Mammoth Energy Services, Inc. · NASDAQ:TUSK
Mammoth Energy Services — Q3 2026 Earnings Presentation
20 slides from Mammoth Energy Services's earnings presentation, Oct 30, 2026
Slide 1: Q3'26 Earnings Conference Call
S C A L I N G F O R G R O W T H Q3'26 Earnings Conference Call October 30, 2026 NASDAQ: TUSK
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation (and any oral statements made regarding the subjects of this presentation) contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
Slide 3: Q3'26 Results Highlights
3Q'26 RESULTS Highlights MARGIN EXPANSION REVENUE NEARLY DOUBLED YOY $5.8M $21.3M Q3'26 Adjusted EBITDA [1] Q3'26 Revenue 27.2% margin[2], up from 10.0% in Q2'26 — Adjusted EBITDA more than doubled • +95% YoY: led by aviation leasing, Sand and equipment rental from $2.6M; third consecutive positive
Slide 4: Capital Position & Pro-Forma Liquidity
BALANCE SHEET & CAPITAL Capital Position & Pro-Forma Liquidity CAPITAL STRUCTURE SNAPSHOT LIQUIDITY as of Q3'26 No funded debt at Q3'26; $58M aviation term loan facility closed post-quarter $37.6M TOTAL DEBT $0 SHARES OUTSTANDING ~48M At Q3'26; aviation fleet unencumbered at 9M'26 buyback: 231k shar
Slide 5: The Mammoth Transformation
COMPANY OVERVIEW The Mammoth Transformation A deliberate reinvention — leaner, self-funded to date, and positioned for sustainable returns PEAK LONG-TERM DEBT (2017) TOTAL ASSET-SALE PROCEEDS DEBT AT Q3'26 ~$100M ~$150M+ $0 Complex levered balance sheet 4 transactions: T&D, Engineering, Frac Equip,
Slide 6: Diversified Revenue Mix: Q3'26
PORTFOLIO DIVERSIFICATION Diversified Revenue Mix: Q3'26 Q3'26 REVENUE BY SEGMENT PORTFOLIO STRENGTHS Revenue diversified across five reportable segments Rentals — Growing recurring leasing and equipment-rental base Aviation leasing creates a high-barrier, people-light recurring stream. 44 aviation
Slide 7: Q3'26 Segment Overview
Q3'26 Segment Overview Five reportable segments. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 7
Slide 8: Rentals — Aviation & Equipment
RENTALS SEGMENT Rentals — Aviation & Equipment Recurring-revenue platform anchored by aviation leasing and a diversified base of construction & oilfield rentals. Rentals Revenue AVIATION EQUIPMENT RENTALS $14.0M $12.0M $134.9M 44 430 >80% AVIATION AVG. ON RENT ACTIVITY IN GAS $10.0M F L E E T A T C
Slide 9: In the Field: Rentals
OPERATING SEGMENTS In the Field: Rentals Recent site imagery — aviation fleet and heavy equipment rentals. Aviation fleet Equipment rentals Small passenger aircraft Loaders and support fleet deployed at active job sites Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 9
Slide 10: Accommodations & Infrastructure
OPERATING SEGMENTS Accommodations & Infrastructure Favorable secular tailwinds — remote energy lodging and AI / data-center–driven fiber demand. ■ ACCOMMODATIONS ≋ INFRASTRUCTURE 270 24,811 Broadband / Data $1.1M AVG ROOMS UTILIZED ROOM NIGHTS ON RENT Q3'26 15 DRILLS IN FLEET Q3'26 SEGMENT REVENUE ●
Slide 11: In the Field: Accommodations & Infrastructure
OPERATING SEGMENTS In the Field: Accommodations & Infrastructure Recent site imagery — remote lodging village and active fiber bore. Remote workforce accommodations Fiber & utility infrastructure Turnkey lodging, catering and facilities management Horizontal directional drilling crew on an active bo
Slide 12: Sand & Drilling
OPERATING SEGMENTS Sand & Drilling Montney basin sand exposure and a Permian-leveraged directional drilling business. ▲ SAND ◉ DRILLING $1.5M $22.18/ton 32% +128% Q3'26 SEGMENT ADJ. PRICE / TON Q3'26 UTILIZATION 9M'26 REVENUE VS. 9M'25 EBITDA ● Sand mining, processing & sales for hydraulic fracturin
Slide 13: In the Field: Sand and Drilling
OPERATING SEGMENTS In the Field: Sand and Drilling Recent site imagery — in-basin sand production and active drilling operations. Northern white sand mining Drilling operations In-basin excavation and mobile wet plant processing Rig on location at sunset in the Permian Mammoth Energy Services, Inc.
Slide 14: Consolidated Financial Summary
FINANCIAL SUMMARY Consolidated Financial Summary Quarter-over-quarter operational metrics from continuing operations ($ in millions, except where noted) Q3’25 Q2’26 Q3’26 Δ Sequential Δ YoY FINANCIAL METRICS Revenue $10.9 $26.1 $21.3 -18% +95% Operating Costs[1] $10.9 $19.2 $11.4 -41% +5% Gross Prof
Slide 15: FY 2026 Outlook & Guidance: Raising Margin Outlook
GUIDANCE FY 2026 Outlook & Guidance: Raising Margin Outlook FY'26 GUIDANCE KEY ASSUMPTIONS Raising the full-year framework vs. the Q2’26 call AVIATION Q2’26 CALL METRIC ($M) 2025 ACTUAL (PRIOR FY’26 FY’26 GUIDANCE CHANGE 15 assets available to support continued lease revenue GUIDANCE) growth; outloo
Slide 16: Experienced Management Team
LEADERSHIP Experienced Management Team Proven leadership with a track record of disciplined capital allocation and business transformation— backed by Wexford Capital's deep sector expertise and patient, long-term capital approach. Paul Jacobi Mark Layton Bernie Lancaster CHIEF BUSINESS OFFICER CHIEF
Slide 17: Why Invest in Mammoth
INVESTMENT CASE Why Invest in Mammoth PROVEN MANAGEMENT TEAM 1 Proven leadership with a track record of disciplined capital allocation and business transformation, now scaling a high-margin, people-light aviation leasing platform from 15 to 44 assets in one year, backed by Wexford Capital’s long-ter
Slide 18: Appendix
Appendix Supporting financial detail and additional information Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 18
Slide 19: Quarterly Revenue by Segment
APPENDIX Quarterly Revenue by Segment Continuing operations only — excludes engineering, hydraulic fracturing and T&D businesses (presented as discontinued operations) ($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Q3'26 Rentals (Aviation + Equipment Rental) $1.9 $3.1 $2.8 $3.3 $11.1 $13.
Slide 20: Reconciliation of Net Income (Loss) to Adjusted EBITDA
APPENDIX Reconciliation of Net Income (Loss) to Adjusted EBITDA From continuing operations ($ in millions, continuing operations) Q1’25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Q3'26 Net income (loss) from continuing operations (GAAP) $(2.2) $(36.5) $(12.6) $(12.3) $(63.8) $4.7 $(1.2) $0.3 Depreciation,
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