Mammoth Energy Services (TUSK) Q3 2026 Earnings Call: Luftfahrt treibt Margenwachstum

Wichtigste Erkenntnisse

• Der Umsatz im dritten Quartal 2026 belief sich auf 21,3 Millionen US-Dollar und hat sich gegenüber dem Vorjahresquartal nahezu verdoppelt, verzeichnete jedoch im Vergleich zum Vorquartal einen Rückgang, was im Wesentlichen auf das Fehlen von Verkäufen von Luftfahrt-Vermögenswerten und geringere Umsätze mit margenschwachen Sandfrachten zurückzuführen ist.
• Das bereinigte EBITDA verdoppelte sich im Vergleich zum Vorquartal mehr als und lag bei 5,8 Millionen US-Dollar. Die bereinigte EBITDA-Marge stieg von 10,0 % im zweiten Quartal auf 27,2 %, was das dritte Quartal in Folge mit einem positiven bereinigten EBITDA markiert.
• Das Flugzeug-Leasing war der Hauptergebnistreiber. Die Flotte wuchs von 38 Vermögenswerten Ende des zweiten Quartals auf 44, während die umsatzgenerierenden Vermögenswerte von 23 auf 29 stiegen und sich die Auslastungsquote von 61 % auf 66 % verbesserte.
• Das Management hob seinen Ausblick für die bereinigte EBITDA-Marge für das Gesamtjahr 2026 auf den mittleren 10-Prozent-Bereich an und bestätigte das erwartete Umsatzwachstum von mehr als 90 %.
• Das Unternehmen rechnet für 2027 mit einem Anstieg des bereinigten EBITDA um mehr als 40 % gegenüber dem bereinigten EBITDA des Gesamtjahres 2026.
• Mammoth kündigte eine vorrangig besicherte Laufzeitkreditfazilität von bis zu 58 Millionen US-Dollar mit der Bank 7 an, um weitere Investitionen im Luftfahrtbereich zu unterstützen und gleichzeitig die Flexibilität der Bilanz zu wahren.

Finanzielle Kerndaten

Geschäfts- und operative Entwicklung

Luftfahrt und Ausrüstungsvermietung

Der Umsatz im Vermietungssegment belief sich auf 9,6 Millionen US-Dollar, was mehr als eine Verdreifachung gegenüber dem Vorjahresquartal darstellt, verzeichnete jedoch im Vergleich zum Vorquartal einen Rückgang um 6 %, da Q2 Verkäufe von Luftfahrt-Vermögenswerten enthielt. Das bereinigte EBITDA des Segments stieg von 3,7 Millionen auf 5,0 Millionen US-Dollar bei Margen von über 50 %.

Die Luftfahrtflotte umfasste zum Quartalsende 44 Vermögenswerte: 14 Flugzeuge, 14 Triebwerke und 16 Hilfstriebwerke (APUs). 29 Vermögenswerte waren verleast, darunter 10 Flugzeuge, neun Triebwerke und 10 APUs. Laut Management besteht die wichtigste operative Priorität darin, die verbleibenden 15 Vermögenswerte zu angemessenen Leasingbedingungen zu platzieren.

Mammoth ergänzte im dritten Quartal sechs Luftfahrt-Vermögenswerte, von denen fünf im September eintrafen und daher im Laufe des Quartals nur wenig zum Umsatz beitrugen. Die Gesamtkosten des Luftfahrtportfolios erreichten rund 134,9 Millionen US-Dollar, verglichen mit 108,1 Millionen US-Dollar Ende Q2.

Die durchschnittlich vermieteten Ausrüstungseinheiten stiegen von 407 in Q2 und 286 im Vorjahr auf 430 Einheiten, unterstützt durch eine höhere Auslastung und verbesserte Preise, insbesondere in West-Texas.

