Mammoth Energy Services Inc (TUSK) 2026 Q1 法說會逐字稿

Greetings and welcome to the Mammoth Energy Services first-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Mammoth Energy Services 第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Mohammed Topiwala with Vizara Investor Relations. Thank you. You may begin.

現在我很榮幸介紹 Vizara 投資人關係部的 Mohammed Topiwala。謝謝。您可以開始了。

Thank you, operator, and good morning, everyone. We appreciate you joining us for Mammoth's first quarter 2026 earnings conference call. Joining us on the call today are Mark Layton, 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.

謝謝，接線員，各位早安。感謝各位參加 Mammoth 2026 年第一季財報電話會議。今天與會的有財務長 Mark Layton，以及營運長 Bernie Lancaster。我們將先進行事先準備的發言，接著開放提問。我想提醒各位，今天部分評論包含前瞻性陳述。這些陳述受到許多風險與不確定性影響，可能導致我們的實際結果與本文所表達的任何預期存在重大差異。

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 first quarter earnings press release, which can be found on our website.

請參閱我們最新向美國證券交易委員會（SEC）提交的文件，以了解風險因素以及關於前瞻性陳述的注意事項。我們今天的評論也包含非 GAAP 財務衡量指標。相關細節以及 GAAP 與非 GAAP 財務衡量指標的調節表，已收錄於我們第一季財報新聞稿中，可於我們網站查閱。

As a reminder, today's call is being webcast, and a recorded version will be available on the Investor Relations section of Mammoth's website following the conclusion of this call.

提醒各位，今天的電話會議將進行網路直播，會後也會在 Mammoth 官網的投資人關係專區提供錄音版本。

With that, I'll turn the call over to Mark.

接下來我把電話交給 Mark。

Thank you, Mohammed, and good morning, everyone. I'll cover first quarter results and the key themes driving the quarter's performance, 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, capital allocation and our updated outlook for 2026, after which we'll open the line for questions.

謝謝你，Mohammed，各位早安。我將先說明第一季業績以及推動本季表現的關鍵主題，接著交由我們的營運長 Bernie Lancaster，按事業部別說明營運表現。之後我會再回來說明財務狀況、資本配置，以及我們更新後的 2026 年展望，最後開放提問。

The first quarter of 2026 represents a clear inflection point for Mammoth. When we last spoke in March, we were direct about where the fourth quarter fell short. The demand was there, but our execution and cost control did not meet our expectations, and we owned that. We took targeted action and the first quarter is early proof that those actions are working.

2026 年第一季對 Mammoth 而言是一個明確的轉折點。我們上次在 3 月通話時，坦率說明了第四季未達標之處。需求確實存在，但我們的執行與成本控管未達預期，我們也承擔了責任。我們採取了有針對性的行動，而第一季已初步證明這些行動正在奏效。

Revenue was $22 million, up 90% year-over-year and 133% sequentially. Adjusted EBITDA was positive $1.9 million, our first positive EBITDA quarter in eight quarters. The momentum we are seeing across the platform is strong enough that we are now raising our 2026 guidance on both revenue and EBITDA. I'll walk through the specifics later in the call.

營收為 2,200 萬美元，年增 90%，季增 133%。調整後 EBITDA 為正的 190 萬美元，這是我們連續八個季度以來首次出現正 EBITDA 的季度。我們在整個平台看到的動能強勁到足以讓我們上調 2026 年營收與 EBITDA 的指引。我會在稍後的會議中說明細節。

During the first quarter and for the first time since our share repurchase program was authorized in August 2023, we began returning capital directly to shareholders, a reflection of our confidence in where this business is headed. Stepping back, the pivot we've spent the last several quarters executing, simplifying the portfolio, redeploying capital into higher return businesses and rebuilding the cost structure to match the size and shape of the company we are today is now showing up in the numbers. There is more work ahead, and I'll be specific about where later in the call.

第一季期間，且自 2023 年 8 月核准股票回購計畫以來首次，我們開始直接向股東返還資本，反映我們對公司未來走向的信心。從更宏觀的角度來看，我們過去幾個季度持續推動的轉型：精簡投資組合、將資本重新配置至更高報酬的業務，以及重建成本結構以符合公司目前的規模與樣貌，現在已反映在數字上。後續仍有更多工作要做，我會在稍後的會議中具體說明。

As reflected in the first quarter results, we are seeing early measurable proof points across multiple parts of the business that the strategy is working. Starting with revenue. Growth was led by our Rental segment, particularly aviation, where we benefited from a full quarter of utilization on assets deployed throughout 2025.

