Mammoth Energy Services (TUSK) reported Q4 2025 EPS of -$0.26, missing the consensus estimate of -$0.08 by $0.18. Revenue came in at just $9.5 million a staggering miss versus the ~$39.3 million expected. Shares plummeted ~17.65% on March 6 to approximately $2.00, as the market digested weak operational results alongside a transformative year of divestitures and portfolio reshaping
About Mammoth Energy Services
Mammoth Energy Services, Inc. (NASDAQ: TUSK) is an integrated, growth-oriented energy services company headquartered in Oklahoma City, Oklahoma. Established in 2014 through a consolidation of energy and infrastructure service firms orchestrated by private equity firm Wexford Capital LP, the company went public via an IPO on NASDAQ in October 2016, raising approximately $103.2 million in net proceeds.
Mammoth provides a diversified suite of products and services primarily to customers in the oil & natural gas and infrastructure industries. Its operating segments include rental services (oilfield, construction, and aviation equipment), infrastructure services (fiber optic design and installation), natural sand proppant services (mining and processing frac sand), accommodation services (remote worker housing and dining), and drilling services (directional drilling for oilfield operators).
As of March 6, 2026, following the earnings release, TUSK’s market cap stood at approximately $96.4 million, with roughly 48.4 million shares outstanding. The stock carries no dividend yield, a negative P/E ratio (approximately -4.88), and a beta of 0.95. The company employs approximately 639 people.
Top Financial Highlights
- Total Revenue (Q4 2025): $9.5 million, down from $10.0 million in Q4 2024 and $10.9 million in Q3 2025.
- Total Revenue (FY 2025): $44.3 million, down from $45.6 million in FY 2024 — a 2.9% year-over-year decline.
- Net Loss from Continuing Ops (Q4 2025): $12.3 million, or -$0.26 per diluted share, compared to a loss of $9.6 million (-$0.20/share) in Q4 2024.
- Net Loss from Continuing Ops (FY 2025): $63.8 million, or -$1.32 per diluted share, versus a net loss of $183.1 million (-$3.81/share) in FY 2024.
- Adjusted EBITDA (Q4 2025): ($6.8) million, worsening from ($6.0) million in Q4 2024.
- Adjusted EBITDA (FY 2025): ($17.4) million, a dramatic improvement from ($171.2) million in FY 2024 (which was inflated by PREPA-related credit loss provisions).
- Rental Services Revenue (Q4): $3.3 million, up +175% from $1.2 million in Q4 2024, driven by aviation fleet expansion.
- Infrastructure Services Revenue (Q4): $1.2 million, up +231% from $0.4 million in Q4 2024, due to increased fiber optic activity.
- Sand Proppant Revenue (Q4): $1.7 million, down -66.7% from $5.1 million in Q4 2024 — volumes dropped to 92K tons at $18.56/ton vs. 129K tons at $22.54/ton.
- SG&A Expense (FY 2025): $19.6 million, down 82.9% from $114.5 million in FY 2024 (driven by removal of PREPA credit-loss provision).
- Cash on Hand (Dec 31, 2025): $102.0 million, plus $19.6 million in marketable securities.
- Total Liquidity (Dec 31, 2025): $158.3 million, including $36.7 million of available borrowing capacity.
- Total Liquidity (March 3, 2026): $156.6 million ($89.6M cash, $28.8M marketable securities, $38.2M credit availability).
- Capital Expenditures (FY 2025): $70.6 million, up from just $1.2 million in FY 2024 — driven by $70.0 million for aviation rental fleet expansion.
- Strategic Divestitures (FY 2025): Four divestitures generating over $150 million in cash proceeds.
Mammoth Energy Services, Inc. Consolidated Balance Sheets
Mammoth Energy Services, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss)
Mammoth Energy Services, Inc. Consolidated Statements of Cash Flows
Mammoth Energy Services, Inc. Segment Information
Beat or Miss?
Mammoth Energy’s Q4 2025 results represented a significant miss on both top and bottom lines versus analyst expectations.
| Metric | Reported | Analyst Estimate | Difference |
| EPS (Q4 2025) | ($0.26) | ($0.08) | Missed by $0.18 |
| Revenue (Q4 2025) | $9.46M | ~$39.3M | Missed by ~$30.6M |
| Adj. EBITDA (Q4 2025) | ($6.8M) | N/A | Worsened vs. ($6.0M) in Q4 2024 |
| FY 2025 Revenue | $44.3M | N/A | Down 2.9% YoY |
The enormous revenue miss (actual $9.5M vs. expected ~$39.3M) is largely attributable to the company’s extensive portfolio restructuring during 2025. Mammoth divested four subsidiaries — including 5 Star Electric, Higher Power Electrical, and Python Equipment — removing significant revenue contributors from continuing operations. Analyst models may not have fully adjusted for these divestitures, contributing to the wide gap between estimates and reported figures.
What Leadership Is Saying?
