[Management View]
Total revenue for Q2 2025 was $16.4 million, driven by growth in rental services, infrastructure services, and natural sand proppant services. The net loss from continuing operations was $35.7 million, including a $31.7 million non-cash impairment charge. The company executed three significant transactions, including the acquisition of eight passenger aircraft and the sale of three infrastructure subsidiaries and hydraulic fracturing equipment.

[Outlook]
Management expects an adjusted EBITDA loss from continuing operations of $3 million to $4 million in the second half of 2025. The company plans to continue strategic capital deployment, focusing on high-return projects in the aviation and rental services segments.

[Financial Performance]
- Total revenue: $16.4 million (Q2 2025) vs. $16 million (Q2 2024)
- Net loss: $35.7 million (Q2 2025) vs. $155.6 million (Q2 2024)
- Adjusted EBITDA loss: $2.8 million (Q2 2025) vs. $164.6 million (Q2 2024)
- Cash position: $127.3 million in unrestricted cash, $157.3 million total cash

[Q&A Highlights]
Question 1: Where do you see the growth potential for Mammoth Energy Services, Inc. in the next three to five years with all this dry powder?
Answer: Near term, the majority of capital has been invested in the aviation sector, targeting IRRs of 25 to 35%. This translates to a two to three x multiple on invested capital over a three to five-year hold. The company is seeing good deal flow in this sector.

Question 2: Can you give us a sense of how much your sand is sold domestically versus Canada? And how do you see both of those markets evolving in the next three to four quarters?
Answer: The majority of sand sales have historically been in Western Canada, specifically the Montney Shale. This trend is expected to continue based on the availability of tier acreage in the Montney.

Question 3: What are your thoughts on buybacks right now?
Answer: The board approved a buyback some time ago, but execution has been hindered by blackout periods due to M&A activity. The blackout period generally lifts two full trading days after earnings reports.

Question 4: Can you give us a little context on what's going on in the aviation market or supply-demand imbalances?
Answer: There are tailwinds in the aviation sector, including favorable passenger travel and production delays at Boeing and Airbus. This has driven demand for aircraft, engines, and auxiliary power units.

Question 5: What is your path to getting to free cash flow neutral?
Answer: The aviation deals have been positive contributors from day one. The company expects SG&A legal fees related to Puerto Rico litigation to decrease, which will help achieve free cash flow neutrality.

Question 6: How do you look at the rental services market compared to aviation?
Answer: The rental services segment, including construction equipment and oil and gas-related rentals, is seeing opportunities to deploy capital with returns near those in the aviation space. The company will evaluate leverage on a case-by-case basis.

[Sentiment Analysis]
Analysts were generally positive, focusing on the company's strategic capital deployment and growth potential in the aviation and rental services segments. Management maintained a confident tone, emphasizing operational efficiency and strategic opportunities.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 |
|-------------------------------|---------------|---------------|
| Total Revenue | $16.4 million | $16 million |
| Net Loss | $35.7 million | $155.6 million|
| Adjusted EBITDA Loss | $2.8 million | $164.6 million|
| Cash Position (Unrestricted) | $127.3 million| N/A |
| Total Cash | $157.3 million| N/A |

[Risks and Concerns]
Ongoing legal costs related to the Puerto Rico exit litigation are expected to impact near-term profitability, with $2 million to $2.5 million in SG&A tied to that litigation in the second half of 2025. Market uncertainty, including tariffs and demand volatility, continues to affect parts of the business.

[Final Takeaway]
Mammoth Energy Services, Inc. is undergoing a significant transformation, marked by strategic divestitures and investments in high-return aviation assets. The company is well-positioned for future growth with a strong cash position and no debt. However, ongoing legal costs and market uncertainties remain challenges. Management's focus on operational efficiency and strategic capital deployment is expected to drive long-term value for shareholders.