Cuộc họp báo cáo kết quả kinh doanh Q3 2026 của Mammoth Energy Services (TUSK): Mảng hàng không thúc đẩy tăng trưởng biên lợi nhuận

Điểm tin chính

• Doanh thu quý 3/2026 đạt 21,3 triệu USD, gần như gấp đôi so với cùng kỳ năm trước, mặc dù giảm so với quý trước phần lớn do không còn doanh thu từ bán tài sản hàng không và doanh thu vận chuyển cát có biên lợi nhuận thấp hơn.
• EBITDA điều chỉnh tăng hơn gấp đôi so với quý trước lên 5,8 triệu USD. Biên EBITDA điều chỉnh mở rộng lên 27,2% từ mức 10,0% trong quý 2, đánh dấu quý thứ ba liên tiếp EBITDA điều chỉnh đạt mức dương.
• Cho thuê hàng không là động lực tăng trưởng lợi nhuận chính. Đội tài sản tăng lên 44 tài sản từ 38 tài sản vào cuối quý 2, trong khi số tài sản tạo ra doanh thu tăng từ 23 lên 29 và tỷ lệ triển khai cải thiện từ 61% lên 66%.
• Ban lãnh đạo đã nâng triển vọng biên EBITDA điều chỉnh cả năm 2026 lên khoảng 15% và tái khẳng định kỳ vọng tăng trưởng doanh thu hơn 90%.
• Công ty dự kiến EBITDA điều chỉnh năm 2027 sẽ tăng hơn 40% so với EBITDA điều chỉnh cả năm 2026.
• Mammoth đã công bố khoản vay hạn mức có đảm bảo cấp cao trị giá lên tới 58 triệu USD với Bank 7 nhằm hỗ trợ đầu tư thêm vào mảng hàng không, đồng thời duy trì sự linh hoạt của bảng cân đối kế toán.

Dữ liệu tài chính cốt lõi

Kết quả kinh doanh và hoạt động

Cho thuê hàng không và thiết bị

Doanh thu mảng cho thuê đạt 9,6 triệu USD, tăng hơn gấp ba so với cùng kỳ năm trước nhưng giảm 6% so với quý trước do quý 2 bao gồm cả doanh thu bán tài sản hàng không. EBITDA điều chỉnh của mảng tăng lên 5,0 triệu USD từ 3,7 triệu USD, với biên lợi nhuận trên 50%.

Đội tài sản hàng không kết thúc quý với 44 tài sản: 14 máy bay, 14 động cơ và 16 bộ nguồn phụ (APU). 29 tài sản đã được cho thuê, bao gồm 10 máy bay, 9 động cơ và 10 APU. Ban lãnh đạo cho biết ưu tiên hoạt động chính của họ là cho thuê 15 tài sản còn lại với các điều khoản hợp lý.

Mammoth đã bổ sung 6 tài sản hàng không trong quý 3, trong đó 5 tài sản được bàn giao vào tháng 9 nên đóng góp ít vào doanh thu trong quý. Tổng chi phí danh mục đầu tư hàng không đạt khoảng 134,9 triệu USD, tăng từ 108,1 triệu USD vào cuối quý 2.

Số lượng thiết bị cho thuê trung bình tăng lên 430 đơn vị từ 407 đơn vị trong quý 2 và 286 đơn vị của cùng kỳ năm trước, nhờ tỷ lệ sử dụng cao hơn và giá thuê cải thiện, đặc biệt là ở Tây Texas.

Cát

Doanh thu mảng cát giảm xuống 5,2 triệu USD từ 8,0 triệu USD trong quý 2, chủ yếu do doanh thu vận chuyển giảm. Dù doanh thu giảm, EBITDA điều chỉnh của mảng đã cải thiện lên 1,5 triệu USD từ mức lỗ 0,4 triệu USD.

Công ty đã bán khoảng 228.000 tấn với giá trung bình 22,18 USD/tấn, tăng từ 21,36 USD. Cơ cấu bán hàng tốt hơn cùng hiệu quả hoạt động ở khâu vận chuyển và nhà máy rửa cát đã hỗ trợ khả năng sinh lời.

Mammoth đã đầu tư khoảng 1,2 triệu USD vào các máy sàng mới cho nhà máy. Ban lãnh đạo kỳ vọng dự án sẽ giúp cải thiện công suất sản xuất khoảng 10% đến 15% với cùng số giờ ca làm việc sau khi hoàn thành.

