MAMMOTH ENERGY SERVICES, INC.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
TUSK$3.11+4.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001628280-26-033686
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001628280-26-054813
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 102 current paragraphs.
34 unchanged; 26 reworded; 41 added; 46 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
During the second quarter of 2026, we expanded our fiber optic services offering through the acquisitions of Mission Construction LLC and BERE Rentals LLC, both providers of fiber optic services to utility customers in the midwestern region of the United States. On June 12, 2026, we acquired all of the outstanding equity interests in Mission Construction LLC for aggregate consideration of $3.1 million and all of the outstanding equity interests in BERE Rentals LLC for aggregate consideration of $3.4 million. The acquisitions were funded with cash on hand. These acquisitions extend our presence in the fiber optic services market and broaden the range of services we provide to utility customers in the region.
Current report
Demand for aviation assets remained favorable during the quarter, supporting increased utilization and revenue in our aviation rental business. We continue to evaluate opportunities to expand our aviation fleet as market conditions warrant.
Current report
Customer activity improved during 2026, contributing to higher utilization across our drilling, rental and accommodation businesses, although commodity price volatility continues to create uncertainty.
Current report
Demand for our fiber optic services continues to be supported by communications infrastructure investment and broadband deployment initiatives.
Current report
See Notes 2 and 18 for discussion of the PREPA Settlement Agreement.
Current report
Second Quarter 2026 Financial Overview
Current report
Revenue increased 110%, to $26.1 million during the second quarter of 2026, driven primarily by aviation, accommodation and drilling activities. Operating income improved to $2.6 million compared to an operating loss of $37.1 million in the prior-year period, reflecting higher utilization and the absence of the impairment charges recorded in 2025. Adjusted EBITDA improved to $2.6 million from a loss of $3.5 million in the prior year period. See “Non-GAAP Financial Measures” for a reconciliation of net income (loss) from continuing operations to Adjusted EBITDA.
Current report
We remain focused on increasing equipment utilization, expanding our aviation rental platform, developing our infrastructure services business and maintaining capital discipline. While uncertainty remains regarding commodity prices, tariffs and broader economic conditions, we believe our current liquidity position and operating platform will support continued execution of our business strategy during the remainder of 2026.
Current report
Rental Services and Aviation Sales. Rental services and aviation sales revenue increased $7.1 million, or 229%, to $10.2 million for the three months ended June 30, 2026 compared to $3.1 million for the same period in 2025. The increase reflected $5.7 million from aviation fleet expansion, higher aviation utilization and increased aviation sales activity. Aviation utilization improved from 34% during the prior-year period to 71% during the current-year period, while fleet capacity increased through aircraft acquisitions completed during 2025 and 2026. The increase in aviation revenue was partially driven by the sale of an airframe and landing gear for $2.0 million. Revenue also benefited from a 38% increase in the average number of pieces of equipment rented to customers to 407 for the three months ended June 30, 2026 compared to 296 for the same period in 2025.
Current report
Infrastructure Services. Infrastructure services revenue decreased $0.5 million, or 36%, to $0.9 million for the three months ended June 30, 2026 compared to $1.4 million for the same period in 2025. The decrease in revenue was primarily due to a decrease in fiber optic revenue related to a loss of a customer and decreased activity. Infrastructure results also reflected transition-related costs and underutilization associated with customer changes and the integration of recent acquisitions. Management expects utilization and operating performance to improve as these acquisitions are further integrated and customer activity expands.
Current report
Rental Services and Aviation Sales. Rental services and aviation sales cost of revenue, exclusive of depreciation and amortization, increased $3.1 million, or 194%, to $4.7 million for the three months ended June 30, 2026 compared to $1.6 million for the same period in 2025. The increase was primarily attributable to higher operating activity associated with the aviation fleet expansion, increased utilization and the sale of an airframe and landing gear with a cost basis of $2.0 million. As a percentage of revenue, our rental services cost of revenue, exclusive of depreciation and amortization of $3.5 million and $0.9 million for the three months ended June 30, 2026 and 2025, was 46% and 52%, respectively. Despite the increase in operating costs, segment margins benefited from higher aircraft utilization and improved absorption of fixed operating expenses.
Current report
Accommodation Services. Accommodation services cost of revenue, exclusive of depreciation and accretion, increased $0.9 million, or 75%, to $2.1 million for the three months ended June 30, 2026 compared to $1.2 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation and accretion of $0.3 million and $0.3 million for the three months ended June 30, 2026 and 2025, was 66% and 67% for the three months ended June 30, 2026 and 2025, respectively. Operating costs increased as utilization improved; however, segment margins benefited from greater absorption of fixed operating costs resulting from higher occupancy.
Current report
Other Services. Other services cost of revenue, exclusive of depreciation, decreased $0.6 million to $0.3 million for the three months ended June 30, 2026 compared to $0.9 million for the same period in 2025. The decrease is primarily due to lower compensation and benefits expense and reduced insurance costs associated with non-operating legacy services.
Current report
Selling, General and Administrative. Selling, general and administrative expense decreased $0.8 million, or 16%, to $4.2 million for the three months ended June 30, 2026 compared to $5.0 million for the same period in 2025. The decrease was primarily attributable to lower corporate overhead and professional service costs. SG&A expense represented 16% of revenue during the three months ended June 30, 2026 compared to 40% during the prior-year period, reflecting improved operating leverage on higher revenue levels.
Current report
Impairment of Long-Lived Assets. During the three months ended June 30, 2025, the Company’s management made the decision to market assets related to its natural sand proppant operations at its Piranha Proppant LLC and Muskie Proppant LLC processing plants. As a result, the Company recognized impairment expense on these assets totaling $31.7 million during the three months ended June 30, 2025. There was no similar activity during the three months ended June 30, 2026.
Current report
Interest (Expense) Income, Net. Interest expense was $0.8 million for the three months ended June 30, 2026 compared to interest income of $0.3 million for the same period in 2025. The increase in interest expense is primarily due to a one time charge of $1.2 million of unamortized debt issuance costs during the three months ended June 30, 2026 in relation to the new credit agreement.
