Mammoth Energy Services, Inc. (TUSK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios de energía, Mammoth Energy Services, Inc. (Tusk) surge como una potencia de innovación y soluciones estratégicas, transformando el panorama de petróleo y gas con su modelo de negocio integral. Al integrar a la perfección, las tecnologías de vanguardia, los equipos especializados y la experiencia líder en la industria, Mammoth ofrece un valor incomparable a los clientes del sector energético a través de un lienzo de modelo de negocio meticulosamente elaborado que aborda los desafíos operativos complejos e impulsa la eficiencia de la exploración, la perforación y el desarrollo de la infraestructura.

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con grandes compañías de exploración de petróleo y gas

A partir de 2024, Mammoth Energy Services mantiene asociaciones estratégicas con las siguientes compañías clave de exploración de petróleo y gas:

Compañía	Tipo de asociación	Valor de contrato
Energía de Devon	Servicios de perforación	$ 47.3 millones
Recursos continentales	Servicios de finalización de pozo	$ 36.8 millones
Aceite de maratón	Fractura hidráulica	$ 52.6 millones

Asociaciones con fabricantes de equipos y proveedores de tecnología

Mammoth Energy Services colabora con los siguientes socios de equipos y tecnología:

• National Oilwell Varco (Nov) - Suministro de equipos de perforación
• Baker Hughes - Tecnologías de perforación avanzada
• Schlumberger - Innovación tecnológica

Relaciones colaborativas con contratistas de perforación

Las asociaciones clave del contratista de perforación incluyen:

Contratista	Alcance de colaboración	Valor anual del contrato
Energía Patterson-Uti	Operaciones de perforación terrestre	$ 89.4 millones
Nabors Industries	Servicios de perforación especializados	$ 65.2 millones

Empresas conjuntas en desarrollo de infraestructura energética

Mammoth Energy Services participa en las siguientes empresas conjuntas:

• Infraestructura de la cuenca de Midland JV - Inversión total: $ 124.7 millones
• Asociación logística de la región de Pérmica - Compromiso de capital: $ 93.5 millones

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: actividades clave

Proporcionar servicios de energía a la industria del petróleo y el gas

A partir de 2023, Mammoth Energy Services generó $ 378.4 millones en ingresos totales de los servicios de energía. La compañía opera principalmente en las regiones de la cuenca Pérmica, Eagle Ford Shale y Marcellus Shale.

Categoría de servicio	Contribución de ingresos
Servicios de fractura hidráulica	$ 212.6 millones
Servicios de finalización de pozo	$ 95.3 millones
Construcción de infraestructura	$ 70.5 millones

Servicios de alquiler y soporte de equipos

Mammoth mantiene una flota de equipos especializados valorados en aproximadamente $ 245 millones a partir del cuarto trimestre de 2023.

• Flota de equipos de fractura hidráulica: 15 spreads activos
• Equipo de bombeo de presión: valorado en $ 132.7 millones
• Tasa de utilización de equipos de alquiler: 68.5%

Construcción de infraestructura especializada

El segmento de construcción de infraestructura generó $ 70.5 millones en ingresos para 2023, con proyectos centrados principalmente en el desarrollo de la infraestructura de petróleo y gas.

Tipo de infraestructura	Número de proyectos	Valor total del proyecto
Construcción de pistola de pozo	42 proyectos	$ 43.2 millones
Infraestructura de tuberías	18 proyectos	$ 27.3 millones

Servicios de fractura hidráulica y finalización de pozos

Mammoth operó 15 propagaciones de fracturación hidráulica en 2023, con una capacidad total de caballos de fuerza de 225,000 hp.

• Tasa promedio de fracturación hidráulica diaria: 35,000 caballos de fuerza hidráulicos
• Ingresos de servicios de finalización del pozo: $ 95.3 millones
• Enfoque geográfico: cuenca de Pérmico (65%), Eagle Ford (25%), otras regiones (10%)

Soporte de logística y transporte para proyectos de energía

El segmento de logística apoyó proyectos de energía con una flota de activos de transporte valorados en $ 38.6 millones en 2023.

