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N493SA SCALING FOR GROWTH Q2'26 Earnings Conference Call August 7 , 2026 MAMMOTH NASDAQ : TUSK
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Disclaimer Forward-Looking Statements This presentation (and any oral statements made regarding the subjects of this presentation) contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth Energy Services, Inc. (“Mammoth”, “Mammoth Energy”, the “Company” or “we”) expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as “may,” “will,” “could,” “should,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “estimate,” “project,” “forecast,” “target,” “continue,” “potential,” or similar expressions, and the negative thereof. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include statements, estimates and projections regarding the Company’s expectations, plans, objectives, strategies, business outlook, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, business trends, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. Forward-looking statements include, without limitation, the Company’s 2026 outlook, including expected revenue growth, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance. These forward-looking statements are based on management’s current expectations and beliefs, forecasts for the Company’s existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, actual outcomes and results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, among others: the impact of the recent divestiture of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC, Python Equipment LLC and Aquawolf LLC, and the equipment previously used in our hydraulic fracturing business; general economic, financial and industry conditions, including inflation, commodity price volatility and fluctuations in customer spending and capital expenditure activity; conditions in the energy, infrastructure, aviation, rental equipment and natural sand proppant markets that affect demand for our services and products; fluctuations in the value of our marketable securities portfolio and the impact of unrealized gains and losses on our reported financial results; our ability to execute our business strategy, successfully integrate acquired businesses, realize anticipated acquisition benefits, grow existing operations and identify additional growth opportunities; our ability to successfully deploy capital into aviation assets, achieve expected utilization levels and realize anticipated returns on aviation-related investments; the availability and cost of labor, equipment, materials, replacement parts and other operational resources; customer concentration, customer payment risks and our ability to collect outstanding receivables, including the timing and collectability of amounts owed by the Puerto Rico Electric Power Authority (“PREPA”); the adequacy of our capital resources and liquidity; governmental actions, regulations, permitting requirements, trade policies, tariffs and other legal or regulatory developments; litigation, claims, investigations and other contingent liabilities; weather events, natural disasters, acts of war, terrorism, civil unrest, cybersecurity incidents and other events beyond our control; and the other risks and uncertainties described under Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026, as updated by Part II, Item 1A, “Risk Factors” in our subsequent Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K and other filings we make with the SEC, which are available on the SEC’s website at www.sec.gov and on Mammoth’s website at www.ir.mammothenergy.com. The forward-looking statements contained in this presentation speak only as of the date of this presentation or, if earlier, as of the date they were made, and are based on information available to us as of that date. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, and readers are cautioned not to place undue reliance on these forward-looking statements. Non-GAAP Financial Measures Adjusted EBITDA from continuing operations is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA from continuing operations as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, (gains) losses on disposal of assets, net, impairment of long-lived assets, equity based compensation, stock based compensation, interest (income) expense, net, (gains) losses on marketable securities, net, other (income) expense, net and provision (benefit) for income taxes. We exclude the items listed above from net income (loss) from continuing operations in arriving at Adjusted EBITDA from continuing operations because these amounts can vary substantially from company to company within our industries depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA from continuing operations should not be considered as an alternative to, or more meaningful than, net income (loss) from continuing operations or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA from continuing operations are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets, none of which are components of Adjusted EBITDA from continuing operations. Our computations of Adjusted EBITDA from continuing operations may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA from continuing operations is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA from continuing operations, or Adjusted EBITDA margin, to net income (loss) from continuing operations because the individual reconciling items cannot be determined without unreasonable efforts, given the uncertainty and potential variability of the items excluded from the measure. Accordingly, the Company is unable to address the probable significance of the unavailable information. For a reconciliation of Adjusted EBITDA from continuing operations to net income (loss) from continuing operations, please refer to our earnings release furnished to, and other filings we make with, the SEC and the appendix attached to this presentation under Non-GAAP Definitions and Reconciliations. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 2
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2 Q ' 2 6 R E S U L T S Highlights S T R O N G R E V E N U E I N F L E C T I O N $26.1M Q2'26 Revenue • +19% sequentially: driven by growth in Sand, Drilling and Infrastructure, together with continued expansion in recurring rental revenue • +110% YoY: driven by a full quarter of aviation rentals contribution and recovery across Equipment rental utilization S H A R E H O L D E R R E T U R N S $0.1M Share Buyback Program H1’26; $0.5M returned via buyback, purchased 230k shares I N C R E A S I N G A D J U S T E D E B I T D A M A R G I N $2.6M Adjusted EBITDA [1] Second consecutive positive quarter — 10% margin, up from $1.9M in Q1'26 C A P I T A L D E P L O Y M E N T $44M Q2'26 Capex Aviation-led: $41.2M of rental services capex; over $100M deployed into aviation to date, funded from existing liquidity Q2'26 marks an inflection point — debt-free balance sheet, growing recurring revenue, and disciplined capital deployment Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 3 [1] Adjusted EBITDA is a non-GAAP measure; see appendix for reconciliation.