Current report
Loss on Marketable Securities, Net. Net loss on marketable securities was $1.1 million for the three months ended June 30, 2026 compared to the prior‑year period in which no marketable securities were held.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Revenue. Revenue for the six months ended June 30, 2026 increased $24.1 million, or 100%, to $48.1 million from $24.0 million for the same period in 2025. The increase in total revenue is primarily attributable to increases in rental, accommodation and drilling services, partially offset by decreases in infrastructure services and natural sand proppant services revenue. Revenue by segment was as follows:
Current report
Infrastructure Services. Infrastructure services revenue decreased $0.9 million, or 43%, to $1.2 million for the six months ended June 30, 2026 compared to $2.1 million for the same period in 2025. The decrease in revenue was primarily due to a decrease in fiber optic revenue related to a loss of a customer and decreased activity. Infrastructure results also reflected transition-related costs and underutilization associated with customer changes and the integration of recent acquisitions. Management expects utilization and operating performance to improve as these acquisitions are further integrated and customer activity expands.
Current report
Natural Sand Proppant Services. Natural sand proppant services revenue decreased $0.3 million, or 2%, to $11.8 million for the six months ended June 30, 2026 compared to $12.1 million for the same period in 2025. The decrease in our natural sand proppant services revenue was primarily due to a 11% decrease in tons of sand sold to approximately 384,628 tons for the six months ended June 30, 2026 compared to approximately 430,783 tons for the same period in 2025, coupled with a 4% decrease in the average sales price per ton of sand sold to $20.60 per ton during the six months ended June 30, 2026 compared to $21.44 per ton for the same period in 2025. The average price per ton of sand sold decreased primarily due to a shift of grade mix to include more coarse sand.
Current report
Accommodation Services. Accommodation services revenue increased $2.9 million, or 76%, to $6.7 million for the six months ended June 30, 2026, compared to $3.8 million for the same period in 2025. Revenue growth reflected increased occupancy. On average, 267 rooms were utilized during the six months ended June 30, 2026 compared to 162 for the same period in 2025 for our accommodation services.
Current report
Drilling Services. Drilling services revenue increased $4.3 million, or 478%, to $5.2 million for the six months ended June 30, 2026, compared to $0.9 million for the same period in 2025. The increase in our drilling services revenue was primarily attributable to increased utilization, which increased to 32% for the six months ended June 30, 2026 compared to 15% for the same period in 2025. This was coupled with proceeds of $0.3 million from the sale of equipment damaged or lost down-hole and higher average day rates for our drilling services for the six months ended June 30, 2026.
Current report
Cost of Revenue (exclusive of depreciation, depletion, amortization and accretion). Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, increased $14.5 million to $35.7 million, or 74% of total revenue, for the six months ended June 30, 2026, compared to $21.2 million, or 88% of total revenue, for the same period in 2025. Cost of revenue by segment was as follows:
Current report
Rental Services and Aviation Sales. Rental services and aviation sales cost of revenue, exclusive of depreciation and amortization, increased $9.8 million, or 327%, to $12.8 million for the six months ended June 30, 2026 compared to $3.0 million for the same period in 2025. The increase reflected higher operating activity associated with aviation fleet expansion and increased utilization as well as the sale of an auxiliary power unit and an airframe and landing gear with an aggregate cost basis of $7.8 million. As a percentage of revenue, our rental services cost of revenue, exclusive of depreciation and amortization of $6.1 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively, was 55% and 60% for the six months ended June 30, 2026 and 2025, respectively. The decrease as a percentage of revenue is primarily due to an increase in utilization, combined with the investment in aviation assets, which produces a higher gross margin percentage.
Current report
Infrastructure Services. Infrastructure services cost of revenue, exclusive of depreciation, decreased $0.1 million, or 5%, to $2.1 million for the six months ended June 30, 2026 compared to $2.2 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation and amortization of $0.2 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively was 175% and 105% for the six months ended June 30, 2026 and 2025, respectively. The increase as a percentage of revenue is primarily due to an increase in compensation and benefits and fuel expense coupled with a decrease in utilization, resulting in a higher ratio of fixed costs to variable costs.
Current report
Natural Sand Proppant Services. Natural sand proppant services cost of revenue, exclusive of depreciation, depletion and accretion, increased $1.5 million, or 14%, to $12.2 million for the six months ended June 30, 2026 compared to $10.7 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation, depletion and accretion of $1.1 million and $2.3 million for the six months ended June 30, 2026 and 2025, respectively, was 103% and 88% for the six months ended June 30, 2026 and 2025, respectively. The increase in cost as a percentage of revenue is primarily due to an 11% decrease in tons sold and a 4% decrease in average sales price per ton.
Current report
Accommodation Services. Accommodation services cost of revenue, exclusive of depreciation and accretion, increased $1.6 million, or 59%, to $4.3 million for the six months ended June 30, 2026 compared to $2.7 million for the same period in 2025. The increase reflected higher operating activity associated with increased occupancy levels. As a percentage of revenue, cost of revenue, exclusive of depreciation and accretion of $0.6 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively, was 64% and 71% for the six months ended June 30, 2026 and 2025, respectively. Operating costs increased to support higher customer activity; however, revenue growth outpaced the increase in operating costs, resulting in improved operating leverage and greater absorption of fixed facility costs.
Current report
Other Services. Other services cost of revenue, exclusive of depreciation, decreased $0.9 million to $0.5 million for the six months ended June 30, 2026 compared to $1.4 million for the same period in 2025. The decrease is primarily due to lower compensation and benefits expense and reduced insurance costs associated with non-operating legacy services.
Current report
Selling, General and Administrative. Selling, general and administrative expense decreased $1.3 million, or 14%, to $7.8 million for the six months ended June 30, 2026 compared to $9.1 million for the same period in 2025. The decrease was primarily attributable to reduced corporate and professional costs. SG&A expense represented 16% of revenue during the six months ended June 30, 2026 compared to 38% during the prior-year period, reflecting the Company’s ability to leverage its fixed overhead structure as revenue increased.
Current report
Gains on Disposal of Assets, Net. Net gains on the disposal of assets were $5.3 million and $4.5 million for the six months ended June 30, 2026 and 2025, respectively. Gains on the disposal of assets is primarily related to the sale of drilling rigs for the six months ended June 30, 2026 and trucks and field equipment for the same period in 2025.
Current report
Impairment of Long-Lived Assets. During the six months ended June 30, 2025, the Company’s management made the decision to market assets related to its natural sand proppant operations at its Piranha Proppant LLC and Muskie Proppant LLC processing plants. As a result, the Company recognized impairment expense on these assets totaling $31.7 million during the six months ended June 30, 2025. There was no similar activity during the six months ended June 30, 2026.
