MAMMOTH ENERGY SERVICES, INC.TUSK
MAMMOTH ENERGY SERVICES, INC. Segments Disclosure
Reporting Segments and Geographic Areas
Reporting Segments
The Company’s Chief Business Officer, Chief Financial Officer and Chief Operating Officer comprise the Company’s CODM. Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of Adjusted EBITDA, as well as a qualitative basis, such as nature of the product and service offerings and types of customers. The Company defines Adjusted EBITDA as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, gains or losses on disposal of assets, net, impairment of long-lived assets, stock based compensation, interest (income) expense and financing charges, net, other expense (income), net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision (benefit) for income taxes, further adjusted to add back interest on trade accounts receivable. The Company’s significant segment expenses include cost of revenue, exclusive of depreciation, depletion, amortization and accretion, and selling, general and administrative expense.
The Company principally provides products and services to our customers primarily in the oil and natural gas and utility infrastructure industries. As of December 31, 2025, the Company had five reportable segments, which includes rental services (“Rentals”), infrastructure services (“Infrastructure”) and natural sand proppant services (“Sand”), accommodation services (“Accommodations”) and drilling services (“Drilling”). The Rentals segment provides construction, oilfield and aviation rentals to operators primarily in the northeast and midwest regions of the United States as well as Hawaii. The Infrastructure segment provides design and fiber optic services to utility customers in the midwest region of the United States. The Sand segment provides sand mining, processing and selling services for use in hydraulic fracturing. The Sand segment primarily services the Utica Shale and Montney Shale in British Columbia and Alberta, Canada. The Accommodations segment provides housing, kitchen and dining, and recreational service facilities for oilfield workers located in remote areas away from readily available lodging in northern Alberta, Canada. The Drilling segment provides directional drilling services primarily in the Anadarko and Permian Basins.
Sales from one segment to another are generally priced at estimated equivalent commercial selling prices. All transactions conducted between segments are eliminated in consolidation. Transactions conducted by companies within the same reportable segment are eliminated within each reportable segment. Corporate selling, general and administrative costs are allocated to each segment based on forecasted revenue, expense and asset base. Corporate interest expense is allocated to each segment based on its intercompany payable position with the Company’s corporate entity. U.S. income tax expense is not allocated to each segment. Foreign income tax expense is realized in the segment in which the foreign operations occur.
To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of December 31, 2025. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
| Year Ended December 31, 2025 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total | ||||||||||||||
| Revenue from external and related party customers | $ | 11,025 | $ | 4,086 | $ | 16,552 | $ | 8,954 | $ | 3,675 | $ | 44,292 | ||||||||
| Intersegment revenue | 73 | — | — | — | — | 73 | ||||||||||||||
| 11,098 | 4,086 | 16,552 | 8,954 | 3,675 | 44,365 | |||||||||||||||
| Reconciliation of Revenue | ||||||||||||||||||||
Eliminations(a) | (73) | |||||||||||||||||||
| Total consolidated revenue | $ | 44,292 | ||||||||||||||||||
| Less segment expenses: | ||||||||||||||||||||
| Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | $ | 6,701 | $ | 5,893 | $ | 18,117 | $ | 5,951 | $ | 3,765 | ||||||||||
| Selling, general and administrative, exclusive of stock based compensation | 4,155 | 1,019 | 5,131 | 1,957 | 944 | |||||||||||||||
| Segment Adjusted EBITDA | $ | 242 | $ | (2,826) | $ | (6,696) | $ | 1,046 | $ | (1,034) | $ | (9,268) | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Less: | ||||||||||||||||||||
Other(b) | $ | 8,163 | ||||||||||||||||||
| Depreciation, depletion, amortization and accretion | 10,292 | |||||||||||||||||||
| Gains on disposal of assets, net | (2,371) | |||||||||||||||||||
| Impairment of long-lived assets | 31,669 | |||||||||||||||||||
