Mammoth Energy Services, Inc. reported a total revenue of $14.8 million for the third quarter of 2025, a decrease of 13% from $17.1 million in the same period last year. The decline was primarily driven by reduced revenue in the natural sand proppant services and accommodation services segments. For the nine months ended September 30, 2025, total revenue was $46.8 million, down from $48.4 million in the prior year. The company recorded a net loss of $12.6 million, or $0.26 per diluted share, compared to a net loss of $24.0 million, or $0.50 per diluted share, for the same quarter in 2024. The net loss from continuing operations for the nine-month period was $49.3 million, a significant improvement from a loss of $171.6 million in the previous year.
The company has undergone significant strategic changes, including the divestiture of its infrastructure services entities and the sale of hydraulic fracturing equipment, which collectively generated approximately $123.7 million in proceeds. These transactions reflect a strategic shift in Mammoth's business model, with results from these operations classified as discontinued. The company has also reported an impairment of long-lived assets totaling $31.7 million during the nine months ended September 30, 2025, as it restructured its asset portfolio.
Operationally, Mammoth's rental services segment saw a revenue increase of 27% to $2.8 million, driven by higher aviation rental revenue. Conversely, natural sand proppant services revenue fell by 45% to $2.7 million, attributed to a decrease in both the volume of sand sold and the average price per ton. The accommodation services segment also experienced a decline, with revenue dropping 21% to $2.3 million due to lower utilization rates. The drilling services segment, however, reported a 44% increase in revenue, reflecting improved utilization rates.
As of September 30, 2025, Mammoth's total assets were valued at $336.8 million, down from $384.0 million at the end of 2024. The company reported cash and cash equivalents of $98.2 million, an increase from $60.8 million at the end of the previous year. The company’s liquidity position remains strong, with no outstanding borrowings under its revolving credit facility, which has a borrowing base of $50 million. Looking ahead, Mammoth anticipates an adjusted EBITDA loss from continuing operations ranging from $2.0 million to $3.0 million for the fourth quarter of 2025, while planning to fund this loss through proceeds from the sale of underutilized assets.
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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