Highlights

  • Q3 2026 Revenue nearly doubled to US$21.3 million from US$10.9 million in the prior-year quarter.
  • Adjusted EBITDA reached US$5.8 million, a 27.2% margin, versus a US$4.8 million loss a year earlier.
  • Aviation subsidiaries signed a Bank7 senior secured term Loan Facility of up to US$58 million on 28 October.
  • Management raised its 2026 adjusted EBITDA Margin outlook to the mid-teens and expects 2027 adjusted EBITDA growth above 40%.

Aviation leasing has become the growth engine at Mammoth Energy Services, Inc. (NASDAQ:TUSK), and the company backed that shift in late October with both a profitable third quarter and its first dedicated Debt facility for the fleet. Revenue for the quarter ended 30 September 2026 rose to US$21.3 million from US$10.9 million in Q3 2025, although it eased from US$26.1 million in Q2 2026.

Net income from continuing operations was US$0.3 million, or US$0.01 per diluted share, compared with a loss of US$12.6 million, or US$0.26 per share, a year earlier. Adjusted EBITDA, a non-GAAP measure, improved to US$5.8 million from a loss of US$4.8 million.

Rentals Segment Carries the Quarter

Rental services, which include aviation, generated revenue of US$9.6 million against US$2.8 million a year earlier and contributed segment adjusted EBITDA of US$5.0 million. The aviation portfolio grew to 44 assets, comprising 14 aircraft, 14 engines and 16 auxiliary power units, up from 38 at 30 June and 15 a year earlier, with 29 producing revenue at quarter-end.

Natural sand proppant revenue rose to US$5.2 million from US$2.7 million on about 228,000 tons sold at US$22.18 per ton, producing segment adjusted EBITDA of US$1.5 million. Accommodations revenue climbed to US$3.4 million as average rooms utilized reached 270. Drilling revenue slipped to US$2.1 million, while infrastructure revenue was US$1.1 million with a segment adjusted EBITDA loss of US$0.9 million. Chief Financial Officer Mark Layton named aviation as the priority for Capital deployment.

Debt-Free Balance Sheet Meets a New Aviation Facility

Capital expenditure reached US$41.8 million in Q3 and US$97.5 million for the nine months, mostly in rental services and aviation. Unrestricted cash and marketable securities totaled US$37.6 million at 30 September and US$27.5 million at 27 October. The company carried no funded debt, and its revolver was undrawn with US$20.0 million available.

On 28 October 2026, aviation subsidiaries Cobra Aviation Services and Leopard Aviation entered a senior secured term loan facility with Bank7 of up to US$58 million, split into a US$25 million Term Loan A and a US$33 million Term Loan B. Nothing was drawn at closing. The floating-rate loans begin monthly amortization in January 2027, mature in October 2030, are secured by aviation Assets and are guaranteed by Mammoth. The portfolio had a total cost of about US$134.9 million at 30 September, funded without debt.

Outlook Raised for 2026 and 2027

Management reaffirmed expected 2026 revenue growth above 90% and raised its 2026 adjusted EBITDA margin outlook to the mid-teens, the third increase this year. For 2027, it expects adjusted EBITDA to rise more than 40% from full-year 2026, driven mainly by aviation leasing, assuming no material aviation asset sales. Facility proceeds are intended to fund additional aviation assets.