Mammoth Energy Services returned to a small profit from continuing operations in the third quarter as revenue nearly doubled from a year earlier and adjusted EBITDA more than doubled from the second quarter. The company also raised its 2026 outlook for the third time this year and issued an initial 2027 forecast pointing to further growth.
The update highlights growing activity in Mammoth’s aviation business, alongside improved results in rental services. Mammoth ended September with no funded debt and said it later arranged a term loan facility with commitments of up to $58 million to support aviation growth.
Key details
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Revenue and earnings improved: Third-quarter revenue from continuing operations rose 95% year over year to $21.3 million. Mammoth reported net income from continuing operations of $0.3 million, compared with a $12.6 million loss in the year-earlier quarter and a $1.2 million loss in the second quarter of 2026.
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Adjusted EBITDA rose sequentially: Adjusted EBITDA reached $5.8 million, more than double the second-quarter level. Its margin was 27.2%, compared with 10.0% in the second quarter. For the first nine months of 2026, the margin was 15.0%.
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Rental services contributed to the improvement: Adjusted EBITDA in that segment increased 35% from the second quarter to $5.0 million.
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Aviation assets and revenue-producing fleet expanded: Mammoth had 44 aviation assets at September 30: 14 aircraft, 14 engines and 16 auxiliary power units. That was up from 15 aviation assets at the end of the prior-year period. Of the 44 assets, 29 were producing revenue, compared with 23 of 38 at June 30.
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The company raised its 2026 outlook: Mammoth now expects revenue growth of more than 90% for the year and an adjusted EBITDA margin in the mid-teens. It said this was the third time it had increased its full-year outlook in 2026.
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Mammoth gave an initial 2027 forecast: Adjusted EBITDA is expected to increase by more than 40% compared with full-year 2026 adjusted EBITDA. The forecast assumes continued use of the existing aviation fleet, additional contributions from aviation investments and ongoing operating improvement across the portfolio. It does not assume material aviation asset sales.
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Liquidity and financing: At September 30, Mammoth had $37.6 million in cash and marketable securities, no funded debt and $41.8 million invested, with aviation leading the investment. After quarter-end, it entered into a term loan facility providing commitments of up to $58 million for aviation growth; the announcement does not specify how much, if any, had been borrowed.
What changes for investors
The quarter marked a return to modest GAAP profitability from continuing operations, while the higher adjusted EBITDA margin and raised outlook point to stronger operating results. Mammoth’s aviation fleet is larger, and more of its assets are generating revenue. The new facility adds financing capacity for that expansion, though it is a commitment of up to $58 million rather than a stated cash draw.
The forward adjusted EBITDA forecasts are non-GAAP measures. Mammoth said it could not reconcile them to the most comparable GAAP measure because information needed for the calculation was not available without unreasonable effort.