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B A L A N C E S H E E T & C A P I T A L Capital Position & Pro-Forma Liquidity L I Q U I D I T Y a s o f Q 2 ' 2 6 $77.0M D E B T F R E E L I Q U I D I T Y C O M P O N E N T S Cash & Cash Equivalents $50.9M Marketable Securities $26.1M Puerto Rico A/R [1] $20.0M [1] Puerto Rico accounts receivable outstanding of $20M, expected to be collected after PREPA emerges from Chapter 11. C A P I T A L S T R U C T U R E S N A P S H O T Disciplined balance sheet supporting growth and shareholder returns T O T A L D E B T $0 Maintain debt-free profile through cycles S H A R E S O U T S T A N D I N G ~48M H1'26 buyback: 230k shares for $0.5M C A P E X ( Q 2 ' 2 6 ) $44M Aviation-led; $100M+ deployed since 2025 through Q2’26 A S S E T - S A L E P R O C E E D S $150M+ Cumulative since 2025 — 4 transactions Debt-free balance sheet preserves flexibility for organic growth and opportunistic capital returns Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 4 Pro-Forma Liquidity (including Puerto Rico A/R) $97.0M Liquidity as of Q2'26 $77.0M
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C O M P A N Y O V E R V I E W The Mammoth Transformation A deliberate reinvention — leaner, debt-free, and positioned for sustainable returns P E A K L O N G - T E R M D E B T ( 2 0 1 7 ) ~$100M Complex levered balance sheet T O T A L A S S E T - S A L E P R O C E E D S ~$150M+ 4 transactions: T&D, Engineering, Frac Equip, Sand D E B T T O D A Y $0 Fully debt-free as of Q2 ‘26 2024 – 2025 Portfolio Reset ◆ $168M PREPA settlement received ◆ T&D and Engineering sold ◆ Frac Equipment exited ◆ Sand assets divested (Piranha Sand Mine) ◆ All debt repaid in full 4 T R A N S A C T I O N S 2025 Capital Deployment ◆ $65M+ redeployed into new Aviation Platform ◆ 9 commuter aircraft ◆ 2 Light Lift Helicopters ◆ 5 Engines & 11 Auxiliary Power Units (APUs) ◆ Zero debt incurred — fully self- funded $ 6 5 M + D E P L O Y E D H1 ’ 2 6 Inflection Point ◆ Revenue $48.1M — +100% YoY ◆ Adj. EBITDA of $4.5M in H1'26 ◆ Aviation ramping toward full utilization ◆ First use of share repurchase program ◆ $97M Pro-Forma Liquidity [1] ◆ FY'26 guide: >90% rev. growth, >10% margin I N F L E C T I O N Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 5 B E F O R E 2 0 2 5 Legacy Portfolio ◆ Hydraulic fracturing operations ◆ T&D & engineering services ◆ PREPA infrastructure contract ◆ Sand mining & processing ◆ ~$100M long-term debt (2017 peak) ◆ Complex, levered balance sheet H I G H L E V E R A G E [1] Includes Puerto Rico accounts receivable outstanding of $20M, expected to be collected after PREPA emerges from Chapter 11.