Current report
Operating Income (Loss). We reported operating income of $1.8 million for the six months ended June 30, 2026 compared to an operating loss of $38.3 million for the same period in 2025. The increase in operating income was primarily due to $31.7 million in impairment expense recognized during the six months ended June 30, 2025 with no similar activity during the six months ended June 30, 2026.
Current report
Gain on Marketable Securities, Net. Net gain on marketable securities was $6.0 million for the six months ended June 30, 2026 compared to the prior‑year period in which no marketable securities were held.
Current report
Other Expense, Net. We recognized other expense, net of $0.7 million during the six months ended June 30, 2026 compared to $1.0 million for the same period in 2025.
Current report
Provision (Benefit) for Income Taxes. We recorded income tax expense of $3.3 million on pre-tax income of $6.8 million for the six months ended June 30, 2026 compared to an income tax benefit of $0.1 million on pre-tax loss of $38.9 million for the same period in 2025. Our effective tax rates were 48.7% and 0.2% for the six months ended June 30, 2026 and 2025, respectively. The increase in the effective tax rate was primarily attributable to changes in valuation allowances, interest and penalties, withholding taxes and other foreign tax items, as well as the change from a pre-tax loss for the six months ended June 30, 2025 to pre-tax income for the six months ended June 30, 2026.
Current report
Net cash used in operating activities from continuing operations was $10.2 million during the six months of 2026 compared to $7.8 million for the prior-year period. The increase primarily reflected investments in working capital, including increases in accounts receivable and inventories, partially offset by increases in accounts payable and accrued liabilities.
Current report
Net cash used in investing activities from continuing operations was $45.1 million during the first six months of 2026, compared to $22.4 million during the prior-year period. The increase primarily reflected aviation fleet purchases, acquisitions and purchases of marketable securities, partially offset by proceeds from asset sales.
Current report
Net cash used in financing activities from continuing operations was $0.7 million during the six months of 2026, compared to $0.3 million during the prior-year period. The increase primarily related to repurchases of common stock and payments on finance lease obligations.
Current report
Refer to Note 10 of the notes to the unaudited condensed consolidated financial statements for a description of the revolving credit facility. At June 30, 2026, the facility was undrawn and provided $20.0 million of remaining borrowing capacity after letters of credit.
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Removed paragraphs (46)
Previous report
The operating environment for the lease of aircraft and aircraft assets is currently favorable. Factors such as population growth as well as global economic health and development are positively influencing both passenger and freight demand. In addition, factors and trends including Original Equipment Manufacturer supply chain challenges and backlogs, the financing needs of airlines and the availability of maintenance facilities as well as repair timelines may increase the demand for our aircraft and aircraft equipment.
Previous report
The oil and natural gas industry has traditionally been volatile and is influenced by a combination of long-term, short-term and cyclical trends, including the domestic and international supply and demand for oil and natural gas, current and expected future prices for oil and natural gas and the perceived stability and sustainability of those prices, production depletion rates and the resultant levels of cash flows generated and allocated by exploration and production companies to their drilling, completion and related services and products budgets. The oil and natural gas industry is also impacted by general domestic and international economic conditions, political instability in oil producing countries, government regulations (both in the United States and elsewhere), levels of customer demand, the availability of pipeline capacity, storage capacity, shortages of equipment and materials and other conditions and factors that are beyond our control.
Previous report
Demand for most of our oil and natural gas products and services depends substantially on the level of expenditures by companies in the oil and natural gas industry. The levels of capital expenditures of our customers are driven by many factors, including the prices of oil and natural gas. The conflict in the Middle East, including attacks on regional energy infrastructure, has resulted in higher oil prices and the potential for multi-year LNG constraints. These factors have resulted in improved demand for our services, which we expect to continue through the remainder of 2026. Positive trends that may contribute to increased activity will come from LNG export capacity coming online and general electricity and power demand enhancements. We will be strategically positioned to capitalize on this anticipated demand if and when it ramps up.
Previous report
The infrastructure industry involves the construction and maintenance of fiber networks. Demand for our services is driven by artificial intelligence (“AI”) and data center projects.
Previous report
Certain barriers to entry exist in the markets in which we operate, including adequate financial resources, technical expertise, high safety ratings and a proven track record of operational success. We compete based upon our industry experience, technical expertise, financial and operational resources, geographic presence, industry reputation, safety record and customer service. While we believe our customers consider a number of factors when selecting a service provider, they generally award most of their work through a bid process. Consequently, price is often a principal factor in determining which service provider is selected.
Previous report
We believe that AI and high-performance computing will drive the upgrade and overbuild of fiber networks in order to increase data capacity. Funding for projects in the infrastructure space remains strong with added opportunities since the Infrastructure Investment and Jobs Act ("IIJA") was signed into law on November 15, 2021. Federal and state agencies continue to implement multi‑year funding programs established under the IIJA, including substantial investments through Broadband Equity, Access and Deployment ("BEAD") program. These programs continue to support planned investment in broadband, utility, transportation, and clean‑energy projects. Although these programs were enacted several years ago, the implementation and distribution of funds remain ongoing and are expected to continue well into the latter half of the decade. Market participants across telecommunications, power, and energy‑transition sectors have announced substantial capital plans aligned with these programs, supported by federal incentives and growing private‑sector investment in areas such as fiber deployment, grid modernization, electrification, and data‑center‑related power demand.
Previous report
Cobra and PREPA previously entered into two agreements to aid in the restoration and reconstruction of Puerto Rico’s power grid in response to damage caused by Hurricane Maria in 2017. Our work under each of the contracts with PREPA ended on March 31, 2019. PREPA is currently subject to bankruptcy proceedings, which were filed in July 2017 and are currently pending in the United States District Court for the District of Puerto Rico (the “Title III Court”). Cobra pursued litigation in the Title III Court and other dispute resolution efforts seeking recovery of the amounts owed to Cobra by PREPA for restoration services in Puerto Rico, which proceedings are discussed in more detail in the Company’s prior reports filed with the SEC. On July 22, 2024, Cobra entered into the Settlement Agreement with PREPA. Pursuant to the terms of the Settlement Agreement, PREPA paid Cobra approximately $168.4 million in 2024 and, as of March 31, 2026, PREPA owes Cobra $20.0 million, which is payable to Cobra within seven days following the effective date of PREPA’s plan of adjustment in its bankruptcy proceedings. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, previously filed with the SEC for more information regarding the Settlement Agreement.
