Slides
Page 1
S C A L I N G F O R G R O W T H Q3'26 Earnings Conference Call October 30, 2026 N A S D A Q : T U S K
Page 2
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-lookingstatements” 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”,“MammothEnergy”, 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, Adjusted EBITDA margins, aviation utilization, acquisitions, capital expenditures and other financial guidance. These forward-looking statements are based onmanagement’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 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,“RiskFactors” 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,“RiskFactors” 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 acompany’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 Q3'26 Investor Presentation | 2
Page 3
3 Q ' 2 6 R E S U L T S Highlights M A R G I N E X P A N S I O N $5.8M Q3'26 Adjusted EBITDA [1] 27.2% margin[2], up from 10.0% in Q2'26 — Adjusted EBITDA more than doubled from $2.6M; third consecutive positive quarter R E V E N U E N E A R L Y D O U B L E D Y O Y $21.3M Q3'26 Revenue • +95% YoY: led by aviation leasing, Sand and equipment rental • -18% sequentially: no asset sales vs. $2.0M in Q2'26; lower Sand freight and Drilling activity R A I S I N G F Y ' 2 6 O U T L O O K Mid-teens FY'26 Adjusted EBITDA margin outlook[2] Raised from >10% — the third increase to our 2026 profitability outlook; FY’26 revenue growth of >90% reaffirmed C A P I T A L D E P L O Y M E N T $41.8M Q3'26 Capex Aviation-led; aviation fleet at a total cost of $134.9M (Q2'26: $108.1M), funded from existing liquidity Q3'26: highest Adjusted EBITDA and margin since the portfolio reset — raising the FY'26 margin outlook to the mid-teens Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 3 [1] Adjusted EBITDA is a non-GAAP measure; see appendix for reconciliation. [2] Adjusted EBITDA margin is Adjusted EBITDA divided by total revenue, calculated on the rounded amounts presented. The FY'26 margin outlook is forward-looking; see slide 2.
Page 4
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 3 ' 2 6 $37.6M N O D E B T L I Q U I D I T Y C O M P O N E N T S Cash & Cash Equivalents $13.1M Marketable Securities $24.5M Puerto Rico A/R [1] $20.0M [1] Puerto Rico accounts receivable of $20.0M from PREPA, payable within seven days of the effective date of PREPA's plan of adjustment in its Title III proceedings. C A P I T A L S T R U C T U R E S N A P S H O T No funded debt at Q3'26; $58M aviation term loan facility closed post-quarter T O T A L D E B T $0 At Q3'26; aviation fleet unencumbered at quarter-end S H A R E S O U T S T A N D I N G ~48M 9M'26 buyback: 231k shares for $0.5M C A P E X ( Q 3 ' 2 6 ) $41.8M Aviation-led; aviation fleet at a total cost of $134.9M F I N A N C I N G C A P A C I T Y $58M Bank7 term loans closed Oct. 2026: $25M Term Loan A + $33M Term Loan B (B subject to conditions) Asset-backed financing to fund the next phase of fleet growth Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 4 Pro-Forma Liquidity (including Puerto Rico A/R) $57.6M Liquidity as of Q3'26 $37.6M
Page 5
C O M P A N Y O V E R V I E W The Mammoth Transformation A deliberate reinvention — leaner, self-funded to date, 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 A T Q 3 ' 2 6 $0 No funded debt as of Q3'26 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 organically created Aviation Platform ◆ 9 commuter aircraft ◆ 2 Light Lift Helicopters ◆ 5 Engines & 10 Auxiliary Power Units (APUs) ◆ Zero debt incurred — fully self- funded $ 6 5 M + D E P L O Y E D 9M ’ 2 6 Inflection Point ◆ Revenue $69.4M — +99% YoY ◆ Adj. EBITDA $10.4M, 15.0% margin ◆ Aviation utilization continuing to increase ◆ First use of share repurchase program ◆ 44 aviation assets in fleet ◆ FY'26 guide: >90% rev. growth, mid- teens Adjusted EBITDA margin I N F L E C T I O N Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 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
Page 6
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: Q3'26 Q 3 ' 2 6 R E V E N U E B Y S E G M E N T Revenue diversified across five reportable segments 45% 24% 16% 10% 5% 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. 44 aviation assets, 29 on lease. Equipment on rent averaged 430, up 50% 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; 270 average rooms utilized in Q3'26, up 46% year-over-year. Oil sands and adjacent end markets. Drilling — Oil & Gas Delaware Basin Directional drilling in NM/TX Infrastructure — Broadband & Data Infrastructure Opportunity Fiber install, telecom & engineering services; positioned for grid modernization, broadband expansion & data-center buildout. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 6