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P O R T F O L I O D I V E R S I F I C A T I O N Diversified Revenue Mix: Q2'26 Q 2 ' 2 6 R E V E N U E B Y S E G M E N T Five-segment portfolio reduces single-market risk 39% 31% 12% 15% 3% Rentals (Aviation + Equipment Rental) Sand Accommodations Drilling Infrastructure P O R T F O L I O S T R E N G T H S Rentals — Growing recurring leasing and equipment-rental base Aviation leasing creates a high-barrier, people-light recurring stream. 38 Aviation assets. Equipment rental assets on rent averaged 407, up 38% year- over-year. Sand — Gas-Basin Exposure Taylor plant ~2.2M tons/yr capacity. Serving Montney, Utica & Marcellus — gas- weighted basins benefiting from LNG & power demand. Accommodations — Returns Generation Catered remote lodging for energy & construction crews; 259 average rooms utilized in Q2'26, up 79% year-over-year. Oil sands and adjacent end markets. Drilling — Oil & Gas Delaware Basin Directional drilling in NM/TX Infrastructure — AI Data Center Tailwind Fiber install, telecom & engineering services; positioned for grid modernization, broadband expansion & data-center buildout. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 6
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Q2'26 Segment Overview Five reportable segments. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 7
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R E N T A L S S E G M E N T Rentals — Aviation & Equipment Recurring-revenue platform anchored by aviation leasing and a diversified base of construction & oilfield rentals. A V I A T I O N $100M+ I N V E S T E D S I N C E 2025 [ 1 ] 38 A V I A T I O N A S S E T S I N F L E E T ● 12 small passenger aircraft ● 2 light-lift helicopters ● 11 aircraft engines and 13 auxiliary power units ● Aviation certifications E Q U I P M E N T R E N T A L S 407 A S S E T S O N R E N T ( Q 2 ' 2 6 ) >80% A C T I V I T Y I N G A S B A S I N S ● Cranes, skidsteers, aerial lifts, telehandlers ● Generators, light plants and towers ● Equipment serving oilfield and construction operations ● Gas-basin exposure — LNG and AI / data- center demand tailwinds Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 8 $0.0M $2.0M $4.0M $6.0M $8.0M $10.0M $12.0M $14.0M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Rentals Revenue Rentals Aviation Asset Sale Q 2 ' 2 6 P E R F O R M A N C E Rentals segment revenue was $10.2 million, down 22% sequentially and up 229% year-over-year. Rental revenue excluding aviation asset sales increased to approximately $8.2 million in Q2 2026. [1] Over $100 million deployed into the aviation portfolio as of June 30, 2026; $41.2 million of rental services capital expenditures in Q2'26.
