Mammoth Energy Raises $150M, Deploys $65M in Aviation Fleet, Sees 50% Revenue Growth
Mammoth Energy Services allocated $65M in 2025 to expand its aviation rental fleet, exited pressure-pumping and sand operations, and raised $150M from four divestitures. It ended Q4 debt-free with $121.6M cash, forecasts over 50% revenue growth in 2026 from aviation utilization, and targets mid-teens margins by 2027.
1. Portfolio Reshaping in 2025
In 2025, the company completed four major divestitures, generating approximately $150 million in proceeds through sales of transmission, distribution and engineering assets. It exited its capital-intensive pressure-pumping division and divested a loss-making sand mine while deploying over $65 million to establish an aviation rental business that ended the year with 26 assets.
2. Q4 Financial Performance
Fourth-quarter revenue declined to $9.5 million with an adjusted EBITDA loss of $6.8 million and a net loss of $12.3 million, or $0.26 per share. Segment results showed rental revenue up 179% year-over-year to $3.3 million, infrastructure revenue up 231% to $1.2 million, accommodations revenue up 19% to $2.8 million, while sand and drilling revenues fell sharply.
3. Liquidity Position and 2026 Outlook
The company exited the quarter debt-free with $121.6 million in cash and $158.3 million total liquidity. Management expects over 50% revenue growth in 2026 driven by increased aviation utilization, anticipates an infrastructure EBITDA overhang in H1, and targets positive EBITDA and mid-teens margins by 2027.