Mammoth Energy Reports Q4 EBITDA Miss, Deploys $65M and Generates $150M Proceeds
Mammoth Energy Services reported Q4 EBITDA missed expectations due to cost overruns in fiber operations. The company deployed over $65 million into its aviation rentals platform, executed four transactions generating about $150 million proceeds, and expects aviation revenue growth exceeding 50% with mid-teens EBITDA margins by 2026.
1. Q4 EBITDA and Fiber Operations
Mammoth Energy Services recorded Q4 2025 EBITDA below internal forecasts, driven by execution and cost control issues in its fiber operations. Management has instituted personnel changes and tighter project oversight to address overruns and margin compression going forward.
2. Asset Sales and Capital Proceeds
Throughout 2025, the company executed four major transactions, disposing of its transmission, distribution, and engineering units, as well as exiting its pressure pumping business and a sand mine. These divestitures generated approximately $150 million in proceeds, reshaping the portfolio toward core growth areas.
3. Aviation Rentals Expansion
The aviation rentals platform saw a $65 million capital deployment, resulting in 16 of 26 assets on lease by quarter end and a 23% sequential revenue increase. The company expects the remaining assets to be leased during the first half of 2026, driving over 50% aviation revenue growth for the year.
4. 2026 Outlook and CapEx Plans
Non-aviation capital expenditure is forecast at roughly $11 million, targeting maintenance and selective growth in oil, gas, and infrastructure segments. Aviation CapEx will remain opportunistic, while management projects mid-teens EBITDA margins and positive free cash flow by 2027.