TUSK earnings analysis
What we found in TUSK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.02
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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