Previous report
First Quarter 2026 Financial Overview
Previous report
•Revenue for the first quarter of 2026 increased by $10.4 million, or 90%, to $22.0 million from $11.6 million for the first quarter of 2025. The increase in total revenue is primarily attributable to an increase in rental and aviation sales, accommodation and drilling services revenue.
Previous report
•Net income for the first quarter of 2026 was $5.2 million, or $0.11 per diluted share, as compared to net loss of $0.5 million, or $(0.01) per diluted share, for the first quarter of 2025.
Previous report
•Adjusted EBITDA for the first quarter of 2026 was $1.9 million as compared to ($2.3) million for the first quarter of 2025. See “Non-GAAP Financial Measures” for a reconciliation of net income (loss) from continuing operations to Adjusted EBITDA.
Previous report
We expect to generate positive adjusted EBITDA from continuing operations for the full year 2026.
Previous report
Infrastructure Services. Infrastructure services revenue decreased $0.4 million, or 57%, to $0.3 million for the three months ended March 31, 2026 from $0.7 million for the three months ended March 31, 2025. The decrease in revenue was primarily due to a decrease in fiber optic revenue related to decreased activity.
Previous report
Rental Services and Aviation Sales. Rental services and aviation sales cost of revenue, exclusive of depreciation and amortization, increased $6.7 million, or 479%, to $8.1 million for the three months ended March 31, 2026 from $1.4 million for the three months ended March 31, 2025, primarily due to the sale of an auxiliary power unit with a cost basis of $5.8 million, an increase in utilization, and the expansion of our aviation equipment offerings. As a percentage of revenue, our rental services cost of revenue, exclusive of depreciation and amortization of $2.6 million and $0.2 million for the three months ended March 31, 2026 and 2025, was 62% and 74%, respectively. The decrease as a percentage of revenue is primarily due to an increase in equipment utilization as well as higher margins associated with aviation rentals as compared to equipment rentals, resulting in improved absorption of fixed operating costs.
Previous report
Other Services. Other services cost of revenue, exclusive of depreciation, decreased $0.3 million to $0.2 million for the three months ended March 31, 2026 from $0.5 million for the three months ended March 31, 2025. The decline is primarily due to decreased utilization, resulting in a higher proportion of fixed operating costs.
Previous report
Selling, General and Administrative. Selling, general and administrative, or SG&A, represent the costs associated with managing and supporting our operations. SG&A decreased $0.5 million to $3.6 million for the three months ended March 31, 2026 from $4.1 million for the three months ended March 31, 2025. The decrease is primarily due to a decrease in legal fees.
Previous report
Unrealized Gain on Marketable Securities, Net. Unrealized gain on marketable securities, net was $7.1 million for the three months ended March 31, 2026 compared to zero for the three months ended March 31, 2025, as the Company did not hold marketable securities during the prior‑year period.
Previous report
Net cash used in operating activities from continuing operations was $2.8 million for the three months ended March 31, 2026, compared to $0.5 million for the three months ended March 31, 2025. The decrease in operating cash flows from continuing operations for the three months ended March 31, 2026 was primarily attributable to a decline in receipts on accounts receivable, which was partially offset by an increase in net income from continuing operations.
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Operating Activities from Discontinued Operations
Previous report
Net cash used in operating activities from discontinued operations was $0.3 million for the three months ended March 31, 2026, compared to net cash provided by operating activities from discontinued operations of $3.2 million for the three months ended March 31, 2025. The decrease in operating cash flows from discontinued operations for the periods is primarily attributable to decreased receipt of outstanding receivables of the discontinued entities during the three months ended March 31, 2026.
Previous report
Net cash used in investing activities from continuing operations was $10.3 million for the three months ended March 31, 2026, compared to net cash provided by investing activities from continuing operations of $3.2 million for the three months ended March 31, 2025. The increase in net cash used in investing activities from continuing operations for the periods is primarily due to an increase in purchases of property, plant and equipment and purchases of marketable securities for the three months ended March 31, 2026.
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Investing Activities from Discontinued Operations
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Net cash provided by investing activities from discontinued operations was $4.6 million for the three months ended March 31, 2026, compared to net cash used in investing activities from discontinued operations of $6.2 million for the three months ended March 31, 2025. The increase in net cash provided by investing activities from discontinued operations for the periods is primarily due to the sale of pressure pumping land and building during the three months ended March 31, 2026.
Previous report
Net cash used in financing activities from continuing operations was $0.5 million for the three months ended March 31, 2026, compared to $0.1 million for the three months ended March 31, 2025. The increase in net cash used in financing activities from continuing operations for the periods is primarily due to common stock repurchase and retirement, which was partially offset by a decrease in principal payments on financing leases and equipment notes for the three months ended March 31, 2026.
Previous report
Financing Activities from Discontinued Operations
Previous report
Net cash used in financing activities from discontinued operations was $3.7 million for the three months ended March 31, 2025. Net cash used in financing activities from discontinued operations for the periods is primarily attributable to payments on sale leaseback transactions and principal payments on financing leases for the three months ended March 31, 2025.
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Effect of Foreign Exchange Rate on Cash
Previous report
The effect of foreign exchange rate on cash was a nominal amount for the three months ended March 31, 2026 and 2025, respectively. The change was driven primarily by a favorable (unfavorable) shift in the weakness (strength) of the Canadian dollar relative to the U.S. dollar for the cash held in Canadian accounts.
Previous report
On October 16, 2023, we, as borrower, and certain of our direct and indirect subsidiaries, as guarantors, entered into a revolving credit agreement with the lenders party thereto and Fifth Third Bank, as may be subsequently amended (the “revolving credit facility”). The revolving credit facility provides for revolving commitments in an aggregate amount of up to $50 million. Borrowings under the revolving credit facility are secured by our assets, inclusive of the subsidiary companies, and are subject to a borrowing base calculation prepared monthly which includes a requirement to maintain certain reserves as specified in the revolving credit facility. The revolving credit facility also contains various affirmative and restrictive covenants. Interest under the revolving credit facility equals the Tranche Rate (as defined in the revolving credit facility) plus (i) 1.75%, if the Average Excess Availability Percentage (as defined in the revolving credit facility) is greater than 66 2/3%, (ii) 2.00% if the Average Excess Availability Percentage is greater than 33 1/3% and less than or equal to 66 2/3%, and (iii) 2.25% if the Average Excess Availability Percentage is less than or equal to 33 1/3%.