如第一季結果所示，我們在業務的多個部分已看到可量化的早期驗證，證明策略正在奏效。先從營收談起。成長主要由我們的租賃事業部帶動，尤其是航空領域；我們受惠於 2025 年全年部署資產在本季完整一季的使用率。

In addition to the improved utilization, during the quarter, we sold an aviation APU that we had purchased only two quarters earlier in the third quarter of 2025, generating a gross IRR of approximately 20%. We then redeployed the proceeds into another aviation asset where we see a strong return profile.

除了使用率提升之外，本季我們出售了一台航空 APU（輔助動力裝置）；該資產僅在兩個季度前、也就是 2025 年第三季才購入，交易帶來約 20% 的毛 IRR（內部報酬率）。隨後我們將出售所得再投入另一項航空資產，我們認為其報酬特性強勁。

As we said on our last call, there are assets on our balance sheet that carry value not reflected in where the stock trades. This transaction is a real-time data point on exactly that, and it reinforces the capital allocation philosophy we've articulated since we entered this business. Beyond rentals, we saw improvement across several other segments. Drilling revenue increased over 180% sequentially. Sand revenue increased over 129% sequentially and Accommodations delivered another strong quarter with revenue up 25% sequentially.

正如我們在上次電話會議所說，我們資產負債表上有些資產的價值，並未反映在目前股價的交易水準中。這筆交易即時驗證了這一點，也強化了我們自進入此業務以來所闡述的資本配置理念。除租賃之外，我們在其他幾個事業部也看到改善。鑽井營收季增超過 180%。砂石營收季增超過 129%，而住宿業務再度交出強勁一季，營收季增 25%。

The improvement in profitability was driven by a combination of higher revenue fall-through, particularly in rentals and accommodations, along with continued discipline on the cost structure with SG&A of $3.6 million, a 38% decrease sequentially. Putting SG&A into longer perspective, we have taken our SG&A run rate from approximately $25 million in 2024 to $20 million in 2025, and we now have line of sight to an annual run rate of approximately $11 million to $12 million as the work on structural cost continues to take hold.

獲利能力的改善來自多項因素的組合：較高的營收落底效益（fall-through），尤其在租賃與住宿業務，同時我們也持續嚴格控管成本結構，使 SG&A 為 360 萬美元，季減 38%。從更長期的角度看，我們已將 SG&A 的年化支出水準由 2024 年約 2,500 萬美元降至 2025 年約 2,000 萬美元；隨著結構性成本改善持續落實，我們目前也已能看見年化約 1,100 萬至 1,200 萬美元的目標水準。

Cost trajectory is the result of deliberate work, sharing services more efficiently across the platform and maintaining strict discipline on spend. In accommodations specifically, we generated gross margins of approximately 40%, the highest level in the past five quarters, reflecting both improved utilization and the operating leverage that comes with it.

成本走勢是刻意推動的成果：在整個平台更有效率地共享服務，並對支出維持嚴格紀律。以住宿業務而言，我們的毛利率約 40%，為過去五個季度最高水準，反映使用率提升以及隨之而來的營運槓桿效益。

While we are encouraged by the progress, there are still areas where we see meaningful opportunities for improvement. In drilling, revenue improved significantly versus the fourth quarter. However, margins were pressured by higher operating costs, with a portion of these being front-loaded in nature, particularly on the maintenance side.

儘管我們對進展感到鼓舞，但仍有一些領域存在顯著的改善機會。在鑽井業務方面，營收相較第四季大幅改善。然而，毛利率受到較高營運成本的壓力，其中一部分具有前置（front-loaded）特性，尤其是在維修保養方面。

As context, drilling delivered the highest gross margin in the segment's history in the third quarter of 2025 before timing-related items affected the fourth. First quarter saw activity rebound on that base. With utilization building, costs normalizing and planned capital deployment improving our operating efficiency, we expect margins to expand through the year and the segment to reach EBITDA positive in 2026. In Sand, while volumes and revenue improved meaningfully, margins remained below our expectations. This business is leveraged to activity in the Montney, and we expect performance to track with that market.

