Slide 1: Q1'26 Earnings Conference Call
S C A L I N G F O R G R O W T H Q1'26 Earnings Conference Call May 11, 2026 NASDAQ: TUSK
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, th
Slide 3: Highlights
1Q'26 RESULTS Highlights STRONG REVENUE INFLECTION SHAREHOLDER RETURNS $22M $0.4M Q1'26 Revenue Share Buyback Program +133% sequentially and +90% YoY, driven by a full quarter of aviation rentals $0.4M returned via buyback, purchased 187k shares during Q1’26 contribution and recovery across non-avia
Slide 4: Capital Position & Liquidity
BALANCE SHEET & CAPITAL Capital Position & Liquidity CAPITAL STRUCTURE SNAPSHOT LIQUIDITY (Q1’26) Disciplined balance sheet supporting growth and shareholder returns $125.1M TOTAL DEBT $0 SHARES OUTSTANDING ~48M Maintain debt-free profile through cycles Q1'26 buyback: 187K shares for $0.4M DEBT FREE
Slide 5: The Mammoth Transformation
COMPANY OVERVIEW The Mammoth Transformation A deliberate reinvention — leaner, debt-free, and positioned for sustainable returns PEAK LONG-TERM DEBT (2017) TOTAL ASSET-SALE PROCEEDS DEBT TODAY ~$100M ~$150M+ $0 Complex levered balance sheet 4 transactions: T&D, Engineering, Frac Equip, Sand Fully de
Slide 6: Diversified Revenue Mix: Q1'26
PORTFOLIO DIVERSIFICATION Diversified Revenue Mix: Q1’26 Q1'26 REVENUE BY SEGMENT PORTFOLIO STRENGTHS Five-segment portfolio reduces single-market risk Rentals — Recurring Revenue Engine Aviation leasing creates a high-barrier, capital-light recurring stream. 27 Aviation assets. Non-aviation assets
Slide 7: Q1'26 Segment Overview
Q1'26 Segment Overview Five reportable segments. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q1'26 Investor Presentation | 7
Slide 8: Rentals — Aviation & Equipment
RENTALS SEGMENT Rentals — Aviation & Equipment Recurring-revenue platform anchored by aviation leasing and a diversified base of construction & oilfield rentals. Rentals Revenue AVIATION NON-AVIATION RENTALS $14.0M $12.0M $65M+ 27 389 >80% INVESTED SINCE AVIATION ASSETS ON RENT ACTIVITY IN GAS $10.0
Slide 9: Accommodation & Infrastructure
OPERATING SEGMENTS Accommodation & Infrastructure Favorable Secular tailwinds — remote energy lodging and AI / data-center–driven fiber demand. ■ ACCOMMODATIONS ≋ INFRASTRUCTURE +16% 24,778 AI / Data $0.3M OCCUPANCY GAIN IN Q1’26 ROOM NIGHTS ON RENT Q1’26 STRATEGIC ALIGNMENT Q1’26 SEGMENT REVENUE ●
Slide 10: Sand & Drilling
OPERATING SEGMENTS Sand & Drilling Montney basin sand exposure and a Permian-leveraged directional drilling business. ▲ SAND ◉ DRILLING ~2.2M ~22.1M 20% + 180% TONS / YR — TAYLOR PLANT TON RESERVES Q1’26 UTILIZATION SEQUENTIAL REVENUE UP ● Sand mining, processing & sales for hydraulic fracturing ● D
Slide 11: Consolidated Financial Summary
FINANCIAL SUMMARY Consolidated Financial Summary Quarter-over-quarter operational metrics from continuing operations ($ in millions, except where noted) Q1'26 Q4'25 Q1'25 Δ Sequential Δ YoY FINANCIAL METRICS Revenue $22.0 $9.5 $11.6 +133% +90% SG&A $3.6 $5.7 $4.1 -37% -12% Adjusted EBITDA¹ $1.9 $(6.
Slide 12: FY 2026 Outlook & Guidance: Increasing Guidance
GUIDANCE FY 2026 Outlook & Guidance: Increasing Guidance FY'26 GUIDANCE KEY ASSUMPTIONS Increasing full-year framework AVIATION METRIC ($M) 2025 ACTUAL 2026 GUIDANCE Continued ramp of utilization across the 27 aviation assets; full-year contribution from 2025 deployments Revenue $44.3 >+60% NON-AVIA
Slide 13: Experienced Management Team
LEADERSHIP Experienced Management Team Decades of energy services, finance and operations experience — backed by Wexford Capital's deep sector expertise and patient, long-term capital approach. Paul Jacobi Mark Layton Bernie Lancaster CHIEF BUSINESS OFFICER CHIEF FINANCIAL OFFICER CHIEF OPERATIONS O
Slide 14: Why Invest in Mammoth
INVESTMENT CASE Why Invest in Mammoth EXPERIENCED MANAGEMENT 1 Leadership with decades of energy services, finance and operating experience. CFO since 2014; COO with 11+ years at Mammoth. Backed by Wexford Capital's long-term capital approach DIVERSIFIED PORTFOLIO 2 Five revenue segments reduce sing
Slide 15: Appendix
Appendix Supporting financial detail and additional information Mammoth Energy Services, Inc. | NASDAQ: TUSK Q1'26 Investor Presentation | 15
Slide 16: Quarterly Revenue by Segment
APPENDIX Quarterly Revenue by Segment Continuing operations only — excludes engineering, hydraulic fracturing and T&D businesses (presented as discontinued operations) ($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Rentals (Aviation + Non-Aviation) $1.9 $3.1 $2.8 $3.3 $11.1 $13.0 Sand $6.7 $5.5
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
APPENDIX Reconciliation of Net Income (Loss) to Adjusted EBITDA From continuing operations ($ in millions, continuing operations) Q1'26 Q4'25 Q3'25 Q2'25 Q1’25 Net income (loss) from continuing operations (GAAP) $4.7 $(12.3) $(12.6) $(36.5) $(2.2) Depreciation, depletion & amortization $3.5 $2.6 $2.
Slide 18: Capital Deployment & Liquidity
APPENDIX Capital Deployment & Liquidity Cash, Cash Equivalents & Marketable Securities — March 31, 2026 to May 6, 2026 Bridge Cash Balance Bridge: March 31, 2026, to May 6, 2026 ($ in millions) Cash, cash equivalents and marketable securities as of March 31, 2026 $125.1 Aviation capital expenditures