Third quarter 2026
Filed Oct 30, 2026Mammoth Reports Third Quarter 2026 Operational and Financial Results Raises Full-Year 2026 Outlook
Revenue increased 95% year-over-year to $21.3 million, net income from continuing operations was $0.3 million after losses in both comparison quarters, and Adjusted EBITDA from continuing operations reached $5.8 million with a 27.2% margin. The Company raised its full-year 2026 outlook for the third time this year while investing $41.8 million, led by aviation.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue from continuing operations, third quarter 2026GAAP | $21.3M | – | increased 95% year-over-year |
| Services revenue, third quarter 2026GAAP | $15.52M | – | – |
| Services revenue - related parties, third quarter 2026GAAP | $672K | – | – |
| Product revenue, third quarter 2026GAAP | $5.15M | – | – |
| Operating income (loss), third quarter 2026GAAP | −$421K | – | – |
| Net income from continuing operations, third quarter 2026GAAP | $300K | – | – |
| Net income from continuing operations per diluted share, third quarter 2026GAAP | $0.01 per diluted share | – | – |
| Net income (loss), third quarter 2026GAAP | $126K | – | – |
| Net income (loss) per share, basic and diluted, third quarter 2026GAAP | $ 0.01 | – | – |
| Adjusted EBITDA from continuing operations, third quarter 2026non-GAAP | $5.8M | more than doubled from the second quarter of 2026 | – |
| Adjusted EBITDA margin, third quarter 2026non-GAAP | 27.2% | up from 10.0% in the second quarter | – |
| Selling, general and administrative expense, third quarter 2026GAAP | $4.1M | – | – |
| Depreciation, depletion, amortization and accretion, third quarter 2026GAAP | $6.56M | – | – |
| Gain (loss) on marketable securities, net, third quarter 2026GAAP | $1.17M | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $69.43M | – | – |
| Net income from continuing operations, nine months ended September 30, 2026GAAP | $3.78M | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | $4.55M | – | – |
| Adjusted EBITDA from continuing operations, nine months ended September 30, 2026non-GAAP | $10.37M | – | – |
| Adjusted EBITDA margin, first nine months of 2026non-GAAP | 15.0% | – | – |
| Capital expenditures from continuing operations, third quarter 2026GAAP | $41.8M | – | – |
| Capital expenditures from continuing operations, nine months ended September 30, 2026GAAP | $97.51M | – | – |
| Net cash used in operating activities from continuing operations, nine months ended September 30, 2026GAAP | −$9.86M | – | – |
| Net cash used in investing activities from continuing operations, nine months ended September 30, 2026GAAP | −$82.95M | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $13.1M | – | – |
| Marketable securities, September 30, 2026GAAP | $24.5M | – | – |
| Cash, cash equivalents and marketable securities, September 30, 2026GAAP | $37.6M | – | – |
| Cash, cash equivalents and marketable securities, October 27, 2026GAAP | $27.5M | – | – |
| Available borrowing capacity under revolving credit facility, September 30, 2026GAAP | $20M | – | – |
| Senior secured term loan facility commitments, October 28, 2026other | up to $58.0 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Rental Services and Aviation SalesThe prior-year increase was primarily driven by a $5.4 million increase due to aviation fleet expansion and higher aviation utilization. | $9.6M | – | – |
| Natural Sand Proppant ServicesThe decrease from the second quarter of 2026 was due to a $3.0 million decline in freight revenue. Average price per ton of sand sold increased primarily due to a shift in grade mix. | $5.2M | – | – |
| Accommodation ServicesOn average, 270 rooms were utilized for the third quarter of 2026, compared to 185 during the third quarter of 2025 and 259 during the second quarter of 2026. | $3.4M | – | – |
| Infrastructure ServicesNo segment-specific revenue driver was provided. | $1.1M | – | – |
| Drilling ServicesDrilling utilization and activity levels decreased sequentially, largely reflecting normal seasonal trends. | $2.1M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-year 2026 and initial 2027 outlook outlook
- RevenueRevenue growth expected to exceed 90%
- NoteAdjusted EBITDA margin expected to be in the mid-teens
- NoteAdjusted EBITDA expected to increase by more than 40% compared with full-year 2026 Adjusted EBITDA in 2027
- NoteThe 2027 outlook assumes continued deployment of the Company’s existing aviation fleet, incremental contributions from aviation investments and continued operating improvement across the Company’s portfolio and does not assume material aviation asset sales.
Capital returns
- Common stock repurchased and retired of $ (534) (in thousands) for the nine months ended September 30, 2026.
What drove it
- Growth in aviation leasing, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations drove the increase.
- Rental Services Adjusted EBITDA was $5.0 million, Natural Sand Proppant Services Adjusted EBITDA was $1.5 million, and Accommodation Services Adjusted EBITDA was $1.1 million.
- The average number of pieces of equipment rented to customers was 430, compared with 286 during the third quarter of 2025 and 407 during the second quarter of 2026.
- The Company sold approximately 228,000 tons of sand at an average sales price of $22.18 per ton, compared with approximately 122,000 tons at $18.26 per ton during the third quarter of 2025.
- The aviation portfolio expanded to 44 assets, including 14 aircraft, 14 engines and 16 auxiliary power units. Twenty-nine of 44 aviation assets were revenue-producing as of September 30, 2026.
Concerns
- Total revenue was $21.3 million for the third quarter of 2026 compared with $26.1 million for the second quarter of 2026.
- Natural Sand Proppant Services revenue was $5.2 million compared with $8.0 million for the second quarter of 2026, due to a $3.0 million decline in freight revenue.
- Drilling Services revenue was $2.1 million compared with $3.8 million for the second quarter of 2026, and drilling utilization and activity levels decreased sequentially.