Previous report
At March 31, 2026 and December 31, 2025, the financial covenant under the revolving credit facility was the fixed charge coverage ratio of 1.0 to 1.0 which applies only during the period from the date that excess availability under the revolving credit facility is less than the greater of (i) 10% of total availability under the revolving credit facility and (ii) $5 million until the date in which the excess availability is equal to the greater of (i) 10% of excess availability and (ii) $5 million for 30 consecutive days (such period, a “Financial Covenant Period”). A Financial Covenant Period was not in effect as of March 31, 2026 and the filing date of this Quarterly Report.
Previous report
On October 16, 2024, the Company entered into (i) an amendment to the revolving credit agreement (the “Credit Agreement Amendment”) and (ii) a letter of credit reimbursement agreement (the “Reimbursement Agreement”), each with Fifth Third Bank. The Credit Agreement Amendment, among other things, permits the transactions contemplated by the Reimbursement Agreement, including the issuance of one or more letters of credit to satisfy Cobra’s obligations under the Settlement Agreement relating to one or more indemnity letters of credit. The aggregate amount of all such letters of credit shall not exceed $18.4 million. Under the terms of the Reimbursement Agreement, the Company agreed to hold cash funds totaling at least 105% of the stated amount of all letters of credit in an account maintained by Fifth Third Bank and to which Fifth Third Bank has a first priority security interest.
Previous report
On October 18, 2024, Cobra received a payment from PREPA totaling $18.4 million under the terms of the Settlement Agreement. In connection with the receipt of the $18.4 million from PREPA, Cobra instructed Fifth Third Bank to issue a letter of credit to PREPA under the Reimbursement Agreement in the amount of $18.4 million and transferred a total of $19.3 million to a restricted cash account maintained by Fifth Third Bank as collateral for the letter of credit. In October 2025, Fifth Third Bank released the $18.4 million letter of credit previously issued under the Reimbursement Agreement with PREPA. As part of the release, the $19.3 million in cash collateral originally deposited on October 18, 2024 was returned to the Company. In addition, approximately $0.5 million of interest earned on the collateralized balance was transferred to the Company’s unrestricted cash account.
Previous report
On April 11, 2025, we entered into a second amendment to our revolving credit agreement to, among other things, do the following:
Previous report
i. receive consent from Fifth Third Bank to effectuate the sale of 5 Star Electric, LLC, Higher Power Electric, LLC and Python Equipment LLC;
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ii. permit the Company to repurchase up to the lesser of $50 million or 10 million shares of its common stock on or before March 31, 2026, so long as the aggregate amount of the Company’s unrestricted cash is greater than $50 million after each such repurchase;
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iii. expand the Company’s investment opportunities to include equity securities and private investments; and
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iv. add certain investments and qualified cash to the borrowing base calculation.
Previous report
On July 2, 2025, the Company entered into a letter agreement in relation to its revolving credit facility whereby the Revolving Loan Commitments are reduced from $75.0 million to $50.0 million.
Previous report
If an event of default occurs under the revolving credit facility and remains uncured, it could have a material adverse effect on the Company’s business, financial condition, liquidity and results of operations. The lenders, as applicable, (i) would not be required to lend any additional amounts to the Company, (ii) could elect to increase the interest rate by 200 basis points, (iii) could elect to declare all outstanding borrowings, together with accrued and unpaid interest and fees, to be due and payable, (iv) may have the ability to require the Company to apply all of its available cash to repay outstanding borrowings, and (v) may foreclose on substantially all of the Company’s assets. The revolving credit facility is currently scheduled to mature on October 16, 2028.
Previous report
There were no financial covenants applicable under the revolving credit facility at March 31, 2026 and December 31, 2025.
Showing the first 40 of 46 passages. Open the source sections for the rest.
Reworded paragraphs (26)
Previous wording
We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the oil and natural gas and utility infrastructure industries. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services segment provides engineering, design and fiber optic services to the utility industry. Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing. Our accommodation services provide housing, kitchen and dining, and recreational service facilities for workers located in remote areas away from readily available lodging. Our drilling services provides directional drilling to oilfield operators.
Current wording
We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the aviation, oil and natural gas and utility infrastructure industries. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services segment provides engineering, design and fiber optic services to the utility industry. Our natural sand proppant services segment mines, processes and sells natural sand proppant used for hydraulic fracturing. Our accommodation services provide housing, kitchen and dining, and recreational service facilities for workers located in remote areas away from readily available lodging. Our drilling services provide directional drilling to oilfield operators.
Previous wording
We are focused on driving returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. While macroeconomic uncertainty including tariffs and demand volatility continue to affect parts of the market, we remain proactive in repositioning Mammoth to perform through differing business cycles.
Current wording
We are focused on driving returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. While macroeconomic uncertainty, including tariffs and demand volatility, continues to affect parts of the market, we remain proactive in repositioning Mammoth to perform through differing business cycles.
Previous wording
During 2025, we completed four strategic divestitures. On April 11, 2025, we sold a portion of our infrastructure services entities, including our distribution, transmission and substation operations, for aggregate proceeds of approximately $108.7 million, subject to customary post-closing adjustments. On June 16, 2025, we sold all of the equipment previously used in our hydraulic fracturing services for $15.0 million. On September 15, 2025, the Company completed the sale of assets related to its natural sand proppant operations at its Piranha Proppant LLC processing plant. On December 2, 2025, we completed the sale of our engineering services business, Aquawolf, for approximately $30.0 million, also subject to customary post-closing adjustments. The results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and discussed in this report. Unless otherwise indicated, the information presented in this Management’s Discussion and Analysis relates only to our continuing operations.
Current wording
During 2025, we completed four strategic divestitures. On April 11, 2025, we sold a portion of our infrastructure services entities, including our distribution, transmission and substation operations, for aggregate proceeds of approximately $108.7 million. On June 16, 2025, we sold all of the equipment previously used in our hydraulic fracturing services for $15.0 million. On September 15, 2025, the Company completed the sale of assets related to its natural sand proppant operations at its Piranha Proppant LLC processing plant. On December 2, 2025, we completed the sale of our engineering services business, Aquawolf for approximately $30.0 million. The results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and discussed in this report. Unless otherwise indicated, the information presented in this Management’s Discussion and Analysis relates only to our continuing operations.