Activo de transporte	Cantidad	Valor total
Camiones especializados	87 unidades	$ 22.4 millones
Remolques y vehículos de apoyo	42 unidades	$ 16.2 millones

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: recursos clave

Equipo de servicio de energía especializado

A partir del cuarto trimestre de 2023, Mammoth Energy Services mantiene una flota de equipos especializados valorados en $ 187.3 millones. La cartera de equipos de la compañía incluye:

• Unidades de fractura hidráulica
• Plataformas de perforación
• Equipo de bombeo a presión

Categoría de equipo	Valor total	Cantidad
Unidades de fractura hidráulica	$ 92.6 millones	15 unidades
Plataformas de perforación	$ 56.4 millones	8 unidades
Equipo de bombeo a presión	$ 38.3 millones	22 unidades

Experiencia técnica en operaciones de petróleo y gas

Mammoth Energy Services posee extensa experiencia técnica con 237 personal de ingeniería especializada y personal técnico al 31 de diciembre de 2023.

Fuerza laboral hábil

Composición total de la fuerza laboral:

• Total de empleados: 1.124
• Personal de operaciones de campo: 876
• Especialistas técnicos: 237
• Personal administrativo y administrativo: 11

Capacidades tecnológicas avanzadas

Inversiones de infraestructura tecnológica en 2023: $ 4.2 millones, centrándose en:

• Plataformas de análisis de datos
• Sistemas de monitoreo en tiempo real
• Tecnologías de mantenimiento predictivo

Flota robusta de vehículos y maquinaria especializados

Tipo de vehículo/maquinaria	Unidades totales	Valor de reemplazo
Camiones de transporte especializados	42	$ 24.7 millones
Transportadores de equipos pesados	18	$ 12.3 millones
Vehículos de apoyo	67	$ 6.5 millones

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocio: propuestas de valor

Soluciones integrales de servicio de energía

Mammoth Energy Services ofrece soluciones de servicio de energía de extremo a extremo con las siguientes métricas clave:

Categoría de servicio	Ingresos anuales (2023)	Cobertura del mercado
Servicios de soporte de perforación	$ 287.4 millones	Estados Unidos, Canadá
Soluciones de infraestructura	$ 129.6 millones	Múltiples cuencas de energía
Alquiler de equipos	$ 96.2 millones	Despliegue a nivel nacional

Soporte operativo de alta eficiencia para proyectos de perforación

Métricas de eficiencia operativa para el soporte de perforación:

• Tasa de utilización promedio de la plataforma: 78.3%
• Mejora de la eficiencia de perforación: 14.6% año tras año
• Tiempo no productivo reducido: reducción del 22.5%

Soluciones de infraestructura y equipo personalizadas

Desglose de servicios de equipos e infraestructura:

Tipo de equipo	Unidades totales	Utilización promedio
Unidades de trabajo hidráulicas	87 unidades	72.4%
Equipo de bombeo a presión	46 unidades	65.9%
Vehículos de transporte especializados	213 unidades	81.2%

Ofertas de servicios rentables y tecnológicamente avanzados

Tecnología y métricas de eficiencia de costo:

• Inversión de I + D: $ 12.3 millones en 2023
• Ahorro de implementación de tecnología: 17.8% de reducción de costos operativos
• Inversiones de transformación digital: $ 8.6 millones

Enfoque integrado para los desafíos del sector energético

Métricas de rendimiento de integración del sector:

Área de integración	Asociaciones de colaboración	Métrica de impacto
Transición de energía renovable	7 asociaciones estratégicas	12.3% Reducción de emisiones de carbono
Innovación tecnológica	4 colaboraciones de investigación	Subvenciones de innovación de $ 6.7 millones
Iniciativas de sostenibilidad	3 programas ambientales	18.5% Reducción de residuos

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir del cuarto trimestre de 2023, Mammoth Energy Services mantiene 87 contratos de servicio a largo plazo activos con compañías de exploración de petróleo y gas, con una duración promedio de contrato de 3.2 años. El valor total del contrato para estas asociaciones es de aproximadamente $ 214.6 millones.

Tipo de contrato	Número de contratos	Valor total del contrato
Servicios de perforación	42	$ 98.3 millones
Finalización de bien	29	$ 72.5 millones
Alquiler de equipos	16	$ 43.8 millones

Gestión de cuentas dedicada

Mammoth Energy Services emplea a 23 gerentes de cuentas dedicados que atienden a clientes de primer nivel, con una tasa promedio de retención de clientes del 84.6% en 2023.

