The second consecutive upward revision to full-year guidance (revenue growth >90%, EBITDA margin >10%) is the strongest signal in this report, confirming that the operational turnaround is accelerating. Traders should monitor aviation fleet utilization and capital deployment—the $41.2M in rental services capex in Q2 alone suggests management is doubling down on high-return aviation assets. The GAAP net loss is noise (driven by unrealized marketable securities losses and heavy depreciation); focus on Adjusted EBITDA and cash flow trajectory. Near-term risk: cash burn from capex ($55.7M H1) and potential marketable securities volatility.
Price Chart
Executive Summary
Mammoth Energy Services reported Q2 2026 revenue of $26.1M (+110% YoY) but a GAAP net loss of $1.2M (-$0.02/share), swinging from a net loss of $36.5M in Q2 2025. The company raised its full-year 2026 outlook for the second time this year, now guiding for revenue growth exceeding 90% and Adjusted EBITDA margin exceeding 10%. The sequential and year-over-year improvements in revenue and Adjusted EBITDA signal operational recovery, but the GAAP net loss (driven by unrealized losses on marketable securities and capital spending) tempers the bullish narrative.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $26.1M, up 110% YoY from $12.4M in Q2 2025 and up 19% sequentially from $22.0M in Q1 2026.
- GAAP net loss from continuing operations of $1.2M (-$0.02/diluted share), compared to a net loss of $36.5M (-$0.76/share) in Q2 2025; Q1 2026 net income was $4.7M ($0.10/share).
- Adjusted EBITDA from continuing operations improved to $2.6M for Q2 2026, versus -$3.5M in Q2 2025 and $1.9M in Q1 2026.
- Full-year 2026 outlook raised: revenue growth expected to exceed 90%, Adjusted EBITDA margin expected to exceed 10%.
- Completed acquisitions of Mission Construction and BERE Rentals, expanding fiber infrastructure capabilities.
- Cash, cash equivalents, and marketable securities totaled $77.0M as of June 30, 2026, down from $125.1M at Q1 2026 due to $44.0M in capex, primarily for aviation fleet expansion.
- Drilling segment generated positive Adjusted EBITDA ($0.6M) in Q2 2026.
- Sand segment returned to positive gross margins in Q2 2026.
Financial Impact
Revenue grew 110% YoY to $26.1M; GAAP net loss of $1.2M vs. -$36.5M prior year; Adjusted EBITDA turned positive to $2.6M. Guidance raised to >90% revenue growth and >10% EBITDA margin for FY 2026.
Risk Factors
- Cash and marketable securities declined from $125.1M (March 2026) to $77.0M (June 2026) due to heavy capex and negative operating cash flow; further drawdown could pressure liquidity.
- GAAP net loss of $1.2M versus net income of $4.7M in Q1 2026 shows earnings volatility from non-cash items (unrealized marketable securities losses of $1.1M).
- Dependence on aviation asset sales (airframe/landing gear for $2.0M) for segment revenue—recurring rental income growth is the more sustainable driver.
- Full-year guidance assumes continued execution on aviation investments and fiber infrastructure acquisitions, which carry integration and utilization risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-054588 |
| Document: tusk-20260807.htm | 0001628280-26-054588 |
| Document: 0001628280-26-054588-index-headers.html | 0001628280-26-054588 |
| Document: 0001628280-26-054588-index.html | 0001628280-26-054588 |
| Document: 0001628280-26-054588.txt | 0001628280-26-054588 |
| 8-K Data (Synthetic) | 0001628280-26-054588 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | Press Release | $2.71 | awaiting T+20 | — | $2.83 (+4.24%) |
Aug 7, 2026 11w ago | 8-K | $3.39 $3.12 | ▼ −7.96% | ▼ −7.57% | $2.83 (−16.67%) |
Aug 7, 2026 11w ago | Press Release | $3.39 $3.12 | ▼ −7.96% | ▼ −7.57% | $2.83 (−16.67%) |
Jun 11, 2026 19w ago | Institutional Cluster | $3.19 $2.88 | ▼ −9.72% | ▼ −11.61% | $2.83 (−11.44%) |
May 15, 2026 23w ago | DEFA14A | $3.19 $3.10 | ▼ −2.82% | ▼ −4.40% | $2.83 (−11.44%) |
May 15, 2026 23w ago | 8-K | $3.20 $3.09 | ▼ −3.44% | ▼ −5.56% | $2.83 (−11.72%) |
May 11, 2026 24w ago | 8-K | $2.91 $3.34 | ▲ +14.78% | ▲ +15.08% | $2.83 (−2.92%) |
US Market Status
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