EL7.AI
StocksMedium•30 October 2026•
4 min read

Mammoth Raises EBITDA Margin Outlook to Mid-Teens After Revenue Grows 95%

Key Facts

1Mammoth’s third-quarter revenue rose 95% year over year to $21.3 million.
2Net income from continuing operations was $0.3 million, compared with a loss of $12.6 million a year earlier and a loss of $1.2 million in the previous quarter.
3The company raised its 2026 adjusted EBITDA margin outlook to the mid-teens, for the third time this year, while expecting revenue growth of more than 90%.
4On October 21, INVE forecast preliminary third-quarter net income of $0.4 million to $0.8 million.

Mammoth Energy Services raised its 2026 adjusted earnings before interest, taxes, depreciation and amortization margin outlook to the mid-teens after third-quarter revenue grew 95% year over year to $21.3 million. The company said in its results statement that this was its third upward revision to its outlook this year, while keeping its annual revenue growth estimate above 90%. Net income from continuing operations was $0.3 million, compared with a loss of $12.6 million in the third quarter of 2025 and a loss of $1.2 million in the second quarter of 2026. Chief Financial Officer Mark Layton said revenue had "nearly doubled year over year," describing the quarter as exceptional and evidence of the company’s focus on returns. The results reflect improved revenue and earnings, while the EBITDA margin remains a measure of operations separate from net income.

Adjusted EBITDA margin exceeded 27.2% in the third quarter, compared with 10.0% in the second quarter, as the measure rose to $5.8 million after more than doubling quarter over quarter. For the first nine months of 2026, the margin was 15.0%. The company’s August estimate projected an annual margin above 10% and revenue growth above 90%, after it said at the time that it had raised its outlook for the second time during the year. The new update raises the targeted margin to the mid-teens while maintaining the revenue growth outlook. That puts the third-quarter margin above the previously announced annual outlook, while the full-year measure is based on cumulative results and the rest of the year.

The leasing segment generated third-quarter revenue of $9.6 million, compared with $2.8 million a year earlier, but below $10.2 million in the second quarter. The company attributed the year-over-year increase mainly to expansion of its aviation fleet and a higher utilization rate, with $5.4 million in aviation revenue growth linked to those two factors. The aviation portfolio totaled 44 assets on September 30, including 14 aircraft, 14 engines and 16 auxiliary power units. Twenty-nine of those assets were generating revenue at the end of September, compared with 23 of 38 assets on June 30. The comparison shows an increase in income-generating assets alongside portfolio growth, while the company did not describe asset sales as a driver of revenue growth.

In its sand segment, Mammoth sold about 228,000 tons in the third quarter, compared with about 122,000 tons in the same period a year earlier. The average selling price rose to $22.18 per ton from $18.26, and the company said the improvement was mainly linked to a change in the mix of grades sold. Lodging services revenue also increased to $3.4 million from $2.3 million a year earlier. The average number of rooms in use was 270 during the quarter, compared with 185 in the third quarter of 2025. Layton said improved leasing in aviation, sand and lodging supported results, linking performance to the company’s focus on returns.

Looking to 2027, Mammoth expects adjusted EBITDA to rise by more than 40% compared with its 2026 total. The estimate is based on continued operation of the current fleet, additional contributions from aviation investments and improved operations. The outlook does not assume the sale of material assets from the aviation portfolio. In the context of financing expansion, the total cost of the aviation portfolio was about $134.9 million on September 30, and the chief financial officer said it was funded without debt. He said the facility enables financing for the next stage of fleet growth while preserving liquidity.

In a separate news item, INVE Technologies on October 21 announced preliminary estimates for revenue of $2.9 million to $3.1 million for the quarter ended September 30, and a gross margin of 18% to 19%. It estimated net income at $0.4 million to $0.8 million, or $0.01 to $0.02 per share. The company said its cash balance was $87.1 million on September 30, and that the estimates reflect the completion of the sale of Trackonomy Systems assets on September 15. On the same day, it announced a self-tender offer of up to $20 million, at a price of $2.85 to $3.40 per share, set to expire on November 19 unless extended or terminated. INVE expects to announce final full third-quarter results around November 12; these facts do not confirm the alleged subsequent revision or the loss figures included in the first draft.