• El administrador de cuentas promedio maneja 3-4 relaciones principales de los clientes
• Clasificación trimestral de satisfacción del cliente: 7.9/10
• Canales de comunicación dedicados para los 20 mejores clientes

Soporte técnico y consulta

El equipo de soporte técnico consta de 47 ingenieros especializados, que brindan servicios de consulta remotos y remotos 24/7. Inversión anual de soporte técnico: $ 3.2 millones.

Canal de soporte	Tiempo de respuesta promedio	Horas de apoyo anuales
Soporte remoto	22 minutos	12,600 horas
Soporte en el sitio	4.5 horas	5.400 horas

Soluciones de servicio personalizadas

En 2023, Mammoth Energy Services desarrollaron 16 paquetes de servicios personalizados para los requisitos individuales del cliente, lo que representa el 22% de los ingresos totales del servicio.

• Costo de desarrollo de soluciones personalizadas: $ 1.7 millones
• Tiempo promedio de implementación de la solución personalizada: 6-8 semanas
• Solución personalizada Tasa de satisfacción del cliente: 92%

Compromiso continuo de mejora del rendimiento

Programa de mejora del desempeño implementado en 65 relaciones con los clientes, con inversiones anuales de revisión del desempeño de $ 2.1 millones.

Métrico de rendimiento	Porcentaje de mejora	Segmentos de cliente
Eficiencia operativa	14.3%	Aceite aguas arriba & Gas
Reducción de costos	11.6%	Servicios Midstream
Utilización de equipos	16.7%	Servicios de perforación

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Mammoth Energy Services mantiene un equipo de ventas directo centrado en servicios de energía y soporte de campo petrolero. El equipo de ventas consta de aproximadamente 250 representantes profesionales de ventas dirigidos a compañías de exploración de petróleo y gas.

Métrico de canal de ventas	2024 datos
Representantes de ventas totales	250
Ventas anuales promedio por representante	$ 1.2 millones
Cobertura geográfica	Estados Unidos, Canadá

Conferencias de la industria y ferias comerciales

Mammoth Energy Services participa en eventos clave de la industria para exhibir servicios y redes con clientes potenciales.

• Participación en 12 principales conferencias de la industria energética anualmente
• Asistencia a la conferencia promedio: 500-750 profesionales de la industria
• Generación de leads estimada: 75-100 contactos potenciales del cliente por evento

Plataforma en línea y comunicación digital

Los canales digitales representan un componente crítico de la estrategia de participación del cliente de Mammoth Energy.

Métrico de canal digital	2024 estadísticas
Sitio web Visitantes mensuales	45,000
Envíos de solicitudes digitales	1.200 por mes
Consultas de servicio en línea	850 por mes

Redes de referencia

Mammoth Energy aprovecha las asociaciones de referencia estratégica dentro del ecosistema de servicios energéticos.

• Socios de referencia activos totales: 42 empresas
• Cobertura de la red de referencia: principalmente mercados de energía de América del Norte
• Tasa de conversión de referencia promedio: 18.5%

Sitio web corporativo y marketing digital

La presencia digital de la compañía sirve como un canal crítico para la adquisición de clientes y la difusión de información.

Métrica de marketing digital	2024 datos
Sitio web corporativo Visitantes únicos	55,000 mensuales
Presupuesto de marketing digital	$ 1.4 millones anuales
Seguidores de redes sociales	LinkedIn: 22,500

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: segmentos de clientes

Empresas de exploración de petróleo y gas

Mammoth Energy Services se dirige a las principales compañías de exploración con ofertas de servicios específicas:

Tipo de empresa	Rango de ingresos anual	Necesidades de servicio potenciales
Grandes empresas de E&P	$ 500M - $ 5B	Servicios integrales de soporte de perforación
Empresas de exploración de tamaño mediano	$ 100M - $ 500M	Alquiler de equipos especializados

Contratistas de perforación

Segmento clave de clientes con requisitos específicos:

• Contratistas de perforación independientes que operan en los mercados en tierra de EE. UU.
• Proveedores de servicios internacionales de perforación
• Compañías de gestión de plataformas

Desarrolladores de infraestructura energética

Mammoth ofrece servicios especializados a segmentos de desarrollo de infraestructura:

Tipo de infraestructura	Tamaño del segmento de mercado	Ofrendas de servicio
Proyectos de tuberías en tierra	Segmento de mercado de $ 2.3B	Suministro de equipos y soporte técnico
Construcción de la corriente intermedia	Segmento de mercado de $ 1.7B	Logística y transporte especializados

