Mammoth Energy Services, Inc. Announces Second Quarter 2025 Operational and Financial Results

, /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the second quarter ended June 30, 2025. Mark Layton, Chief Financial Officer of Mammoth commented, "We were pleased to have executed three pivotal transactions during the second quarter that further demonstrated our ability to unlock value and initiated a strategic transformation toward a more demand-centric portfolio. At a time when uncertainty is broadly impacting demand and customer decision making, we remain proactive in repositioning Mammoth to perform through cycles. "In April, we announced the sale of three infrastructure subsidiaries for an aggregate sales price of $108.7 million. This transaction unlocked meaningful value at a very attractive multiple from our transmission, distribution and substation operations, which we originally purchased for less than $10 million in 2017, and then grew organically within our enterprise. Our second transaction was the purchase of eight small passenger aircraft to expand and diversify our rental services segment. Each of these planes are under leases with a commuter airline and provide us with a stable and predictable recurring stream of revenue. Finally, in June, we sold all of the equipment used in our hydraulic fracturing business for proceeds of $15 million. We view this transaction as a natural next step as we look to reposition our portfolio of services and emphasize a demand-driven approach to our operations. "As we look forward, we continue to prioritize value creation across the business. Our robust cash position gives us the opportunity to execute strategic, value-enhancing transactions. We will use the tools at our disposal to add accretive assets, which will drive expansion and diversify our operations. We will also look to invest in our existing businesses to stimulate organic growth. These strategic steps are transforming the Company and establishing solid footing as we aim to build a more resilient business for the future," concluded Layton. Financial Overview for the Second Quarter 2025:Total revenue from continuing operations was $16.4 million for the second quarter of 2025 compared to $16.0 million for the second quarter of 2024 and $15.6 million for the first quarter of 2025. Net loss from continuing operations for the second quarter of 2025 was $35.7 million, or $0.74 per diluted share, compared to $155.6 million, or $3.24 per diluted share, for the second quarter of 2024 and $1.6 million, or $0.03 per diluted share, for the first quarter of 2025. Adjusted EBITDA from continuing operations (as defined and reconciled in the tables below) was ($2.8) million for the second quarter of 2025, compared to ($164.6) million for the second quarter of 2024 and ($1.7) million for the first quarter of 2025. Infrastructure ServicesMammoth's infrastructure services segment contributed revenue of $5.4 million for the second quarter of 2025 compared to $4.5 million for the second quarter of 2024 and $4.7 million for the first quarter of 2025. The increase in revenue was primarily due to an increase in fiber optic activity. Rental ServicesMammoth's rental services segment contributed revenue (inclusive of inter-segment revenue) of $3.1 million for the second quarter of 2025 compared to $1.8 million for the second quarter of 2024 and $1.9 million for the first quarter of 2025. The average number of pieces of equipment rented to customers was 296 for the second quarter of 2025 compared to 223 during the second quarter of 2024 and 231 during the first quarter of 2025. Additionally, during the second quarter of 2025, the Company expanded its aviation rental offerings, which contributed to the increased revenue. Natural Sand Proppant ServicesMammoth's natural sand proppant services segment contributed revenue of $5.4 million for the second quarter of 2025 compared to $4.7 million for the second quarter of 2024 and $6.7 million for the first quarter of 2025. In the second quarter of 2025, the Company sold approximately 242,000 tons of sand at an average sales price of $21.41 per ton compared to sales of approximately 141,000 tons of sand at an average sales price of $22.73 per ton during the second quarter of 2024. In