Mammoth Energy Services, Inc. (TUSK): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services énergétiques, Mammoth Energy Services, Inc. (TUSK) apparaît comme une centrale d'innovation et de solutions stratégiques, transformant le paysage pétrolier et gazier avec son modèle commercial complet. En intégrant de manière transparente des technologies de pointe, des équipements spécialisés et une expertise de pointe, Mammouth offre une valeur inégalée aux clients du secteur de l'énergie grâce à une toile de modèle commercial méticuleusement conçue qui relève des défis opérationnels complexes et stimule l'efficacité à travers l'exploration, le forage et le développement des infrastructures.

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les grandes sociétés d'exploration pétrolière et gazière

En 2024, Mammoth Energy Services maintient des partenariats stratégiques avec les principales sociétés d'exploration de pétrole et de gaz suivantes:

Entreprise	Type de partenariat	Valeur du contrat
Devon Energy	Services de forage	47,3 millions de dollars
Ressources continentales	Services d'achèvement de puits	36,8 millions de dollars
Huile de marathon	Fracturation hydraulique	52,6 millions de dollars

Partenariats avec les fabricants d'équipements et les fournisseurs de technologies

Mammoth Energy Services collabore avec les partenaires d'équipement et de technologie suivants:

• National Oilwell Varco (nov) - Forme d'équipement de forage
• Baker Hughes - Technologies de forage avancées
• Schlumberger - Innovation technologique

Relations collaboratives avec des entrepreneurs de forage

Les partenariats clés des entrepreneurs de forage comprennent:

Entrepreneur	Portée de collaboration	Valeur du contrat annuel
Patterson-Uti Energy	Opérations de forage terrestre	89,4 millions de dollars
Nabors Industries	Services de forage spécialisés	65,2 millions de dollars

Coentreprises dans le développement des infrastructures énergétiques

Mammoth Energy Services participe aux coentreprises suivantes:

• Infrastructure du bassin Midland JV - Investissement total: 124,7 millions de dollars
• Partenariat logistique de la région du Permien - Engagement en capital: 93,5 millions de dollars

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: Activités clés

Fournir des services énergétiques à l'industrie pétrolière et gazière

En 2023, Mammoth Energy Services a généré 378,4 millions de dollars de revenus totaux de Energy Services. La société opère principalement dans les régions de schiste du bassin Permien, Eagle Ford et Marcellus.

Catégorie de service	Contribution des revenus
Services de fracturation hydraulique	212,6 millions de dollars
Services d'achèvement de puits	95,3 millions de dollars
Construction des infrastructures	70,5 millions de dollars

Services de location et de support d'équipement

Mammoth maintient une flotte d'équipements spécialisés d'une valeur d'environ 245 millions de dollars au quatrième trimestre 2023.

• Équipement de fracturation hydraulique flotte: 15 spreads actifs
• Équipement de pompage à pression: évalué à 132,7 millions de dollars
• Taux d'utilisation de l'équipement de location: 68,5%

Construction d'infrastructures spécialisées

Le segment de la construction d'infrastructures a généré 70,5 millions de dollars de revenus pour 2023, avec des projets principalement axés sur le développement des infrastructures pétrolières et gazières.

Type d'infrastructure	Nombre de projets	Valeur totale du projet
Construction de pads de puits	42 projets	43,2 millions de dollars
Infrastructure de pipeline	18 projets	27,3 millions de dollars

Services de fracturation hydraulique et d'achèvement des puits

Mammouth a fonctionné 15 écarts de fracturation hydraulique en 2023, avec une capacité de puissance totale de 225 000 ch.

• Taux de fracturation hydraulique quotidien moyen: 35 000 chevaux hydrauliques
• Revenus de services d'achèvement de puits: 95,3 millions de dollars
• Focus géographique: bassin du Permien (65%), Eagle Ford (25%), autres régions (10%)

Support logistique et transport pour les projets énergétiques

Le segment logistique a soutenu les projets énergétiques avec une flotte d'actifs de transport d'une valeur de 38,6 millions de dollars en 2023.