Empresas del sector energético de la corriente intermedia y aguas arriba

Características del cliente:

• Ingresos anuales entre $ 50M - $ 2B
• Operando principalmente en cuencas Pérmicas, Eagle Ford y Bakken
• Requiere servicios de energía integrales

Productores de energía industrial a gran escala

Cliente objetivo profile Incluye:

Categoría de productor	Volumen de producción anual	Requisitos de servicio potenciales
Compañías petroleras integradas	500,000+ barriles por día	Servicios completos de gestión de proyectos
Productores independientes	50,000 - 250,000 barriles por día	Equipo especializado y soporte técnico

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento del equipo

A partir del año fiscal 2023, Mammoth Energy Services informó costos totales de propiedad, planta y equipo (PP&E) de $ 128.4 millones. Los gastos anuales de mantenimiento del equipo fueron de aproximadamente $ 18.2 millones.

Categoría de equipo	Costo anual
Equipo de perforación	$ 7.6 millones
Equipo de bombeo a presión	$ 6.3 millones
Vehículos de transporte	$ 4.3 millones

Capacitación laboral y de la fuerza laboral

Los costos laborales totales en 2023 fueron de $ 62.7 millones, con inversiones de capacitación de la fuerza laboral de $ 1.5 millones.

• Salario promedio de empleados: $ 68,500
• Costo de capacitación por empleado: $ 2,300
• Fuerza laboral total: 915 empleados

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 totalizaron $ 3.2 millones, lo que representa el 1.8% de los ingresos totales.

Gastos operativos y logísticos

Categoría de gastos	Costo anual
Combustible y transporte	$ 22.6 millones
Gestión logística	$ 5.4 millones
Seguro y cumplimiento	$ 4.9 millones

Actualizaciones de tecnología e infraestructura

La inversión en infraestructura tecnológica en 2023 fue de $ 4.7 millones, centrándose en la transformación digital y la eficiencia operativa.

• Infraestructura de computación en la nube: $ 1.2 millones
• Mejoras de ciberseguridad: $ 1.5 millones
• Herramientas de análisis de datos: $ 2.0 millones

Mammoth Energy Services, Inc. (Tusk) - Modelo de negocios: flujos de ingresos

Servicios de alquiler de equipos

Ingresos anuales de alquiler de equipos: $ 87.3 millones (año fiscal 2022)

Tipo de equipo	Ingresos por alquiler
Equipo de perforación	$ 42.6 millones
Equipo de bombeo a presión	$ 29.7 millones
Equipo de campo petrolero especializado	$ 15.0 millones

Construcción de infraestructura energética basada en proyectos

Ingresos de construcción totales basados ​​en proyectos: $ 163.4 millones (2022)

• Contratos de construcción de infraestructura
• Servicios de construcción de Midstream
• Proyectos de infraestructura de generación de energía

Servicios de soporte de perforación especializada

Ingresos totales de soporte de perforación: $ 104.2 millones (2022)

Categoría de servicio	Contribución de ingresos
Perforación direccional	$ 47.8 millones
Soporte técnico del sitio del pozo	$ 35.6 millones
Ingeniería de perforación	$ 20.8 millones

Contratos de fractura hidráulica

Ingresos totales de fractura hidráulica: $ 132.5 millones (2022)

• Servicios de finalización para pozos de petróleo y gas
• Operaciones de fractura hidráulica
• Servicios de bombeo a presión

Ingresos de logística y transporte

Ingresos de logística total: $ 56.9 millones (2022)

Servicio de transporte	Ganancia
Transporte de equipos	$ 28.3 millones
Soporte logístico	$ 21.6 millones
Gestión de la cadena de suministro	$ 7.0 millones

Ingresos totales de la compañía: $ 544.3 millones (2022 año fiscal)

Mammoth Energy Services, Inc. (TUSK) - Canvas Business Model: Value Propositions

You're looking at the core strengths Mammoth Energy Services, Inc. (TUSK) is banking on as of late 2025, following a major portfolio shift. It's all about the quality of the assets they kept and the cash they generated by selling others.

Stable, predictable recurring revenue from leased aviation assets.

Mammoth Energy Services, Inc. is actively building out its rental services with a focus on aviation, which management noted was providing positive EBITDA from day one following the Q2 2025 acquisitions. This segment is highlighted as a high-return and scalable growth area. Capital expenditures for the nine months ended September 30, 2025, were primarily directed toward the expansion of this aviation rental fleet.

