Mammoth Energy Services reported a strong second quarter for 2026 as revenue more than doubled from a year earlier, adjusted EBITDA returned to positive territory, and management raised its full-year outlook for the second time this year. The company credited growth across multiple business segments, expanding aviation operations and strategic acquisitions while maintaining a debt-free balance sheet.
OKLAHOMA CITY, OK – August 7, 2026 (STL.News) – Mammoth Energy Services Inc. (NASDAQ: TUSK) delivered sharply improved second-quarter 2026 financial results Friday, reporting a 110% increase in revenue from a year ago, stronger profitability and a higher full-year outlook as growth accelerated across its drilling, aviation and infrastructure businesses. The company said continued operational improvements and recent acquisitions position it for further expansion during the second half of the year.
Revenue from continuing operations climbed to $26.1 million during the quarter ended June 30, compared with $12.4 million a year earlier and $22.0 million in the first quarter of 2026. Adjusted EBITDA improved to $2.6 million, up from a loss of $3.5 million in the second quarter of 2025 and ahead of the $1.9 million reported in the previous quarter.
Chief Financial Officer Mark Layton said Mammoth increased its 2026 guidance for the second time this year after continued improvement throughout the company’s operating businesses.
“We are increasing our full-year 2026 outlook for the second time this year based on continued improvement across our operating businesses and the growing contribution from our aviation platform,” Layton said. He added that drilling exceeded expectations, the natural sand business returned to positive gross margins, and the company continued investing in aviation assets while expanding its infrastructure business through acquisitions.
Mammoth Energy – Growth Across Multiple Business Segments
Mammoth’s strongest gains came from its rental services and aviation operations.
The rental services segment generated $10.2 million in revenue, compared with $3.1 million during the same quarter last year. The increase was driven largely by aviation-related revenue, including the sale of an aircraft airframe and landing gear. Average equipment rentals also increased to 407 units, reflecting stronger customer demand.
The company’s natural sand proppant business reported revenue of $8.0 million, compared with $5.4 million a year earlier. Mammoth sold approximately 229,000 tons of sand at an average price of $21.36 per ton. While pricing remained relatively stable, increased freight revenue and stronger overall demand supported improved profitability.
Accommodation services also posted higher revenue of $3.2 million, while drilling services expanded significantly to $3.8 million, reflecting improved utilization and stronger activity levels. Infrastructure services generated $900,000 in revenue as the company continued integrating recently acquired operations.
Mammoth Energy – Financial Position Remains Strong
Although Mammoth reported a net loss from continuing operations of $1.2 million, or $0.02 per diluted share, the result represented a dramatic improvement from the $36.5 million loss recorded one year earlier. The quarter also reflected continued investment in growth initiatives rather than financial distress.
The company’s balance sheet remained one of its strongest assets.
As of June 30, Mammoth held $50.9 million in unrestricted cash and cash equivalents, $26.1 million in marketable securities, and no borrowings under its revolving credit facility. Total available liquidity reached $77.0 million, giving management significant flexibility to continue investing in acquisitions and equipment expansion.
Capital expenditures totaled approximately $44 million during the quarter, with most investments directed toward expanding Mammoth’s aviation rental fleet and purchasing additional equipment to support future growth.
Mammoth Energy – Company Raises 2026 Outlook
Reflecting confidence in business momentum, Mammoth raised its full-year guidance once again.
Management now expects revenue growth exceeding 90% for 2026 while forecasting an Adjusted EBITDA margin above 10%. The upgraded outlook reflects stronger drilling activity, improving margins across several business lines, and continued expansion of the company’s aviation platform.
The company also completed the acquisitions of Mission Construction and BERE Rentals, expanding its fiber infrastructure capabilities and broadening its presence beyond traditional oilfield services.
About Mammoth Energy Services
Mammoth Energy Services is a diversified energy infrastructure company serving customers in the oil and natural gas, aviation and utility infrastructure industries. Its operations include rental services, directional drilling, natural sand proppant production, workforce accommodations and fiber infrastructure services. In recent years, management has worked to diversify the business beyond traditional oilfield services while increasing investments in aviation and utility-related operations.
Stock Performance and Technical Analysis
Shares of Mammoth Energy Services (NASDAQ: TUSK) have shown improving momentum during 2026 as investors responded to stronger operating results and the company’s strategic transformation. After spending much of the past two years rebuilding from weakness in the energy services sector, the stock has recovered significantly from its 52-week lows while remaining below its historical highs.
From a technical perspective, TUSK has established a constructive intermediate-term uptrend supported by improving trading volume. The stock has generally traded above its longer-term trend levels, suggesting institutional investors have become more optimistic following consecutive quarters of operational improvement.
Technical analysts are watching whether shares can establish support above recent breakout levels while maintaining positive momentum. Continued revenue growth, successful integration of recent acquisitions and execution of the company’s expanded aviation strategy could provide additional catalysts for investors during the remainder of 2026.
Investor Outlook for Mammoth Energy
Mammoth Energy enters the second half of 2026 with improving fundamentals, a debt-free balance sheet and increasing confidence from management. While profitability remains a work in progress, the company’s rapid revenue growth, positive Adjusted EBITDA, strong liquidity and upgraded guidance indicate that its diversification strategy is beginning to produce measurable results.
For investors, the coming quarters will likely focus on whether Mammoth can sustain margin expansion, capitalize on growing aviation demand and continue converting revenue growth into consistent earnings. If those objectives are achieved, the company could strengthen its position as a diversified infrastructure and energy services provider while building additional shareholder value.