the first quarter of 2025, sales were approximately 189,000 tons of sand at an average price of $21.49 per ton. Accommodation ServicesMammoth's accommodation services segment contributed revenue of $1.8 million for the second quarter of 2025 compared to $2.7 million for the second quarter of 2024 and $2.1 million for the first quarter of 2025. On average, 145 rooms utilized for the second quarter of 2025 compared to 212 during the second quarter of 2024 and 179 during the first quarter of 2025 for our accommodations services. Drilling ServicesMammoth's drilling services division contributed revenue of $0.7 million for the second quarter of 2025 compared to $0.7 million for the second quarter of 2024 and $0.2 million for the first quarter of 2025. The increase in drilling services revenue for the second quarter of 2025 compared to the first quarter of 2025 is primarily attributable to an increase in utilization. Selling, General and Administrative Expense Selling, general and administrative ("SG&A") expense was $5.3 million for the second quarter of 2025 compared to $95.3 million for the second quarter of 2024 and $4.5 million for the first quarter of 2025. The Company incurred an $89.2 million charge in relation to the Settlement Agreement with PREPA during second quarter of 2024 with no similar activity in 2025. SG&A expense excluding the PREPA related charge, as a percentage of total revenue, was 32% for the second quarter of 2025 compared to 38% for the second quarter of 2024 and 29% for the first quarter of 2025. Liquidity As of June 30, 2025, Mammoth had unrestricted cash on hand of $127.3 million. As of June 30, 2025, the Company's revolving credit facility was undrawn, the borrowing base was $75.0 million and there was $67.5 million of available borrowing capacity under the revolving credit facility, after giving effect to $7.5 million of outstanding letters of credit. As of June 30, 2025, Mammoth had total liquidity of $194.8 million. As of August 6, 2025, Mammoth had unrestricted cash on hand of $118.5 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $50.0 million. As of August 6, 2025, the Company had $42.5 million of available borrowing capacity under its revolving credit facility and total liquidity of $161.0 million. Capital ExpendituresThe following table summarizes Mammoth's capital expenditures from continuing operations by segment for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024 Rental services(a) $ 26,821 $ 123 $ 119 $ 26,940 $ 223 Infrastructure services(b) — 266 101 101 291 Natural sand proppant services(c) — — 93 93 — Accommodation services(c) 58 43 17 75 80 Drilling services(c) 19 85 97 116 85 Other(c) — 217 — — 227 Total capital expenditures $ 26,898 $ 734 $ 427 $ 27,325 $ 906 (a) Capital expenditures primarily for expansion of our aviation rental fleet for the three and six months ended June 30, 2025 and maintenance for the three months ended March 31, 2025 and the three and six months ended June 30, 2024. (b) Capital expenditures primarily for our fiber optic fleets for the periods presented. (c) Capital expenditures primarily for maintenance for the periods presented. Conference Call InformationMammoth will host a conference call on Friday, August 8, 2025 at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss its second quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to [email protected]. About Mammoth Energy Services, Inc.We are an integrated, growth-oriented company focused on providing products and services to our customers primarily in the oil and natural gas and 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. For more information, please visit www.mammothenergy.com. Contacts:Mark Layton, CFOMammoth Energy Services, Inc[email protected] Rick Black / Ken DennardDennard Lascar Investor Relations[email protected] Forward-Looking Statements and Cautionary StatementsThis news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC and Python Equipment LLC and the equipment previously used in our hydraulic fracturing business; the levels of capital expenditures by our customers and the impact of reduced completions activity on utilization and pricing for our natural sand proppant services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; conditions of