Mammoth Energy Services Inc
mammothenergy.comWhat Do They Do?
Mines and sells frac sand and rents equipment and aircraft, while providing oilfield, worker-housing and fiber-network services to oil and gas producers, aviation operators and utility customers.
10-K for FY2025, filed Mar 6, 2026We are an integrated, growth-oriented services company focused on providing products and services to our customers primarily in the oil and…View ↗
Our operational division heads have an extensive track record with an average of over 29 years of services experience. They bring valuable…View ↗
Our aviation services include leasing aircraft and aircraft equipment to customers. Aircraft equipment is comprised of auxiliary power…View ↗
Our infrastructure services business provides engineering, design, construction, upgrade, maintenance and repair services to fiber…View ↗
In our natural sand proppant business, we mine, process and sell sand. In the past, we have also bought processed sand from suppliers on…View ↗
Our remote accommodations business provides housing, kitchen and dining, and recreational service facilities for oilfield workers located…View ↗
How Do They Make Money?
Sand customers pay per ton when title passes; equipment-rental, accommodation and drilling customers are charged by the day, hour or contract as service is provided; fiber projects are priced by unit, time and materials, or a fixed amount as work progresses or finishes.
10-K for FY2025, filed Mar 6, 2026The Company sells natural sand proppant through sand supply agreements with its customers. Under these agreements, sand is typically sold…View ↗
Rental services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a day…View ↗
Accommodation services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a…View ↗
Drilling services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a day…View ↗
Infrastructure services are typically provided pursuant to master service agreements, repair and maintenance contracts or fixed price and…View ↗
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10-K for FY2025, filed Mar 6, 2026
FY2025 revenue by reportable segment ↗
$44.3M
-
10-K for FY2025, filed Mar 6, 2026
$44.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Rentals
Usage-based
10-K for FY2025, filed Mar 6, 2026 |
25% |
Rentals, FY2025
$11.1M Sources
|
Usage-based |
|
Infrastructure
Sold outright
|
9.2%
FY2022: 31%
|
Infrastructure, FY2025
$4.1M Sources
|
Sold outright |
|
Sand
Sold outright
10-K for FY2025, filed Mar 6, 2026 |
37%
FY2022: 14%
|
Sand, FY2025
$16.6M Sources
|
Sold outright |
|
Accommodations
Usage-based
10-K for FY2025, filed Mar 6, 2026 |
20% |
Accommodations, FY2025
$9M Sources
|
Usage-based |
|
Drilling
Usage-based
|
8.3%
FY2022: 2.3%
|
Drilling, FY2025
$3.7M Sources
|
Usage-based |
Who Are Their Customers?
Main customers are independent oil and natural gas producers, sand suppliers and fiber-network owners in North America, along with aircraft-based passenger and cargo providers.
10-K for FY2025, filed Mar 6, 2026
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$89.1M.
10-K for FY2025, filed Mar 6, 2026
−$57.4MView ↗
10-K for FY2025, filed Mar 6, 2026
$4.6MView ↗
10-K for FY2025, filed Mar 6, 2026
−$89.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
−$760KView ↗
- ▼ Now a loss
- vs $8.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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May 15, 2026
Changed its independent auditor
Dismissed Deloitte and appointed Carr, Riggs & Ingram for fiscal 2026; it reported no disagreements or reportable events.
Sources
8-K, filed May 15, 2026
On May 13, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Mammoth Energy Services, Inc. (the “Company”)…View ↗
Shrinking. Revenue fell 81% in 4 years, from $229M in FY2021 to $44.3M in FY2025, about 34% a year.
Hydraulic fracturing
The older report described pressure-pumping and hydraulic-fracturing services; the latest says the company sold all equipment previously used for hydraulic fracturing.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Mar 6, 2026Pressure Pumping. We provide pressure pumping services, also known as hydraulic fracturing, to exploration and production companies.…View ↗
During 2025, we completed four strategic divestitures. On April 11, 2025, we sold a portion of our infrastructure services entities…View ↗
Infrastructure focus
The older report described electrical-network work alongside fiber installation; the latest describes fiber-network services and reports selling its distribution, transmission and substation operations.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Mar 6, 2026
Drilling services
The older report described drilling as equipment rentals, including mud motors and tools; the latest describes directional drilling services, with personnel involved in planning and carrying out drilling operations.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Mar 6, 2026We are an integrated, growth-oriented energy services company focused on providing products and services to enable the exploration and…View ↗
Our directional drilling services provide for the efficient drilling and production of oil and natural gas from unconventional resource…View ↗
Who Do They Compete With?
Competes with Quanta Services, MasTec, Badger Mining, Covia Holdings, Hi-Crush Partners, Capital Sand Proppants, Athabasca Minerals, Source Energy Services, and U.S. Silica Holdings
10-K for FY2025, filed Mar 6, 2026We provide our services and products across the United States and in Alberta, Canada and we compete against different companies in each…View ↗
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