Page 7
Q3'26 Segment Overview Five reportable segments. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 7
Page 8
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 $134.9M F L E E T A T C O S T [ 1 ] 44 A V I A T I O N A S S E T S I N F L E E T ● Aircraft: 10 of 14 on lease[2] ● Engines: 9 of 14 on lease[2]— 8 narrow- body; 6 regional & 757 ● APUs: 10 of 16 on lease[2]— 11 wide-body; 4 narrow-body; 1 regional ● Q3 revenue mix: engines 53%, APUs 32%, aircraft 15% ● Actionable acquisition pipeline of ~$24.5M E Q U I P M E N T R E N T A L S 430 A V G . O N R E N T ( Q 3 ' 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 ● Serving oilfield and construction operations, including from our West Texas location ● Gas-basin exposure — LNG and AI / data- center demand tailwinds Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 8 $0.0M $2.0M $4.0M $6.0M $8.0M $10.0M $12.0M $14.0M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Rentals Revenue Rentals Aviation Asset Sale Q 3 ' 2 6 P E R F O R M A N C E Rentals segment revenue was $9.6 million, down 6% sequentially and up 243% year-over-year; excluding Q2'26 asset sales of $2.0 million, up 17%. [1] Total cost of the 44 aviation assets in the fleet as of September 30, 2026, including assets not yet placed in service. [2] Assets on lease in each category at quarter -end (September 30, 2026).
Page 9
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 Q3'26 Investor Presentation | 9 Aviation fleet Small passenger aircraft Equipment rentals Loaders and support fleet deployed at active job sites
Page 10
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 270 A V G R O O M S U T I L I Z E D 24,811 R O O M N I G H T S O N R E N T Q 3 ' 2 6 ● 592-room capacity — catered, comfortable lodging for remote crews ● Dining services and recreational amenities ● 40% Gross Margin in Q3'26 ● Northern Alberta oil sands & adjacent markets Q 3 ' 2 6 P E R F O R M A N C E Accommodations segment revenue of $3.4 million, up 6% sequentially and up 48% year-over-year. ≋ I N F R A S T R U C T U R E Broadband / Data 1 5 D R I L L S I N F L E E T $1.1M Q 3 ' 2 6 S E G M E N T R E V E N U E ● First full quarter from Mission Construction and BERE Rentals ● Fiber install, splicing, testing — buried & aerial; fleet of 15 drills ● Make-ready and engineering / design services ● Tailwinds: grid modernization, broadband, AI data centers Q 3 ' 2 6 P E R F O R M A N C E Infrastructure segment revenue of $1.1 million, up 22% sequentially and up 38% year-over-year. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 10 $0.0M $1.0M $2.0M $3.0M $4.0M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Accommodations Revenue $0.0M $0.5M $1.0M $1.5M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Infrastructure Revenue
Page 11
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 Q3'26 Investor Presentation | 11 Remote workforce accommodations Turnkey lodging, catering and facilities management Fiber & utility infrastructure Horizontal directional drilling crew on an active bore
Page 12
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 $1.5M Q 3 ' 2 6 S E G M E N T A D J . E B I T D A $22.18/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 ● ~$1.2M invested in new screeners in Q3'26; completion in Q4'26 adds plant capacity Q 3 ' 2 6 P E R F O R M A N C E Sand segment revenue was $5.2 million, down 35% sequentially and up 93% year-over-year. ◉ D R I L L I N G 32% Q 3 ' 2 6 U T I L I Z A T I O N +128% 9 M ' 2 6 R E V E N U E V S . 9 M ' 2 5 ● Directional drilling — efficient, precise wellbore placement ● Guidance systems and positive displacement motors ● Delaware Basin (NM/TX) — primary market Q 3 ' 2 6 P E R F O R M A N C E Drilling segment revenue was $2.1 million, down 45% sequentially and down 9% year-over-year. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 12 $0.0M $2.0M $4.0M $6.0M $8.0M $10.0M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sand Revenue $0.0M $1.0M $2.0M $3.0M $4.0M $5.0M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Drilling Revenue
Page 13
O P E R A T I N G S E G M E N T S In the Field: Sand and Drilling Recent site imagery — in-basin sand production and active drilling operations. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 13 Northern white sand mining In-basin excavation and mobile wet plant processing Drilling operations Rig on location at sunset in the Permian