作為背景說明，鑽井業務在 2025 年第三季創下該事業部歷史最高毛利率，之後第四季受到時點相關因素影響。第一季在此基礎上看到活動回升。隨著使用率提升、成本正常化，以及計畫中的資本投放改善我們的營運效率，我們預期毛利率將在今年逐步擴大，並使該事業部於 2026 年達到 EBITDA 轉正。在砂石業務方面，雖然出貨量與營收明顯改善，但毛利率仍低於我們的預期。此業務與 Montney 地區的活動高度連動，我們預期表現將隨該市場走勢而變動。

Our internal focus continues to be on operational efficiency and pricing capture as activity increases. In infrastructure, demand, particularly for fiber remains intact. The new leadership team we put in place is making progress. And as the operational changes take hold, we expect financial performance to improve. This is our smallest segment today, but one where we see meaningful long-term potential.

我們內部的重點仍放在活動增加時的營運效率與價格掌握（pricing capture）。在基礎建設業務方面，需求仍然穩健，尤其是光纖相關需求。我們新建立的領導團隊正在取得進展。隨著營運變革逐步落地，我們預期財務表現將改善。這是我們目前最小的事業部，但我們認為其長期潛力可觀。

What we are starting to see now are real proof points that the transformation strategy is working, a more focused portfolio, improving utilization, better capital allocation and a cost structure aligned with the current scale of the business.

我們現在開始看到真正的驗證點，顯示轉型策略正在奏效：更聚焦的投資組合、使用率提升、更佳的資本配置，以及與目前業務規模相匹配的成本結構。

With that, I'll turn it over to Bernie to walk through the operational performance in more detail.

接下來，我把時間交給 Bernie，請他更詳細地說明營運表現。

Thanks, Mark, and good morning, everyone. When we spoke in March, I told you Q4 was a mixed quarter, pockets of real strength, but execution and cost control that did not meet our standard. We own that, and we laid out the specific actions underway, top-down management changes in the fiber business, tightened project oversight and a more strategic approach to customer and fleet mix in non-aviation rentals.

謝謝你，Mark，各位早安。我們在三月通話時，我提到第四季是一個好壞參半的季度，有些領域展現出真正的強勁表現，但在執行力與成本控管方面未達到我們的標準。這點我們承擔責任，也已說明正在推動的具體行動，包括光纖業務自上而下的管理層調整、加強專案監督，以及在非航空租賃業務上，對客戶與車隊組合採取更具策略性的做法。

The first quarter results provide early evidence that those actions are working across most of the platform. We have seen clear improvement in our operational trajectory and the demand backdrop we outlined last quarter has held up. Let me walk through it segment by segment. Starting with rentals. This segment continues to be the primary driver of growth for the company. In equipment rentals, we had an average of 389 pieces of equipment on rent during the quarter compared to 328 in the fourth quarter of '25 and 231 in the first quarter of 2025.

第一季的結果初步顯示，這些行動在平台的大多數業務上正在發揮效果。我們看到營運走勢明顯改善，而我們在上季所描述的需求背景也維持穩健。我將按各事業部逐一說明。先從租賃業務開始。這個事業部仍是公司成長的主要驅動力。在設備租賃方面，本季平均有 389 台設備在租，較 2025 年第四季的 328 台，以及 2025 年第一季的 231 台有所增加。

The customer and fleet mix work we discussed on the Q4 call is starting to flow through and the demand across our gas-weighted basins remains strong. In Aviation, we ended the quarter with 27 assets in the fleet, of which 21 were generating revenue. Utilization continues to trend positively, and we expect further improvement as we place additional assets on lease over the coming quarters, subject to maintenance schedules and customer delivery timing. I would again like to reiterate that there is still meaningful runway here. In accommodations, we saw another strong quarter. Nights on rent in Q1 were 24,778 compared to 21,384 in Q4 and 16,108 in Q1 of 2025.

我們在第四季電話會議中提到的客戶與車隊組合優化工作，正開始反映在業績上，而我們以天然氣為主的盆地需求仍然強勁。在航空業務方面，本季末機隊共有 27 項資產，其中 21 項正在創造營收。使用率持續呈現正向趨勢，且我們預期未來幾季將進一步改善，前提是維修排程與客戶交付時點配合。我再次重申，這裡仍有相當可觀的成長空間。在住宿業務方面，我們又迎來一個強勁季度。第一季出租夜數為 24,778 晚，較第四季的 21,384 晚，以及 2025 年第一季的 16,108 晚增加。

That reflects continued strength in customer activity and improved occupancy, which combined with operating leverage drove the 40% margin. As Mark referenced earlier, this was the strongest result this segment has delivered in 5 quarters. This team has consistently performed at an exceptional level quarter after quarter, and they deserve significant recognition for their unwavering execution. In drilling, activity increased meaningfully compared to Q4 and Q1 of 2025. This represents a significant advancement in the right direction, maintaining momentum as we anticipate ongoing growth in activity throughout the year.