U.S. oil and natural gas industry and the effect of U.S. energy, monetary and trade policies; U.S. and global economic conditions and political and economic developments, including the energy and environmental policies; changes in U.S. and foreign trade regulations and tariffs, including potential increases of tariffs on goods imported into the U.S., and uncertainty regarding the same; inflationary pressures; higher interest rates and their impact on the cost of capital; the failure to receive or delays in receiving the remaining payment under the settlement agreement with PREPA; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under its revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas industry; and costs and availability of resources. Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law. MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS June 30, December 31, 2025 2024 CURRENT ASSETS (in thousands, except share data) Cash and cash equivalents $ 127,250 $ 60,845 Restricted cash 30,053 19,359 Accounts receivable, net 44,787 43,769 Inventories 3,466 6,848 Current assets held for sale 10,017 — Other current assets 7,559 11,380 Current assets of discontinued operations 17,001 46,386 Total current assets 240,133 188,587 Property, plant and equipment, net 68,422 66,725 Sand reserves, net 40,519 57,273 Operating lease right-of-use assets 3,884 4,722 Other non-current assets 6,728 7,383 Noncurrent assets of discontinued operations 4,508 59,341 Total assets $ 364,194 $ 384,031 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 11,407 $ 13,440 Accrued expenses and other current liabilities 21,299 26,623 Current liabilities held for sale 1,739 — Current operating lease liabilities 2,969 2,900 Income taxes payable 48,009 44,570 Current liabilities of discontinued operations 10,678 26,974 Total current liabilities 96,101 114,507 Deferred income tax liabilities 932 3,021 Long-term operating lease liabilities 2,292 1,838 Asset retirement obligation 2,714 4,234 Other long-term liabilities 117 244 Noncurrent liabilities of discontinued operations — 7,369 Total liabilities 102,156 131,213 COMMITMENTS AND CONTINGENCIES EQUITY Equity: Common stock, $0.01 par value, 200,000,000 shares authorized, 48,194,035 and 48,127,369 issued and outstanding at June 30, 2025 and December 31, 2024, respectively 482 481 Additional paid-in capital 540,842 540,431 Accumulated deficit (275,332) (283,643) Accumulated other comprehensive loss (3,954) (4,451) Total equity 262,038 252,818 Total liabilities and equity $ 364,194 $ 384,031 MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024 (in thousands, except per share amounts) REVENUE Services revenue $ 10,458 $ 11,234 $ 8,776 $ 19,234 $ 22,206 Services revenue - related parties 575 66 77 652 133 Product revenue 5,376 4,720 6,739 12,115 9,027 Total revenue 16,409 16,020 15,592 32,001 31,366 COST, EXPENSES AND GAINS Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,419, $1,637, $1,214, $2,634 and $3,777 for the three months ended June 30, 2025, June 30, 2024, and March 31, 2025 and six months ended June 30, 2025 and 2024, respectively) 8,686 9,622 7,427 16,113 18,841 Services cost of revenue - related parties 96 118 96 192 236 Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $1,413, $1,271, $877, $2,289 and $2,417 for the three months ended June 30, 2025, June 30, 2024, and March 31, 2025 and six months ended June 30, 2025 and 2024, respectively) 5,263 4,590 5,475 10,738 10,320 Selling, general and administrative 5,339 95,281 4,494 9,833 102,051 Depreciation, depletion, amortization and accretion 2,832 2,908 2,091 4,923 6,194 Gains on disposal of assets, net (1,077) (512) (3,472) (4,549) (1,446) Impairment of long-lived assets 31,669 — — 31,669 — Total cost, expenses and gains, net 52,808 112,007 16,111 68,919 136,196 Operating loss (36,399) (95,987) (519) (36,918) (104,830) OTHER INCOME (EXPENSE) Interest income (expense and financing charges), net 400 504 112 512 (4,619) Interest income (expense and financing charges), net - related parties — (1,529) — — (3,028) Other (expense) income, net (628) (73,668) (333) (961) (63,516) Total other (expense) income, net (228) (74,693) (221) (449) (71,163) Loss before income taxes (36,627) (170,680) (740) (37,367) (175,993) (Benefit) provision