Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2025

The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):


Three Months Ended September 30, 2025	Rentals		Infrastructure		Sand		Accommodations		Drilling		Total
Revenue from external and related party customers	$	2,750	$	4,761	$	2,728	$	2,280	$	2,282	$	14,801
Intersegment revenue	16		—		—		—		—		16
	2,766		4,761		2,728		2,280		2,282		14,817
Reconciliation of Revenue

Eliminations(a)											(16)
Total consolidated revenue											$	14,801

Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties	$	1,691	$	4,714	$	4,148	$	1,436	$	1,840


Selling, general and administrative, exclusive of stock based compensation	1,408		1,032		761		378		230
Segment Adjusted EBITDA	$	(333)	$	(985)	$	(2,181)	$	466	$	212	$	(2,821)

Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)											$	1,558
Depreciation, depletion, amortization and accretion											2,756
Losses on disposal of assets, net											1,874



Interest (income) expense and financing charges, net											(922)
Other expense, net											1,831
Loss from continuing operations before income taxes											$	(9,918)


Three Months Ended September 30, 2024	Rentals		Infrastructure		Sand		Accommodations		Drilling		Total
Revenue from external and related party customers	$	2,146	$	4,351	$	4,909	$	2,854	$	1,557	$	15,817
Intersegment revenue	83		—		—		—		—		83
	2,229		4,351		4,909		2,854		1,557		15,900
Reconciliation of Revenue
Other(b)											1,229
Eliminations(a)											(77)
Total consolidated revenue											$	17,052

Less segment expenses:


Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties	$	1,303	$	3,647	$	3,164	$	1,694	$	1,362
Selling, general and administrative, exclusive of stock based compensation	392		988		1,498		456		336
Segment Adjusted EBITDA	$	534	$	(284)	$	247	$	704	$	(141)	$	1,060

Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)											$	4,002
Depreciation, depletion, amortization and accretion											3,156
Gains on disposal of assets, net											(192)


Stock based compensation											219
Interest (income) expense and financing charges, net, inclusive of related parties											1,065
Other expense, net											1,108
Loss from continuing operations before income taxes											$	(8,298)


Nine Months Ended September 30, 2025	Rentals		Infrastructure		Sand		Accommodations		Drilling		Total
Revenue from external and related party customers	$	7,744	$	14,881	$	14,843	$	6,127	$	3,207	$	46,802
Intersegment revenue	54		—		—		—		—		54
	7,798		14,881		14,843		6,127		3,207		46,856
Reconciliation of Revenue

Eliminations(a)											(54)
Total consolidated revenue											$	46,802

Less segment expenses:
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties	$	4,675	$	12,817	$	14,886	$	4,110	$	2,994



Selling, general and administrative, exclusive of stock based compensation	2,774		2,776		3,374		1,072		617
Segment Adjusted EBITDA	$	349	$	(712)	$	(3,417)	$	945	$	(404)	$	(3,239)

Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)											$	5,602
Depreciation, depletion, amortization and accretion											7,679
Gains on disposal of assets, net											(2,675)

Impairment of long-lived assets											31,669
Stock based compensation											412
Interest (income) expense and financing charges, net											(1,434)
Other expense, net											2,791
Loss from continuing operations before income taxes											$	(47,283)


Nine Months Ended September 30, 2024	Rentals		Infrastructure		Sand		Accommodations		Drilling		Total
Revenue from external and related party customers	$	5,594	$	13,957	$	13,936	$	8,474	$	2,804	$	44,765
Intersegment revenue	326		—		—		—		—		326
	5,920		13,957		13,936		8,474		2,804		45,091
Reconciliation of Revenue
Other(b)											3,658
Eliminations(a)											(331)
Total consolidated revenue											$	48,418

Less segment expenses:


Cost of revenue, exclusive of depreciation, depletion, amortization and accretion, inclusive of related parties	$	3,879	$	11,367	$	13,484	$	4,953	$	3,349
Selling, general and administrative, exclusive of stock based compensation	1,048		2,888		4,105		1,336		830
Segment Adjusted EBITDA	$	993	$	(298)	$	(3,653)	$	2,185	$	(1,375)	$	(2,148)

Reconciliation of total segment Adjusted EBITDA
Less:
Other(b)											$	100,438
Depreciation, depletion, amortization and accretion											9,350
Gains on disposal of assets, net											(1,637)


Stock based compensation											657
Interest (income) expense and financing charges, net, inclusive of related parties											8,712
Other expense (income), net											64,624
Loss from continuing operations before income taxes											$	(184,292)

(a) Includes eliminations for intersegment transactions.
(b) Includes activity related to non-operating legacy services that are no longer active.


	Rentals		Infrastructure		Sand		Accommodations		Drilling		Total
As of September 30, 2025:
Total assets for reportable segments	$	51,147	$	5,906	$	68,854	$	12,835	$	3,636	$	142,378
Other assets(a)											187,425
Total consolidated assets, excluding discontinued operations											$	329,803

As of December 31, 2024:
Total assets for reportable segments	$	8,451	$	6,010	$	118,855	$	12,811	$	1,870	$	147,997
Other assets(a)											130,307
Total consolidated assets, excluding discontinued operations											$	278,304

(a) Includes assets related to non-operating legacy services that are no longer active as well as corporate related assets, which include cash and cash equivalents and restricted cash.

Following is a breakout of purchases of property, plant and equipment for the periods indicated (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Rentals	$	17,185	$	127	$	44,125	$	350
Infrastructure	19		—		120		291
Sand	—		—		93		—
Accommodations	95		17		170		97
Drilling	—		15		116		100
Total segment purchases of property, plant and equipment	17,299		159		44,624		838
Other(a)	—		—		—		227
Total consolidated purchases of property, plant and equipment, excluding discontinued operations	$	17,299	$	159	$	44,624	$	1,065

(a) Includes purchases related to non-operating legacy services that are no longer active.

MAMMOTH ENERGY SERVICES, INC. 10-Q