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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Income (Loss) from Associates

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Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

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Net Income from Continuing Operations

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Net Income

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Preferred Stock Dividends

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TUSK

TUSK fundamentals

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