Mammoth (NASDAQ: TUSK) revenue jumps 95% but still posts an operating loss

Posted by Linda Flegge on Oct 31st, 2026

What happened

Mammoth Energy Services, Inc. (NASDAQ: TUSK) said third-quarter revenue nearly doubled to $21.3 million, but its profit came from below the operating line. Revenue rose 95% from $10.9 million a year earlier. Net income from continuing operations was $0.3 million, or $0.01 per diluted share, against a $12.6 million loss in the third quarter of 2025.

Mammoth raised its 2026 outlook for the third time this year. It now expects revenue growth above 90% and an Adjusted EBITDA margin in the mid-teens. For 2027, it expects Adjusted EBITDA to rise more than 40% from the 2026 level.

On Oct. 28, the company signed a senior secured term loan with Bank7. It has commitments of up to $58.0 million to support aviation growth.

Key numbers

Metric	Latest	Change	Source
Q3 revenue	$21.3 million	from $10.9 million, +95%	Mammoth Q3 2026 earnings release (SEC 8-K Ex. 99.1)
Net income (loss) from continuing operations	$0.3 million	from -$12.6 million	Mammoth Q3 2026 earnings release (SEC 8-K Ex. 99.1)
Adjusted EBITDA	$5.8 million	from -$4.8 million	Mammoth Q3 2026 earnings release (SEC 8-K Ex. 99.1)
Adjusted EBITDA margin	27.2%		Mammoth Q3 2026 earnings release (SEC 8-K Ex. 99.1)
Net margin (OptimistFi calculation)	0.6%	from -116.2%, +116.8 percentage points	Calculated from SEC 8-K
Bank7 term loan commitments (cap)	up to $58.0 million		Mammoth Q3 2026 earnings release (SEC 8-K Ex. 99.1)

Why it matters

The quarter shows aviation leasing starting to carry earnings. Adjusted EBITDA reached $5.8 million. The 27.2% margin compares with 10.0% in the second quarter. Management credited aviation leasing growth, positive Adjusted EBITDA in Sand and higher occupancy in Accommodations.

The profit leaned on items outside operations. Mammoth posted an operating loss of $0.42 million, narrower than $9.41 million a year earlier. Other income of $0.85 million, including a $1.17 million gain on marketable securities, turned that loss into pretax income of $0.43 million. OptimistFi's calculation puts net margin, which includes discontinued operations, at 0.6%, up from negative 116.2% a year earlier.

Cash is the harder test. OptimistFi has argued that Mammoth's value depends on turning its cash cushion into steady operating cash flow, not one-time gains. Cash fell to $13.1 million on Sept. 30 from $101.99 million at the end of 2025. Capital spending reached $97.5 million over nine months. Operating activities from continuing operations used $9.86 million in that period, and the 2027 outlook does not assume material aviation asset sales.

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What's next

Mammoth hosts a conference call at 10 a.m. Central on Friday, Oct. 30 to discuss the quarter. The test in its next quarterly report is operating cash flow from continuing operations. A positive figure would support OptimistFi's case. Another cash outflow would weaken it.