Mammoth Energy’s stock surged 23% post-earnings, driven by a clear turnaround evidenced by its first positive EBITDA quarter in two years and raised 2026 guidance, signaling that the market is convinced by early operational improvements and disciplined capital allocation.

• Revenue rose 90% year-over-year and 133% sequentially to $22 million, led primarily by the Rentals segment, particularly aviation assets.
• Adjusted EBITDA turned positive at $1.9 million, marking the first positive EBITDA quarter in eight quarters.
• Management initiated share repurchases, reflecting confidence in the business trajectory.
• Sequential SG&A declined approximately 37%, with structural cost reductions reducing annual run rate from ~$25 million in 2024 to a projected $11–12 million.
• While Sand and Drilling segments saw revenue gains, margins showed pressure due to higher operating costs and market activity factors, with targeted actions underway to improve efficiencies and profitability.