Mammoth Energy Services (TUSK) opened 2026 with Q1 revenue of US$22.0 million and basic EPS of US$0.10, against a trailing twelve month picture that still shows a loss with EPS at US$1.18 and net income from ongoing operations at a loss of US$56.8 million. Over recent quarters the company has seen revenue move from US$15.6 million in Q1 2025 to US$22.0 million in Q1 2026, while quarterly EPS went from a loss of US$0.03 to a profit of US$0.10. This sets up a results season in which investors will be weighing whether improving quarterly profitability can offset still weak trailing margins.

See our full analysis for Mammoth Energy Services.

With the headline numbers on the table, the next step is to see how this earnings profile lines up against the widely held narratives around Mammoth Energy Services's prospects and risks.

US$67.1m discontinued operations vs US$56.8m loss

• Over the trailing twelve months, Mammoth reported US$67.1 million in earnings from discontinued operations while net income from ongoing operations recorded a loss of US$56.8 million, so the positive discontinued line contrasts with losses in the core business.
• Bears argue the story is about weak underlying economics, and the figures here lean in that direction, as the Q1 2026 net income from ongoing operations of US$4.7 million sits against a trailing twelve month loss of US$56.8 million, and prior quarters like Q2 2025 show a loss of US$35.7 million even after US$44.5 million from discontinued operations.

Twelve month EPS loss of US$1.18 alongside improving quarter

• Basic EPS for Q1 2026 came in at US$0.10, while the trailing twelve month basic EPS is a loss of US$1.18, so the latest quarter sits against a wider period that is still loss making.
• What is surprising for a bearish view that focuses on a five year annual loss expansion of 16.9% is that the recent quarterly EPS path has moved from a Q3 2025 loss of US$0.25 and a Q4 2025 loss of US$0.30 to a Q1 2026 profit of US$0.10, even though the longer look back shows losses over the last twelve months and earlier quarters like Q2 2025 with a loss of US$0.74 per share.

Investors who want to see how other market participants are interpreting this shift in quarterly profitability compared to the still loss making twelve month picture often turn to a broader set of community views, which is where 📊 Read the what the Community is saying about Mammoth Energy Services.

P/S of 2.6x with no clear rewards flagged

• The stock is trading on a P/S of 2.6x, compared with 1.5x for the US Energy Services industry and 0.9x for peers, while no specific reward metrics were identified in the trailing twelve month dataset.
• Critics highlight that paying a premium P/S multiple looks hard to justify when the trailing twelve month net income from ongoing operations is a loss of US$56.8 million and the company recorded losses in each of the past five years, which the data describes as expanding at 16.9% annually.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Mammoth Energy Services's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If this combination of improving quarters and past losses seems difficult to evaluate, quickly review the data yourself and carefully test the bearish arguments against the specific 2 important warning signs.

See What Else Is Out There

Mammoth Energy Services carries a trailing twelve month loss from ongoing operations of US$56.8 million, five years of expanding losses, and a premium 2.6x P/S multiple.

If that mix of recurring losses and a richer valuation makes you cautious, compare it with companies in the 1 high quality undervalued stocks that pair stronger fundamentals with more appealing pricing right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.