquidity, debt-free.
- 2025 CapEx $17.3 million (Q3), focused on aviation and maintenance. 2026 outlook: improved cash flow, margin recovery, and portfolio stabilization.

**【Q&A Highlights】**
- **Sand 2026 Visibility**: Sales conversations indicate volume growth in Montney, Utica, and Marcellus basins. Q3 was a 'reset quarter' with $0.6 million one-time railcar costs.
- **Balance Sheet Liquidity**: $5 million held-for-sale drilling rigs, $10 million T&D escrow (due April 2026), and $20 million PREPA receivable (uncertain timing). Tax liability remains at Puerto Rico gross amount.
- **Aviation Fleet**: Monthly railcar costs reduced by $30,000 via fleet rightsizing. Pricing stabilizing near $20/ton for 40-70 mesh sand.

Mammoth Energy Services, Inc. (TUSK) Q3 2025 Earnings Call Transcript

- **Strategic Restructuring Complete**: Sold underperforming assets for $123.7M, reinvested $25M in high-margin aviation rentals
- **Aviation Dominance**: 72% rental revenue growth, targeting 25-35% IRR on aircraft investments
- **Cash-Flow Resilience**: $157M debt-free balance sheet, $2.8M EBITDA loss driven by one-time charges
- **Growth Catalysts**: Construction crane expansion, AI-driven infrastructure demand, and sand volume recovery

**【CFO Opening Remarks】**
- Q2 2025 revenue: $16.4 million (flat YoY), with a net loss of $35.7 million due to a $31.7 million non-cash impairment charge.
- Completed 3 strategic transactions: 
  - $108.7M sale of 3 infrastructure subsidiaries (8x+ return on 2017 investment)
  - $15M sale of hydraulic fracturing equipment
  - $11.5M purchase of 8 leased aircraft (immediately accretive to EBITDA)
- Year-to-date capital deployment: $25M in aviation assets, generating positive day-1 EBITDA.

**【COO Operational Update】**
- **Rental Services**: 
  - 72% YoY revenue growth ($3.1M vs $1.8M)
  - 33% increase in rented equipment (296 units vs 223)
  - Diversifying into construction cranes with first project in Q3
- **Infrastructure Services**: 
  - 20% YoY revenue growth ($5.4M)
  - Engineering and fiber businesses benefitting from AI and nuclear energy trends
- **Sand Proppant**: 
  - 15% YoY volume growth (242K tons vs 141K tons)
  - 6% price decline ($21.41/ton vs $22.73/ton)
- **Accommodation Services**: 
  - Steady $1.8M quarterly revenue
  - Focus on high-margin remote housing in Northern Alberta

**【Financial Highlights】**
- Adjusted EBITDA loss: $2.8M (vs $164.6M prior year)
- SG&A expenses: $5.3M
- Cash position: $157.3M (debt-free)
- 2025 CapEx budget: $42M (aviation and equipment rentals)

**【Q&A Key Themes】**
- **Aviation Market Outlook**: 
  - 25-35% IRR target for aircraft investments
  - 2-3x capital multiple over 3-5 years
  - Tailwinds from Boeing/Airbus production delays
- **Free Cash Flow Path**: 
  - $2-2.5M annual legal costs from Puerto Rico litigation
  - Expects to reach free cash flow neutral as litigation winds down
- **Buyback Potential**: 
  - Board-approved program constrained by transaction-related blackout periods
  - Trading below cash value ($157M vs ~$100M market cap)

Mammoth Energy Services, Inc. (TUSK) Q2 2025 Earnings Call Transcript

- **Strategic Wins**: $108M infrastructure sale at 9x EBITDA, $11.5M aircraft acquisition for fleet diversification
- **Financial Turnaround**: Q1 2025 EBITDA positive ($2.7M vs. -$4.8M), 17% sequential revenue growth
- **Cash Power**: $135M+ debt-free liquidity to pursue accretive M&A
- **Operational Focus**: Targeting >1.5 active fleets for free cash flow, 34% SG&A reduction
- **Growth Drivers**: Equipment rentals expansion, engineering/fiber backlog, LNG-driven gas demand

**【CEO Opening Remarks】**
- **Strategic Transactions**: Acquired 8 aircraft for $11.5M (immediately accretive via long-term leases) and sold 3 infrastructure subsidiaries for $108.7M (9x EBITDA, 4x tangible book value). 
- **Leadership Transition**: CEO Phil Lancaster transitioning to Peak Utility Services in July, with Board conducting CEO search.
- **Q1 Performance**: Sequential revenue growth across all segments, 32% increase in well completions revenue driven by pressure pumping utilization.
- **Market Outlook**: Near-term margin pressure from gas basin competition, targeting >1.5 active fleets for free cash flow generation.

