Mammoth Energy Services reported third‑quarter 2025 revenue of $14.8 million, a 13.5% decline from $17.1 million in the same period last year and a 10.4% sequential drop from $16.4 million in Q2 2025. The company posted a net loss of $12.1 million, or $0.25 per diluted share, versus a $8.9 million loss ($0.18 per share) in Q3 2024. Adjusted EBITDA was negative $4.4 million, compared with a negative $2.9 million in Q3 2024.
Segment results showed infrastructure services revenue of $4.8 million, up 8.6% year‑over‑year but down 6.3% sequentially, driven by increased fiber‑optic activity that faced execution timing challenges. Rental services generated $2.8 million, up 27.3% year‑over‑year but down 12.5% sequentially, reflecting higher equipment utilization and the expansion of the aviation rental fleet. Natural sand proppant revenue fell to $2.7 million from $4.9 million in Q3 2024, as the company sold 122,000 tons of sand at an average price of $18.26 per ton versus $22.89 in the prior year, following the divestiture of Piranha assets. Accommodation services revenue was $2.3 million, down 20.7% year‑over‑year, while drilling services revenue rose to $2.3 million from $1.6 million in Q3 2024, driven by activity in the Permian Basin.
Liquidity remained robust, with unrestricted cash and cash equivalents of $98.2 million and marketable securities of $12.7 million as of September 30 2025. Total liquidity was $153.4 million, up from $146.7 million at the end of the prior quarter. The revolving credit facility was undrawn, with a borrowing base of $50 million, leaving $42.5 million of available capacity. Capital expenditures for the quarter totaled $17.3 million, primarily directed toward expanding the aviation rental fleet and maintaining the fiber‑optic fleet.
Management emphasized that the company is executing a transformation strategy that focuses on divesting lower‑return assets, such as the Piranha sand assets, and reinvesting in higher‑return areas, particularly the aviation rental platform. The CFO noted that the company remains debt‑free and has strong liquidity to support ongoing investments and operational needs.
The Q3 2025 results significantly missed analyst expectations, with revenue at $14.8 million versus an estimate of $42.66 million and earnings per share at –$0.25 versus an estimate of –$0.07. The company’s guidance for the full year reflects a continued focus on cost discipline and strategic asset reallocation.
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