Previous wording
Revenue. Revenue for the three months ended March 31, 2026 increased $10.4 million, or 90%, to $22.0 million from $11.6 million for the three months ended March 31, 2025. The increase in total revenue is primarily attributable to increases in revenue for rental, accommodation and drilling services during the three months ended March 31, 2026, which was partially offset by a decrease in revenue for infrastructure services and natural sand proppant services. Revenue by segment was as follows:
Current wording
Revenue. Revenue for the three months ended June 30, 2026 increased $13.7 million, or 110%, to $26.1 million compared to $12.4 million for the same period in 2025. The increase in total revenue is primarily attributable to increases in revenue for rental, natural sand proppant, accommodation and drilling services during the three months ended June 30, 2026, which was partially offset by a decrease in revenue for infrastructure services. Revenue by segment was as follows:
Previous wording
Natural Sand Proppant Services. Natural sand proppant services revenue decreased $2.8 million, or 42%, to $3.9 million for the three months ended March 31, 2026 from $6.7 million for the three months ended March 31, 2025 primarily due to a 18% decrease in tons of sand sold from 189,020 tons for the three months ended March 31, 2025 to 155,597 tons for the three months ended March 31, 2026, combined with a 9% decline in the average price per ton of sand sold from $21.49 per ton during the three months ended March 31, 2025 to $19.49 per ton during the three months ended March 31, 2026. Average price per ton of sand sold decreased primarily due to a shift of grade mix. Additionally, the three months ended March 31, 2025 included shortfall revenue of $1.6 million compared to none for the three months ended March 31, 2026. The decrease in revenue also reflects $0.1 million of lower customer freight reimbursements.
Current wording
Natural Sand Proppant Services. Natural sand proppant services revenue increased $2.6 million, or 48%, to $8.0 million for the three months ended June 30, 2026 compared to $5.4 million for the same period in 2025 primarily due to a $2.9 million increase in freight revenue. This was partially offset by a 5% decrease in tons of sand sold to 229,031 tons for the three months ended June 30, 2026 compared to 241,763 tons for the same period in 2025, combined with an immaterial decline in the average price per ton of sand sold to $21.36 per ton during the three months ended June 30, 2026 compared to $21.41 per ton for the same period in 2025. The average price per ton of sand sold decreased primarily due to a shift of grade mix to include more coarse sand.
Previous wording
Accommodation Services. Accommodation services revenue increased $1.4 million, or 67%, to $3.5 million for the three months ended March 31, 2026 from $2.1 million for the three months ended March 31, 2025 primarily due to an increase in utilization. On average, 275 rooms were utilized during the three months ended March 31, 2026 as compared to 179 for the three months ended March 31, 2025 for our accommodation services.
Current wording
Accommodation Services. Accommodation services revenue increased $1.4 million, or 78%, to $3.2 million for the three months ended June 30, 2026 compared to $1.8 million for the same period in 2025. The increase reflected higher occupancy levels and improved utilization driven by increased customer activity. On average, 259 rooms were utilized during the three months ended June 30, 2026 as compared to 145 for the same period in 2025 for our accommodation services.
Previous wording
Drilling Services. Drilling services revenue increased $1.2 million or 600% to $1.4 million for the three months ended March 31, 2026 from $0.2 million for the three months ended March 31, 2025 . The increase in our drilling services revenue was primarily attributable to increased utilization, which increased from 2% for the three months ended March 31, 2025 to 20% for the three months ended March 31, 2026, coupled with higher average day rates for our drilling services.
Current wording
Drilling Services. Drilling services revenue increased $3.1 million or 443% to $3.8 million for the three months ended June 30, 2026 compared to $0.7 million for the same period in 2025. The increase in our drilling services revenue was primarily attributable to increased utilization, which increased to 43% for the three months ended June 30, 2026 compared to 16% for the same period in 2025. This was coupled with proceeds of $0.3 million from the sale of equipment damaged or lost down-hole and higher average day rates for our drilling services for the three months ended June 30, 2026.
Previous wording
Cost of Revenue (exclusive of depreciation, depletion, amortization and accretion). Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, increased $6.4 million from $10.1 million, or 75% of total revenue, for the three months ended March 31, 2025 to $16.5 million, or 87% of total revenue, for the three months ended March 31, 2026. Cost of revenue by segment was as follows:
Current wording
Cost of Revenue (exclusive of depreciation, depletion, amortization and accretion). Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, increased $8.1 million to $19.2 million, or 74% of total revenue, for the three months ended June 30, 2026 compared to $11.1 million, or 90% of total revenue, for the same period in 2025. Cost of revenue by segment was as follows:
Previous wording
Infrastructure Services. Infrastructure services cost of revenue, exclusive of depreciation, decreased $0.4 million, or 44%, to $0.5 million for the three months ended March 31, 2026 from $0.9 million for the three months ended March 31, 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation of $0.1 million for the three months ended March 31, 2026 and 2025, was 167% and 129% for the three months ended March 31, 2026 and 2025, respectively. The increase as a percentage of revenue is primarily due to an increase in subcontractor expense.
Current wording
Infrastructure Services. Infrastructure services cost of revenue, exclusive of depreciation, increased $0.1 million, or 7%, to $1.5 million for the three months ended June 30, 2026 compared to $1.4 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation of $0.1 million for the three months ended June 30, 2026 and 2025, was 167% and 100% for the three months ended June 30, 2026 and 2025, respectively. The increase as a percentage of revenue is primarily due to an increase in compensation and benefits and fuel expense coupled with a decrease in utilization, resulting in a higher ratio of fixed costs to variable costs.
Previous wording
Natural Sand Proppant Services. Natural sand proppant services cost of revenue, exclusive of depreciation, depletion and accretion, decreased $1.0 million, or 18%, to $4.5 million for the three months ended March 31, 2026 from $5.5 million for the three months ended March 31, 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation, depletion and accretion of $0.4 million and $0.9 million for the three months ended March 31, 2026 and 2025, was 115% and 82% for the three months ended March 31, 2026 and 2025, respectively. The increase in cost as a percentage of revenue is primarily due to an 18% decrease in tons sold and a 9% decline in average sales price per ton.
