Mammoth Energy Q3 Revenue Hits $21.3M, Nearly Double 2025 but Below Q2

Mammoth Energy Q3 Revenue Hits $21.3M, Nearly Double 2025 but Below Q2

Mammoth Energy Services’ third-quarter revenue reached $21.3 million, up from $10.9 million a year earlier but below the second quarter’s $26.1 million. OK Energy Today covered the results for the Oklahoma City company (NASDAQ: TUSK).

Market Impact

Net income from continuing operations was $0.3 million, or $0.01 per diluted share. That compares with a $12.6 million loss in the third quarter of 2025 and a $1.2 million loss in the second quarter of 2026. Adjusted EBITDA from continuing operations came in at $5.8 million, versus a negative $4.8 million a year ago and $2.6 million in Q2.

CFO Mark Layton said the adjusted EBITDA margin expanded to 27% from 10% in the second quarter. He credited growth in aviation leasing, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations. Mammoth invested $41.8 million in the quarter, led by aviation. Layton said aviation leasing assets add recurring revenue while needing comparatively modest incremental operating personnel. Through nine months, the adjusted EBITDA margin was 15%. The company now expects mid-teens margins for 2026 and reaffirmed revenue growth of more than 90%. For 2027, it expects Adjusted EBITDA to rise more than 40% over 2026, driven mainly by aviation leasing.

What the release leaves out: The report gives no revenue split by segment, so we cannot show infrastructure services against oilfield. It also does not explain the sequential decline, and it does not mention storm restoration. By our math, revenue fell about $4.8 million, or roughly 18%, from Q2, while the year-over-year gain is about 95%. Mammoth lists fiber optic services for utility customers among its businesses, but the source gives no figures for that work. Any read on utility or storm-restoration demand would be inference, and this release does not support one.

What It Means for Subcontractors

• Fiber and utility crews: The release does not disclose fiber segment revenue or backlog. Before committing Q4 crews to Mammoth work, check the segment tables in the company’s full earnings release and quarterly filing.
• Sand haulers and wellsite logistics: Layton cited positive Adjusted EBITDA in Sand, but no volumes or pricing were given. Treat it as a margin signal for proppant supply, not proof of higher frac activity.
• Remote-site camp and catering providers: Higher occupancy in Mammoth’s Accommodations unit was named as a Q3 driver. It is a data point on remote-project demand, but no location or customer was named.
• 2027 planning: Mammoth guides to a more than 40% Adjusted EBITDA increase led by aviation leasing, which needs few operating personnel. Field subcontractors may not see Mammoth’s 2027 growth translate into much new field labor demand.
• Equipment rental competitors: Mammoth rents heavy equipment for construction and energy work through its rental segment. It said aviation is the priority for capital deployment, and the $41.8 million quarterly investment was led by aviation.