Mammoth Energy Services, Inc. · NASDAQ:TUSK
Mammoth Energy Services — Q2 2026 Earnings Presentation
20 slides from Mammoth Energy Services's earnings presentation, Aug 7, 2026
Slide 1: Q2'26 Earnings Conference Call
S C A L I N G F O R G R O W T H Q2'26 Earnings Conference Call August 7, 2026 NASDAQ: TUSK
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation (and any oral statements made regarding the subjects of this presentation) contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
Slide 3: Highlights
2Q'26 RESULTS Highlights STRONG REVENUE INFLECTION SHAREHOLDER RETURNS $26.1M $0.1M Q2'26 Revenue Share Buyback Program • +19% sequentially: driven by growth in Sand, Drilling and Infrastructure, H1’26; $0.5M returned via buyback, purchased 230k shares together with continued expansion in recurring
Slide 4: Capital Position & Pro-Forma Liquidity
BALANCE SHEET & CAPITAL Capital Position & Pro-Forma Liquidity CAPITAL STRUCTURE SNAPSHOT LIQUIDITY as of Q2'26 Disciplined balance sheet supporting growth and shareholder returns $77.0M TOTAL DEBT $0 SHARES OUTSTANDING ~48M Maintain debt-free profile through cycles H1'26 buyback: 230k shares for $0
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: Q2'26
PORTFOLIO DIVERSIFICATION Diversified Revenue Mix: Q2'26 Q2'26 REVENUE BY SEGMENT PORTFOLIO STRENGTHS Five-segment portfolio reduces single-market risk Rentals — Growing recurring leasing and equipment-rental base Aviation leasing creates a high-barrier, people-light recurring stream. 38 Aviation as
Slide 7: Q2'26 Segment Overview
Q2'26 Segment Overview Five reportable segments. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 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 EQUIPMENT RENTALS $14.0M $12.0M $100M+ 38 407 >80% INVESTED SINCE AVIATION ASSETS ON RENT ACTIVITY IN GAS $10.0M
Slide 9: In the Field: Rentals
OPERATING SEGMENTS In the Field: Rentals Recent site imagery — aviation fleet and heavy equipment rentals. Aviation fleet Equipment rentals Small passenger aircraft Loaders and support fleet deployed at active job sites Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 9
Slide 10: Accommodations & Infrastructure
OPERATING SEGMENTS Accommodations & Infrastructure Favorable Secular tailwinds — remote energy lodging and AI / data-center–driven fiber demand. ■ ACCOMMODATIONS ≋ INFRASTRUCTURE 259 23,554 AI / Data $0.9M AVG ROOMS UTILIZED ROOM NIGHTS ON RENT Q2'26 STRATEGIC ALIGNMENT Q2'26 SEGMENT REVENUE ● Cater
Slide 11: In the Field: Accommodations & Infrastructure
OPERATING SEGMENTS In the Field: Accommodations & Infrastructure Recent site imagery — remote lodging village and active fiber bore. Remote workforce accommodations Fiber & utility infrastructure Turnkey lodging, catering and facilities management Horizontal directional drilling crew on an active bo
Slide 12: Sand & Drilling
OPERATING SEGMENTS Sand & Drilling Montney basin sand exposure and a Permian-leveraged directional drilling business. ▲ SAND ◉ DRILLING ~2.2M Tons/Yr $21.36/ton 43% +171% TAYLOR PLANT CAPACITY PRICE / TON Q2'26 UTILIZATION SEQUENTIAL REVENUE ● Sand mining, processing & sales for hydraulic fracturing
Slide 13: In the Field: Sand and Drilling
OPERATING SEGMENTS In the Field: Sand and Drilling Recent site imagery — in-basin sand production and active drilling operations. Northern white sand mining Drilling operations In-basin excavation and mobile wet plant processing Rig on location at sunset in the Permian Mammoth Energy Services, Inc.
Slide 14: Consolidated Financial Summary
FINANCIAL SUMMARY Consolidated Financial Summary Quarter-over-quarter operational metrics from continuing operations ($ in millions, except where noted) Q2’25 Q1’26 Q2’26 Δ Sequential Δ YoY FINANCIAL METRICS Revenue $12.4 $22.0 $26.1 +19% +110% Operating Costs[1] $11.1 $16.5 $19.2 +16% +73% Gross Pr
Slide 15: FY 2026 Outlook & Guidance
GUIDANCE FY 2026 Outlook & Guidance: Increasing Guidance FY'26 GUIDANCE KEY ASSUMPTIONS Raising the full-year framework vs. the Q1’26 call AVIATION Q1’26 CALL METRIC ($M) 2025 ACTUAL (OLD FY’26 FY’26 GUIDANCE CHANGE Continued ramp towards full utilization across the 38 GUIDANCE) aviation assets; ful
Slide 16: 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 OPERATING OF
Slide 17: 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 sin
Slide 18: Appendix
Appendix Supporting financial detail and additional information Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 18
Slide 19: 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 Q2'26 Rentals (Aviation + Equipment Rental) $1.9 $3.1 $2.8 $3.3 $11.1 $13.0 $10.
Slide 20: Reconciliation of Net Income to Adjusted EBITDA
APPENDIX Reconciliation of Net Income (Loss) to Adjusted EBITDA From continuing operations ($ in millions, continuing operations) Q1’25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Net income (loss) from continuing operations (GAAP) $(2.2) $(36.5) $(12.6) $(12.3) $(63.6) $4.7 $(1.2) Depreciation, depletion,
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