“2025 was a transformative year for Mammoth. We made the deliberate decision to reshape our portfolio, with four divestitures generating in excess of $150 million in cash proceeds. These transactions strengthened our balance sheet, pruned non-performing businesses and gave us the financial flexibility to invest in higher-return opportunities. Most notably, we deployed over $65 million into our aviation platform at an attractive entry point — a business we continue to view as high-growth and scalable.” — Mark Layton, Chief Financial Officer
“That said, I want to be direct: Q4 operational execution was not at the level we expect of ourselves, and improving execution across our segments is our top priority — it is the clearest path to unlocking the value embedded in this business. As we enter 2026, we see significant potential across our segments, driven by internal self-help initiatives, favorable market tailwinds, and our continued focus on deploying capital into opportunities with accretive returns. We have the balance sheet, the strategy, and the team to deliver meaningfully better results.” — Mark Layton, Chief Financial Officer
Note: The press release only featured commentary from CFO Mark Layton. No separate CEO quote was included in the official announcement.
Historical Performance
TUSK Year-over-Year Comparison
Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $9.5M | $10.0M | -5.0% |
| Net Loss (Continuing Ops) | ($12.3M) | ($9.6M) | -28.1% (wider loss) |
| EPS (Diluted, Continuing Ops) | ($0.26) | ($0.20) | -30.0% |
| Adjusted EBITDA | ($6.8M) | ($6.0M) | -13.2% (wider loss) |
| SG&A Expense | $5.7M | $6.9M | -17.4% |
| Operating Loss | ($9.7M) | ($7.5M) | -30.0% (wider loss) |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $44.3M | $45.6M | -2.9% |
| Net Loss (Continuing Ops) | ($63.8M) | ($183.1M) | +65.2% improvement |
| EPS (Diluted, Continuing Ops) | ($1.32) | ($3.81) | +65.4% improvement |
| Adjusted EBITDA | ($17.4M) | ($171.2M) | +89.8% improvement |
| SG&A Expense | $19.6M | $114.5M | -82.9% |
| Operating Loss | ($57.4M) | ($120.4M) | +52.3% improvement |
The full-year improvement was primarily driven by the elimination of a massive $171 million credit-loss provision related to the PREPA (Puerto Rico Electric Power Authority) settlement agreement that was booked in 2024, along with significant SG&A reductions.
Competitor Performance
Q4 2025 vs. Q4 2024
To contextualize TUSK’s performance, here is a comparison with two key peers in the oilfield services / proppant space — Smart Sand (SND) and Drilling Tools International (DTI).
Smart Sand (SND)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $86.0M | $91.4M | -5.9% |
| Net Income | $1.2M | $3.7M | -67.6% |
| EPS (Basic) | $0.03 | $0.10 | -70.0% |
Smart Sand saw modest revenue decline and significant profitability compression, with net income dropping 67.6% YoY in Q4 2025. However, the company remained profitable and its full-year 2025 revenue grew 6.0% to $330.2 million.
Drilling Tools International (DTI)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $38.5M | $39.8M | -3.3% |
| Net Income | $1.2M | ($1.3M) | Turnaround to profit |
| EPS (Diluted) | $0.03 | ($0.04) | Turnaround to profit |
DTI showed resilience despite a 7% decline in global rig counts, with its Eastern Hemisphere revenue surging 78% YoY. The company turned a Q4 2024 net loss into a Q4 2025 profit, and full-year 2025 revenue grew 3.4% to $159.6 million.
KLX Energy Services (KLXE)
KLX Energy Services has scheduled its Q4 and full-year 2025 earnings release for March 12, 2026. For reference, KLX reported FY 2024 revenue of $709.3 million and a net loss of $53 million, with analysts estimating FY 2025 EPS of approximately -$2.80.
Peer Summary Table (Q4 2025)
| Metric | TUSK | SND | DTI |
| Q4 2025 Revenue | $9.5M | $86.0M | $38.5M |
| Q4 2025 Net Income | ($12.3M) | $1.2M | $1.2M |
| Q4 2025 EPS | ($0.26) | $0.03 | $0.03 |
| Q4 Revenue YoY Change | -5.00% | -5.90% | -3.30% |
| FY 2025 Revenue | $44.3M | $330.2M | $159.6M |
How the Market Reacted?
The market reaction to Mammoth Energy’s Q4 2025 results was sharply negative. Shares of TUSK fell approximately 11.76% in pre-market trading to $2.25, dropping from the previous close of $2.55. During the regular trading session on March 6, 2026, the stock continued its descent, falling as much as 17.65% to around $2.00, with 420,769 shares traded — nearly double the average daily volume of 215,707.
The bearish sentiment was underscored by the massive revenue miss ($9.5M vs. ~$39.3M expected) and the wider-than-anticipated EPS loss. Analyst consensus on TUSK remains unfavorable — MarketBeat reports a “Sell” consensus rating, and Weiss Ratings reaffirmed a “Sell” rating in December 2025. Despite the weak quarter, some investors may find longer-term value in TUSK’s strong liquidity position ($156.6M as of March 3, 2026) and the potential upside from its newly expanded aviation rental platform, which accounted for the bulk of $70.6 million in FY 2025 capital expenditures.