這反映客戶活動持續強勁與入住率提升，並在營運槓桿的帶動下推升至 40% 的利潤率。如 Mark 先前提到，這是該事業部在 5 個季度以來交出的最佳成績。這個團隊一季接一季都以卓越水準穩定表現，他們堅定不移的執行力值得高度肯定。在鑽井業務方面，活動量相較於第四季與 2025 年第一季都有顯著提升。這代表我們朝正確方向邁出重要一步，並在我們預期全年活動將持續成長之際維持動能。

Sand showed significant top line improvement with revenue up 129% sequentially from Q4 2025. We sold approximately 156,000 tons at an average price of $19.49 per ton. Volumes are clearly recovering off the Q4 low, and we are also making progress on the railcar lease optimization we flagged on the Q4 call. As Mark said, pricing remains competitive and margin improvement is paramount. But operationally, we are headed in the right direction. Sand is leveraged to activity in the Montney. And while the market has shown improvement, we have more work to do on our margin conversion. That remains a priority.

砂石業務的營收顯著改善，較 2025 年第四季環比成長 129%。我們銷售約 156,000 噸，平均價格為每噸 19.49 美元。出貨量顯然正從第四季低點回升，同時我們也在推進第四季電話會議中提到的鐵路車廂租賃最佳化。如 Mark 所說，價格仍具競爭性，而改善利潤率至關重要。但就營運而言，我們正朝正確方向前進。砂石業務與 Montney 的活動量高度連動。雖然市場已有所改善，但我們在利潤轉化方面仍有更多工作要做。這仍是優先事項。

Finally, in infrastructure, activity levels remain modest with a revenue of approximately $0.3 million in the quarter. The new leadership team in fiber is making the changes we said they would, tighter project oversight, better cost discipline and a more selective approach to the projects we take on. The operational foundation is continuing to improve and with the capital investment we made during the first quarter into our fiber optic fleet, we expect to be better positioned to pursue and execute on the work that is in front of us as meaningful demand continues to build.

最後，在基礎設施業務方面，活動水準仍偏溫和，本季營收約 0.3 百萬美元。光纖業務的新領導團隊正落實我們所說的變革：更嚴密的專案監督、更佳的成本紀律，以及對承接專案採取更具選擇性的策略。營運基礎持續改善；此外，隨著我們在第一季對光纖設備車隊進行資本投資，我們預期在需求持續累積之際，將更有能力去爭取並執行眼前的工作機會。

Overall, we are seeing improving activity levels across multiple segments and the operational issues we flagged on the Q4 call are tracking in the right direction with the first quarter starting to show the impact of the changes we have been making.

整體而言，我們看到多個事業部的活動水準正在改善，而我們在第四季電話會議中指出的營運問題也正朝正確方向推進；第一季已開始顯現我們所做變革的影響。

With that, I'll turn it back over to Mark.

接下來，我把時間交回給 Mark。

Thanks, Bernie. Let me walk through our segment results for the first quarter of 2026, and then I'll cover the consolidated results, balance sheet, capital allocation and our outlook. Rental segment revenue was $13 million, up approximately 294% sequentially and up 584% year-over-year, mainly driven by a full quarter of contribution from the aviation assets we deployed throughout 2025, the $6.5 million sale of an aviation APU that was not on lease, along with continued strength in non-aviation rentals.

謝謝你，Bernie。我先說明 2026 年第一季各事業部的表現，接著再談合併結果、資產負債表、資本配置以及我們的展望。租賃事業部營收為 1,300 萬美元，環比約成長 294%，年增 584%；主要受惠於我們在 2025 年期間部署的航空資產在本季貢獻完整一季的營收、出售一台未出租的航空 APU 帶來 650 萬美元收入，以及非航空租賃業務持續強勁。

Segment profitability improved meaningfully on the back of higher revenue fall-through and the customer and fleet mix actions Bernie referenced. Accommodations segment revenue was $3.5 million, up approximately 25% sequentially and up 67% year-over-year, reflecting higher occupancy and continued cost discipline. Gross margins of approximately 40% were the highest in 5 quarters, driven by both utilization and operating leverage. Drilling segment revenue was $1.4 million, up 180% sequentially and 600% year-over-year as utilization stepped up 20% from low single digits in the fourth quarter and first quarter of 2025.