Actif de transport	Quantité	Valeur totale
Camions spécialisés	87 unités	22,4 millions de dollars
Remorques et véhicules de soutien	42 unités	16,2 millions de dollars

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: Ressources clés

Équipement de service d'énergie spécialisé

Au quatrième trimestre 2023, Mammoth Energy Services conserve une flotte d'équipements spécialisés d'une valeur de 187,3 millions de dollars. Le portefeuille d'équipement de l'entreprise comprend:

• Unités de fracturation hydraulique
• Plates-formes de forage
• Équipement de pompage à pression

Catégorie d'équipement	Valeur totale	Quantité
Unités de fracturation hydraulique	92,6 millions de dollars	15 unités
Plates-formes de forage	56,4 millions de dollars	8 unités
Équipement de pompage à pression	38,3 millions de dollars	22 unités

Expertise technique dans les opérations pétrolières et gazières

Mammouth Energy Services possède Expertise technique approfondie avec 237 en génie spécialisé et en personnel technique au 31 décembre 2023.

Main-d'œuvre qualifiée

Composition totale de la main-d'œuvre:

• Total des employés: 1 124
• Personnel des opérations sur le terrain: 876
• Spécialistes techniques: 237
• Personnel de gestion et administratif: 11

Capacités technologiques avancées

Investissements sur l'infrastructure technologique en 2023: 4,2 millions de dollars, en se concentrant sur:

• Plateformes d'analyse de données
• Systèmes de surveillance en temps réel
• Technologies de maintenance prédictive

Flotte robuste de véhicules et de machines spécialisés

Type de véhicule / machinerie	Total des unités	Valeur de remplacement
Camions de transport spécialisés	42	24,7 millions de dollars
Transporteurs d'équipement lourd	18	12,3 millions de dollars
Soutenir les véhicules	67	6,5 millions de dollars

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: propositions de valeur

Solutions complètes de services d'énergie

Mammoth Energy Services fournit des solutions de services énergétiques de bout en bout avec les mesures clés suivantes:

Catégorie de service	Revenus annuels (2023)	Couverture du marché
Services de soutien au forage	287,4 millions de dollars	États-Unis, Canada
Solutions d'infrastructure	129,6 millions de dollars	Multiples bassins d'énergie
Location d'équipement	96,2 millions de dollars	Déploiement à l'échelle nationale

Support opérationnel à haute efficacité pour les projets de forage

Mesures d'efficacité opérationnelle pour le soutien au forage:

• Taux d'utilisation moyenne des plates-formes: 78,3%
• Amélioration de l'efficacité du forage: 14,6% d'une année à l'autre
• Temps non productif réduit: réduction de 22,5%

Solutions d'infrastructure et d'équipement personnalisés

Répartition des services d'équipement et d'infrastructure:

Type d'équipement	Total des unités	Utilisation moyenne
Unités de travail hydrauliques	87 unités	72.4%
Équipement de pompage à pression	46 unités	65.9%
Véhicules de transport spécialisés	213 unités	81.2%

Offres de services rentables et technologiquement avancés

Technologie et mesures de rentabilité:

• Investissement en R&D: 12,3 millions de dollars en 2023
• Économies de mise en œuvre de la technologie: 17,8% Réduction des coûts opérationnels
• Investissements de transformation numérique: 8,6 millions de dollars

Approche intégrée des défis du secteur de l'énergie

Métriques de performance d'intégration du secteur:

Zone d'intégration	Partenariats de collaboration	Impact métrique
Transition d'énergie renouvelable	7 partenariats stratégiques	12,3% de réduction des émissions de carbone
Innovation technologique	4 collaborations de recherche	6,7 millions de dollars de subventions d'innovation
Initiatives de durabilité	3 programmes environnementaux	18,5% de réduction des déchets

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: relations clients

Partenariats à long terme basés sur les contrats

Au quatrième trimestre 2023, Mammoth Energy Services maintient 87 contrats de service à long terme actifs avec des sociétés d'exploration pétrolière et gazière, avec une durée de contrat moyenne de 3,2 ans. La valeur totale du contrat pour ces partenariats est d'environ 214,6 millions de dollars.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Services de forage	42	98,3 millions de dollars
Bien compléter	29	72,5 millions de dollars
Location d'équipement	16	43,8 millions de dollars

Gestion de compte dédiée

Mammoth Energy Services emploie 23 gestionnaires de comptes dédiés desservant des clients de haut niveau, avec un taux moyen de rétention de la clientèle de 84,6% en 2023.

