10-Q · May 11, 2026
Mammoth Energy Services, Inc. reported a strong Q1 2026 with a 90% increase in revenue to $22 million, driven largely by growth in rental and aviation services. EPS improved to $0.11 compared to a loss of $(0.01) in Q1…
Earnings analysis · 10-Q
TUSK earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Mammoth Energy Services reported Q2 2026 revenue of $26.054 million, increasing from $22 million in Q1 2026 and $16 million in Q2 2025, but diluted EPS declined to -$0.02 from $0.11 in the prior quarter and $0.18 a year…
Read full summary
Mammoth Energy Services reported Q2 2026 revenue of $26.054 million, increasing from $22 million in Q1 2026 and $16 million in Q2 2025, but diluted EPS declined to -$0.02 from $0.11 in the prior quarter and $0.18 a year earlier. The filing provides no current gross margin, operating margin, free cash flow, segment results, or quantitative guidance in the supplied excerpt. Liquidity appears improved from an interest-rate perspective because the company had no revolver borrowings outstanding, while PREPA credit exposure, equity-market volatility on $26.1 million of investments, and unhedged Canadian-dollar exposure remain key risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
What stood out
-
Revenue Recovery Continued
Q2 2026 revenue was $26.054 million, up from $22 million in Q1 2026 and $16 million in Q2 2025, indicating continued year-over-year recovery.
-
No Revolver Borrowings
The company had no borrowings outstanding under its revolving credit facility at June 30, 2026, limiting interest-rate exposure.
-
Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no change in internal control over financial reporting during the quarter.
-
Share Repurchases Continued
The company repurchased and retired 43,062 shares in June at an average price of $2.99, leaving approximately $54.466 million available under the repurchase program.
What to watch
-
Equity Investment Volatility
The company held $26.1 million of publicly traded equity investments at June 30, 2026. Market-price changes are recognized in earnings each reporting period and could materially affect reported results through unrealized gains and losses.
-
Unhedged Canadian-Dollar Exposure
The remote accommodation services segment had $6.2 million of cash denominated in Canadian dollars in Canadian accounts. A 10% strengthening of the Canadian dollar would have increased pretax income by approximately $0.2 million, while unhedged currency exposure could produce adverse translation effects.
-
PREPA Credit Exposure Persists
PREPA-related customer credit exposure remains a material disclosed risk; the filing directs readers to Note 2 and Note 18 for further discussion. The filing states that there were no material changes to the risk factors in the 2025 Form 10-K.
Management's outlook
The supplied 10-Q excerpt does not provide quantitative revenue or EPS guidance. Prior Q1 commentary cited full-year revenue guidance of $240 million to $260 million, but the current filing does not state whether that outlook was maintained.
Earlier filings 4
10-K · March 6, 2026
Mammoth Energy (TUSK) presents an asset-heavy, multi-segment services strategy focused on rental (including aviation), infrastructure, natural sand proppant, accommodation and drilling services, with management…
10-K · March 7, 2025
The 10-K describes an integrated energy services strategy combining well completion (pressure pumping, sand hauling, water transfer), infrastructure services (T&D, substations, storm restoration) and natural sand…
10-Q · May 2, 2024
Mammoth Energy reported a sharp revenue decline to $43,189,000 for the quarter (from $116,320,000 a year ago) and a GAAP net loss of $11,811,000 (EPS $(0.25)). Despite the top-line decline the company generated strong…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.