Mammoth Energy Services is a small, diversified oilfield and energy services company that recently underwent a significant portfolio transformation, divesting its hydraulic fracturing, transmission and distribution, sand mining, and engineering businesses in 2025. Mammoth now operates five segments: Rental Services, Infrastructure Services, Natural Sand Proppant Services, Accommodation Services, and Drilling Services. The company's most notable strategic pivot is into aviation asset leasing — Mammoth deployed over $65M in 2025 to build a fleet of regional aircraft, jet engines, and auxiliary power units that it leases to commuter airlines under long-term contracts, targeting 25%–35% IRRs. On the energy side, Mammoth mines and sells Northern White frac sand from Wisconsin facilities to oil and gas producers primarily in Western Canada and the northeastern U.S., provides directional drilling services across several U.S. basins, and operates the Sand Tiger Lodge in northern Alberta, which provides remote housing and dining for oilfield workers. Mammoth also provides fiber network construction and maintenance services in the southwest and midwest U.S. The company is debt-free with roughly $122M in cash, giving it balance sheet flexibility to continue deploying capital into aviation leasing and other opportunities. Customer concentration is meaningful, with the top five customers accounting for roughly 55% of revenue.