Mammoth Energy Services, Inc reported financial and operational results for the second quarter ended June 30, 2025, showing a slight gain in revenue from operations.
Total revenue from continuing operations was $16.4 million for the second quarter of 2025 compared to $16.0 million for the second quarter of 2024 and $15.6 million for the first quarter of 2025.
Net loss from continuing operations for the second quarter of 2025 was $35.7 million, or $0.74 per diluted share, compared to $155.6 million, or $3.24 per diluted share, for the second quarter of 2024 and $1.6 million, or $0.03 per diluted share, for the first quarter of 2025.
Adjusted EBITDA from continuing operations (as defined and reconciled in the tables below) was ($2.8) million for the second quarter of 2025, compared to ($164.6) million for the second quarter of 2024 and ($1.7) million for the first quarter of 2025.
“We were pleased to have executed three pivotal transactions during the second quarter that further demonstrated our ability to unlock value and initiated a strategic transformation toward a more demand-centric portfolio,” said Mark Layton, Chief Financial Officer at Mammoth.
“At a time when uncertainty is broadly impacting demand and customer decision making, we remain proactive in repositioning Mammoth to perform through cycles.”
During the quarter, Mammoth sold three of its subsidiaries for $108.7 million after acquiring them for less than $10 million in 2017.
“Our second transaction was the purchase of eight small passenger aircraft to expand and diversify our rental services segment. Each of these planes are under leases with a commuter airline and provide us with a stable and predictable recurring stream of revenue. Finally, in June, we sold all of the equipment used in our hydraulic fracturing business for proceeds of $15 million. We view this transaction as a natural next step as we look to reposition our portfolio of services and emphasize a demand-driven approach to our operations.
Infrastructure Services
Mammoth’s infrastructure services segment contributed revenue of $5.4 million for the second quarter of 2025 compared to $4.5 million for the second quarter of 2024 and $4.7 million for the first quarter of 2025. The increase in revenue was primarily due to an increase in fiber optic activity.
Rental Services
Mammoth’s rental services segment contributed revenue (inclusive of inter-segment revenue) of $3.1 million for the second quarter of 2025 compared to $1.8 million for the second quarter of 2024 and $1.9 million for the first quarter of 2025. The average number of pieces of equipment rented to customers was 296 for the second quarter of 2025 compared to 223 during the second quarter of 2024 and 231 during the first quarter of 2025. Additionally, during the second quarter of 2025, the Company expanded its aviation rental offerings, which contributed to the increased revenue.
Natural Sand Proppant Services
Mammoth’s natural sand proppant services segment contributed revenue of $5.4 million for the second quarter of 2025 compared to $4.7 million for the second quarter of 2024 and $6.7 million for the first quarter of 2025. In the second quarter of 2025, the Company sold approximately 242,000 tons of sand at an average sales price of $21.41 per ton compared to sales of approximately 141,000 tons of sand at an average sales price of $22.73 per ton during the second quarter of 2024. In the first quarter of 2025, sales were approximately 189,000 tons of sand at an average price of $21.49 per ton.
Accommodation Services
Mammoth’s accommodation services segment contributed revenue of $1.8 million for the second quarter of 2025 compared to $2.7 million for the second quarter of 2024 and $2.1 million for the first quarter of 2025. On average, 145 rooms utilized for the second quarter of 2025 compared to 212 during the second quarter of 2024 and 179 during the first quarter of 2025 for our accommodations services.
Drilling Services
Mammoth’s drilling services division contributed revenue of $0.7 million for the second quarter of 2025 compared to $0.7 million for the second quarter of 2024 and $0.2 million for the first quarter of 2025. The increase in drilling services revenue for the second quarter of 2025 compared to the first quarter of 2025 is primarily attributable to an increase in utilization.
Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense was $5.3 million for the second quarter of 2025 compared to $95.3 million for the second quarter of 2024 and $4.5 million for the first quarter of 2025. The Company incurred an $89.2 million charge in relation to the Settlement Agreement with PREPA during second quarter of 2024 with no similar activity in 2025. SG&A expense excluding the PREPA related charge, as a percentage of total revenue, was 32% for the second quarter of 2025 compared to 38% for the second quarter of 2024 and 29% for the first quarter of 2025.
Liquidity
As of June 30, 2025, Mammoth had unrestricted cash on hand of $127.3 million. As of June 30, 2025, the Company’s revolving credit facility was undrawn, the borrowing base was $75.0 million and there was $67.5 million of available borrowing capacity under the revolving credit facility, after giving effect to $7.5 million of outstanding letters of credit. As of June 30, 2025, Mammoth had total liquidity of $194.8 million.
As of August 6, 2025, Mammoth had unrestricted cash on hand of $118.5 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $50.0 million. As of August 6, 2025, the Company had $42.5 million of available borrowing capacity under its revolving credit facility and total liquidity of $161.0 million.
