Mammoth Energy Services, Inc. (NASDAQ: TUSK) reported its operational and financial results for the third quarter ended September 30, 2026. The company announced a significant increase in revenue and profitability compared to the prior year, driven primarily by its aviation leasing platform.
For the third quarter of 2026, total revenue from continuing operations was $21.3 million. This figure represents a 95% increase year-over-year compared to $10.9 million in the third quarter of 2025. Net income from continuing operations was $0.3 million, or $0.01 per diluted share, marking a turnaround from a net loss of $12.6 million in the prior year period.
Adjusted EBITDA for the quarter was $5.8 million, more than doubling from the second quarter of 2026. The company reported an Adjusted EBITDA margin of 27.2% for the third quarter, up from 10.0% in the second quarter and 15.0% for the first nine months of the year.
Mammoth’s rental services segment was the primary driver of growth, contributing $9.6 million in revenue. The company expanded its aviation portfolio to 44 assets, including 14 aircraft, 14 engines, and 16 auxiliary power units. As of September 30, 2026, 29 of these 44 aviation assets were revenue-producing.
Regarding liquidity, the company reported $37.6 million in cash and marketable securities as of September 30, 2026. Subsequent to the quarter-end, on October 28, 2026, Mammoth entered into a senior secured term loan facility with Bank7 providing commitments of up to $58.0 million to support aviation growth.
The company updated its full-year 2026 outlook for the third time this year, reiterating expectations for revenue growth to exceed 90% and Adjusted EBITDA margins to be in the mid-teens. Additionally, Mammoth provided an initial outlook for 2027, expecting Adjusted EBITDA to increase by more than 40% compared to full-year 2026 Adjusted EBITDA.
