Mammoth Energy Services, Inc. Q3 2026 Earnings Recap

Mammoth shares rose 9.3% after the company raised its 2026 adjusted EBITDA margin outlook to the mid-teens and said it expects 2027 adjusted EBITDA to grow more than 40% from 2026. The upbeat outlook was supported by improving aviation leasing and higher-margin operations, despite lower sequential revenue and expected seasonal softness in several businesses.

Key Takeaways

• Q3 adjusted EBITDA more than doubled sequentially to $5.8 million; adjusted EBITDA margin expanded to 27.2% from 10% in Q2.
• Revenue was $21.3 million, nearly double the year-ago quarter but down sequentially, partly because Q2 aviation asset sales did not recur and lower-margin sand freight revenue declined.
• Management now expects full-year 2026 adjusted EBITDA margins in the mid-teens, up from its prior double-digit outlook, and reaffirmed revenue growth of more than 90%.
• The company expects 2027 adjusted EBITDA to increase by more than 40% versus 2026; it also cautioned that Q4 will be seasonally softer in Sand, Drilling and Accommodations.
• Mammoth invested $41.8 million during Q3, primarily in aviation, and announced a Bank7 senior secured term loan facility with commitments of up to $58 million, subject to terms and conditions.