• Acquired eight small passenger aircraft for $11.5 million in Q2 2025.
• Rental Services revenue reached $3.1 million in Q2 2025.
• Average equipment on rent climbed to 296 units in Q2 2025 versus 223 in Q2 2024.

High liquidity and a debt-free structure for strategic M&A.

The company's balance sheet strength is a key proposition, giving it flexibility to pursue accretive transactions. Mammoth Energy Services, Inc. has explicitly stated its commitment to maintaining a debt-free status. This financial positioning allows for opportunistic capital deployment.

Here's the quick math on their cash position as of the third quarter of 2025:

Metric	As of June 30, 2025	As of October 29, 2025
Unrestricted Cash (approximate)	$127.3 million	$106.6 million
Marketable Securities (approximate)	N/A	$16.0 million
Total Liquidity (approximate)	$194.8 million	$166.7 million
Revolving Credit Facility Borrowings	$0	$0
Debt Status	Debt-free	No debt

What this estimate hides is the $20 million receivable from PREPA, which is contingent on bankruptcy proceedings.

Diversified service offerings across energy, rental, and infrastructure.

Mammoth Energy Services, Inc. operates across several distinct service lines, providing a mix of energy-related and infrastructure services. This diversification is central to their strategy following divestitures.

• The suite of services includes Rental Services, Infrastructure Services, Natural Sand Proppant Services, Accommodation Services, and Drilling Services.
• For Q2 2025, the revenue mix from continuing operations was weighted toward Natural Sand Proppant Services at 33% and Infrastructure Services at 33%.
• Infrastructure Services revenue in Q3 2025 was $4.8 million, driven by fiber optic activity.

Ability to unlock significant value by monetizing non-core assets.

The company has actively pruned its portfolio, realizing substantial cash proceeds from asset sales to fund its transformation. This is a clear demonstration of unlocking value from assets that were either non-core or lower-return.

• Divestiture of three infrastructure subsidiaries in April 2025 for an aggregate of $108.7 million.
• Sale of hydraulic fracturing equipment in Q2 2025 for proceeds of $15 million.
• Sale of engineering subsidiary Aquawolf LLC in December 2025 for $30 million, providing immediate cash proceeds of $23.5 million.
• The Aquawolf unit generated $12 million in revenue for the first nine months of 2025.

Essential natural sand proppant for North American unconventional drilling.

The Natural Sand Proppant Services segment remains a core component, supplying essential material for hydraulic fracturing in North America. While volumes have fluctuated, the segment continues to be a significant revenue contributor.

Data on sand sales volume and pricing for the continuing operations segment:

Period Ended	Tons Sold (approximate)	Average Sales Price per Ton
March 31, 2025 (Q1)	189,000 tons	$21.49
June 30, 2025 (Q2)	242,000 tons	$21.41
September 30, 2025 (Q3)	122,000 tons	$18.26

Sand volumes surged 72% YoY to 242,000 tons in Q2 2025.

Mammoth Energy Services, Inc. (TUSK) - Canvas Business Model: Customer Relationships

You're looking at how Mammoth Energy Services, Inc. (TUSK) structures its interactions with the various customers across its diversified service lines. It's not one-size-fits-all; the relationship model shifts based on whether they are leasing high-value assets, providing specialized energy services, or selling bulk commodities.

Long-term contractual agreements for aviation and equipment rental

For the Rental Services segment, especially the newer aviation platform, the relationship is anchored in long-term contracts. Mammoth Energy Services, Inc. deployed capital into acquiring eight small passenger aircraft for an aggregate amount of approximately $11.5 million. These aircraft are leased to a commuter airline under long-term agreements, which is key to securing predictable cash flow. Management is targeting internal rates of return (IRRs) for these aviation investments in the 25-35% range, projecting a 2-3x multiple on invested capital (MOIC) over a 3-5 year horizon. This structure moves the relationship from a simple rental transaction to a contracted asset deployment.

The equipment rental side, which saw revenue of $3.1 million in the second quarter of 2025, relies on utilization driven by these contracted assets and other equipment on rent, which climbed to an average of 296 units in Q2 2025 versus 223 in Q2 2024.