• Le gestionnaire de compte moyen gère 3 à 4 relations clients majeures
• Évaluation de satisfaction trimestrielle du client: 7.9 / 10
• Canaux de communication dédiés pour les 20 meilleurs clients

Soutien technique et consultation

L'équipe de support technique se compose de 47 ingénieurs spécialisés, fournissant des services de consultation à distance et sur place 24/7. Investissement annuel de soutien technique: 3,2 millions de dollars.

Canal de support	Temps de réponse moyen	Heures de soutien annuelles
Support à distance	22 minutes	12 600 heures
Support sur place	4,5 heures	5 400 heures

Solutions de service personnalisées

En 2023, Mammoth Energy Services a développé 16 packages de services personnalisés pour les exigences individuelles des clients, ce qui représente 22% du total des revenus de service.

• Coût de développement de solutions personnalisés: 1,7 million de dollars
• Temps de mise en œuvre de la solution personnalisée moyenne: 6-8 semaines
• Solution personnalisée Taux de satisfaction du client: 92%

Engagement continu d'amélioration des performances

Programme d'amélioration des performances mis en œuvre dans 65 relations avec les clients, avec des investissements annuels sur la révision des performances de 2,1 millions de dollars.

Métrique de performance	Pourcentage d'amélioration	Segments du client
Efficacité opérationnelle	14.3%	Huile en amont & Gaz
Réduction des coûts	11.6%	Services intermédiaires
Utilisation de l'équipement	16.7%	Services de forage

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Mammoth Energy Services maintient une équipe de vente directe axée sur les services énergétiques et le soutien aux champs pétroliers. L'équipe commerciale se compose d'environ 250 représentants commerciaux professionnels ciblant les sociétés d'exploration pétrolière et gazière.

Métrique du canal de vente	2024 données
Représentants des ventes totales	250
Ventes annuelles moyennes par représentant	1,2 million de dollars
Couverture géographique	États-Unis, Canada

Conférences et salons commerciaux de l'industrie

Mammoth Energy Services participe à des événements clés de l'industrie pour présenter les services et réseauter avec des clients potentiels.

• Participation à 12 grandes conférences de l'industrie de l'énergie chaque année
• Association moyenne de la conférence: 500-750 professionnels de l'industrie
• Génération de leads estimée: 75-100 contacts potentiels des clients par événement

Plate-forme en ligne et communication numérique

Les canaux numériques représentent un élément essentiel de la stratégie d'engagement client de Mammoth Energy.

Métrique du canal numérique	2024 statistiques
Visiteurs mensuels du site Web	45,000
Soumissions de demande numérique	1 200 par mois
Demandes de services en ligne	850 par mois

Réseaux de référence

Mammouth Energy exploite les partenariats de référence stratégiques au sein de l'écosystème des services énergétiques.

• Partenaires de référence actifs totaux: 42 entreprises
• Couverture du réseau de référence: principalement les marchés de l'énergie nord-américaine
• Taux de conversion de référence moyen: 18,5%

Site Web d'entreprise et marketing numérique

La présence numérique de l'entreprise sert de canal critique pour l'acquisition de clients et la diffusion de l'information.

Métrique du marketing numérique	2024 données
Site Web d'entreprise Visiteurs uniques	55 000 mois
Budget de marketing numérique	1,4 million de dollars par an
Abonnés des médias sociaux	LinkedIn: 22 500

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du pétrole et du gaz

Mammoth Energy Services cible les grandes sociétés d'exploration avec des offres de services spécifiques:

Type d'entreprise	Gamme de revenus annuelle	Besoins de service potentiels
Grandes entreprises E&P	500 millions de dollars - 5 milliards de dollars	Services de soutien au forage complet
Entreprises d'exploration de taille moyenne	100 M $ - 500 M $	Location d'équipement spécialisée

Entrepreneurs de forage

Segment de clientèle clé avec des exigences spécifiques:

• Entrepreneurs de forage indépendants opérant sur les marchés onshore américains
• Fournisseurs de services de forage internationaux
• Sociétés de gestion de gréement

Développeurs d'infrastructures énergétiques

Mammoth fournit des services spécialisés aux segments de développement des infrastructures:

