猛犸能源服务股份有限公司 2025年季度报告

Form10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROMTO Commission File No.001-37917 Mammoth Energy Services, Inc. (Exact name of registrant as specified in its charter) 32-0498321(I.R.S. EmployerIdentification No.) Delaware (State or other jurisdiction ofincorporation or organization) 14201 Caliber Drive,Suite 300Oklahoma City,Oklahoma(Address of principal executive offices) Securities registered pursuant to Section 12(b) of The Act:Trading Symbol(s)TUSK Name of each exchange on which registeredThe Nasdaq Stock Market LLCNASDAQ Global Select Market Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of October29, 2025, there were48,194,035shares of common stock, $0.01 par value, outstanding. TABLE OF CONTENTS Cautionary Note Regarding Forward-Looking Statements PART I. FINANCIAL INFORMATION Item1.Condensed Consolidated Financial Statements (Unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of Operations and Comprehensive Income (Loss)Condensed Consolidated Statements of Changes in EquityCondensed Consolidated Statements of Cash FlowsNotes to Unaudited Condensed Consolidated Financial StatementsItem2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem3.Quantitative and Qualitative Disclosures About Market RiskItem4.Controls and Procedures PART II. OTHER INFORMATIONItem1.Legal Proceedings Item1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem6.Exhibits SIGNATURES CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Various statements contained in this report that express a belief, expectation, or intention, or that are not statements ofhistorical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or theSecurities Act, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. In particular, the factors discussed in thisreport and detailed underPart II, Item 1A. Risk Factorsin this report and our Annual Report on Form 10–K for the yearendedDecember31, 2024could affect our actual results and cause our actual results to differ materially from expectations, estimatesor assumptions expressed, forecasted or implied in such forward-looking statements. Forward-looking statements may include statements about: •the impact of the recent divestitures of our subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC and PythonEquipment LLC as well as the sale of assets of Piranha Proppant LLC and the equipment previously used in our hydraulicfracturing services;•the levels of capital expenditures by our customers and the impact of reduced completions activity on utilization and pricingfor our natural sand proppant services;•the volatility of oil and natural gas prices and actions by OPEC members and other oil exporting nations, or OPEC+, affectingcommodity price and production levels;•general economic, business or industry conditions and concerns over a potential economic slowdown or recession;•conditions in the capital, financial and credit markets;•conditions of U.S. oil and natural gas and utility infrastructure industry and the effect of U.S. energy, monetary and tradepolicies;•U.S. and global economic conditions and political and economic developments, including the energy and environmentalpolicies;•inflationary pressure on the cost