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O P E R A T I N G S E G M E N T S In the Field: Rentals Recent site imagery — aviation fleet and heavy equipment rentals. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 9 Aviation fleet Small passenger aircraft Equipment rentals Loaders and support fleet deployed at active job sites
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O P E R A T I N G S E G M E N T S Accommodations & Infrastructure Favorable Secular tailwinds — remote energy lodging and AI / data-center–driven fiber demand. ■ A C C O M M O D A T I O N S 259 A V G R O O M S U T I L I Z E D 23,554 R O O M N I G H T S O N R E N T Q 2 ' 2 6 ● Catered, comfortable lodging for remote crews ● Dining services and recreational amenities ● 34% Gross Margin in Q2'26 ● Northern Alberta oil sands & adjacent markets Q 2 ' 2 6 P E R F O R M A N C E Accommodations segment revenue of $3.2 million, down 9% sequentially and up 78% year-over-year. ≋ I N F R A S T R U C T U R E AI / Data S T R A T E G I C A L I G N M E N T $0.9M Q 2 ' 2 6 S E G M E N T R E V E N U E ● Acquired Mission Construction and BERE Rentals in Q2'26 ● Fiber install, splicing, testing — buried & aerial ● Make-ready and engineering / design services ● Tailwinds: grid modernization, broadband, AI data centers Q 2 ' 2 6 P E R F O R M A N C E Infrastructure segment revenue increased sequentially to $0.9 million, including an initial contribution from the June 2026 acquisitions. The business remains in an early-stage rebuilding scale. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 10 $0.0M $1.0M $2.0M $3.0M $4.0M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Accommodations Revenue $0.0M $0.5M $1.0M $1.5M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Infrastructure Revenue
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O P E R A T I N G S E G M E N T S In the Field: Accommodations & Infrastructure Recent site imagery — remote lodging village and active fiber bore. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 11 Remote workforce accommodations Turnkey lodging, catering and facilities management Fiber & utility infrastructure Horizontal directional drilling crew on an active bore
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O P E R A T I N G S E G M E N T S Sand & Drilling Montney basin sand exposure and a Permian-leveraged directional drilling business. ▲ SAND ~2.2M Tons/Yr T A Y L O R P L A N T C A P A C I T Y $21.36/ton P R I C E / T O N ● Sand mining, processing & sales for hydraulic fracturing ● End markets: Montney, Utica, Marcellus ● Gas-weighted basins benefiting from LNG / power demand Q 2 ' 2 6 P E R F O R M A N C E Sand segment revenue was $8.0 million, up 105% sequentially and up 48% year-over-year. ◉ D R I L L I N G 43% Q 2 ' 2 6 U T I L I Z A T I O N +171% S E Q U E N T I A L R E V E N U E ● Directional drilling — efficient, precise wellbore placement ● Guidance systems and positive displacement motors ● Delaware Basin (NM/TX) — primary market Q 2 ' 2 6 P E R F O R M A N C E Drilling segment revenue was $3.8 million, up 171% sequentially and 443% year-over-year. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 12 $0.0M $2.0M $4.0M $6.0M $8.0M $10.0M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Sand Revenue $0.0M $1.0M $2.0M $3.0M $4.0M $5.0M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Drilling Revenue
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O P E R A T I N G S E G M E N T S In the Field: Sand and Drilling Recent site imagery — in-basin sand production and active drilling operations. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 13 Northern white sand mining In-basin excavation and mobile wet plant processing Drilling operations Rig on location at sunset in the Permian
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F I N A N C I A L S U M M A R Y Consolidated Financial Summary Quarter-over-quarter operational metrics from continuing operations ($ in millions, except where noted) Q2’25 Q1’26 Q2’26 Δ Sequential Δ YoY F I N A N C I A L M E T R I C S Revenue $12.4 $22.0 $26.1 +19% +110% Operating Costs[1] $11.1 $16.5 $19.2 +16% +73% Gross Profit $1.3 $5.5 $6.9 +25% +431% SG&A $5.0 $3.6 $4.2 +17% -16% Adjusted EBITDA[2] $(3.5) $1.9 $2.6 +37% NM Capital Expenditures $26.9 $11.7 $44.0 +276% +64% O P E R A T I O N A L M E T R I C S Aviation Assets in Fleet — 27 38 +41% NM Aviation Assets Generating Revenue — 21 23 +10% NM Equipment on Rent (avg) 296 389 407 +5% +38% Sand Tons Sold (000’s) 242 156 229 +47% -5% Accommodations Room Nights (000’s) 13.2 24.8 23.6 -5% +79% [1] Operating costs represent cost of revenue, exclusive of depreciation, depletion, amortization and accretion. [2] Adjusted EBITDA is a non-GAAP measure; see appendix for reconciliation. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 14 Sequential and year-over-year percentage changes are calculated based on the rounded amounts presented.
