Mammoth Energy Services Sees Inflection Point in Q1 2026 with Record Revenue and Positive EBITDA
Mammoth Energy Services, a leading energy services company, has announced its first quarter earnings for 2026, marking a significant inflection point for the company.
According to Mark Layton, Chief Financial Officer, revenue for the quarter was $22 million, representing a 90% year-over-year increase and a 133% sequential gain. This represents the strongest revenue growth in the company's history, and is being driven by a combination of factors including improved utilization of assets, strategic redeployment of capital, and continued discipline on cost structure.
Adjusted EBITDA for the quarter was positive $1.9 million, marking the first time the company has reported a positive EBITDA in eight quarters. This represents a significant milestone for Mammoth Energy Services, and is being driven by a combination of higher revenue fall-through, particularly in rentals and accommodations, along with continued discipline on cost structure.
As reflected in the first quarter results, Mammoth Energy Services is seeing early measurable proof points across multiple parts of the business that its strategy is working. The company's rental segment, particularly aviation, saw improved utilization and generated a gross IRR of approximately 20% on the sale of an aviation APU.
Other segments also saw significant improvement, including drilling revenue which increased over 180% sequentially, sand revenue which increased over 129% sequentially, and accommodations which delivered another strong quarter with revenue up 25% sequentially. The company's cost structure is also being driven down, with SG&A of $3.6 million representing a 38% decrease sequentially.
According to Mark Layton, the first quarter represents early proof that Mammoth Energy Services' targeted actions are working. "The demand was there, but our execution and cost control did not meet our expectations, and we owned that," he said. "We took targeted action, and the first quarter is early proof that those actions are working."
The company's CEO has highlighted that Mammoth Energy Services' pivot over the last several quarters has resulted in simplifying the portfolio, redeploying capital into higher return businesses, and rebuilding the cost structure to match the size and shape of the company it is today.
Mammoth Energy Services is now raising its 2026 guidance on both revenue and EBITDA. The company's CFO has highlighted that this represents a significant improvement over previous expectations, driven by strong growth across multiple segments.