**【CFO Financial Highlights】**
- **Q1 2025 Results**: Total revenue $62.5M (+17% sequential), adjusted EBITDA $2.7M (vs. -$4.8M prior quarter).
- **Segment Breakdown**: 
  - Well completions: $20.9M (+32%), 1.3 active fleets
  - Sand: 189k tons sold at $21.49/ton
  - Infrastructure: $30.7M (+10%), now focused on engineering/fiber ($4.7M combined)
- **Cost Management**: SG&A down 34% to $6.5M, targeting further 20-25% reduction post-transaction.
- **Liquidity**: $135.4M unrestricted cash (debt-free), $202.9M total liquidity post-April transactions.

**【Q&A Key Takeaways】**
- **Sand Business**: Western Canada demand stable, expecting flat pricing through 2025.
- **Pressure Pumping**: 
  - 1.5+ fleet target for 2025
  - Cost control levers: staff reduction, deferred maintenance
  - EBITDA/CapEx balance: prioritize free cash flow generation
- **Capital Allocation**: 
  - $12M CapEx budget (equipment upgrades, fleet expansion)
  - $155M+ cash for strategic M&A in equipment rentals, infrastructure

Mammoth Energy Services (TUSK)-7 May 25-2025 Q1 Earnings call transcript

- **Revenue Turnaround**: Q4 2024 revenue surged 33% sequentially to $53.2M, fueled by higher utilization in Well Completion and Infrastructure Services.
- **Cash-Driven Strategy**: $61M cash and debt-free balance sheet enable strategic investments, including 20 new crews in Infrastructure Services.
- **2025 Growth Drivers**: LNG exports, AI infrastructure, and utility demand to support steady activity in Well Completion and Infrastructure Services.
- **Financial Efficiency**: Adjusted EBITDA improved to -$4.8M in Q4, with cost-cutting measures and stabilized sand pricing.
- **Capital Allocation**: $12M 2025 CapEx focused on rental business growth and pressure pumping upgrades.

**【CEO Opening Remarks】**
- **Revenue Recovery**: Q4 2024 revenue increased 33% sequentially to $53.2M, driven by improved utilization in Well Completion Services and Infrastructure Services.
- **Strategic Investments**: Added 20 crews (25% increase) in Infrastructure Services to meet utility demand, with plans to further expand through leasing.
- **Balance Sheet Strength**: $61M unrestricted cash and debt-free status enable strategic opportunities, including potential acquisitions.
- **2025 Outlook**: Focus on cost management, capital allocation, and leveraging macro tailwinds like LNG exports and AI infrastructure growth.

**【CFO Financial Breakdown】**
- **Q4 2024 Results**: 
  - Total revenue: $53.2M (33% sequential growth)
  - Adjusted EBITDA: -$4.8M (improvement from -$6.4M in Q3)
  - Net loss: $15.5M (impacted by one-time PREPA settlement costs)
- **Division Performance**: 
  - Infrastructure Services: $27.9M (flat vs. 2023)
  - Well Completion Services: $15.8M (1.1 fleets utilized)
  - Sand Division: 129K tons sold at $22.54/ton (pricing stabilization)
- **2025 CapEx Plan**: $12M allocated to: 
  - $6M for rental business growth
  - $5M for pressure pumping upgrades (contingent on demand)
  - Remaining for maintenance and equipment upgrades

**【Q&A Highlights】**
- **Infrastructure Growth**: Organic expansion via crew additions (20 in 90 days) and potential co-op partnerships; no immediate acquisition focus.
- **Rental Business**: Targeting E&P companies and construction markets; helicopter fleet a key asset.
- **Sand Division**: Operating below capacity; growth tied to natural gas demand and LNG exports.
- **Strategic Focus**: Rightsizing operations, evaluating business viability, and exploring accretive acquisitions with $82M total liquidity.

Mammoth Energy Services (TUSK)-7 Mar 25-2024 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-1 Nov 24-2024 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-9 Aug 24-2024 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-2 May 24-2024 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-1 Mar 24-2023 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-9 Nov 23-2023 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-11 Aug 23-2023 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-27 Apr 23-2023 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-23 Feb 23-2022 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-28 Oct 22-2022 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-28 Jul 22-2022 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-10 May 22-2022 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-4 Mar 22-2021 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-5 Nov 21-2021 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-30 Jul 21-2021 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-30 Apr 21-2021 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-27 Feb 21-2020 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-31 Oct 20-2020 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-1 Aug 20-2020 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-11 May 20-2020 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-27 Feb 20-2019 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-11 Nov 19-2019 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-2 Aug 19-2019 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-4 May 19-2019 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-15 Mar 19-2018 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-1 Nov 18-2018 Q3 Earnings call transcript

Mammoth Energy Services (TUSK)-13 Aug 18-2018 Q2 Earnings call transcript

Mammoth Energy Services (TUSK)-3 May 18-2018 Q1 Earnings call transcript

Mammoth Energy Services (TUSK)-22 Feb 18-2017 Q4 Earnings call transcript

Mammoth Energy Services (TUSK)-2 Nov 17-2017 Q3 Earnings call transcript

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