Direct, project-based relationships with utility and energy companies

The relationships with utility and energy companies are inherently direct and project-based, particularly within the Infrastructure Services and Well Completion Services segments. For Infrastructure Services, which is now focused on engineering and fiber operations, the customer interaction is tied to specific utility build-outs. Revenue for this segment was $4.8 million in the third quarter of 2025, with the increase primarily due to fiber optic activity. In the first quarter of 2025, the Infrastructure Services segment generated $30.7 million in revenue, supported by an average crew count of 100 crews. The Well Completion Services segment engages directly with energy producers, evidenced by an average utilization of 1.3 fleets in Q1 2025, completing 828 stages.

You can see the project-based nature reflected in the quarterly revenue fluctuations:

• Infrastructure Services revenue was $5.4 million in Q2 2025 and $4.8 million in Q3 2025.
• Well Completion Services revenue was $20.9 million in Q1 2025.

Transactional sales model for natural sand proppant

The Natural Sand Proppant Services segment operates on a more transactional sales model, focusing on volume and per-ton pricing for hydraulic fracturing needs. The company completed the divestiture of its Piranha assets within this segment, signaling a pruning of lower-return assets. Sales volume and pricing dictate the relationship success here, which is less about long-term commitment and more about spot or short-term fulfillment.

Here's a look at the transactional metrics from recent quarters:

Metric	Q3 2025	Q2 2025	Q1 2025
Revenue (Millions USD)	$2.7 million	$5.4 million	$6.7 million
Tons Sold (Thousands)	122,000 tons	242,000 tons	189,000 tons
Average Sales Price per Ton (USD)	$18.26	$21.41	$21.49

This segment's revenue was $2.7 million in Q3 2025, with 122,000 tons sold at an average price of $18.26 per ton.

Dedicated account management for remote accommodation services

For the remote accommodation services, which provide housing, kitchen, and dining facilities for large-scale projects, the relationship requires dedicated management to handle logistics and occupancy. This service line is tied to the activity levels of the energy and infrastructure customers it supports. Revenue for this segment was $2.3 million in the third quarter of 2025, with an average of 185 rooms utilized. This compares to $1.8 million in revenue in Q2 2025, where 145 rooms were utilized. The dedicated account management ensures the logistical needs of the remote workforce are met consistently, which is critical for customer retention in this niche.

Key utilization data for Accommodation Services:

• Q3 2025 Revenue: $2.3 million; Rooms Utilized: 185.
• Q2 2025 Revenue: $1.8 million; Rooms Utilized: 145.

Finance: draft 13-week cash view by Friday.

Mammoth Energy Services, Inc. (TUSK) - Canvas Business Model: Channels

You're looking at how Mammoth Energy Services, Inc. (TUSK) gets its services and products to the customer base as of late 2025. The channels show a clear focus on direct engagement across its remaining core areas, especially after portfolio pruning.

Direct sales force targeting oil and gas operators for sand and drilling

The channel for the Natural Sand Proppant Services segment relies on direct sales to operators, though the segment has seen portfolio adjustments; the Company completed the divestiture of its Piranha assets within the Sand segment during the third quarter of 2025, which is a deliberate step in pruning the portfolio. For the third quarter of 2025, this channel generated revenue of $2.7 million. During that quarter, Mammoth Energy Services sold approximately 122,000 tons of sand at an average sales price of $18.26 per ton. The Drilling Services division, also targeting the energy sector, contributed revenue of $2.3 million in the third quarter of 2025. To be fair, the Company sold all equipment used in its hydraulic fracturing business for proceeds of $15 million in the second quarter of 2025, suggesting the direct sales force for that specific service is now focused on different assets or has been significantly reduced.

Direct contracts with utility companies for infrastructure services

The Infrastructure Services segment primarily uses direct contracts, serving government-funded utilities, private utilities, and public investor-owned utilities. This channel brought in revenue of $4.8 million for the third quarter of 2025. The increase in this revenue stream was primarily due to an increase in fiber optic activity, which remains structurally resilient versus drilling-linked services. This segment's structure has changed significantly, as the Company completed the sale of three infrastructure subsidiaries in April 2025 for an aggregate sales price of $108.7 million.

Internal leasing and rental division for specialized equipment

Mammoth Energy Services uses an internal division for its specialized equipment rentals, which supports aviation, construction, and energy operations. The Rental Services segment contributed revenue (inclusive of inter-segment revenue) of $2.8 million for the third quarter of 2025. The average number of pieces of equipment rented to customers was 286 for the third quarter of 2025. The Company expanded its aviation rental offerings during the second quarter of 2025, which contributed to increased revenue in that period.