Page 14
F I N A N C I A L S U M M A R Y Consolidated Financial Summary Quarter-over-quarter operational metrics from continuing operations ($ in millions, except where noted) Q3’25 Q2’26 Q3’26 Δ Sequential Δ YoY F I N A N C I A L M E T R I C S Revenue $10.9 $26.1 $21.3 -18% +95% Operating Costs[1] $10.9 $19.2 $11.4 -41% +5% Gross Profit $(0.0) $6.9 $10.0 +45% NM SG&A $4.7 $4.2 $4.1 -2% -13% Adjusted EBITDA[2] $(4.8) $2.6 $5.8 +123% NM Capital Expenditures $17.3 $44.0 $41.8 -5% +142% O P E R A T I O N A L M E T R I C S Aviation Assets in Fleet 15 38 44 +16% +193% Aviation Assets Generating Revenue (period end) 11 23 29 +26% +164% Equipment on Rent (avg) 286 407 430 +6% +50% Sand Tons Sold (000’s) 122 229 228 0% +87% Accommodations Room Nights (000’s) 17.0 23.6 24.8 +5% +46% [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 Q3'26 Investor Presentation | 14 Sequential and YoY changes are calculated on the rounded amounts presented; figures may not foot due to rounding. Aviation assets generating revenue: assets on lease at quarter-end.
Page 15
G U I D A N C E FY 2026 Outlook & Guidance: Raising Margin Outlook K E Y A S S U M P T I O N S A V I A T I O N 15 assets available to support continued lease revenue growth; outlook excludes any further aviation asset sales 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 Seasonally softer Q4 Montney / Utica / Marcellus exposure A C C O M M O D A T I O N S Seasonally softer Q4 S G & A & M A C R O $11–12M exit run-rate reaffirmed, excluding transaction costs from the aviation build-out and Puerto Rico legal costs F Y ' 2 6 G U I D A N C E Raising the full-year framework vs. the Q2’26 call METRIC ($M) 2025 ACTUAL Q2’26 CALL (PRIOR FY’26 GUIDANCE) FY’26 GUIDANCE CHANGE Revenue $44.3 >+90% >+90% Reaffirmed SG&A $19.6 $11-12M (exit rate) $11-12M (exit rate) Reaffirmed Adjusted EBITDA ($M) $(17.4) >10% Adjusted EBITDA Margin Mid-teens Adjusted EBITDA Margin Raised >90% R E V E N U E G R O W T H FY'26 vs. 2025 actual Mid-teens A D J . E B I T D A M A R G I N A 2027 objective, now expected in 2026 Aviation G R O W T H E N G I N E Full-year contribution Raising FY’26 Adjusted EBITDA margin outlook to the mid-teens; revenue growth of >90% reaffirmed Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 15 SG&A exit-rate guidance excludes transaction-related costs and other identified nonrecurring items.
Page 16
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 Proven leadership with a track record of disciplined capital allocation and business transformation— backed by Wexford Capital'sdeep 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. Q3'26 Investor Presentation | 16 B.S. Accounting, University of Central Oklahoma. CPA. Mammoth Energy Services, Inc. | NASDAQ: TUSK
Page 17
I N V E S T M E N T C A S E Why Invest in Mammoth 1 P R O V E N M A N A G E M E N T T E A M Proven leadership with a track record of disciplined capital allocation and business transformation, now scaling a high-margin, people-light aviation leasing platform from 15 to 44 assets in one year, backed by Wexford Capital’s long-term investment approach. 2 D I V E R S I F I E D P O R T F O L I O Revenue diversified across five reportable segments. Aviation leasing — high-barrier, people-light, recurring revenue. Aviation utilization continuing to increase. 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 No funded debt at Q3'26. ~$150M+ unlocked through 4 strategic transactions in 2025; aviation fleet at a total cost of $134.9M, funded from existing liquidity. New $58M aviation term loan facility adds capacity for the next phase of growth. 4 M A R G I N E X P A N S I O N Q3'26 Adjusted EBITDA of $5.8M at a 27.2% margin, more than double Q2'26; 9M'26 revenue +99% YoY. FY'26 outlook raised to a mid-teens Adjusted EBITDA margin — a 2027 objective, now expected in 2026; revenue growth of >90% reaffirmed. 5 T R A D I N G B E L O W B O O K V A L U E Book value of $5.46 per share at Q3'26; price-to-book of 0.53x[1]. $37.6M of cash and marketable securities ($57.6M pro-forma including Puerto Rico A/R [2]) and a 44-asset aviation fleet. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 17 [1] Price-to-book based on TUSK's closing share price of $2.91 on October 29, 2026 and book value of $5.46 per share at September 30, 2026. [2] Puerto Rico accounts receivable of $20.0M from PREPA, payable within seven days of the effective date of PREPA's plan of adjustment in its Title III proceedings.