- Operating income (loss) was $ (421) (in thousands) in the third quarter of 2026.
- Net cash used in operating activities from continuing operations was $ (9,863) (in thousands) for the nine months ended September 30, 2026.
What to watch
- Deployment and revenue production of the existing aviation fleet, including the 29 of 44 aviation assets that were revenue-producing as of September 30, 2026.
- Use of the senior secured term loan facility with commitments of up to $58.0 million to support aviation growth.
- Whether revenue growth exceeds 90% and Adjusted EBITDA margin reaches the mid-teens for full-year 2026.
- The contribution from aviation leasing, operating execution and margin improvement supporting the initial 2027 outlook.
- Natural sand proppant freight revenue, drilling utilization and accommodation room utilization.
Balance sheet and cash flow
- As of September 30, 2026, unrestricted cash and cash equivalents were $13.1 million and marketable securities were $24.5 million.
- As of September 30, 2026, the revolving credit facility was undrawn, with $20.0 million of available borrowing capacity after giving effect to $5.0 million of outstanding letters of credit.
- As of October 27, 2026, unrestricted cash on hand was $11.6 million, marketable securities were $15.9 million, and there were no outstanding borrowings under the revolving credit facility.
- On October 28, 2026, the Company entered into a senior secured term loan facility with Bank7 providing for aggregate commitments of up to $58.0 million.
- Net cash used in operating activities from continuing operations was $ (9,863) (in thousands) for the nine months ended September 30, 2026.
- Purchases of property, plant and equipment were $ (97,513) (in thousands) for the nine months ended September 30, 2026.
Analysis
Mammoth reported third-quarter revenue from continuing operations of $21.3 million, up 95% year-over-year from $10.9 million, although below $26.1 million in the second quarter of 2026. Net income from continuing operations was $0.3 million, or $0.01 per diluted share, compared with losses from continuing operations of $12.6 million and $1.2 million in the year-ago and prior quarters, respectively. Operating income (loss) remained $ (421) (in thousands), while net income from continuing operations benefited from $ 1,173 (in thousands) of gain on marketable securities, net.
Adjusted EBITDA from continuing operations was $5.8 million, compared with ($4.8) million in the third quarter of 2025 and $2.6 million in the second quarter of 2026. Adjusted EBITDA margin was 27.2%, up from 10.0% in the second quarter, and the Company reported a 15.0% Adjusted EBITDA margin for the first nine months. Rental Services was the principal contributor, generating $5.0 million of Adjusted EBITDA, supported by aviation fleet expansion and higher aviation utilization. Natural Sand Proppant Services generated $1.5 million of Adjusted EBITDA after reporting $5.2 million of revenue, while Accommodation Services generated $1.1 million of Adjusted EBITDA on $3.4 million of revenue.
Aviation remained the central capital-allocation priority. Mammoth invested $41.8 million in the quarter, led by aviation, and reported $ 97,513 (in thousands) of capital expenditures from continuing operations for the nine-month period. The aviation portfolio reached 44 assets, and 29 assets were revenue-producing as of September 30, 2026. Liquidity included $37.6 million of cash, cash equivalents and marketable securities as of September 30, 2026, no funded debt, an undrawn revolving credit facility with $20.0 million of available borrowing capacity, and a subsequent senior secured term loan facility with aggregate commitments of up to $58.0 million.
The quarter also showed uneven demand across the portfolio. Rental and accommodations utilization advanced, with 430 pieces of rental equipment and 270 accommodation rooms utilized on average. Sand volume and pricing were higher than the third quarter of 2025, with approximately 228,000 tons sold at $22.18 per ton, but Sand revenue declined from the second quarter due to a $3.0 million decline in freight revenue. Drilling revenue also declined sequentially as utilization and activity levels decreased. Management raised its full-year 2026 outlook for the third time, reaffirming revenue growth expected to exceed 90% and lifting expected Adjusted EBITDA margin to the mid-teens.
The initial 2027 outlook calls for Adjusted EBITDA to increase by more than 40% compared with full-year 2026 Adjusted EBITDA. That outlook is tied to continued deployment of the existing aviation fleet, incremental aviation investments and operating improvement across the portfolio, and does not assume material aviation asset sales. The key reported execution variables are aviation utilization and deployment, Sand freight revenue, drilling activity, and the Company’s ability to fund investment while net cash used in operating activities from continuing operations was $ (9,863) (in thousands) for the first nine months of 2026.
Management, verbatim
This was an outstanding quarter for Mammoth and a clear demonstration of our focus on driving returns. Revenue nearly doubled year over year to $21.3 million. Adjusted EBITDA more than doubled sequentially to $5.8 million, and our Adjusted EBITDA margin expanded to 27% from 10% in the second quarter.
Mark Layton, Chief Financial Officer of Mammoth
Aviation remains our priority for capital deployment based on its returns profile. We invested $41.8 million in the quarter, led by aviation. The growth in aviation leasing assets enhances our recurring revenue profile while requiring comparatively modest incremental operating personnel as additional assets are deployed.
Mark Layton, Chief Financial Officer of Mammoth
As we look ahead to 2027, we currently expect Adjusted EBITDA to increase by more than 40% compared with full-year 2026 Adjusted EBITDA, driven primarily by the growing contribution from our aviation leasing platform and continued focus on operating execution and margin improvement.
Mark Layton, Chief Financial Officer of Mammoth
Not in the filing
stated, not guessed- Prior outlook was not provided; therefore, no comparison of actual results with prior guidance is available.
- Gross margin was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported.
- A dividend declaration or payment was not reported.
- Full-year 2026 guidance for gross margin, operating expenses and tax rate was not reported.
- A reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure was not provided because the Company stated that necessary components were not available without unreasonable effort.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.