| Stock based compensation | 412 | |||||||||||||||||||
| Interest expense and financing charges, net | (1,670) | |||||||||||||||||||
| Other expense, net | 3,906 | |||||||||||||||||||
| Loss from continuing operations before income taxes | $ | (59,669) | ||||||||||||||||||
| Year Ended December 31, 2024 | Rentals | Infrastructure | Sand | Accommodations | Drilling | Total | ||||||||||||||
| Revenue from external customers | $ | 6,712 | $ | 1,476 | $ | 19,057 | $ | 10,851 | $ | 3,558 | $ | 41,654 | ||||||||
| Intersegment revenue | 393 | — | — | — | — | 393 | ||||||||||||||
| 7,105 | 1,476 | 19,057 | 10,851 | 3,558 | 42,047 | |||||||||||||||
| Reconciliation of Revenue | ||||||||||||||||||||
Other(b) | 3,950 | |||||||||||||||||||
Eliminations(a) | (398) | |||||||||||||||||||
| Total consolidated revenue | $ | 45,599 | ||||||||||||||||||
| Less segment expenses: | ||||||||||||||||||||
| Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties | 4,955 | 2,280 | 17,791 | 6,397 | 4,373 | |||||||||||||||
| Selling, general and administrative, exclusive of stock based compensation | 1,851 | 880 | 6,741 | 2,361 | 1,338 | |||||||||||||||
| Segment Adjusted EBITDA | $ | 299 | $ | (1,684) | $ | (5,475) | $ | 2,093 | $ | (2,153) | $ | (6,920) | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Less: | ||||||||||||||||||||
Other(b) | $ | 103,609 | ||||||||||||||||||
| Depreciation, depletion, amortization and accretion | 11,715 | |||||||||||||||||||
| Gains on disposal of assets, net | (2,762) | |||||||||||||||||||
| Stock based compensation | 875 | |||||||||||||||||||
| Interest expense and financing charges, net | 9,497 | |||||||||||||||||||
| Other expense (income), net | 64,564 | |||||||||||||||||||
| Loss from continuing operations before income taxes | $ | (194,418) | ||||||||||||||||||
(a) Includes eliminations for intersegment transactions. | ||||||||||||||||||||
(b) Includes activity related to non-operating legacy services that are no longer active. | ||||||||||||||||||||
| Rentals | Infrastructure | Sand | Accommodations | Drilling | Total | |||||||||||||||
| As of December 31, 2025: | ||||||||||||||||||||
| Total assets for reportable segments | $ | 75,004 | $ | 2,598 | $ | 68,028 | $ | 14,309 | $ | 1,859 | $ | 161,798 | ||||||||
Other assets(a) | 167,900 | |||||||||||||||||||
| Total consolidated assets, excluding discontinued operations | $ | 329,698 | ||||||||||||||||||
| As of December 31, 2024: | ||||||||||||||||||||
| Total assets for reportable segments | $ | 8,451 | $ | 1,803 | $ | 118,855 | $ | 12,811 | $ | 1,870 | $ | 143,790 | ||||||||
Other assets(a) | 130,049 | |||||||||||||||||||
| Total consolidated assets, excluding discontinued operations | $ | 273,839 | ||||||||||||||||||
(a) Includes assets related to non-operating legacy services that are no longer active as well as corporate related assets, which include cash and cash equivalents, marketable securities, restricted cash and other current assets. | ||||||||||||||||||||
Following is a breakout of purchases of property, plant and equipment for the periods indicated (in thousands):
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Rentals | $ | 69,953 | $ | 351 | ||||||||||
| Infrastructure | 128 | 299 | ||||||||||||
| Accommodations | 343 | 161 | ||||||||||||
| Drilling | 128 | 184 | ||||||||||||
| Total segment purchases of property, plant and equipment | 70,552 | 995 | ||||||||||||
Other(a) | — | 219 | ||||||||||||
| Total consolidated purchases of property, plant and equipment, excluding discontinued operations | $ | 70,552 | $ | 1,214 | ||||||||||
(a) Includes purchases related to non-operating legacy services that are no longer active. | ||||||||||||||
Geographic Areas
The following table presents consolidated revenues by country based on sales destination of the products or services (in thousands):
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| United States | $ | 27,508 | $ | 23,550 | ||||||||||
| Canada | 16,708 | 22,033 | ||||||||||||
| Other | 76 | 16 | ||||||||||||
| Total | $ | 44,292 | $ | 45,599 | ||||||||||
The following table presents long-lived assets, excluding deferred income tax assets, by country (in thousands):
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| United States | $ | 146,537 | $ | 127,712 | ||||||||||
| Canada | 7,531 | 7,549 | ||||||||||||
| Total | $ | 154,068 | $ | 135,261 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Mar 4, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.