TUSK · CIK 1679268
What Mammoth Energy Services, Inc. told the SEC could break it.
Mammoth Energy's disclosures cluster on customer concentration and the cyclicality of the work it does. Despite about 142 customers, its top five were roughly 55% of 2025 revenue, so losing one would materially hurt results — and much of that business (sand proppant, drilling, completion services) depends on oil and gas exploration and production activity and customer capital budgets, leaving demand at the mercy of commodity-price swings. Two more specific exposures stand out: a $20.0 million receivable from Puerto Rico's PREPA that its Cobra subsidiary can only collect after PREPA's bankruptcy plan of adjustment takes effect, and seasonality, since about 38% of 2025 revenue came from northern U.S. states and Canada where severe winter and spring weather can curtail services and damage equipment.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top five customers = ~55% of revenue (58% in 2024)high
Despite ~142 customers, Mammoth's top five accounted for ~55% of revenue in 2025 (58% in 2024), so it derives a significant portion of revenue from a small number of customers and the loss of one could materially affect results.
“Our top five customers accounted for approximately 55% and 58%, respectively, of our revenue for the years ended December 31, 2025 and 2024.”
SEC filing →As of 2026
Climate & physical
- severe-weather/seasonality exposure in northern US states and Canada (38% of revenue)medium
About 38% of Mammoth's 2025 revenue came from operations in Ohio, Wisconsin, Minnesota, North Dakota, Pennsylvania, West Virginia and Canada where severe winter/spring weather can curtail services and damage equipment — a seasonal physical-operations risk.
“For the years ended December 31, 2025 and 2024, we generated approximately 38% and 77%, respectively, of our revenue from our operations in Ohio, Wisconsin, Minnesota, North Dakota, Pennsylvania, West Virginia and Canada where weather conditions may be severe, particularly during winter and spring months.”
SEC filing →As of 2026
Other disclosures
- PREPA receivable collection risk ($20M outstanding, tied to PREPA's bankruptcy plan of adjustment)medium
Mammoth's Cobra subsidiary still had $20.0M outstanding from PREPA at year-end 2025, payable only after the effective date of PREPA's plan of adjustment — leaving a material receivable contingent on the resolution of PREPA's Puerto Rico bankruptcy.
“As of December 31, 2025, $20.0 million remained outstanding from PREPA. Under the terms of the Settlement Agreement, this amount is required to be paid to Cobra within seven days following the effective date of PREPA's plan of adjustment.”
SEC filing →As of 2026
Commodity & input dependence
- dependence on oil & natural gas E&P activity and customer capex (sand, drilling, services)low
A large part of Mammoth's business (sand proppant, drilling, completion services) depends on oil & gas exploration/production activity and customer capital spending across US and Canadian basins; oil/gas price volatility directly drives demand for its oilfield services.
“A portion of our business depends on the oil and natural gas industry and particularly on the level of exploration and production activity within the United States and Canada, and continued volatility in the oil and natural gas markets have impacted, and are likely to continue to impact, our oilfield services”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
24/7 Sands LLC
“we had approximately 142 and 151 customers, respectively, including Source Energy Services Proppants, Hangingstone Demo Limited Partnership, Ascent Resources, Vero Fiber Networks and 24/7 Sands LLC.”
Cited →Source Energy Services Ltd.
“we had approximately 142 and 151 customers, respectively, including Source Energy Services Proppants, Hangingstone Demo Limited Partnership, Ascent Resources, Vero Fiber Networks and 24/7 Sands LLC.”
Cited →Puerto Rico Electric Power Authority (PREPA)
“As of December 31, 2025, $20.0 million remained outstanding from PREPA. Under the terms of the Settlement Agreement, this amount is required to be paid to Cobra within seven days following the effective date of PREPA's plan of adjustment.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch