Mammoth Energy Services, Inc. Q1 2026 Earnings Recap

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.

Key Takeaways

• 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.