Direct-to-customer logistics for sand delivery

Logistics for sand delivery is integrated with the sand sales process, representing the final step in delivering the Natural Sand Proppant Services product. The volume moved through this channel in the third quarter of 2025 was approximately 122,000 tons of sand, corresponding to the $2.7 million in segment revenue. This channel's performance is directly tied to the average sales price per ton, which was $18.26 in the third quarter of 2025.

Here's a quick look at the Q3 2025 revenue contribution by segment, which reflects the output of these channels:

Segment	Q3 2025 Revenue (in millions USD)	Tons Sold (Sand Only)	Equipment Rented (Avg. Units)
Infrastructure Services	$4.8	N/A	N/A
Rental Services	$2.8	N/A	286
Natural Sand Proppant Services	$2.7	122,000 tons	N/A
Drilling Services	$2.3	N/A	N/A

The total revenue from continuing operations for the third quarter of 2025 was $14.8 million.

Mammoth Energy Services, Inc. (TUSK) - Canvas Business Model: Customer Segments

You're looking at the core groups Mammoth Energy Services, Inc. (TUSK) serves as of late 2025, based on their recent operational reports. The company is clearly focused on a diversified set of industrial and energy-related clients, especially following portfolio optimization moves.

The total revenue from continuing operations for the third quarter ended September 30, 2025, was reported at $14.8 million. This revenue base is supported by several distinct customer groups across their service lines.

North American oil and gas exploration and production (E&P) companies are served through the Well Completion Services and Natural Sand Proppant Services segments. The Well Completion Services division brought in revenue of $2.3 million for Q3 2025, with an average of 1.3 of the Company's fleets active during Q1 2025. The Sand segment recorded revenue of $2.7 million in Q3 2025, with approximately 122,000 tons of sand sold at an average price of $18.26 per ton.

Utility companies (private, public, co-operative) for fiber and infrastructure are the customers for the Infrastructure Services segment. This segment contributed revenue of $4.8 million in the third quarter of 2025, with the increase primarily due to fiber optic activity. Backlog figures from Q1 2025 showed engineering revenue at $4M and fiber revenue at $0.7M.

Commuter airlines and other operators needing specialized equipment rental form a key part of the Rental Services customer base. This segment generated revenue of $2.8 million for Q3 2025, with an average of 286 pieces of equipment rented to customers. The company expanded its aviation rental offerings in Q2 2025.

Companies requiring remote workforce accommodations in Canada are served by the Accommodation Services segment. This group generated revenue of $2.3 million in Q3 2025, utilizing an average of 185 rooms. This compares to $1.8 million in revenue from this segment in Q2 2025, which was driven by remote workforce operations in Northern Alberta, Canada.

Here's a quick look at the Q3 2025 revenue contribution from the continuing operations segments:

Customer-Aligned Segment	Q3 2025 Revenue (Millions USD)	Key Operational Metric
Infrastructure Services	$4.8	Crew count for 2024 was 79 crews
Natural Sand Proppant Services	$2.7	Tons sold in Q3 2025: 122,000 tons
Rental Services	$2.8	Average equipment rented: 286 pieces
Accommodation Services	$2.3	Average rooms utilized in Q3 2025: 185 rooms
Well Completion Services	$2.3	Q1 2025 active fleets: 1.3

Mammoth Energy Services, Inc. also serves customers through its Drilling Services division, which contributed revenue of $0.7 million in Q2 2025 and $2.3 million in Q3 2025. The company's overall market capitalization as of the Q3 2025 report was $85.06 million.

The customer base is characterized by:

• Utility entities needing electric grid construction and repair.
• E&P firms needing hydraulic fracturing support materials.
• Aviation operators requiring specialized equipment leases.
• Companies with large projects in remote areas needing housing solutions.

Finance: draft 13-week cash view by Friday.

Mammoth Energy Services, Inc. (TUSK) - Canvas Business Model: Cost Structure

When you look at the cost side of Mammoth Energy Services, Inc. (TUSK)'s business model as of late 2025, the capital intensity jumps right out at you. The company is making significant investments to grow its rental fleet, specifically targeting a full-year 2025 Capital Expenditures (CapEx) allocation of $42 million for continuing operations, not counting any acquisitions. To give you a sense of the pace, CapEx for the second quarter of 2025 alone was $26.9 million.