for income taxes (934) (15,055) 837 (97) (13,270) Net loss from continuing operations (35,693) (155,625) (1,577) (37,270) (162,723) Net income (loss) from discontinued operations, net of income taxes 44,541 (368) 1,040 45,581 (5,081) Net income (loss) $ 8,848 $ (155,993) $ (537) $ 8,311 $ (167,804) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment $ 478 $ (114) $ 19 $ 497 $ (358) Other comprehensive income (loss) 478 (114) 19 497 (358) Comprehensive income (loss) $ 9,326 $ (156,107) $ (518) $ 8,808 $ (168,162) Net loss per share from continuing operations, basic and diluted $ (0.74) $ (3.24) $ (0.03) $ (0.77) $ (3.39) Net income (loss) per share from discontinued operations, basic and diluted 0.92 (0.01) 0.02 0.95 (0.11) Net income (loss) per share, basic and diluted $ 0.18 $ (3.25) $ (0.01) $ 0.18 $ (3.50) Weighted average number of shares outstanding, basic and diluted 48,225 48,040 48,150 48,188 48,002 MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 (in thousands) Cash flows from operating activities: Net income (loss) $ 8,311 $ (167,804) Less: Net income (loss) from discontinued operations, net of income taxes 45,581 (5,081) Net loss from continuing operations (37,270) (162,723) Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities: Stock based compensation 412 391 Depreciation, depletion, amortization and accretion 4,923 6,194 Amortization of debt origination costs 354 620 Change in provision for expected credit losses (23) 170,698 Gains on disposal of assets, net (4,549) (1,446) Impairment of long-lived assets 31,669 — Deferred income taxes (2,089) 3,722 Other 273 1,099 Changes in assets and liabilities: Accounts receivable, net (934) 38,319 Inventories 531 859 Prepaid expenses and other assets 3,307 5,998 Accounts payable (1,977) (3,575) Accrued expenses and other liabilities (4,569) (7,657) Accrued expenses and other liabilities - related parties — 3,028 Income taxes payable 3,440 (17,692) Net cash (used in) provided by operating activities from continuing operations (6,502) 37,835 Net cash (used in) provided by operating activities from discontinued operations (3,311) 2,693 Net cash (used in) provided by operating activities (9,813) 40,528 Cash flows from investing activities: Purchases of property, plant and equipment (27,325) (906) Proceeds from disposal of property, plant and equipment 4,942 3,470 Net cash (used in) provided by investing activities from continuing operations (22,383) 2,564 Net cash provided by (used in) investing activities from discontinued operations 111,249 (7,086) Net cash provided by (used in) investing activities 88,866 (4,522) Cash flows from financing activities: Payments on financing transaction — (46,837) Principal payments on financing leases and equipment financing notes (263) (223) Debt issuance costs — (37) Net cash used in financing activities from continuing operations (263) (47,097) Net cash used in financing activities from discontinued operations (3,838) (2,891) Net cash used in financing activities (4,101) (49,988) Effect of foreign exchange rate on cash 113 (50) Net increase (decrease) in cash, cash equivalents and restricted cash 75,065 (14,032) Cash, cash equivalents and restricted cash at beginning of period 82,326 24,298 Cash, cash equivalents and restricted cash at end of period 157,391 10,266 Cash, cash equivalents and restricted cash of discontinued operations at end of period (88) (120) Cash, cash equivalents and restricted cash of continuing operations $ 157,303 $ 10,146 MAMMOTH ENERGY SERVICES, INC. SEGMENT INFORMATION (in thousands) Three Months Ended June 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total Revenue from external customers $ 3,078 $ 5,445 $ 5,376 $ 1,767 $ 743 $ — $ 16,409 Intersegment revenue 28 — — — — (28) — Total revenue 3,106 5,445 5,376 1,767 743 (28) 16,409 Less expenses: Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 1,567 4,297 5,262 1,242 758 919 14,045 Selling, general and administrative, exclusive of stock based compensation 1,055 950 1,333 364 187 1,250 5,139 Adjusted EBITDA $ 484 $ 198 $ (1,219) $ 161 $ (202) $ (2,197) $ (2,775) Three Months Ended June 30, 2024 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total Revenue from external customers $ 1,666 $ 4,542 $ 4,720 $ 