Sand

Der Umsatz im Bereich Sand ging von 8,0 Millionen US-Dollar in Q2 auf 5,2 Millionen US-Dollar zurück, was primär auf geringere Frachteinnahmen zurückzuführen ist. Trotz des Umsatzrückgangs verbesserte sich das bereinigte EBITDA des Segments von einem Verlust von 0,4 Millionen US-Dollar auf ein Plus von 1,5 Millionen US-Dollar.

Das Unternehmen verkaufte rund 228.000 Tonnen zu einem Durchschnittspreis von 22,18 US-Dollar pro Tonne, nach 21,36 US-Dollar im Vorquartal. Ein besserer Umsatzmix sowie operative Effizienzsteigerungen beim Frachtbetrieb und den Waschanlagen stützten die Rentabilität.

Mammoth investierte rund 1,2 Millionen US-Dollar in neue Siebanlagen für das Werk. Das Management geht davon aus, dass das Projekt nach Abschluss die Produktionskapazität bei gleicher Schichtstundenzahl um etwa 10 % bis 15 % steigern wird.

Unterkünfte und Bohrungen

Der Umsatz im Bereich Unterkünfte belief sich auf 3,4 Millionen US-Dollar, ein Plus von 6 % gegenüber dem Vorquartal und 48 % gegenüber dem Vorjahr. Die durchschnittlich genutzten Zimmer stiegen von 259 in Q2 und 185 im Vorjahr auf 270, während die bereinigte EBITDA-Marge des Segments von 25 % auf 32 % stieg.

Der Umsatz im Bereich Bohrungen sank von 3,8 Millionen auf 2,1 Millionen US-Dollar, da die Auslastung von 43 % auf 32 % zurückging. Das Segment arbeitete auf Basis des bereinigten EBITDA annähernd kostendeckend.

Infrastruktur

Der Umsatz im Bereich Infrastruktur stieg im Jahresvergleich um 38 % auf 1,1 Millionen US-Dollar. Das Segment verzeichnete einen bereinigten EBITDA-Verlust von 0,9 Millionen US-Dollar, was dem Niveau von Q2 entspricht. Die Auslastung von Ausrüstung und Teams lag im Durchschnitt knapp unter 50 %, was mit dem Fortschreiten von Projektvergaben und der Einbindung neuer Kunden Raum für Verbesserungen lässt.

Prognose des Managements

• Das Management rechnet für das Gesamtjahr 2026 nun mit einer bereinigten EBITDA-Marge im mittleren 10-Prozent-Bereich, verglichen mit dem bisherigen Ausblick auf eine zweistellige Marge. In den ersten neun Monaten 2026 lag die Marge bereits bei 15 %.
• Das Unternehmen bestätigte seine Prognose für ein Umsatzwachstum im Gesamtjahr von mehr als 90 %.
• Die Prognose schließt zusätzliche Verkäufe von Luftfahrt-Vermögenswerten aus; das Management erklärte, dass etwaige Verkäufe dieser Art zusätzlich wirken würden.
• Mammoth rechnet im vierten Quartal mit einer saisonal schwächeren Aktivität in den Bereichen Sand, Bohrungen und Unterkünfte, während bei der Infrastruktur mit einem deutlichen Anstieg der Aktivität gerechnet wird.
• Das Management geht derzeit davon aus, dass das bereinigte EBITDA für 2027 im Vergleich zum bereinigten EBITDA des Gesamtjahres 2026 um mehr als 40 % steigen wird.
• Ohne Transaktionskosten und Anwaltskosten für Puerto Rico bestätigte das Unternehmen seine Run-Rate-Prognose für die Vertriebs- und Verwaltungskosten (SG&A) zum Jahresende von 11 bis 12 Millionen US-Dollar.