在較高營收落底效應，以及 Bernie 所提到的客戶與車隊組合調整的帶動下，該事業部獲利能力顯著改善。住宿事業部營收為 350 萬美元，環比約成長 25%，年增 67%，反映入住率提升與持續的成本紀律。約 40% 的毛利率為 5 個季度以來最高，主要由使用率與營運槓桿共同推動。鑽井事業部營收為 140 萬美元，環比成長 180%，年增 600%；因使用率自第四季與 2025 年第一季的個位數低檔提升了 20%。

Margins were pressured by higher operating costs in the quarter, but with activity continuing to build, we continue to expect drilling to move toward positive EBITDA during 2026. Sand segment revenue was $3.9 million, up 129% sequentially, reflecting a meaningful step-up in volumes off the Q4 low watermark, partially offset by a year-over-year decline in average sales price as a result of an increased proportion of coarse grade sand. Segment margins remain below our expectations and operational efficiency and railcar fleet rationalization remain the focus areas.

本季因營運成本上升使利潤率承壓，但隨著活動量持續增加，我們仍預期鑽井業務在 2026 年將朝正 EBITDA 邁進。砂石事業部營收為 390 萬美元，環比成長 129%，反映出貨量自第四季低點明顯回升；但部分被平均售價年減所抵銷，原因是粗粒級砂的占比提高。該事業部利潤率仍低於我們的預期，營運效率提升與鐵路車廂車隊精簡仍是重點工作方向。

Infrastructure segment revenue was $0.3 million, reflecting the operational reset underway in our fiber business. We expect an EBITDA overhang throughout the first half of 2026, consistent with what we communicated last quarter. Importantly, during the quarter, we made our first meaningful capital investment in this segment as we invested $1.9 million into our fiber optic fleet. Demand backdrop for fiber is compelling, and this investment is about ensuring we have the capacity and equipment to execute on that opportunity as it develops in the back half of the year and into 2027.

基礎設施事業部營收為 0.3 百萬美元，反映我們光纖業務正在進行的營運重整。我們預期 2026 年上半年 EBITDA 將持續受到拖累，與我們上季所溝通的一致。重要的是，本季我們在此事業部進行了首次具規模的資本投資，投入 190 萬美元於光纖設備車隊。光纖的需求背景具吸引力；這項投資旨在確保我們具備產能與設備，以便在今年下半年以及進入 2027 年、機會逐步成形時能夠有效執行。

Turning to our consolidated results. The first quarter of 2026 total revenue was $22 million compared to $9.5 million in the fourth quarter of 2025 and $11.6 million in the first quarter of 2025, an increase of 133% sequentially and 90% year-over-year. Net income from continuing operations was $4.7 million or $0.10 per diluted share compared to a net loss of $12.3 million or $0.26 per diluted share in the fourth quarter of 2025 and a net loss of $2.2 million or $0.05 per diluted share in the first quarter of 2025, significant improvement from prior periods.

接著看合併結果。2026 年第一季總營收為 2,200 萬美元，較 2025 年第四季的 950 萬美元與 2025 年第一季的 1,160 萬美元分別增加，環比成長 133%，年增 90%。持續營運淨利為 470 萬美元，或稀釋後每股 0.10 美元；相較之下，2025 年第四季持續營運淨損為 1,230 萬美元，或稀釋後每股虧損 0.26 美元，而 2025 年第一季持續營運淨損為 220 萬美元，或稀釋後每股虧損 0.05 美元，較前期大幅改善。

Adjusted EBITDA from continuing operations was $1.9 million compared to a loss of $6.8 million in the fourth quarter of 2025 and a loss of $2.3 million in the first quarter of 2025. As I mentioned at the outset, this is the first positive EBITDA quarter since Q1 of 2024, two years ago and prior to the strategic transactions that took place during 2025.

持續營運的調整後 EBITDA 為 190 萬美元，相較於 2025 年第四季虧損 680 萬美元，以及 2025 年第一季虧損 230 萬美元。如我在一開始提到的，這是自兩年前、亦即 2024 年第一季以來首次出現 EBITDA 轉正的季度，且是在 2025 年進行的策略性交易之前。

The first quarter results were driven by the fall-through from higher rental and accommodations revenues, disciplined cost management and favorable insurance adjustments of $1.6 million. SG&A expense was $3.6 million in the first quarter of 2026 compared to $5.7 million in the fourth quarter of 2025 and $4.1 million in the first quarter of 2025. We continue to target an annual SG&A run rate of approximately $11 million to $12 million as the work on structural cost takes hold.

