Mammoth Energy (TUSK) Q1 2026 Earnings Transcript

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DATE

Monday, May 11, 2026 astatine 11 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Mark Layton

• Chief Operating Officer — Bernard Lancaster

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Full Conference Call Transcript

Mark Layton: Thank you, Mohammed, and bully morning, everyone. I volition screen archetypal 4th results and the cardinal themes driving the quarter's performance, past crook it implicit to Bernard Lancaster, our Chief Operating Officer, to locomotion done operational show by segment. I volition past travel backmost to screen the financials, superior allocation, and our updated outlook for 2026, aft which we volition unfastened the enactment for questions. The archetypal 4th of 2026 represents a wide inflection constituent for Mammoth Energy Services, Inc. When we past spoke successful March, we were nonstop astir wherever the 4th fourth fell short. The request was there, but our execution and outgo power did not conscionable our expectations, and we ain that.

We took targeted action, and the archetypal 4th is aboriginal impervious that those actions are working. Revenue was $22 million, up 90% year-over-year and 133% sequentially. Adjusted EBITDA was affirmative $1.9 million, our archetypal affirmative EBITDA 4th successful 8 quarters. The momentum we are seeing crossed the level is beardown capable that we are present raising our 2026 guidance connected some gross and EBITDA. I volition locomotion done the specifics aboriginal successful the call. During the archetypal quarter, for the archetypal clip since our stock repurchase programme was authorized successful August 2023, we began returning superior straight to shareholders, a reflection of our assurance successful wherever this concern is headed.

Stepping back, the pivot we person spent the past respective quarters executing—simplifying the portfolio, redeploying superior into higher-return businesses, and rebuilding the outgo operation to lucifer the size and signifier of the institution we are today—is present showing up successful the numbers. There is much enactment ahead, and I volition beryllium circumstantial astir wherever aboriginal successful the call. As reflected successful the archetypal 4th results, we are seeing aboriginal measurable impervious points crossed aggregate parts of the concern that the strategy is working. Starting with revenue, maturation was led by our rentals.

In summation to the improved utilization, during the 4th we sold an aviation APU that we had purchased lone 2 quarters earlier, generating a gross IRR of astir 20%. We past redeployed the proceeds into different aviation plus wherever we spot a beardown instrumentality profile. As we said connected our past call, determination are assets connected our equilibrium expanse that transportation worth not reflected successful wherever the banal trades. This transaction is simply a real-time information constituent connected precisely that, and it reinforces the superior allocation doctrine we person articulated since we entered this business. Beyond rentals, we saw betterment crossed respective different segments.