Risiken und zu beobachtende Faktoren

• Die Rohstoffpreise bleiben volatil, während Kundenbudgets und Saisonalität die Aktivität und die Ausgaben im Öl- und Gassektor beeinflussen können.
• Das Management rechnet im vierten Quartal mit einem Rückgang der Sandvolumina, der Bohraktivität und der Zimmerauslastung, da die Kunden ihre Jahresbudgets abarbeiten und der Betrieb in die saisonale Verlangsamung zum Jahresende eintritt.
• Fünfzehn Luftfahrt-Vermögenswerte generierten zum Quartalsende noch keine Leasingeinnahmen, weshalb der Zeitpunkt und die Bedingungen künftiger Einsätze für das Ergebniswachstum von Bedeutung sind.
• Die Tranche des Laufzeitkredits B in Höhe von 33 Millionen US-Dollar aus der neuen Finanzierungsfazilität unterliegt weiterhin bestimmten Bedingungen.
• Die Auslastung der Infrastruktur blieb unter 50 %, und das Segment verzeichnete trotz verbesserter Projektvergaben und Kundenübernahmen weiterhin einen bereinigten EBITDA-Verlust.

Highlights aus der Fragerunde der Analysten

Die Analystendiskussion konzentrierte sich auf den Sandmarkt im Jahr 2027. Das Management bezeichnete die Kundengespräche zur Lieferversorgung als ermutigend und gab an, dass sie dazu beitragen könnten, die Produktionskapazität zu festigen. Die Nachfragegespräche verteilten sich auf die bedienten Märkte, einschließlich Westkanada und der Region Utica/Marcellus.

Das Management betonte zudem, dass das neue Siebanlagenprojekt die Sandproduktionskapazität ohne Erhöhung der Schichtstunden um etwa 10 % bis 15 % steigern könnte, was voraussichtlich die Kostenstruktur und die Margen des Segments stützen wird.

Vollständiges Transkript der Telefonkonferenz zu den Quartalszahlen

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Thank you. Greetings and welcome to the Mammoth Energy Services Third Quarter 2026 Earnings Conference Call.

[Operator Instructions]

As a reminder, this conference is being recorded. It is now my pleasure to introduce Mohammed Topiwala, of Vizara Investor Relations. Please go ahead.

Mohammed Topiwala

Thank you, Operator, and good morning, everyone. We appreciate you joining us for Mammoth's third quarter 2026 earnings conference call. Joining us on the call today are Mark Layton, Chief Financial Officer, and Bernard Lancaster, Chief Operating Officer. We will start today with our prepared remarks and then open it up for questions. I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors cautions regarding forward-looking statements. Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our third quarter earnings press release, which can be found on our website along with the presentation that accompanies today's remarks. A reminder, today's call is being webcast and a recorded version will be available on the Investor Relations section of Mammoth's website following the conclusion of this call. With that, I'll turn the call over to Mark.