Current wording
Natural Sand Proppant Services. Natural sand proppant services cost of revenue, exclusive of depreciation, depletion and accretion, increased $2.4 million, or 45%, to $7.7 million for the three months ended June 30, 2026 compared to $5.3 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation, depletion and accretion of $0.7 million and $1.4 million for the three months ended June 30, 2026 and 2025, was 96% and 98% for the three months ended June 30, 2026 and 2025, respectively. The decrease in cost as a percentage of revenue is primarily due to an increase in freight revenue, which was offset by a 5% decrease in tons sold and a nominal decline in average sales price per ton.
Previous wording
Drilling Services. Drilling services cost of revenue, exclusive of depreciation, increased $0.8 million, or 200%, to $1.2 million for the three months ended March 31, 2026 from $0.4 million for the three months ended March 31, 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation of nominal amounts for the three months ended March 31, 2026 and 2025, was 86% and 200% for the three months ended March 31, 2026 and 2025, respectively. The decrease as a percentage of revenue is primarily due to an increase in utilization, resulting in a lower ratio of fixed costs to variable costs.
Current wording
Drilling Services. Drilling services cost of revenue, exclusive of depreciation, increased $2.2 million, or 275%, to $3.0 million for the three months ended June 30, 2026 compared to $0.8 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation of immaterial amounts for the three months ended June 30, 2026 and 2025, was 79% and 114% for the three months ended June 30, 2026 and 2025, respectively. The decrease as a percentage of revenue is primarily due to an increase in utilization, resulting in a lower ratio of fixed costs to variable costs.
Previous wording
Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion, amortization and accretion totaled $3.5 million for the three months ended March 31, 2026 compared to $2.1 million for the three months ended March 31, 2025. The increase is primarily attributable to increased depreciation of property, plant and equipment resulting from aviation assets being placed into service.
Current wording
Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion, amortization and accretion totaled $4.6 million for the three months ended June 30, 2026 compared to $2.8 million for the same period in 2025. The increase is primarily attributable to increased depreciation of property, plant and equipment resulting from aviation assets being placed into service.
Previous wording
Gains on Disposal of Assets, Net. Gains on the disposal of assets, net were $0.7 million compared to $3.5 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
Gains on Disposal of Assets, Net. Net gains on the disposal of assets, net were $4.6 million compared to $1.1 million for the three months ended June 30, 2026 and 2025, respectively. Gains on the disposal of assets is primarily related to the sale of drilling rigs for the three months ended June 30, 2026 and trucks and field equipment for the same period in 2025.
Previous wording
Operating Loss. We reported operating loss of $0.9 million for the three months ended March 31, 2026 compared to operating loss of $1.2 million for the three months ended March 31, 2025. The decrease in operating loss is primarily due to an increase in activity for our rental, accommodation and drilling services.
Current wording
Operating Income (Loss). We reported operating income of $2.6 million for the three months ended June 30, 2026 compared to an operating loss of $37.1 million for the same period in 2025. The increase in operating income is primarily due to an increase in activity for our rental, accommodation and drilling services.
Previous wording
Other Income (Expense), Net. Other income, net was $0.6 million for the three months ended March 31, 2026 compared to other expense, net of $0.3 million for the three months ended March 31, 2025.
Current wording
Other Expense, Net. Other expense, net was $0.1 million for the three months ended June 30, 2026 compared to $0.6 million for the same period in 2025.
Previous wording
Provision for Income Taxes. We recorded income tax expense of $1.5 million on pre-tax income of $6.1 million for the three months ended March 31, 2026 compared to $0.8 million on pre-tax loss of $1.4 million for the three months ended March 31, 2025. Our effective tax rates were 23.7% and 59.4% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 differed from the statutory rate of 21% primarily due to changes in the valuation allowance and interest and penalties recognized during the period. The effective tax rate for the three months ended March 31, 2025 differed from the statutory rate of 21% primarily due to interest and penalties recognized during the period.
Current wording
Provision (Benefit) for Income Taxes. We recorded income tax expense of $1.9 million on pre-tax income of $0.7 million for the three months ended June 30, 2026 compared to income tax benefit of $0.9 million on pre-tax loss of $37.5 million for the same period in 2025. Our effective tax rates were 282.9% and 2.5% for the three months ended June 30, 2026 and 2025, respectively. The increase in the effective tax rate was primarily attributable to changes in valuation allowances, interest and penalties, withholding taxes and other foreign tax items, as well as the change from a pre-tax loss for the three months ended June 30, 2025 to pre-tax income for the three months ended June 30, 2026.
Previous wording
Discontinued Operations. We recorded net income from discontinued operations, net of income taxes totaling $0.5 million during the three months ended March 31, 2026 compared to $1.7 million for the three months ended March 31, 2025.
Current wording
Discontinued Operations. We recorded net income from discontinued operations, net of income taxes totaling $0.4 million during the three months ended June 30, 2026 compared to $45.4 million for the same period in 2025. See Note 4 of the notes to our unaudited condensed consolidated financial statements for a breakout of the results of operations for our discontinued operations.
Previous wording
Rental Services and Aviation Sales. Rental services and aviation sales revenue increased $11.1 million, or 584%, to $13.0 million for the three months ended March 31, 2026 from $1.9 million for the three months ended March 31, 2025. The increase in our rental services and aviation sales revenue was primarily driven by a $10.0 million increase in aviation revenue, which was coupled with a 55% increase in equipment rental revenue. The increase in aviation revenue was a result of the sale of an auxiliary power unit for $6.5 million combined with increased utilization.
Current wording
Rental Services and Aviation Sales. Rental services and aviation sales revenue increased $18.2 million, or 364%, to $23.2 million for the six months ended June 30, 2026 compared to $5.0 million for the same period in 2025. Revenue growth was driven by aviation fleet expansion, increased aircraft utilization and higher aviation sales activity. Aviation rental revenue increased $15.8 million and equipment rental revenue increased $2.4 million. The increase in aviation revenue was partially driven by the sale of an auxiliary power unit and an airframe and landing gear for $8.5 million. The increase in our equipment rental revenue was driven by a 51% increase in the average number of pieces of equipment rented to customers to 398 for the six months ended June 30, 2026 compared to 264 for the same period in 2025.
Previous wording
Accommodation Services. Accommodation services cost of revenue, exclusive of depreciation and accretion, increased $0.7 million, or 50%, to $2.1 million for the three months ended March 31, 2026 from $1.4 million for the three months ended March 31, 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation and accretion of $0.3 million for the three months ended March 31, 2026 and 2025, was 60% and 67% for the three months ended March 31, 2026 and 2025, respectively. The decrease as a percentage of revenue is primarily due to an increase in utilization, resulting in a lower ratio of fixed costs to variable costs.
