Q3 Results for Mammoth Energy
Mammoth Energy recorded a drop in total revenue from operations in the third quarter along with increased net loss, according to the firm’s financial report released on Friday.
However, the Oklahoma City-based firm continues restructuring toward a long-term transformation strategy rooted in disciplined capital deployment. Oklahoma Energy companies continue navigating volatile macro capital constraints and valuation compression.
The Oklahoma City energy company reported total revenue from continuing operations was $14.8 million for the third quarter of 2025 compared to $17.1 million for the third quarter of 2024 and $16.4 million for the second quarter of 2025.
Additionally, this shift reinforces pressure on legacy business units which historically lifted the consolidated base. Management continues to reposition into higher returning platforms.
Net loss from continuing operations for the third quarter of 2025 was $12.1 million, or $0.25 per diluted share, compared to $8.9 million, or $0.18 per diluted share, for the third quarter of 2024 and $35.7 million, or $0.74 per diluted share, for the second quarter of 2025.
Therefore, the third quarter compares more favorably sequentially against catastrophic winter quarter losses, but still trends weaker year-over-year.
Adjusted EBITDA from continuing operations was ($4.4) million for the third quarter of 2025, compared to ($2.9) million for the third quarter of 2024 and ($2.8) million for the second quarter of 2025.
Also, EBITDA softness reflects elevated SG&A drag and misaligned commercial pricing tailwinds in core commodity-facing units.
Despite the increased loss and lower revenue, Mark Layton, Chief Financial Officer at Mammoth Energy called it “meaningful progress” in advancing the company’s transformation and strengthening the foundation.
Meanwhile, CFO messaging continues aligning toward normalized cash returns rather than unit volume growth.
“During the quarter, we completed the divestiture of our Piranha assets within the Sand segment — another deliberate step in pruning the portfolio and exiting lower-return assets — while continuing to deploy capital in our aviation platform, which remains a high-return and scalable growth area for Mammoth Energy. These actions reflect our disciplined approach to building a leaner, more efficient organization centered on consistent cash generation and long-term value creation.”
Also, the firm continues emphasizing better capital allocation before expanding top-line activity.
Mammoth Energy revealed it closed the quarter with nearly $153.4 million in total liquidity and no debt. Layton said it provides the company with financial flexibility to navigate market conditions.
“With this balance sheet strength and continued focus on operational execution, we believe Mammoth Energy is well-positioned to build durable value and deliver sustainable performance through cycles.”
Infrastructure Services
Mammoth Energy’s infrastructure services segment contributed revenue of $4.8 million for the third quarter of 2025 compared to $4.4 million for the third quarter of 2024 and $5.4 million for the second quarter of 2025.
Additionally, the increase in revenue was primarily due to an increase in fiber optic activity, which remains structurally resilient versus drilling-linked services.
Rental Services
Mammoth Energy’s rental services segment contributed revenue (inclusive of inter-segment revenue) of $2.8 million for the third quarter of 2025 compared to $2.2 million for the third quarter of 2024 and $3.1 million for the second quarter of 2025.
However, softness still emerged sequentially as activity cooled after second quarter aviation contribution spikes.
The average number of pieces of equipment rented to customers was 286 for the third quarter of 2025 compared to 249 during the third quarter of 2024 and 296 during the second 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 Energy’s natural sand proppant services segment contributed revenue of $2.7 million for the third quarter of 2025 compared to $4.9 million for the third quarter of 2024 and $5.4 million for the second quarter of 2025.
Therefore, commodity-linked market structure remains highly margin destructive for sand and pricing remains challenged across basins.
In the third quarter of 2025, the Company sold approximately 122,000 tons of sand at an average sales price of $18.26 per ton compared to sales of approximately 163,000 tons of sand at an average sales price of $22.89 per ton during the third quarter of 2024. In the second quarter of 2025, sales were approximately 242,000 tons of sand at an average price of $21.41 per ton.
Accommodation Services
Mammoth Energy’s accommodation services segment contributed revenue of $2.3 million for the third quarter of 2025 compared to $2.9 million for the third quarter of 2024 and $1.8 million for the second quarter of 2025.
Finally, rooms utilized averaged 185 for the third quarter of 2025 compared to 222 during the third quarter of 2024 and 145 during the second quarter of 2025.
Drilling Services
Mammoth Energy’s drilling services division contributed revenue of $2.3 million for the third quarter of 2025 compared to $1.6 million for the third quarter of 2024 and $0.7 million for the second quarter of 2025.
Additionally, the increase in drilling services revenue for the third quarter of 2025 compared to the second quarter of 2025 is primarily attributable to an increase in utilization.
Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense was $5.2 million for the third quarter of 2025 compared to $6.8 million for the third quarter of 2024 and $5.3 million for the second quarter of 2025.
Also, the decrease is primarily due to a decrease in legal fees.
Liquidity Strength
As of September 30, 2025, Mammoth Energy had unrestricted cash and cash equivalents on hand of $98.2 million and marketable securities of $12.7 million.
As of September 30, 2025, the Company’s revolving credit facility was undrawn, the borrowing base was $50.0 million and there was $42.5 million of available borrowing capacity under the revolving credit facility, after giving effect to $7.5 million of outstanding letters of credit. As of September 30, 2025, Mammoth Energy had total liquidity of $153.4 million.
As of October 29, 2025, Mammoth Energy had unrestricted cash on hand of $106.6 million, marketable securities of $16.0 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $50.0 million. As of October 29, 2025, the Company had $44.1 million of available borrowing capacity under its revolving credit facility and total liquidity of $166.7 million.