Mark Layton

Thank you, Mohammed, and good morning, everyone. I'll start with the quarter, what drove our performance, and then go over the progress we're making on our strategy, capital deployment, and our updated outlook. Bernard will then walk through operations, and I'll come back to cover segment results and the balance sheet. This was an outstanding quarter for Mammoth. Adjusted EBITDA more than doubled sequentially to $5.8 million, and our adjusted EBITDA margin expanded to 27.2% from 10% in the second quarter. This was our third consecutive quarter of positive adjusted EBITDA and our strongest profitability since the portfolio reset. The improvement in earnings was driven mainly by three things. First, aviation leasing. More of our fleet went on lease, and rentals generated three-quarters of our segment-adjusted EBITDA this quarter. Second, FAN delivered improved results, consistent with the stronger second half we anticipated on our last call, benefiting from higher pricing and better operating performance. Third, accommodations where occupancy translated into stronger earnings. Third quarter revenue was $21.3 million, nearly double the third quarter of last year, but down sequentially, largely reflecting a decline in lower margin revenue. The second quarter included aviation asset sales, which did not recur this quarter. As we have said before, we take an opportunistic approach to asset sales. Selling an asset offers a better return than continuing to lease it. We sell the asset and redeploy the capital. Sand freight revenue, which has historically carried lower margins, also declined, and drilling activity eased during the quarter. The shift toward higher margin aviation leasing combined with our lean operating model drove significant profitability improvement despite the lower sequential revenue. As more of the fleet goes on lease, we expect recurring aviation revenue to remain an important driver of earnings and margin improvement. Stepping back, I want to put these results in the context of our broader transformation. In 2025, we completed four divestitures that generated more than $150 million of proceeds, and we reinvested most of that capital in aviation leasing. A year ago, our aviation fleet had 15 assets. At the end of the third quarter, it had 44, and aviation is now the largest driver of our earnings. At the same time, we have taken costs out of the organization and brought greater discipline to how we allocate capital. Every business in our portfolio competes for capital based on its returns. Our strategy remains straightforward. Grow aviation where we see the most attractive returns, continue improving margins across the portfolio, and maintain a strong balance sheet. The results this quarter demonstrate the progress we are making. Turning to capital deployment, we invested $41.8 million during the quarter, primarily in aviation. Aviation remains our priority for capital given the attractive returns we see in that business. At September 30, the total cost of our aviation portfolio was approximately $134.9 million, up from $108.1 million as of June 30. We continue to evaluate opportunities to expand the fleet based on expected returns, deployment opportunities, and available liquidity. This morning, we announced a senior secured term loan facility with Bank 7, providing for commitments of up to $58 million, subject to the terms and conditions of the facility. This is an important financing milestone given it is our first financing against the fleet and provides additional liquidity and capital to support continued growth in aviation. This is a natural next step in the evolution of our aviation platform. We have built the fleet to this point entirely with our own capital, including proceeds from divestitures. As we move into the next phase of growth, we now have the ability to combine operating cash flow with prudent asset-backed financing to continue scaling the business while maintaining balance sheet flexibility. I'll discuss the terms of the new facility in more detail when I return to the balance sheet. Turning to our markets and outlook. In aviation, demand for aircraft, engines, and auxiliary power units remained favorable during the quarter, supporting increased lease activity and revenue. Continue to see opportunities to expand the fleet where we can earn attractive risk-adjusted returns. In oil and gas, customer activity has improved this year, although commodity prices remain volatile. In our gas-weighted markets, natural gas demand continues to support activity, while customer budgets and seasonality affect the pace of spending. We expect a seasonally softer fourth quarter in sand, accommodations, and drilling. In fiber, demand continues to be supported by investment in broadband and communications infrastructure. Against that backdrop, we are once again raising our full-year adjusted EBITDA margin outlook. When we established our 2026 guidance in March, we said positive adjusted EBITDA was within reach, and we viewed mid-teens margins as a 2027 objective. In May, we committed to positive adjusted EBITDA for the full year. In August, we raised our outlook to double-digit margins. Today, we are raising it again. We now expect full year 2026 adjusted EBITDA margins in the mid-teens, putting us roughly a year ahead of the plan we laid out in March. Through the first nine months, our adjusted EBITDA margin was already 15%. We are also reaffirming our outlook for full-year revenue growth of >90%. Guidance does not include any further aviation asset sales, so any sales would be additive. It also incorporates a seasonally softer fourth quarter in sand, drilling, and accommodations, which Bernard will cover in more detail. Despite the normal seasonal slowdown we expect in the first quarter, our improved outlook reflects the strength of our year-to-date performance and the growing contribution from aviation leasing. Turning briefly to 2027, as we announced this morning, we currently expect 2027 adjusted EBITDA to increase by more than 40% compared with full year 2026 adjusted EBITDA. With that, I'll turn it over to Bernard.