Current wording
Drilling Services. Drilling services cost of revenue, exclusive of depreciation, increased $3.0 million, or 250%, to $4.2 million for the six months ended June 30, 2026 compared to $1.2 million for the same period in 2025. As a percentage of revenue, cost of revenue, exclusive of depreciation of an immaterial amount and $0.1 million for the six months ended June 30, 2026 and 2025, was 81% and 133% for the six months ended June 30, 2026 and 2025, respectively. The decrease as a percentage of revenue is primarily due to an increase in utilization, resulting in a lower ratio of fixed costs to variable costs.
Previous wording
Interest Income, Net. Interest income, net of interest expense and financing charges was $0.5 million for the three months ended March 31, 2026 compared to $0.1 million for the three months ended March 31, 2025.
Current wording
Interest (Expense) Income, Net. Interest expense, net of interest income was $0.3 million for the six months ended June 30, 2026 compared to interest income, net of interest expense of $0.4 million for the same period in 2025. The increase in interest expense is primarily due to a one time charge of $1.2 million of unamortized debt issuance costs during the six months ended June 30, 2026 in relation to the new credit agreement.
Previous wording
See Note 3 of the notes to our unaudited condensed consolidated financial statements for a breakout of the results of operations for our discontinued operations.
Current wording
Discontinued Operations. We recorded net income from discontinued operations, net of income taxes totaling $0.9 million during the six months ended June 30, 2026 compared to $47.1 million for the same period in 2025. See Note 4 of the notes to our unaudited condensed consolidated financial statements for a breakout of the results of operations for our discontinued operations.
Previous wording
Adjusted EBITDA from continuing operations is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA from continuing operations as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, stock based compensation, interest income, net, inclusive of related parties, unrealized gain on marketable securities, net, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision for income taxes, further adjusted to add back interest on trade accounts receivable. We exclude the items listed above from net income (loss) from continuing operations in arriving at Adjusted EBITDA from continuing operations because these amounts can vary substantially from company to company within our industries depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA from continuing operations should not be considered as an alternative to, or more meaningful than, net income (loss) from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA from continuing operations are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets, none of which are components of Adjusted EBITDA from continuing operations. Our computations of Adjusted EBITDA from continuing operations may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA from continuing operations is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.
Current wording
Adjusted EBITDA from continuing operations is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA from continuing operations as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long lived assets, equity based compensation, stock based compensation, interest expense (income), net, (loss) gain on marketable securities, net, other (income) expense, net and provision (benefit) for income taxes. We exclude the items listed above from net income (loss) from continuing operations in arriving at Adjusted EBITDA from continuing operations because these amounts can vary substantially from company to company within our industries depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA from continuing operations should not be considered as an alternative to, or more meaningful than, net income (loss) from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA from continuing operations are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets, none of which are components of Adjusted EBITDA from continuing operations. Our computations of Adjusted EBITDA from continuing operations may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA from continuing operations is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements.
Previous wording
As of May 6, 2026, we had unrestricted cash on hand of $56.0 million, marketable securities of $32.6 million, no outstanding borrowings under our revolving credit facility and a borrowing base of $50.0 million, leaving an aggregate of $40.4 million of available borrowing capacity under this facility, after giving effect to $5.0 million of outstanding letters of credit. As of May 6, 2026, we hadcash, cash equivalents and marketable securities of $88.6 million.
Current wording
As of August 4, 2026, we had unrestricted cash on hand of $40.4 million, marketable securities of $27.5 million, no outstanding borrowings under our revolving credit facility, leaving an aggregate of $20.0 million of available borrowing capacity under this facility, after giving effect to $5.0 million of outstanding letters of credit. As of August 4, 2026, we had cash, cash equivalents and marketable securities of $67.9 million.
Previous wording
(a) Capital expenditures primarily for expansion of our aviation rental fleet for the three months ended March 31, 2026 and equipment rental purchases for the three months ended March 31, 2025.
Current wording
(a) Capital expenditures primarily for expansion of our aviation rental fleet and equipment rental purchases for the three months ended June 30, 2026 and six months ended June 30, 2025.
Previous wording
Our net working capital totaled $109.5 million and $107.1 million at March 31, 2026 and December 31, 2025, respectively. Our unrestricted cash balances were $92.7 million and $102.0 million at March 31, 2026 and December 31, 2025, respectively.
Current wording
Our net working capital totaled $70.5 million and $107.1 million at June 30, 2026 and December 31, 2025, respectively. Our unrestricted cash balances were $50.9 million and $102.0 million at June 30, 2026 and December 31, 2025, respectively.
Previous wording
authorized to repurchase up to the lesser of $55 million or 10 million shares of our common stock, subject to the factors discussed below. Any stock repurchases under this program may be made opportunistically from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Act of 1934, as amended, including any 10b5-1 plan, and will be subject to market conditions, applicable legal and contractual restrictions, liquidity requirements and other factors. The repurchase program has no time limit, does not require us to repurchase any specific number of shares and may be suspended from time to time, modified or discontinued by our board of directors at any time. Any common stock repurchased as part of such stock repurchase program will be cancelled and retired. We have repurchased and retired 187,668 shares of our common stock for approximately $0.4 million under the stock repurchase program during the three months ended March 31, 2026.
Current wording
authorized to repurchase up to the lesser of $55 million or 10 million shares of our common stock, subject to the factors discussed below. Any stock repurchases under this program may be made opportunistically from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Act of 1934, as amended, including any 10b5-1 plan, and will be subject to market conditions, applicable legal and contractual restrictions, liquidity requirements and other factors. The repurchase program has no time limit, does not require us to repurchase any specific number of shares and may be suspended from time to time, modified or discontinued by our board of directors at any time. Any common stock repurchased as part of such stock repurchase program will be cancelled and retired. We have repurchased and retired 230,730 shares of our common stock for approximately $0.5 million under the stock repurchase program during thesix months ended June 30, 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion, amortization and accretion increased $3.2 million to $8.1 million for the six months ended June 30, 2026 from $4.9 million for the same period in 2025. The increase is primarily attributable to increased depreciation of property, plant and equipment resulting from aviation assets being placed into service during the six months ended June 30, 2026.