The company exhibits severe revenue contraction, highlighted by a 64.7% year-over-year decline in 2026Q1 and a deeply negative 39.0% gross margin recorded in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 62.7M | 44.29M | 187.93M | 309.49M | 362.09M | 228.96M | 313.08M | 625.01M | 1.69B | 691.5M | 230.63M | 359.94M | 259.53M | 132.55M | 57.9M |
| Revenue Growth % | -57.85% | -76.43% | -39.28% | -14.53% | 58.14% | -26.87% | -49.91% | -63.02% | 144.41% | 199.84% | -35.93% | 38.69% | 95.8% | 128.91% | - |
| Cost of Goods Sold | 66.77M | 52.85M | 195.83M | 292.95M | 342.86M | 276.8M | 327.34M | 660.82M | 1.21B | 574.69M | 245.34M | 348.74M | 226.7M | 108.03M | 41.6M |
| COGS % of Revenue | - | 119.33% | 104.2% | 94.66% | 94.69% | 120.89% | 104.56% | 105.73% | 71.81% | 83.11% | 106.38% | 96.89% | 87.35% | 81.5% | 71.84% |
| Gross Profit | -4.07M | -8.56M | -7.9M | 16.54M | 19.23M | -47.84M | -14.26M | -35.81M | 476.4M | 116.8M | -14.71M | 11.2M | 32.83M | 24.52M | 16.3M |
| Gross Margin % | -6.5% | -19.33% | -4.2% | 5.34% | 5.31% | -20.89% | -4.56% | -5.73% | 28.19% | 16.89% | -6.38% | 3.11% | 12.65% | 18.5% | 28.16% |
| Gross Profit Growth % | - | -8.42% | -147.75% | -13.97% | 140.19% | -235.43% | 60.17% | -107.52% | 307.87% | 893.98% | -231.4% | -65.9% | 33.9% | 50.37% | - |
| Operating Expenses | 19.84M | 19.57M | 124.82M | 37.46M | 39.55M | 78.25M | 67.19M | 51.55M | 72.6M | 48.39M | 18.05M | 20.54M | 17.03M | 33.97M | 17.08M |
| OpEx % of Revenue | - | 44.19% | 66.42% | 12.1% | 10.92% | 34.17% | 21.46% | 8.25% | 4.3% | 7% | 7.83% | 5.71% | 6.56% | 25.63% | 29.49% |
| Selling, General & Admin | 19.84M | 19.57M | 124.82M | 37.46M | 39.55M | 78.25M | 67.19M | 51.55M | 72.6M | 48.39M | 18.05M | 20.54M | 17.03M | 13.61M | 6.44M |
| SG&A % of Revenue | - | 44.19% | 66.42% | 12.1% | 10.92% | 34.17% | 21.46% | 8.25% | 4.3% | 7% | 7.83% | 5.71% | 6.56% | 10.27% | 11.13% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -26.17M | -28.14M | -132.72M | -20.92M | -20.33M | -126.08M | -81.45M | -87.36M | 403.81M | 68.42M | -32.76M | -9.35M | 15.8M | -8.09M | 1.71M |
| Operating Margin % | -41.74% | -63.52% | -70.62% | -6.76% | -5.61% | -55.07% | -26.02% | -13.98% | 23.89% | 9.89% | -14.2% | -2.6% | 6.09% | -6.1% | 2.96% |
| Operating Income Growth % | - | 78.8% | -534.53% | -2.9% | 83.88% | -54.81% | 6.77% | -121.63% | 490.21% | 308.85% | -250.51% | -159.14% | 295.3% | -572.36% | - |
| EBITDA | -18.45M | -17.84M | -107.64M | 24.19M | 43.95M | -47.61M | 13.87M | 29.67M | 523.68M | 160.54M | 39.56M | 63.05M | 51.43M | 11.62M | 10.05M |
| EBITDA Margin % | -29.42% | -40.28% | -57.28% | 7.82% | 12.14% | -20.79% | 4.43% | 4.75% | 30.99% | 23.22% | 17.15% | 17.52% | 19.82% | 8.77% | 17.36% |
| EBITDA Growth % | 81.41% | 83.42% | -544.9% | -44.94% | 192.3% | -443.26% | -53.26% | -94.33% | 226.2% | 305.86% | -37.26% | 22.59% | 342.52% | 15.59% | - |
| D&A (Non-Cash Add-back) | 7.72M | 10.29M | 25.08M | 45.11M | 64.27M | 78.47M | 95.32M | 117.03M | 119.88M | 92.12M | 72.31M | 72.39M | 35.63M | 19.71M | 8.34M |