Page 18
Appendix Supporting financial detail and additional information Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 18
Page 19
A P P E N D I X Quarterly Revenue by Segment Continuing operations only — excludes engineering, hydraulic fracturing and T&D businesses (presented as discontinued operations) ($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Q3'26 Rentals (Aviation + Equipment Rental) $1.9 $3.1 $2.8 $3.3 $11.1 $13.0 $10.2 $9.6 Sand $6.7 $5.4 $2.7 $1.7 $16.6 $3.9 $8.0 $5.2 Accommodations $2.1 $1.8 $2.3 $2.8 $9.0 $3.5 $3.2 $3.4 Drilling $0.2 $0.7 $2.3 $0.5 $3.7 $1.4 $3.8 $2.1 Infrastructure $0.7 $1.4 $0.8 $1.2 $4.1 $0.3 $0.9 $1.1 Total Revenue $11.6 $12.4 $10.9 $9.5 $44.3 $22.0 $26.1 $21.3 Sources: Q1'25–Q3'25 from quarterly 10-Q filings (continuing operations; Q3'25 as recast in the Q3'26 Form 10-Q); Q4'25 figures see EX-99.1 on Form 8-K filed with the SEC on May 11, 2026. Q1’26 and Q2'26 figures see EX-99.1 on Form 8-K filed with the SEC on August 7, 2026; Q3'26 figures see EX-99.1 on Form 8-K filed with the SEC on October 30, 2026. Certain prior-period values may be reclassified to current segment presentation. Figures may not sum to totals due to rounding; totals include Other and intersegment eliminations. P O R T F O L I O R E C L A S S I F I C A T I O N Effective 2025, engineering, hydraulic-fracturing and T&D businesses reclassified as discontinued operations. Pro-forma adjustments reflect the divestitures of 5 Star Electric, Higher Power Electrical, Python Equipment, and Aquawolf, and the closure of the hydraulic-fracturing operations. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 19
Page 20
A P P E N D I X Reconciliation of Net Income (Loss) to Adjusted EBITDA From continuing operations ($ in millions, continuing operations) Q1’25 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Q3'26 Net income (loss) from continuing operations (GAAP) $(2.2) $(36.5) $(12.6) $(12.3) $(63.8) $4.7 $(1.2) $0.3 Depreciation, depletion, amortization & accretion $2.1 $2.8 $2.8 $2.6 $10.3 $3.5 $4.6 $6.6 Interest (income) expense, net $(0.1) $(0.3) $(0.7) $(0.6) $(1.7) $(0.5) $0.8 $(0.2) Provision (benefit) for income taxes $0.8 $(0.9) $2.1 $2.0 $4.1 $1.5 $1.9 $0.1 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) $(0.3) Impairment of long-lived assets - $31.7 - - $31.7 - - - (Gains) / loss on marketable securities, net - - $(0.1) - $(0.1) $(7.1) $1.1 $(1.2) Other (income) / expense, net $0.3 $0.6 $1.9 $1.1 $4.0 $0.6 $(0.5) $0.5 Adjusted EBITDA from continuing operations (Non-GAAP) $(2.3) $(3.5) $(4.8) $(6.8) $(17.4) $1.9 $2.6 $5.8 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 October 30, 2026 for the full reconciliation. Figures may not sum or cross-foot to totals due to rounding. Mammoth Energy Services, Inc. | NASDAQ: TUSK Q3'26 Investor Presentation | 20