매머드 에너지 서비스(TUSK) 2026년 3분기 실적 발표 컨퍼런스 콜: 항공 부문이 마진 성장 견인

주요 요약

• 2026년 3분기 매출은 2,130만 달러로 전년 동기 대비 거의 2배 증가했으나, 항공 자산 매각의 부재와 마진이 낮은 모래 운송 매출 감소의 영향으로 전분기 대비로는 감소했습니다.
• 조정 EBITDA는 전분기 대비 2배 이상 늘어난 580만 달러를 기록했습니다. 조정 EBITDA 마진은 2분기 10.0%에서 27.2%로 확대되며 3분기 연속 조정 EBITDA 흑자를 달성했습니다.
• 항공 리스가 주된 실적 견인차 역할을 했습니다. 보유 자산은 2분기 말 38개에서 44개로 늘어났으며, 매출 창출 자산은 23개에서 29개로 증가했고 가동률은 61%에서 66%로 개선되었습니다.
• 경영진은 2026년 전체 조정 EBITDA 마진 전망치를 10%대 중반으로 상향 조정했으며, 90% 이상의 매출 성장률 전망치를 재확인했습니다.
• 회사는 2027년 조정 EBITDA가 2026년 전체 조정 EBITDA 대비 40% 이상 증가할 것으로 예상하고 있습니다.
• 매머드(Mammoth)는 재무제표 유연성을 유지하면서 추가적인 항공 투자를 지원하기 위해 뱅크 7(Bank 7)과 최대 5,800만 달러 규모의 선순위 담보 대출 약정을 체결했다고 발표했습니다.

핵심 재무 데이터

사업 및 영업 실적

항공 및 장비 임대

임대 부문 매출은 960만 달러로 전년 동기 대비 3배 이상 증가했으나, 2분기에 항공 자산 매각이 포함되어 있던 영향으로 전분기 대비로는 6% 감소했습니다. 부문 조정 EBITDA는 370만 달러에서 500만 달러로 증가했으며, 마진은 50%를 상회했습니다.

분기말 기준 항공 자산(fleet)은 항공기 14대, 엔진 14개, 보조동력장치(APU) 16개 등 총 44개로 구성되었습니다. 항공기 10대, 엔진 9개, APU 10개 등 29개 자산이 리스 중이었습니다. 경영진은 남은 15개 자산을 적절한 리스 조건으로 배치하는 것을 최우선 영업 과제로 삼고 있다고 밝혔습니다.

매머드는 3분기에 6개의 항공 자산을 추가했으나, 이 중 5개는 9월에 도입되어 해당 분기 매출 기여도가 미미했습니다. 항공 포트폴리오의 총 장부가액은 2분기 말 1억 810만 달러에서 약 1억 3,490만 달러로 증가했습니다.

임대 중인 평균 장비 수량은 가동률 상승과 가격 개선(특히 서부 텍사스 지역)에 힘입어 전년 동기 286대, 전분기 407대에서 430대로 증가했습니다.

모래

모래 부문 매출은 주로 운송 매출 감소로 인해 2분기 800만 달러에서 520만 달러로 줄었습니다. 매출 감소에도 불구하고 부문 조정 EBITDA는 40만 달러 손실에서 150만 달러 흑자로 개선되었습니다.

회사는 톤당 평균 22.18달러(전분기 21.36달러)의 가격으로 약 22만 8,000톤을 판매했습니다. 판매 믹스 개선과 운송 및 세척 공장(wash-plant)의 운영 효율성이 수익성을 뒷받침했습니다.

매머드는 신규 공장 선별기(screener)에 약 120만 달러를 투자했습니다. 경영진은 공사가 완료되면 동일한 교대 근무 시간 대비 생산 능력이 약 10%~15% 향상될 것으로 기대하고 있습니다.

숙박 및 시추

숙박 부문 매출은 340만 달러로 전분기 대비 6%, 전년 동기 대비 48% 증가했습니다. 평균 이용 객실 수는 전년 동기 185실, 전분기 259실에서 270실로 늘었으며, 부문 조정 EBITDA 마진은 25%에서 32%로 상승했습니다.

시추 부문 매출은 가동률이 43%에서 32%로 떨어지며 380만 달러에서 210만 달러로 감소했습니다. 해당 부문은 조정 EBITDA 기준 손익분기점(break-even) 수준을 나타냈습니다.

인프라

인프라 부문 매출은 전년 동기 대비 38% 증가한 110만 달러를 기록했습니다. 해당 부문은 2분기와 동일하게 90만 달러의 조정 EBITDA 손실을 기록했습니다. 장비 및 작업 인력 가동률은 평균 50%를 소폭 하회했으나, 프로젝트 수주 및 고객 확보가 진행됨에 따라 개선의 여지가 남아 있습니다.

경영진 가이던스

• 경영진은 당초 두 자릿수 마진 전망에서 2026년 전체 조정 EBITDA 마진을 10%대 중반으로 상향 조정했습니다. 2026년 첫 9개월 동안의 마진은 이미 15%를 기록했습니다.
• 회사는 연간 매출 성장률 90% 이상이라는 전망을 재확인했습니다.
• 가이던스에는 추가 항공 자산 매각이 포함되지 않았으며, 경영진은 이러한 매각이 발생할 경우 실적에 추가적인 플러스 요인이 될 것이라고 밝혔습니다.
• 매머드는 계절적 영향으로 4분기 모래, 시추, 숙박 부문 활동이 약화될 것으로 예상되는 반면, 인프라 활동은 의미 있게 증가할 것으로 기대하고 있습니다.
• 경영진은 현재 2027년 조정 EBITDA가 2026년 전체 조정 EBITDA 대비 40% 이상 증가할 것으로 예상하고 있습니다.
• 거래 비용과 푸에르토리코 관련 법률 비용을 제외하고, 회사는 연말 기점(exit run-rate) 판매관리비 가이던스를 1,100만~1,200만 달러로 재확인했습니다.

리스크 및 주목할 요소

• 원자재 가격 변동성이 지속되고 있으며, 고객 예산과 계절성이 석유 및 가스 활동과 지출에 영향을 미칠 수 있습니다.
• 경영진은 고객사들이 연간 예산을 마무리하고 영업이 연말 계절적 둔화기에 진입함에 따라 4분기 모래 물량, 시추 활동, 객실 가동률이 둔화될 것으로 예상하고 있습니다.
• 분기말 기준 15개의 항공 자산이 아직 리스 매출을 창출하지 못하고 있어, 향후 배치 시기와 조건이 수익 성장에 중요합니다.
• 신규 자금 조달 약정 중 3,300만 달러 규모의 텀론 B(Term Loan B) 부분은 여전히 특정 조건을 전제로 합니다.
• 인프라 가동률은 50% 미만에 머물렀으며, 프로젝트 수주 및 고객 확보가 개선되었음에도 해당 부문은 계속해서 조정 EBITDA 손실을 기록했습니다.

애널리스트 Q&A 하이라이트

애널리스트 질의응답은 2027년 모래 시장에 초점이 맞추어졌습니다. 경영진은 고객 공급 논의가 고무적이라며 생산 능력을 공고히 하는 데 도움이 될 수 있다고 언급했습니다. 수요에 대한 논의는 서부 캐나다와 유티카/마셀러스(Utica/Marcellus) 지역을 비롯한 대상 시장 전반에 걸쳐 이뤄졌습니다.

경영진은 또한 신규 선별기 프로젝트가 교대 근무 시간을 늘리지 않고도 모래 생산 능력을 약 10%~15% 높일 수 있어, 부문의 원가 구조와 마진을 지원할 것으로 예상된다고 강조했습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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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