Mammoth Energy Services, Inc. reported a net loss of $63.8 million, or $1.32 per diluted share, for the fiscal year ending December 31, 2025, a significant improvement from a net loss of $183.1 million, or $3.81 per diluted share, in the previous year. The 2024 loss included a substantial non-cash charge of approximately $170.7 million related to a settlement agreement with the Puerto Rico Electric Power Authority (PREPA). Adjusted EBITDA from continuing operations also showed improvement, moving from a loss of $171.2 million in 2024 to a loss of $17.4 million in 2025, reflecting better operational performance across several segments.
Total revenue for 2025 decreased slightly by 3% to $44.3 million, down from $45.6 million in 2024. This decline was primarily driven by reduced revenue in the natural sand proppant services and accommodation services segments, which was partially offset by increases in rental services and infrastructure services. The rental services segment saw a notable revenue increase of 56%, reaching $11.1 million, largely due to higher aviation rental revenue and improved equipment utilization. Infrastructure services revenue surged by 173% to $4.1 million, attributed to increased fiber optic project activity.
Operationally, Mammoth Energy Services underwent significant changes, including the divestiture of several business segments. In 2025, the company completed four strategic divestitures, generating approximately $108.7 million from the sale of infrastructure services entities and $15 million from hydraulic fracturing equipment. These divestitures were part of a broader strategy to streamline operations and focus on core service offerings. The company also reported a decrease in its customer base, with approximately 142 customers in 2025 compared to 151 in 2024, indicating a shift in market dynamics.
Looking ahead, Mammoth Energy Services anticipates steady activity levels in 2026, with potential for growth driven by increased demand for liquefied natural gas (LNG) exports and electricity. The company plans to maintain a conservative balance sheet, having eliminated its term credit facility and reported unrestricted cash of $102 million as of December 31, 2025. The management remains focused on leveraging its operational strengths and pursuing selective acquisitions to enhance its service offerings and market position in the evolving energy landscape.
About MAMMOTH ENERGY SERVICES, INC.
Mammoth Energy Services is an integrated energy services company providing well completion, hydraulic fracturing, sand proppant, and infrastructure services for oil, natural gas, and electrical grid projects in North America. Its core offerings include pressure pumping, sand mining, electrical construction, and maintenance, serving exploration, production, and utility markets. The company leverages extensive industry experience, strategic geographic positioning, and a diversified service portfolio to support unconventional resource development and electrical infrastructure growth.
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