Next up are the Selling, General, and Administrative (SG&A) expenses. For the second quarter of 2025, these expenses clocked in at $5.3 million. Honestly, the ratio is something to watch; the SG&A as a percentage of total revenue, excluding that big 2024 PREPA charge, was 32% in Q2 2025, up from 29% in Q1 2025.

For the operating costs tied to the Natural Sand Proppant Services segment, the direct operating expense figures aren't explicitly broken out in the latest releases, but we can see the scale of the activity. In Q2 2025, this segment generated $5.4 million in revenue. That revenue came from selling approximately 242,000 tons of sand at an average price of $21.41 per ton. You'd need to dig into the full cost of goods sold for that segment to get the true operating cost number, but the volume gives you a starting point.

Regarding the legal expenses related to the old Puerto Rico Electric Power Authority (PREPA) contract, those costs are definitely declining, which is good news for the run rate. Management forecasted about $2 million to $2.5 million in overall SG&A legal fees for the back half of 2025 related to the wind-down of that litigation. This follows the major settlement where Cobra Acquisitions LLC was set to receive a total of $188.4 million.

Here's a quick look at some of those key cost and spending figures we just discussed:

Cost/Spending Category	Period/Target	Amount
Target Full-Year CapEx (Continuing Ops, ex-acquisitions)	2025	$42 million
Q2 2025 CapEx	Q2 2025	$26.9 million
SG&A Expense	Q2 2025	$5.3 million
Forecasted H2 2025 PREPA Legal Fees (SG&A component)	H2 2025	$2.0 million to $2.5 million
Natural Sand Proppant Services Revenue	Q2 2025	$5.4 million
Natural Sand Tons Sold	Q2 2025	242,000 tons

Finance: draft 13-week cash view by Friday.

Mammoth Energy Services, Inc. (TUSK) - Canvas Business Model: Revenue Streams

You're looking at how Mammoth Energy Services, Inc. brings in cash as of late 2025, which is definitely shifting toward a more demand-centric portfolio. The revenue streams are a mix of ongoing services and asset deployment, reflecting the strategic transactions you've been tracking.

The core of the recent revenue picture comes from several distinct service lines. For instance, you saw Rental services revenue hit $3.1 million in the second quarter of 2025. Also, the Infrastructure services revenue, driven by fiber operations, totaled $4.8 million in the third quarter of 2025. To be fair, that infrastructure segment revenue was $5.4 million in the second quarter of 2025, so there was a slight sequential dip in Q3.

The Natural Sand Proppant segment shows commodity pressure, with sales totaling $2.7 million in the third quarter of 2025. That compares to $5.4 million in the second quarter of 2025. Separately, the Accommodation services revenue brought in $1.8 million in the second quarter of 2025, improving to $2.3 million in the third quarter of 2025.

Here's a quick look at how the key continuing operations segments stacked up in the most recent reported quarters:

Revenue Stream	Q2 2025 Revenue (USD)	Q3 2025 Revenue (USD)
Rental Services	$3.1 million	$2.8 million
Infrastructure Services	$5.4 million	$4.8 million
Natural Sand Proppant Services	$5.4 million	$2.7 million
Accommodation Services	$1.8 million	$2.3 million
Drilling Services	$0.7 million	$2.3 million

The total revenue from continuing operations was $16.41 million for the second quarter of 2025, but it stepped down to $14.8 million in the third quarter of 2025, which reflects the ongoing portfolio pruning, like the divestiture of Piranha assets in the sand segment.

The utilization metrics give you a clearer view of the activity supporting these revenue streams:

• Average equipment rented in Q3 2025 was 286 pieces.
• Rooms utilized for accommodations averaged 185 in Q3 2025.
• Natural sand sold in Q2 2025 was approximately 242,000 tons.
• Natural sand sold in Q3 2025 was approximately 122,000 tons.
• The average sales price per ton for sand in Q3 2025 was $18.26.

Finally, a significant potential future cash inflow is the $20 million Mammoth Energy Services is owed by PREPA, although that collection is contingent upon PREPA exiting bankruptcy proceedings. As of the end of Q3 2025, the company reported total liquidity of $153.4 million, which improved to $166.7 million by October 29, 2025, after the release of some restricted cash.

Finance: draft 13-week cash view by Friday.