2,671 $ 736 $ 1,685 $ 16,020 Intersegment revenue 134 — — — — (134) — Total revenue 1,800 4,542 4,720 2,671 736 1,551 16,020 Less expenses: Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 1,211 3,794 4,590 1,480 1,042 2,213 14,330 Selling, general and administrative, exclusive of stock based compensation 278 870 1,261 377 228 92,072 95,086 Interest on trade accounts receivable — — — — — 71,171 71,171 Adjusted EBITDA $ 311 $ (122) $ (1,131) $ 814 $ (534) $ (163,905) $ (164,567) Three Months Ended March 31, 2025 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total Revenue from external customers $ 1,916 $ 4,675 $ 6,739 $ 2,081 $ 181 $ — $ 15,592 Intersegment revenue 10 — — — — (10) — Total revenue 1,926 4,675 6,739 2,081 181 (10) 15,592 Less expenses: Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 1,417 3,806 5,475 1,432 396 472 12,998 Selling, general and administrative, exclusive of stock based compensation 311 794 1,280 329 200 1,368 4,282 Adjusted EBITDA $ 198 $ 75 $ (16) $ 320 $ (415) $ (1,850) $ (1,688) Six Months Ended June 30, 2025 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total Revenue from external customers $ 4,994 $ 10,120 $ 12,115 $ 3,847 $ 925 $ — $ 32,001 Intersegment revenue 38 — — — — (38) — Total revenue 5,032 10,120 12,115 3,847 925 (38) 32,001 Less expenses: Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 2,984 8,103 10,738 2,673 1,154 1,391 27,043 Selling, general and administrative, exclusive of stock based compensation 1,366 1,744 2,612 693 386 2,620 9,421 Adjusted EBITDA $ 682 $ 273 $ (1,235) $ 481 $ (615) $ (4,049) $ (4,463) Six Months Ended June 30, 2024 Rentals Infrastructure Sand Accommodations Drilling Corporate, Other & Eliminations Total Revenue from external customers $ 3,447 $ 9,606 $ 9,027 $ 5,620 $ 1,247 $ 2,419 $ 31,366 Intersegment revenue 243 — — — — (243) — Total revenue 3,690 9,606 9,027 5,620 1,247 2,176 31,366 Less expenses: Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 2,577 7,720 10,320 3,259 1,987 3,534 29,397 Selling, general and administrative, exclusive of stock based compensation 657 1,900 2,608 880 494 95,121 101,660 Interest on trade accounts receivable — — — — — 60,686 60,686 Adjusted EBITDA $ 456 $ (14) $ (3,901) $ 1,481 $ (1,234) $ (157,165) $ (160,377) MAMMOTH ENERGY SERVICES, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted EBITDA Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net income or loss from continuing operations before depreciation, depletion, amortization and accretion, gains on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, other expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and (benefit) provision for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net (loss) income from continuing operations in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth's operating performance or liquidity. Certain items excluded from Adjusted EBITDA 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. Mammoth's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements. The following table provides a reconciliation of Adjusted EBITDA to net loss from continuing operations, the most directly comparable GAAP financial measure (in thousands): Three Months Ended Six Months Ended June 30, March 31, June 30, Reconciliation of net loss from continuing operations to Adjusted EBITDA: 2025 2024 2025 2025 2024 Net loss from continuing operations $ (35,693) $ (155,625) (1,577) $ (37,270) $ (162,723) Depreciation, depletion, amortization and accretion 2,832 2,908 2,091 4,923 6,194 Gains on disposal of assets, net (1,077) (512) (3,472) (4,549) (1,446) Impairment of long-lived assets 31,669 — — 31,669 — Stock based compensation 200 195 212 412 391 Interest (income) expense and financing charges, net (400) 1,025 (112) (512) 7,647 Other expense, net 628 73,668 333 961 63,516 (Benefit) provision for income taxes (934) (15,055) 837 (97) (13,270) Interest on trade accounts receivable — (71,171) — — (60,686) Adjusted EBITDA $ (2,775) $ (164,567) $ (1,688) $ (4,463) $ (160,377) SOURCE Mammoth Energy Services, Inc. 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Mammoth Energy Services, Inc. Announces Second Quarter 2025 Operational and Financial Results

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