Type d'infrastructure	Taille du segment de marché	Offres de services
Projets de pipeline à terre	Segment de marché de 2,3 milliards de dollars	Support d'équipement et support technique
Construction en milieu de route	Segment de marché de 1,7 milliard de dollars	Logistique et transport spécialisés

Entreprises du secteur de l'énergie au milieu et en amont

Caractéristiques du client:

• Revenu annuel entre 50 M $ - 2 milliards de dollars
• Opérant principalement dans les bassins du Permien, Eagle Ford et Bakken
• Nécessitent des services énergétiques complets

Producteurs d'énergie industrielle à grande échelle

Client cibler profile Comprend:

Catégorie des producteurs	Volume de production annuel	Exigences de service potentielles
Compagnies pétrolières intégrées	Plus de 500 000 barils par jour	Services de gestion de projet complets
Producteurs indépendants	50 000 - 250 000 barils par jour	Équipement spécialisé et support technique

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien de l'équipement

Depuis 2023 Exercice, Mammoth Energy Services a déclaré des coûts totaux de propriété, d'usine et d'équipement (PP&E) de 128,4 millions de dollars. Les frais de maintenance des équipements annuels étaient d'environ 18,2 millions de dollars.

Catégorie d'équipement	Coût annuel
Équipement de forage	7,6 millions de dollars
Équipement de pompage à pression	6,3 millions de dollars
Véhicules de transport	4,3 millions de dollars

Formation de main-d'œuvre et de main-d'œuvre

Les coûts totaux de main-d'œuvre en 2023 étaient de 62,7 millions de dollars, avec des investissements de formation de la main-d'œuvre de 1,5 million de dollars.

• Salaire moyen des employés: 68 500 $
• Coût de formation par employé: 2 300 $
• Total de main-d'œuvre: 915 employés

Investissements de recherche et développement

Les dépenses de R&D pour 2023 ont totalisé 3,2 millions de dollars, ce qui représente 1,8% du total des revenus.

Dépenses opérationnelles et logistiques

Catégorie de dépenses	Coût annuel
Carburant et transport	22,6 millions de dollars
Gestion de la logistique	5,4 millions de dollars
Assurance et conformité	4,9 millions de dollars

Mises à niveau de la technologie et des infrastructures

L'investissement dans les infrastructures technologiques en 2023 était de 4,7 millions de dollars, en se concentrant sur la transformation numérique et l'efficacité opérationnelle.

• Infrastructure de cloud computing: 1,2 million de dollars
• Améliorations de la cybersécurité: 1,5 million de dollars
• Outils d'analyse des données: 2,0 millions de dollars

Mammoth Energy Services, Inc. (TUSK) - Modèle d'entreprise: Strots de revenus

Services de location d'équipement

Revenus de location annuelle de l'équipement: 87,3 millions de dollars (2022 Exercice)

Type d'équipement	Revenus de location
Équipement de forage	42,6 millions de dollars
Équipement de pompage à pression	29,7 millions de dollars
Équipement de champ pétrolifère spécialisé	15,0 millions de dollars

Construction d'infrastructures énergétiques basées sur des projets

Revenus de construction totale basée sur les projets: 163,4 millions de dollars (2022)

• Contrats de construction d'infrastructures
• Services de construction en milieu médian
• Projets d'infrastructure de production d'électricité

Services de support de forage spécialisés

Revenu total de soutien au forage: 104,2 millions de dollars (2022)

Catégorie de service	Contribution des revenus
Forage directionnel	47,8 millions de dollars
Soutien technique du site de puits	35,6 millions de dollars
Ingénierie de forage	20,8 millions de dollars

Contrats de fracturation hydraulique

Revenu total de fracturation hydraulique: 132,5 millions de dollars (2022)

• Services d'achèvement pour les puits de pétrole et de gaz
• Opérations de fracturation hydraulique
• Services de pompage à pression

Revenus de logistique et de transport

Revenus logistiques totaux: 56,9 millions de dollars (2022)

Service de transport	Revenu
Transport d'équipement	28,3 millions de dollars
Support logistique	21,6 millions de dollars
Gestion de la chaîne d'approvisionnement	7,0 millions de dollars

Revenu total de l'entreprise: 544,3 millions de dollars (2022 Exercice)

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.