Bernard Lancaster

Thanks, Mark, and good morning, everyone. I'll start with aviation and then walk through the rest of the portfolio. In aviation, we grew the fleet to 44 assets at quarter end, up from 38 at the end of June. That includes 14 aircraft, 14 engines, and 16 auxiliary power units or APUs. Utilization improved as well. Twenty-nine assets were on lease and generating revenue at quarter end, up from 23 at the end of the second quarter. That includes 10 aircraft, 9 engines, and 10 APUs. As a result, our deployment rate rose to 66% from 61%. And of the assets we added in the second quarter, all but three are now earning revenue. During the third quarter, we added six assets to the aviation fleet consisting of two narrow body engines, 1 regional engine, along with two wide body APUs and 1 regional APU. Five of the six arrived in September, so they had little time to earn in the quarter and will contribute as we place them on lease. Our main operating focus is placing the remaining 15 assets on appropriate terms, and we expect the number of revenue-producing assets to continue growing. In equipment rental, average pieces of equipment on rent rose to 430 from 407 in the second quarter and 286 a year ago. We saw incremental growth in utilization during the third quarter, along with pricing improvement, particularly from our equipment deployed in West Texas. In sand, we sold approximately 228,000 tons in line with the second quarter at an average price of $22.18 per ton, up from $21.36 per ton. Sand delivered a much improved performance in the third quarter, driven by a better sales mix between produced and brokered sand, along with efficiency gains in freight and at the wash plant. Given the seasonal nature of sand production, the third quarter is typically our most efficient period to mine and wash sand. The team took full advantage of that window, which this year also coincided with strong market demand. During the quarter, we invested approximately $1.2 million in new screeners for the plant. The project will be completed in the fourth quarter and will increase the plant's volume capacity going forward. Discussions with customers on 2027 sales volumes have started. We expect fourth quarter volumes to soften, as is typical when customers exhaust their annual budgets and activity flows into year end. In accommodations, average rooms utilized rose to 270 from 259 in the second quarter and 185 a year ago. Room nights on rent rose 5% sequentially to about 24,800. The team executed well, and the margins improved quarter over quarter. We expect a seasonal softening in room utilization in the fourth quarter. In drilling, activity eased from a strong second quarter with utilization of 32% compared to 43%. We expect activity to remain soft through year end in line with the seasonal pattern as operators work through their budgets. In infrastructure, this was our first full quarter with Mission Construction and Beery Rentals and integration continued. We saw promising signs in the back half of the quarter as project awards and customer onboarding accelerated. Equipment and crew utilization averaged just below 50% for the quarter, so there is significant room for improvement. With projects coming online and customer onboarding continuing, we expect activity to build meaningfully in the fourth quarter. With that, I'll turn it back to Mark to cover the financials.

