猛犸象能源服务 (TUSK) 2026年第三季度业绩电话会议：航空业务推动利润率增长

要点速览

• 2026年第三季度营收为2130万美元，较上年同期近乎翻倍，但受缺乏航空资产出售以及低毛利的支撑砂运输营收减少的主要影响，环比有所下降。
• 调整后EBITDA环比翻倍以上，达到580万美元。调整后EBITDA利润率从第二季度的10.0%扩大至27.2%，实现连续第三个季度调整后EBITDA为正。
• 航空租赁是主要的盈利驱动力。机队资产规模由第二季度末的38项增至44项，产生收益的资产由23项增至29项，部署率从61%提升至66%。
• 管理层将2026全年调整后EBITDA利润率预期上调至15%左右，并重申预计营收增长将超过90%。
• 公司预计2027年调整后EBITDA将比2026全年调整后EBITDA增长40%以上。
• Mammoth宣布与Bank 7达成最高达5800万美元的高级担保定期贷款额度，以支持进一步的航空投资，同时保持资产负债表的灵活性。

核心财务数据

业务与经营业绩

航空及设备租赁

租赁板块营收为960万美元，较上年同期翻了两番以上，但环比下降6%，原因在于第二季度包含航空资产出售收入。板块调整后EBITDA从370万美元增至500万美元，利润率超过50%。

截至本季度末，航空机队拥有44项资产：14架飞机、14台发动机和16台辅助动力装置（APU）。已有29项资产处于出租状态，包括10架飞机、9台发动机和10台APU。管理层表示，其主要营运优先事项是以合适的租赁条款出租剩余的15项资产。

Mammoth在第三季度新增了6项航空资产，其中5项于9月到货，因此在季度内贡献的营收较少。航空资产组合的总成本达到约1.349亿美元，高于第二季度末的1.081亿美元。

在较高的利用率和价格改善（特别是西德克萨斯地区）的支撑下，在租设备平均数量从第二季度的407台和上年同期的286台增至430台。

支撑砂

支撑砂营收从第二季度的800万美元降至520万美元，主要由于货运收入减少。尽管营收下降，该板块调整后EBITDA仍从亏损40万美元改善至盈利150万美元。

公司售出约22.8万吨支撑砂，平均价格从每吨21.36美元增至22.18美元。更优的销售组合以及货运和洗砂厂运营效率的提升支撑了盈利能力。

Mammoth向新的工厂筛分设备投资了约120万美元。管理层预计，项目完成后，在相同班次工时下，产能将提升约10%至15%。

住宿与钻井

住宿业务营收为340万美元，环比增长6%，同比增长48%。平均利用客房数从第二季度的259间和上年同期的185间增至270间，而板块调整后EBITDA利润率从25%提升至32%。

钻井业务营收因利用率从43%降至32%而从380万美元降至210万美元。在调整后EBITDA基础上，该板块基本实现收支平衡。

基础设施

基础设施业务营收同比增长38%至110万美元。该板块录得调整后EBITDA亏损90万美元，与第二季度持平。设备与施工人员利用率平均略低于50%，随着项目中标和客户入驻的推进，仍有提升空间。

管理层业绩指引

• 管理层目前预计2026全年调整后EBITDA利润率在15%左右，而此前展望为两位数。2026年前九个月的利润率已达15%。
• 公司重申了全年营收增长90%以上的展望。
• 指引不包含额外的航空资产出售；管理层表示，任何此类出售都将带来额外增量。
• Mammoth预计第四季度支撑砂、钻井和住宿业务活动受季节性影响有所放缓，而基础设施业务活动预计将显著增加。
• 管理层目前预计2027年调整后EBITDA将比2026全年调整后EBITDA增长40%以上。
• 在扣除交易成本和波多黎各法律费用后，公司重申其SG&A退出运行率指引为1100万至1200万美元。

风险与关注事项

• 大宗商品价格维持波动，而客户预算和季节性因素可能影响油气活动和支出。
• 管理层预计，随着客户完成年度预算消化以及经营进入季节性年末放缓期，第四季度支撑砂销量、钻井活动和客房利用率将有所回落。
• 截至季度末，尚有15项航空资产未产生租赁收入，因此未来部署的时机和条款对盈利增长至关重要。
• 新融资额度中3300万美元的B类定期贷款（Term Loan B）部分仍须满足特定条件。
• 基础设施利用率维持在50%以下，尽管项目中标和客户入驻有所改善，该板块仍持续录得调整后EBITDA亏损。

分析师问答亮点

分析师讨论的焦点在于2027年的支撑砂市场。管理层表示与客户关于供应的讨论令人鼓舞，并称这有助于巩固产能。关于需求的讨论覆盖了所服务的各个市场，包括加拿大西部和Utica/Marcellus地区。

管理层还强调，新的筛分设备项目可以在不增加班次工时的情况下将支撑砂产能提高约10%至15%，预计这将对该板块的成本结构和利润率形成支撑。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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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