第一季的結果主要受惠於較高的租賃與住宿收入所帶來的落差效應、嚴謹的成本管理，以及 160 萬美元的有利保險調整。SG&A費用於 2026 年第一季為 360 萬美元，相較於 2025 年第四季的 570 萬美元，以及 2025 年第一季的 410 萬美元。隨著結構性成本改善工作逐步到位，我們仍以年度 SG&A 執行率約 1,100 萬至 1,200 萬美元為目標。

Turning to balance sheet and liquidity. Mammoth remains debt-free with a strong balance sheet position. We ended the quarter with unrestricted cash, cash equivalents and marketable securities of $125.1 million. Capital expenditures in the first quarter were $11.7 million with $9.3 million of that going into rentals. The majority of the rentals CapEx went into aviation assets as we acquired two APUs during the quarter for $6.6 million. In addition, $1.9 million went into the infrastructure services segment for our fiber optic fleet and $0.4 million of maintenance CapEx in our Sand and Accommodation segments.

接著談資產負債表與流動性。Mammoth 仍維持零負債，資產負債表狀況強健。本季末我們持有不受限制的現金、約當現金及有價證券 1.251 億美元。第一季資本支出為 1,170 萬美元，其中 930 萬美元投入租賃業務。租賃資本支出多數投入航空資產，我們於本季以 660 萬美元收購兩具 APU。此外，基礎設施服務事業部的光纖車隊投入 190 萬美元，以及砂石與住宿事業部的維護性資本支出 40 萬美元。

Subsequent to quarter end, we have deployed an additional [$26.7 million] (corrected by company after the call) for aviation assets to acquire six engines. We expect four of the six to go on lease during the second quarter. With these additions, we now have just over $90 million deployed in our aviation portfolio.

在季末之後，我們已額外投入 [2,670 萬美元]（公司於電話會議後更正）用於航空資產，以收購六具引擎。我們預期其中六具中的四具將於第二季開始出租。隨著這些新增資產，我們目前在航空投資組合中的已投入資金已略高於 9,000 萬美元。

As I mentioned earlier, we also monetized an aviation APU at a 20% gross IRR after a roughly two-quarter hold and recycled that capital into another aviation asset where we see a stronger return profile. This is the philosophy we've articulated surrounding our portfolio of businesses and assets. Every asset has to earn its place in the portfolio, and we will be a buyer or seller depending on where the returns are.

如我先前提到的，我們也在持有約兩個季度後，將一具航空 APU 以 20% 的毛 IRR 變現，並將該資金再投入另一項我們認為報酬輪廓更強的航空資產。這正是我們對於旗下業務與資產組合所闡述的理念。每一項資產都必須在投資組合中「賺得」其位置，而我們會依報酬所在，選擇成為買方或賣方。

During the quarter, we also began deploying capital under our share repurchase program for the first time since the Board authorized it in August of 2023. We repurchased approximately 187,000 shares for $400,000 at an average price of $2.14 per share. The dollar amount is modest relative to our liquidity, and that is intentional, but the signal is not. To frame what we see, we ended the quarter with $125 million in cash and marketable securities and a debt-free balance sheet. We delivered our first positive adjusted EBITDA quarter in 2 years. We are raising guidance as I'll cover in a moment.

本季我們也首次在董事會於 2023 年 8 月核准後，開始依據庫藏股回購計畫部署資金。我們以每股平均 2.14 美元回購約 18.7 萬股，總金額 40 萬美元。相較於我們的流動性，金額不大，這是刻意為之，但傳遞的訊號並非如此。為了說明我們所看到的情況，本季末我們持有 1.25 億美元的現金與有價證券，且資產負債表零負債。我們交出兩年來首個調整後 EBITDA 轉正的季度。我們也將上調財測，我稍後會說明。

In our view, the equity is currently trading at levels that ascribe little to no value to our cash position or to the underlying quality of the asset base behind it. We have meaningful capacity remaining under the repurchase authorization, which permits repurchases of up to the lesser of $55 million or 10 million shares. We will continue to be opportunistic with that capacity, particularly at levels where, in our view, the market is not reflecting the underlying value of the business.