| EBIT | -57.52M | -28.14M | -193.33M | 25.33M | 24.49M | -117.89M | -114.38M | -86.17M | 392.42M | 66.11M | -34.47M | -23.53M | 10.29M | -8.09M | 1.71M |
| Net Interest Income | 2.39M | 1.67M | -25.2M | -16.2M | -11.51M | -6.41M | -5.4M | -4.96M | -3.19M | -4.31M | -4.1M | -5.19M | -4.57M | 0 | 0 |
| Interest Income | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98.49K | 214.14K | 1.8M | 273.65K |
| Interest Expense | 0 | 1.67M | 25.2M | 16.2M | 11.51M | 6.41M | 5.4M | 4.96M | 3.19M | 4.31M | 4.1M | 5.29M | 4.79M | 0 | 0 |
| Other Income/Expense | -27.68M | -31.53M | -85.81M | 30.05M | 33.31M | 1.79M | -38.33M | -3.76M | -14.58M | -6.62M | -5.81M | -19.47M | -10.3M | -2.23M | -2.76M |
| Pretax Income | -53.85M | -59.67M | -218.53M | 9.13M | 12.99M | -124.29M | -119.78M | -91.13M | 389.23M | 61.8M | -38.57M | -28.82M | 5.5M | -11.26M | -1.05M |
| Pretax Margin % | -85.89% | -134.72% | -116.28% | 2.95% | 3.59% | -54.29% | -38.26% | -14.58% | 23.03% | 8.94% | -16.72% | -8.01% | 2.12% | -8.49% | -1.81% |
| Income Tax | 4.68M | 4.09M | -11.2M | 12.3M | 13.61M | -22.86M | -12.17M | -12.08M | 153.26M | 2.83M | 53.88M | -1.59M | 7.51M | 3.67M | 1.01M |
| Effective Tax Rate % | -8.69% | -6.85% | 5.13% | 134.63% | 104.77% | 18.39% | 10.16% | 13.26% | 39.38% | 4.58% | -139.71% | 5.51% | 136.53% | -32.61% | -96.87% |
| Net Income | -71M | -63.76M | -207.33M | -3.16M | -619K | -101.43M | -107.61M | -79.04M | 235.97M | 58.96M | -92.45M | -27.23M | -2.01M | -14.93M | -2.06M |
| Net Margin % | -113.24% | -143.94% | -110.32% | -1.02% | -0.17% | -44.3% | -34.37% | -12.65% | 13.96% | 8.53% | -40.09% | -7.57% | -0.77% | -11.26% | -3.55% |
| Net Income Growth % | 63.79% | 69.25% | -6454.73% | -410.99% | 99.39% | 5.74% | -36.14% | -133.5% | 300.18% | 163.78% | -239.51% | -1254.43% | 86.53% | -625.16% | - |
| Net Income (Continuing) | -58.53M | -63.76M | -207.33M | -3.16M | -619K | -101.43M | -107.61M | -79.04M | 235.97M | 58.96M | -92.45M | -27.23M | -2.01M | -14.93M | -2.06M |
| Discontinued Operations | -2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.47 | -1.63 | -4.31 | -0.07 | -0.01 | -2.18 | -2.36 | -1.76 | 5.24 | 1.42 | -2.81 | -0.73 | -0.05 | -0.40 | -0.06 |
| EPS Growth % | 63.98% | 62.18% | -6410.57% | -405.34% | 99.4% | 7.63% | -34.09% | -133.59% | 269.01% | 150.53% | -284.93% | -1261.94% | 86.53% | -623.64% | - |
| EPS (Basic) | - | -1.63 | -4.31 | -0.07 | -0.01 | -2.18 | -2.36 | -1.76 | 5.27 | 1.42 | -2.81 | -0.73 | -0.05 | -0.40 | -0.06 |
| Diluted Shares Outstanding | 48.33M | 48.27M | 48.06M | 47.78M | 47.17M | 46.43M | 45.64M | 45.01M | 45.02M | 41.64M | 31.5M | 37.5M | 37.5M | 37.5M | 37.5M |
| Basic Shares Outstanding | 48.33M | 48.27M | 48.06M | 47.78M | 47.17M | 46.43M | 45.64M | 45.01M | 44.75M | 41.55M | 31.5M | 37.5M | 37.5M | 37.5M | 37.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 4.75% | - | - | - | - | - | - |
Severe revenue and margin erosion
As reported in recent financial filings, TUSK has experienced a severe revenue decline, with quarterly figures fluctuating significantly and reaching a low of $9.5 million in 2025Q4, underscoring the extreme volatility inherent in its project-based business model and the lack of recurring revenue streams.
