Mammoth Energy Services, Inc.

Greetings and welcome to the Mammoth Energy Services fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Mohamed Topiwala with Vizara Advisors Investor Relations. Thank you. You may begin.

Thank you, Operator, and good morning, everyone. We appreciate you joining us for MAMRIT's fourth quarter and full year 2025 earnings conference call. Joining us on the call today are Mark Layden, Chief Financial Officer, and Bernie Lancaster, Chief Operating Officer. We will start today with our prepared remarks and then open it up for questions. I want to remind everyone, that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements. Our comments today also include non-GAAP financial measures, the underlying details, and a reconciliation of GAAP to non-GAAP financial measures are included in our fourth quarter earnings press release, which can be found on our website. As a reminder, today's call is being webcast, and a recorded version will be available on the investor relations section of MAMET's website following the conclusion of this call. With that, I'll turn the call over to Mark.

Thank you, Mohamed, and good morning, everyone. I'll start with a brief review of 2025 as a whole, cover fourth quarter results, and then turn it over to Bernie Lancaster, our Chief Operating Officer, to walk through operational performance by segment. I'll then come back to cover the financials and our outlook for 2026, after which we'll open the line for questions. With that, let me start with 2025. Over the course of the year, we executed four major transactions that meaningfully reshaped the company. Collectively, These transactions generated approximately $150 million of proceeds, and they reflect two things. First, the value embedded in assets we built and operated well. And second, our willingness to monetize businesses that no longer fit our long-term return objectives. We sold our transmission and distribution and our engineering businesses at valuations we believe were attractives. Those were good businesses and the prices we achieved reflect that. We think those outcomes are a direct signal of the value that exists inside this company. Value that, in our view, is not reflected in where the stock currently trades. We also exited two businesses that were not meeting our return standards. First, we sold our pressure pumping equipment, which lacked scale, was capital intensive, and increasingly challenged from a cycle and return standpoint. Second, we divested a sand mine that had become a drag on performance and didn't warrant continued investment based on logistical challenges with that particular mine and processing plant. Those were the right exits and we are a leaner, more focused company because of them. At the same time, 2025 was the year we initiated and meaningful expansion of our platform in aviation rentals. We deployed more than $65 million of capital with the goal of creating a more stable recurring revenue stream with strong cash flow characteristics. Aviation started the year with limited scale and it ended the year with real operating scale and a clear path to becoming a core earnings contributor as utilization ramps. Put simply, 2025 was a deliberate pivot. Exit assets without a clear path to sustainable returns and redeploy capital into areas where we see a better return profile. Now turning to the fourth quarter. Revenue was $9.5 million compared to $10.9 million in the third quarter of 2025 and $10 million in the fourth quarter of 2024, a year-over-year decline of approximately 6%. For the full year, revenue was $44.3 million versus $45.6 million in 2024, down approximately 3%, which we view as a reasonable outcome given the amount of portfolio change we executed throughout the year. Within the quarter, there were areas that performed well. Rentals, infrastructure, and accommodations all came in ahead of our internal revenue expectations. Aviation revenue continued its upward trajectory relative to continued deployment of aviation assets on lease. Infrastructure showed solid demand across grid and broadband-related project work. Accommodations continued to improve on both occupancy and cost efficiency. I want to be direct about where we fell short. EBITDA in Q4 was below our expectations and below our standards. This was not a demand problem. It was an execution and cost control issue, and we own it. We've already started taking action. In infrastructure, we made additional management changes within the fiber business to address the performance issues that surfaced during the quarter. Across the rest of the portfolio, we are making targeted investments to address cost structure and improve the conversion of revenue to EBITDA. Bernie will walk through the specifics by segment. With that, I'll turn the call over to Bernie Lancaster.