Greetings, and welcome to the Mammoth Energy Services, Inc. fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Mohammed Topiwala with Visara Advisors Investor Relations. Thank you. You may begin.

Thank you, operator. Good morning, everyone. We appreciate you joining us for Mammoth Energy Services, Inc.’s fourth quarter and full year 2025 earnings conference call. Joining us on the call today are Mark Layton, Chief Financial Officer, and Bernard 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. Please refer to our latest Securities and Exchange Commission filings for risk factors and caution 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 fourth quarter earnings press release, which can be found on our website. As a reminder, today’s call is being webcast, and a recorded version will be available on the Investor Relations section of Mammoth Energy Services, Inc.’s website following the conclusion of this call. With that, I will turn the call over to Mark.

Thank you, Mohammed, and good morning, everyone. I will start with a brief review of 2025 as a whole, cover fourth quarter results, and then turn it over to Bernard Lancaster, our Chief Operating Officer, to walk through operational performance by segment. I will then come back to cover the financials and our outlook for 2026, after which we will open the line for questions. With that, let me start with 2025. Over the course of the year, we executed four major transactions that meaningfully reshaped the company. Collectively, these transactions generated approximately $150,000,000 of proceeds, and they reflect two things. First, the value embedded in assets we built and operated well. And second, our willingness to monetize businesses that no longer fit our long-term return objectives. We sold our transmission and distribution and our engineering businesses at valuations we believe were attractive. Those were good businesses, and the prices we achieved reflect that. We think those outcomes are a direct signal of the value that exists inside this company, value that in our view is not reflected in where the stock currently trades. We also exited two businesses that were not meeting our return standards. First, we sold our pressure pumping equipment, which lacked scale, was capital intensive, and increasingly challenged from a cycle and return standpoint. Second, we divested a sand mine that had become a drag on performance and did not warrant continued investment based on logistical challenges with that particular mine and processing plant. Those were the right exits, and we are a leaner, more focused company because of them. At the same time, 2025 was the year we initiated a meaningful expansion of our platform in aviation rentals. We deployed more than $65,000,000 of capital with the goal of creating a more stable, recurring revenue…

Thanks, Mark. Q4 was a mixed quarter operationally with some pockets of real strength, which we will build upon in 2026. In our rental segment, we continued to build on our aviation business with another full quarter of revenue contribution. We exited the third quarter with approximately 15 aviation assets and added another 11 assets during the fourth quarter. A total of 16 of the 26 aviation assets were on lease at quarter-end, and we expect the remaining assets to go on lease during 2026, subject to maintenance schedules and customer delivery timing. There is still meaningful runway here. Non-aviation rentals showed good top-line momentum; assets on rent increased 15% sequentially to approximately 328 pieces. Profitability was pressured by higher equipment rental costs and insurance premiums. Our non-aviation rentals have lost some of the advantages previously realized from economies of scale. As a result, we have identified additional opportunities to be more strategic with our customer and fleet mix in an effort to reduce overall coverage requirements and expect to work through this process as we move into 2026. Investing in the non-aviation rental business is a priority in 2026, as we see strong demand and a tightening equipment market. Turning to infrastructure. Revenue came in ahead of our expectations, which speaks to the demand environment across network hardening, broadband expansion, and data center-related work. EBITDA, however, was not acceptable. Execution challenges in our fiber operations drove significant cost overruns and margin compression. We have already acted and made top-down management changes within the fiber business and tightened project oversight to improve accountability, schedule discipline, and cost control. These are meaningful changes, and our focus is on restoring consistent execution so the business can convert demand into profitable growth in 2026. Accommodations revenue was up, driven by a 25% increase…

Thanks, Bernard. Let me walk through our segment results for the fourth quarter of 2025, and then I will cover consolidated results, the balance sheet, and our outlook. Rental segment revenue was $3,300,000, up 19% sequentially and 179% year over year, mainly driven by the 23% sequential increase in aviation rentals in line with our commercial expectations. Non-aviation rental revenue increased 18% during the quarter, reflecting improved asset utilization. Our rental segment faced cost overruns driven by insurance costs and equipment rental expense due to equipment needed to support our operations and customer demands, although stronger equipment utilization and favorable aviation rental mix helped offset some of these pressures. The sequential rise in operating costs reduced overall segment profitability. Infrastructure segment revenue was $1,200,000, up 44% sequentially and 231% year over year. Profitability was impacted by fiber execution as Bernard described. Management and oversight changes we have made are focused on ensuring revenue performance flows through to the bottom line going forward. While we expect that there will be an EBITDA overhang on this business through 2026, we are encouraged by the early steps taken by the new leadership team. Accommodations revenue was $2,800,000, up 24% sequentially and up 19% year over year, reflecting higher occupancy. Sand segment revenue was $1,700,000, down 37% sequentially and down 67% year over year. Drilling segment revenue was $500,000, down 80% sequentially and down 38% year over year. Turning to consolidated results. For the fourth quarter of 2025, total revenue was $9,500,000, down 13% sequentially and 6% year over year. For the full year 2025, total revenue was $44,300,000 compared to $45,600,000 in 2024, a year-over-year decline of 3%. Net loss from continuing operations for the fourth quarter was $12,300,000, or $0.26 per diluted share, compared to $0.20 in the fourth quarter of 2024.…

Thank you. And at this time, we will be conducting our question-and-answer session. Ladies and gentlemen, there are no questions at this time. We will now hand the floor to Mark Layton for closing remarks.

Thank you again for joining us on the call today. 2025 was a year of real change for this company—in the portfolio, in the asset base, and in how we are positioned going forward. Q4 was a reminder that the work is not finished; we take that seriously. The setup heading into 2026 is straightforward. Demand is there, aviation is ramping, and the balance sheet gives us room to invest. The job is to execute. We look forward to updating you next quarter.

Thank you. And with that, we conclude today’s call. All parties may disconnect. Have a good day.