Mark Layton

Thanks, Bernard. I'll cover segment results, consolidated profitability, and then the balance sheet and capital allocation. Rental segment revenue was $9.6 million, more than triple the third quarter of last year. Sequentially, revenue declined 6% as the second quarter included aviation asset sales. Including those sales, rentals revenue grew 17%. Segment-adjusted EBITDA increased to $5 million from $3.7 million in the second quarter, with margins exceeding 50%. This demonstrates the operating leverage in our aviation platform as each additional asset placed on lease generates revenue with relatively little incremental operating cost. Sand segment revenue was $5.2 million compared to $8 million last quarter, primarily reflecting lower freight revenue. Despite the decline in revenue, segment adjusted EBITDA improved significantly to $1.5 million compared to a loss of $0.4 million in the second quarter. Accommodation segment revenue was $3.4 million, up 6% sequentially and 48% year-over-year. Segment-adjusted EBITDA margin expanded to 32% from 25% in the second quarter. The drilling segment revenue was $2.1 million compared to $3.8 million last quarter, reflecting the lower activity Bernard discussed. The segment was approximately break-even at the adjusted EBITDA level. Infrastructure segment revenue was $1.1 million, up 38% year-over-year. The segment recorded an adjusted EBITDA loss of $0.9 million in line with the second quarter. Turning to consolidated profitability, our gross margin before depreciation expanded to 47% compared to 26% in the second quarter. Improvement was driven primarily by the shift in revenue mix toward our higher margin businesses, particularly aviation leasing. SG&A was $4.1 million compared to $4.2 million in the second quarter. Year-to-date SG&A includes approximately $1.8 million in transaction costs, largely associated with the build-out of our aviation platform, as well as approximately $1.3 million related to Puerto Rico legal matters. Excluding these items, we are reaffirming our SG&A exit run rate guidance of $11 million to $12 million. Depreciation, depletion, amortization, and accretion increased to $6.6 million from $4.6 million in the second quarter, reflecting additional aviation assets placed into service and higher depletion in sand. Net income from continuing operations was $0.3 million, or 1 cent per diluted share. Turning to the balance sheet, we ended the quarter with no funded debt, $13.1 million in cash and cash equivalents, and $24.5 million in marketable securities, combined liquidity from cash and marketable securities of $37.6 million. At quarter end, our aviation fleet remained unencumbered. As I mentioned earlier, this morning we announced a $58 million term loan facility with Bank 7, secured by aviation assets held by our subsidiaries. The facility consists of a $25 million term loan A and $33 million term loan B, with term loan B subject to certain conditions. Both loans mature in October 2030. This financing marks an important next step as we scale our aviation business. Having funded the initial growth of the fleet entirely through our own capital, we now have an additional source of financing to support future investments. Importantly, it allows us to pursue growth opportunities while maintaining a disciplined approach to leverage and balance sheet flexibility. Turning to capital allocation, we invested $41.8 million during the quarter, including $40.1 million in rentals, primarily aviation. Most of the remaining investment was in sand, principally for the new screeners Bernard mentioned. Our pipeline of actionable aviation investment opportunities currently stands at approximately $24.5 million. Remain focused on deploying capital where we see the most attractive risk-adjusted returns while balancing growth opportunities, liquidity, and potential share repurchases. We did not repurchase shares during the quarter. At September 30, reported shareholders' equity was $262.6 million, or approximately $5.46 per outstanding share. Book value remains 1 reference point as we evaluate potential repurchases alongside other investment opportunities and our funding requirements. To close, this quarter demonstrates the earning power of the portfolio we have built. Aviation is becoming a larger contributor to our earnings with recurring high margin revenue while improvements in our other businesses are adding to profitability. We are now tracking toward the margin objective we originally set for 2027, roughly a year ahead of plan. And with a new financing facility in place, we are entering the next phase of growth in our aviation platform. Our focus is on building on this momentum, placing more assets on lease, improving returns across the portfolio, and remaining disciplined in how we deploy capital. I want to thank our employees for their hard work and execution this quarter and our shareholders for their continued support. With that, operator, we'll open the line.

Operator

for questions. Thank you.

[Operator Instructions]

Thank you. Our first question is from John Daniel with Daniel Energy.

Fragen und Antworten

John Daniel

Good morning, guys. Mark, I'm going to stick to my wheelhouse and ask a question on the sand market, if that's okay. I'm just curious if you could give us some thoughts on what you're seeing in terms of inquiries for 27 and what the growth prospects might be and just maybe perhaps a little color on Bakken versus Marcellus. Thank you.

Mark Layton

Thanks, John. As we look at 27, I'd say we view it as encouraging. We've got a number of discussions regarding supply arrangements for 27 that helps us firm up our production capacity. And combined with the screener project that we talked about, you know, to give you a little detail on that. We expect that to have a likely 10% to 15% impact on our production capability for the same amount of shift hours, which should have a direct impact on margin going forward. So I'd say it's dual fold. We're excited about the demand we're seeing that seems to be firming up, and we're excited about the improvements in our cost structure.

John Daniel

Okay. Do you see, is 1 basin better than the other in terms of the inquiries?

Mark Layton

I'd say as we look at 27, it's split, but we're largely on the CN, so into the MOTNY, into Western Canada, and into the Utica Marcellus. We're seeing firming demand out of the MOTNY as we look into 27 conversations.

John Daniel

Fair enough. Okay. Well, look, thank you. And it's impressive to watch the aviation growth.

Operator

Thanks, John. Thank you. There are no further questions at this time. I would like to hand the floor back over to Mark Layton for any closing comments.

Mark Layton

Thank you for joining us. This quarter marked a substantial advance in profitability and we have raised our outlook to reflect it. We look forward to updating you on our progress when we report our full year results.

Operator

This concludes today's conference call. You may disconnect your lines at this time. Thank you again for your participation.

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