Mammoth Energy Q1 Revenue Doubles to $22M, Becomes Debt-Free with $125M Cash
Mammoth Energy reported Q1 revenue of $22.0 million, up from $11.6 million year-over-year, with $4.7 million net income and $1.9 million adjusted EBITDA. The company ended the quarter debt-free with $125.1 million in cash and marketable securities, started share repurchases and raised its full-year 2026 adjusted EBITDA outlook to positive.
1. Q1 2026 Financial Highlights
During the first quarter of 2026, Mammoth Energy generated $22.0 million in revenue, a 90% increase from $11.6 million a year earlier, reporting net income of $4.7 million ($0.10 per diluted share) and adjusted EBITDA of $1.9 million, reversing losses from prior quarters.
2. Segment Performance
The rental services segment led with $13.0 million in revenue, including a $6.5 million auxiliary power unit sale and an average fleet of 389 rental units. Natural sand proppant services contributed $3.9 million on 156,000 tons sold at $19.49 per ton, while accommodation, drilling and infrastructure services added $3.5 million, $1.4 million and $0.3 million respectively.
3. Balance Sheet Strength and Buybacks
As of March 31, 2026, the company held $92.7 million in cash, $32.4 million in marketable securities, was debt-free and had $45.0 million of unused borrowing capacity. It commenced its authorized share repurchase program and expects to remain opportunistic in returning capital to shareholders.
4. Raised 2026 Outlook
Operational improvements, portfolio simplification and cost reductions, coupled with stable aviation performance, have prompted Mammoth Energy to raise its full-year 2026 outlook to expect positive adjusted EBITDA, marking a significant turnaround for the business.