Dịch vụ lưu trú và khoan

Doanh thu dịch vụ lưu trú đạt 3,4 triệu USD, tăng 6% so với quý trước và tăng 48% so với cùng kỳ năm trước. Số phòng sử dụng trung bình tăng lên 270 phòng từ 259 phòng trong quý 2 và 185 phòng của năm trước, trong khi biên EBITDA điều chỉnh của mảng tăng lên 32% từ 25%.

Doanh thu mảng khoan giảm xuống 2,1 triệu USD từ 3,8 triệu USD do công suất sử dụng giảm xuống 32% từ 43%. Mảng này đạt mức xấp xỉ hòa vốn xét trên cơ sở EBITDA điều chỉnh.

Hạ tầng

Doanh thu mảng hạ tầng tăng 38% so với cùng kỳ năm trước lên 1,1 triệu USD. Mảng này ghi nhận mức lỗ EBITDA điều chỉnh là 0,9 triệu USD, tương đương quý 2. Tỷ lệ sử dụng thiết bị và đội ngũ trung bình đạt dưới 50% một chút, vẫn còn dư địa cải thiện khi tiến độ trao thầu dự án và tiếp nhận khách hàng mới triển khai.

Dự báo của Ban lãnh đạo

• Ban lãnh đạo hiện kỳ vọng biên EBITDA điều chỉnh cả năm 2026 sẽ ở mức khoảng 15%, so với triển vọng hai chữ số trước đó. Biên lợi nhuận này đã đạt 15% trong 9 tháng đầu năm 2026.
• Công ty tái khẳng định triển vọng tăng trưởng doanh thu cả năm hơn 90%.
• Dự báo không bao gồm các khoản bán tài sản hàng không bổ sung; ban lãnh đạo cho biết mọi giao dịch bán tài sản như vậy sẽ làm tăng thêm kết quả.
• Mammoth dự kiến hoạt động quý 4 sẽ giảm do yếu tố mùa vụ trong các mảng cát, khoan và lưu trú, trong khi hoạt động hạ tầng được kỳ vọng sẽ tăng trưởng đáng kể.
• Ban lãnh đạo hiện dự kiến EBITDA điều chỉnh năm 2027 sẽ tăng hơn 40% so với EBITDA điều chỉnh cả năm 2026.
• Không bao gồm chi phí giao dịch và chi phí pháp lý tại Puerto Rico, công ty tái khẳng định dự báo quy mô chi phí SG&A hàng năm vào cuối kỳ ở mức 11 triệu đến 12 triệu USD.

Rủi ro và các yếu tố cần theo dõi

• Giá hàng hóa vẫn biến động, trong khi ngân sách của khách hàng và tính mùa vụ có thể ảnh hưởng đến hoạt động cũng như chi tiêu trong ngành dầu khí.
• Ban lãnh đạo dự kiến sản lượng cát, hoạt động khoan và tỷ lệ sử dụng phòng trong quý 4 sẽ giảm nhẹ khi khách hàng hoàn tất ngân sách hàng năm và các hoạt động bước vào giai đoạn chậm lại theo mùa vụ cuối năm.
• 15 tài sản hàng không vẫn chưa tạo ra doanh thu cho thuê vào cuối quý, khiến thời điểm và điều khoản triển khai trong tương lai trở nên quan trọng đối với sự tăng trưởng lợi nhuận.
• Phần Vay có kỳ hạn B (Term Loan B) trị giá 33 triệu USD của khoản tài trợ mới vẫn tùy thuộc vào một số điều kiện nhất định.
• Tỷ lệ sử dụng hạ tầng vẫn dưới 50% và mảng này tiếp tục báo lỗ EBITDA điều chỉnh dù việc trúng thầu dự án và tiếp nhận khách hàng mới có cải thiện.

Điểm nổi bật trong phiên Hỏi & Đáp với các chuyên gia phân tích

Thảo luận của giới phân tích tập trung vào thị trường cát năm 2027. Ban lãnh đạo mô tả các cuộc thảo luận với khách hàng về nguồn cung là đầy triển vọng và cho biết chúng có thể giúp củng cố công suất sản xuất. Các cuộc trao đổi về nhu cầu trải rộng trên khắp các thị trường hiện có, bao gồm Tây Canada và khu vực Utica/Marcellus.

Ban lãnh đạo cũng nhấn mạnh rằng dự án máy sàng mới có thể nâng năng lực sản xuất cát thêm khoảng 10% đến 15% mà không cần tăng số giờ ca làm việc, điều được kỳ vọng sẽ hỗ trợ cơ cấu chi phí và biên lợi nhuận của mảng.

Toàn văn Biên bản Cuộc họp Báo cáo Kết quả Kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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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