我們認為，目前股價交易水準幾乎未對我們的現金部位或其背後資產基礎的內在品質給予任何價值。在回購授權額度下，我們仍有相當的剩餘空間，允許回購金額最高為 5,500 萬美元或 1,000 萬股（以較低者為準）。我們將持續善用該額度，特別是在我們認為市場未能反映企業內在價值的價位水準。

Turning to our outlook for 2026. Based on the operational performance we delivered in the first quarter and the momentum building across the platform, we are updating our 2026 guidance on 2 dimensions. First, and most importantly, we now expect Mammoth to be adjusted EBITDA positive for the full year of 2026. This is a full year ahead of the time line we previously communicated. The pull forward is being driven by stronger-than-expected performance in rentals, particularly aviation, combined with continued discipline on the cost structure and the early benefit of the operational fixes we put in motion last quarter.

接著談我們對 2026 年的展望。基於第一季的營運表現以及平台各項業務動能的累積，我們將從兩個面向更新 2026 年財測指引。第一，也是最重要的，我們現在預期 Mammoth 在 2026 年全年將實現調整後 EBITDA 轉正。這比我們先前對外溝通的時間表提前整整一年。提前的主因是租賃業務（尤其是航空）表現優於預期，加上我們持續嚴守成本結構紀律，以及上季啟動的營運修正措施已開始帶來早期效益。

Second, we now expect full year revenue growth of greater than 60%, up from our prior expectation of approximately 50% Again, primary driver is rentals, where utilization continues to build as we place additional assets on lease, supplemented by sequentially improving performance in drilling, sand and accommodations.

第二，我們現在預期全年營收成長將超過 60%，高於先前約 50% 的預期。主要驅動力同樣來自租賃業務，隨著我們將更多資產投入出租，使用率持續提升；同時，鑽井、砂石與住宿業務的表現也呈現逐季改善。

To close, the first quarter of 2026 marks a clear inflection point for Mammoth. We delivered our first positive adjusted EBITDA quarter in 8 quarters. We accelerated our path to full year profitability by a full year. We began deploying capital under our share repurchase program for the first time since it was authorized, and we did all that with a debt-free balance sheet.

最後總結，2026 年第一季標誌著 Mammoth 明確的轉折點。我們在連續 8 個季度後，首次交出調整後 EBITDA 轉正的季度。我們將邁向全年獲利的路徑提前了一整年。我們也在回購計畫獲授權後首次開始部署資金進行回購，而這一切都是在零負債的資產負債表下完成。

That said, there is more work ahead, particularly on margin improvement in sand and drilling and on scaling infrastructure, and we remain focused on executing against those objectives. Transformation strategy is working, and we are well positioned to build on this momentum through the balance of 2026. The job is to execute. We look forward to updating you next quarter. On behalf of the entire Mammoth team, thank you to our employees for their continued commitment and to our shareholders for their support.

話雖如此，仍有更多工作要做，特別是在砂石與鑽井業務的毛利改善，以及基礎設施業務的規模擴張方面；我們仍專注於落實這些目標。轉型策略正在發揮作用，我們也已做好準備，在 2026 年剩餘期間延續並放大這股動能。工作就是執行。我們期待在下個季度向各位更新進展。我謹代表整個 Mammoth 團隊，感謝員工持續投入與承諾，也感謝股東的支持。

With that, operator, we'll open the line for questions.

接下來，接線員，我們將開放提問。

Thank you. And at this time, we will conduct the Q&A session. (Operator Instructions)

謝謝。此時我們將進行問答環節。（接線員指示）

Thank you. And ladies and gentlemen, there are no questions at this time, so I'll turn the floor to Mark Layton for closing remarks. Thank you.

謝謝。各位女士先生，目前沒有提問，因此我將把時間交給 Mark Layton 作結語。謝謝。

Thank you again for joining us today. The first quarter of 2026 was the quarter where the strategy began to show up clearly in the numbers, positive EBITDA, strong revenue growth, disciplined capital allocation and continued progress cutting costs. We look forward to updating you next quarter.

再次感謝各位今天與會。2026 年第一季是策略開始在數字上清楚呈現的季度：EBITDA 轉正、營收強勁成長、資本配置紀律嚴謹，並持續推進降本。我們期待在下個季度向各位更新。

Thank you. And that concludes today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。各方可掛線離開。祝各位有美好的一天。