The company's revenue trajectory appears highly unstable, characterized by sharp quarterly swings that suggest a reliance on lumpy, non-recurring contracts. This lack of predictable top-line growth makes it difficult to forecast future performance, as the firm remains vulnerable to the cyclical downturns of the North American shale and infrastructure sectors.
Based on the company's reported income statements, TUSK has struggled with persistent negative gross margins, including a -39.0% reading in 2025Q4, which indicates that the firm is currently unable to cover the direct costs of its service operations under existing utilization levels.
The inability to maintain positive gross margins suggests that the company's high fixed-cost base, particularly regarding specialized equipment and labor, is not being adequately absorbed by current activity levels. Investors should monitor whether management can achieve the necessary scale to reach break-even, as prolonged margin compression may necessitate further asset impairments.
According to historical income statement data, TUSK's operating income has consistently remained in negative territory, with a -123.5% operating margin in 2025Q4, demonstrating that administrative overhead continues to exacerbate the losses generated at the service level rather than scaling efficiently with revenue.
The company's inability to achieve operating leverage suggests that its SG&A expenses are disproportionately high relative to its current revenue base. This structural imbalance implies that even if gross margins were to improve, the firm would still face significant challenges in achieving profitability without a substantial reduction in fixed operating costs.
While the company maintains a cash position of over $100 million, the persistent net losses, such as the -144.3% net margin recorded in 2025Q4, suggest that the firm's current operating model is fundamentally unsustainable without a rapid and significant improvement in project-based revenue generation.
Short-sellers would likely focus on the rapid erosion of book value and the potential for the cash cushion to be depleted by ongoing operating losses. The reliance on contested receivables and the lack of a clear path to profitability warrant further investigation into whether the current balance sheet is merely delaying an inevitable restructuring.
Quick answers to the most common questions about buying TUSK stock.
For fiscal year 2025, Mammoth Energy Services, Inc. (TUSK) reported total revenue of $44.3M. This represents a 23.5% decline compared to $57.9M in 2012.
Mammoth Energy Services, Inc. (TUSK) reported a net loss of $63.8M for the fiscal year ending 2025.
Mammoth Energy Services, Inc. (TUSK) reported an operating income of $-28.1M, resulting in an operating profit margin of -63.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Mammoth Energy Services, Inc. (TUSK) generated $-8.6M in gross profit for the year, representing a gross profit margin of -19.3%. This demonstrates the company's core pricing power and production efficiency.