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G U I D A N C E FY 2026 Outlook & Guidance: Increasing Guidance K E Y A S S U M P T I O N S A V I A T I O N Continued ramp towards full utilization across the 38 aviation assets; full-year contribution from 2025 deployments E Q U I P M E N T R E N T A L Stable rental demand; >80% gas-basin exposure positioned for LNG and AI / data-center tailwinds S A N D Disciplined volumes in Montney / Utica / Marcellus; pricing stable through cycles A C C O M M O D A T I O N S Maintain occupancy gains achieved in 2025; opportunistic optimization of dorms S G & A & M A C R O Continued cost discipline drives run-rate reduction vs. 2025; oil & gas activity assumed steady in base case F Y ' 2 6 G U I D A N C E Raising the full-year framework vs. the Q1’26 call METRIC ($M) 2025 ACTUAL Q1’26 CALL (OLD FY’26 GUIDANCE) FY’26 GUIDANCE CHANGE Revenue $44.3 >+60% >+90% Raised SG&A $19.6 $11-12M (exit rate) $11-12M (exit rate)[1] Unchanged Adjusted EBITDA ($M) $(17.4) Positive >10% Adjusted EBITDA Margin Raised >90% R E V E N U E G R O W T H FY'26 vs. 2025 actual >10% A D J . E B I T D A M A R G I N Double-digit margin in 2026, ahead of plan Aviation G R O W T H E N G I N E Full-year contribution Raising FY’26 guidance: revenue growth to >90% YoY and Adjusted EBITDA margin above 10% Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 15 [1] Excludes transaction-related costs and other identified nonrecurring items.
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Bernie Lancaster C H I E F O P E R A T I N G O F F I C E R Operations executive with more than 11 years across Mammoth subsidiaries; leadership experience spanning well services, power services, and field operations. Previously Mammoth's VP of Operations. Prior: Stingray, Redback, Great White. Finance degree, St. Edward's University. L E A D E R S H I P Experienced Management Team Decades of energy services, finance and operations experience — backed by Wexford Capital's deep sector expertise and patient, long-term capital approach. Paul Jacobi C H I E F B U S I N E S S O F F I C E R Managing Director at Wexford Capital focused on private equity energy investments, with nearly three decades of experience across investing, finance, accounting, and audit. Has served on Mammoth's board since 2020. Prior: Moody's, Kidder Peabody, KPMG. B.S. Accounting, Villanova University. CPA. Mark Layton C H I E F F I N A N C I A L O F F I C E R CFO since 2014, with more than 25 years of finance and accounting leadership across energy services and telecommunications. Prior: Stingray Pressure Pumping, Archer Well, Great White Energy Services, Crossroads Wireless, Chickasaw Holding. Q2'26 Investor Presentation | 16 B.S. Accounting, University of Central Oklahoma. CPA. Mammoth Energy Services, Inc. | NASDAQ: TUSK
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I N V E S T M E N T C A S E Why Invest in Mammoth 1 E X P E R I E N C E D M A N A G E M E N T Leadership with decades of energy services, finance and operating experience. CFO since 2014; COO with 11+ years at Mammoth. Backed by Wexford Capital's long-term capital approach. 2 D I V E R S I F I E D P O R T F O L I O Five revenue segments reduce single-market risk. Aviation leasing — high-barrier, people-light, recurring revenue. Aviation ramping toward full utilization through 2026. 3 D I S C I P L I N E D C A P I T A L D E P L O Y M E N T Zero debt. $100M+ deployed into aviation since 2025. ~$150M+ unlocked through 4 strategic transactions in 2025. Q2'26 capex of $44M funded entirely from existing liquidity, ending the quarter debt-free. 4 O R G A N I C G R O W T H T R A J E C T O R Y Q2'26 revenue +110% YoY and +19% sequential; Adjusted EBITDA of $2.6M at a 10% margin. FY'26 guidance raised to >90% revenue growth with Adjusted EBITDA margin above 10%. Sand gross margin turned positive and Drilling reached positive Adjusted EBITDA ahead of plan. 5 U N D E R V A L U E D — T R A D I N G B E L O W C A S H + A S S E T V A L U E $77.0M of cash and marketable securities ($97M pro-forma including Puerto Rico A/R [1]), a 38-asset aviation fleet, and operating businesses across 5 segments. Compelling margin of safety vs. intrinsic asset value before any credit for future earnings growth. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 17 [1] Includes Puerto Rico accounts receivable outstanding of $20M, expected to be collected after PREPA emerges from Chapter 11.
