Mammoth Energy Services just dropped its Q3 2026 scorecard and the stock is already reacting. After the release, the shares closed at US$3.18, up 9.3% on the day, capping a strong short term run into the print.

The headline is all about profitability, not revenue. Adjusted earnings before interest, tax, depreciation and amortization jumped to US$5.8 million with margin widening to 27.2%, powered mainly by high return aviation leasing. Price action is cheering the story, yet the business is still loss making over the last 12 months, which keeps a hard edge on today’s enthusiasm.

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Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs. Q3 2025): US$21.346 million vs. US$14.801 million (higher year on year, with Q3 2025 revenue affected by discontinued operations and an unusual negative total)

• Net Income/Loss, excl. extra items (Q3 2026 vs. Q3 2025): Net income of US$0.294 million vs. a loss of US$12.058 million (clear swing back into profit on this measure)

• Basic EPS (Q3 2026 vs. Q3 2025): US$0.006108 per share vs. a loss of US$0.249348 per share (meaningfully improved per share result)

• Adjusted EBITDA Margin (Q3 2026 vs. Q2 2026): 27.2% vs. 10% (margin strengthened sharply, with management pointing to aviation leasing as the main driver)

Ask Charlie what makes Mammoth’s aviation margins so much higher.

Mammoth’s margin story meets hard EBITDA proof

Bulls argue Mammoth Energy Services can turn cost cuts and an aviation pivot into structurally higher profitability.

“Mammoth has been working to simplify its business, reduce overhead expenses, and focus capital on businesses with stronger return potential. Management has also highlighted the growing contribution of its aviation platform and improvements across its operating segments.”

Q3 shows real progress. Adjusted EBITDA reached US$5.8 million and margin widened to 27.2%, with aviation leasing now the largest earnings contributor and segment margins above 50%. Sand flipped from a loss to US$1.5 million of adjusted EBITDA. Raised full year margin guidance to mid teens marks a clear execution checkpoint.

Profitability risk remains despite Mammoth’s margin gains

The bear story questions whether cleaner adjusted metrics can mask ongoing earnings pressure further down the income statement.

“Investors should also distinguish adjusted EBITDA margin from operating margin and net profit margin. These measures account for different expenses, so a forecast for one cannot automatically be applied to the others.”

That caution still matters. Mammoth Energy Services reports adjusted EBITDA strength yet remains loss making over the last 12 months. Depreciation and amortization climbed to US$6.6 million in Q3, SG&A was US$4.1 million, and infrastructure posted a US$0.9 million adjusted EBITDA loss. Higher aviation leverage through the Bank7 term loan also adds financial risk if segment economics soften.

The price and this Narrative do not agree. → Uncover what this Narrative says Mammoth Energy Services is actually worth.

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Companies discussed in this article include TUSK.

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