猛瑪能源服務 (TUSK) 2026年第三季法說會：航空業務帶動利潤率成長

重點摘要

• 2026 年第三季營收為 2,130 萬美元，較去年同期近乎翻倍，但受航空資產出售終止以及低毛利砂石貨運營收減少的主因影響，呈現季減。
• 調整後 EBITDA 季增逾一倍至 580 萬美元。調整後 EBITDA 利潤率由第二季的 10.0% 擴展至 27.2%，為連續第三個季度實現調整後 EBITDA 正值。
• 航空租賃為主要的獲利引擎。機隊規模自第二季末的 38 項資產增加至 44 項，產生營收的資產自 23 項升至 29 項，部署率亦由 61% 提升至 66%。
• 管理層將 2026 全年調整後 EBITDA 利潤率展望調升至 15% 左右，並重申預計營收成長將超過 90%。
• 公司預期 2027 年調整後 EBITDA 將較 2026 全年調整後 EBITDA 成長超過 40%。
• Mammoth 宣布與 Bank 7 達成高達 5,800 萬美元的高級擔保定期貸款額度，以在維持資產負債表彈性的同時支援進一步的航空投資。

核心財務數據

業務與營運績效

航空與設備租賃

租賃部門營收為 960 萬美元，較去年同期成長逾兩倍，但因第二季包含航空資產出售而季減 6%。部門調整後 EBITDA 從 370 萬美元增加至 500 萬美元，利潤率超過 50%。

截至季末，航空機隊共有 44 項資產：14 架飛機、14 具引擎和 16 台輔助動力單元 (APU)。目前已有 29 項資產處於租賃狀態，包括 10 架飛機、9 具引擎和 10 台 APU。管理層表示，主要營運優先事項是以合適的租賃條款出租其餘 15 項資產。

Mammoth 在第三季新增了 6 項航空資產，其中 5 項於 9 月引進，因此在本季貢獻的營收較少。航空投資組合的總成本達到約 1.349 億美元，高於第二季末的 1.081 億美元。

在利用率提升和定價改善的支援下（特別是在西德州地區），平均出租設備量從第二季的 407 台及去年同期的 286 台增至 430 台。

砂石業務

砂石業務營收由第二季的 800 萬美元下滑至 520 萬美元，主因是貨運營收減少。儘管營收下滑，該部門調整後 EBITDA 仍從虧損 40 萬美元轉盈改善至 150 萬美元。

公司售出約 22.8 萬噸，平均價格從每噸 21.36 美元上漲至 22.18 美元。產品銷售組合改善以及貨運和洗砂廠營運效率提升，均支撐了獲利能力。

Mammoth 投資了約 120 萬美元用於新廠篩分機。管理層預估該專案竣工後，在相同班次工時下可將產能提升約 10% 至 15%。

住宿與鑽井業務

住宿業務營收為 340 萬美元，季增 6%、年增 48%。平均使用客房數自第二季的 259 間及去年同期的 185 間升至 270 間，部門調整後 EBITDA 利潤率則自 25% 擴增至 32%。

由於利用率自 43% 下降至 32%，鑽井業務營收由 380 萬美元下滑至 210 萬美元。該部門在調整後 EBITDA 方面大致實現損益兩平。

基礎設施業務

基礎設施業務營收年增 38% 至 110 萬美元。該部門錄得 90 萬美元的調整後 EBITDA 虧損，與第二季持平。設備與人員利用率平均略低於 50%，隨著專案開標與客戶接洽的推進，仍有改善空間。

管理層財務展望

• 管理層現預計 2026 全年調整後 EBITDA 利潤率將落在 15% 左右，高於先前雙位數利潤率的展望。2026 年前九個月的利潤率已達 15%。
• 公司重申全年營收成長超過 90% 的展望。
• 財務展望不包含額外的航空資產出售；管理層表示任何此類出售都將帶來額外增益。
• Mammoth 預期第四季砂石、鑽井與住宿業務活動將受到季節性放緩影響，而基礎設施業務活動預計將大幅增長。
• 管理層目前預期 2027 年調整後 EBITDA 將較 2026 全年調整後 EBITDA 成長超過 40%。
• 扣除交易成本及波多黎各法律費用後，公司重申其銷售及管理費用 (SG&A) 年化退出年率指引為 1,100 萬至 1,200 萬美元。

風險與關注焦點

• 大宗商品價格持續波動，而客戶預算與季節性因素可能影響石油與天然氣的探勘活動及支出。
• 管理層預期，隨著客戶消化年度預算以及營運進入季節性年底放緩期，第四季砂石出貨量、鑽井活動與客房利用率將會放緩。
• 截至季度末，尚有 15 項航空資產未產生租賃營收，因此未來的部署時程與條款對於獲利成長至關重要。
• 新融資額度中 3,300 萬美元的 B 類定期貸款 (Term Loan B) 部分仍須滿足特定條件。
• 基礎設施利用率維持在 50% 以下，且儘管專案中標與客戶拓展有所進展，該部門仍持續呈報調整後 EBITDA 虧損。

分析師問答亮點

分析師討論焦點集中於 2027 年砂石市場。管理層表示與客戶的供應討論令人振奮，並稱這有助於確定產能。需求方面的討論則涵蓋所服務的各個市場，包括加拿大西部以及 Utica/Marcellus 地區。

管理層亦強調，新篩分機專案可在不增加班次工時的情況下將砂石產能提升約 10% 至 15%，預期這將對該部門的成本結構與利潤率提供支撐。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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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