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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

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Selling, General and Administrative Expenses

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TUSK

TUSK fundamentals

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