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Appendix Supporting financial detail and additional information Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 18
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A P P E N D I X Quarterly Revenue by Segment Continuing operations only — excludes engineering, hydraulic fracturing and T&D businesses (presented as discontinued operations) ($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Rentals (Aviation + Equipment Rental) $1.9 $3.1 $2.8 $3.3 $11.1 $13.0 $10.2 Sand $6.7 $5.4 $2.7 $1.7 $16.5 $3.9 $8.0 Accommodations $2.1 $1.8 $2.3 $2.8 $9.0 $3.5 $3.2 Drilling $0.2 $0.7 $2.3 $0.5 $3.7 $1.4 $3.8 Infrastructure $0.7 $1.4 $0.8 $1.2 $4.1 $0.3 $0.9 Total Revenue $11.6 $12.4 $10.9 $9.5 $44.3 $22.0 $26.1 Sources: Q1'25–Q3'25 from quarterly 10-Q filings (continuing operations); Q4'25 figures see EX-99.1 on Form 8-K filed with the SEC on May 11, 2026. Q1’26 and Q2'26 figures see EX-99.1 on Form 8-K filed with the SEC on August 7, 2026. Certain prior-period values may be reclassified to current segment presentation. Figures may not sum to totals due to rounding. P O R T F O L I O R E C L A S S I F I C A T I O N Effective 2025, engineering, hydraulic-fracturing and T&D businesses reclassified as discontinued operations. Pro-forma adjustments reflect the divestitures of 5 Star Electric, Higher Power Electrical, Python Equipment, and Aquawolf, and the closure of the hydraulic-fracturing operations. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 19
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A P P E N D I X Reconciliation of Net Income (Loss) to Adjusted EBITDA From continuing operations ($ in millions, continuing operations) Q1’25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Net income (loss) from continuing operations (GAAP) $(2.2) $(36.5) $(12.6) $(12.3) $(63.6) $4.7 $(1.2) Depreciation, depletion, amortization & accretion $2.1 $2.8 $2.8 $2.6 $10.3 $3.5 $4.6 Interest (income) expense, net $(0.1) $(0.3) $(0.7) $(0.6) $(1.7) $(0.5) $0.8 Provision (benefit) for income taxes $0.8 $(0.9) $2.1 $2.0 $4.0 $1.5 $1.9 Stock based compensation $0.2 $0.2 - - $0.4 - - Equity based compensation - - - - - - $0.5 (Gains) / losses on disposal of assets, net $(3.5) $(1.1) $1.9 $0.3 $(2.4) $(0.7) $(4.6) Impairment of long-lived assets - $31.7 - - $31.7 - - (Gains) / loss on marketable securities, net - - $(0.1) - $(0.1) $(7.1) $1.1 Other (income) / expense, net $0.3 $0.6 $1.9 $1.1 $3.9 $0.6 $(0.5) Adjusted EBITDA from continuing operations (Non-GAAP) $(2.3) $(3.5) $(4.8) $(6.8) $(17.4) $1.9 $2.6 Adjusted EBITDA from continuing operations is defined as net income (loss) from continuing operations before depreciation, depletion, amortization and accretion, (gains) losses on disposal of assets, net, impairment of long-lived assets, equity based compensation, stock based compensation, interest (income) expense, net, (gains) / loss on marketable securities, net, other (income) expense, net and provision (benefit) for income taxes. See EX-99.1 on Form 8-K filed with the SEC on August 7, 2026 for the full reconciliation. Figures may not sum or cross-foot to totals due to rounding. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q2'26 Investor Presentation | 20