On April 11, 2025, Lion Power Services LLC (“Lion”), a subsidiary of the Company, entered into an Equity Interest Purchase Agreement (the “T&D Agreement”), as the seller, with Peak Utility Services Group, Inc. (“Peak”), as the buyer, pursuant to which Lion sold all equity interests in its wholly-owned subsidiaries 5 Star Electric, LLC (“5 Star”), Higher Power Electrical, LLC (“Higher Power”) and Python Equipment LLC (“Python”) (the “T&D Transaction”). These subsidiaries provided transmission, distribution and substation services and were previously included in the Company’s Infrastructure segment, as defined in Note 19. The T&D Transaction was completed simultaneously with the signing of the T&D Agreement on April 11, 2025. The aggregate sales price in connection with the T&D Transaction was approximately $108.7 million. Of the $108.7 million, $98.3 million was paid to Lion and the remaining $10.4 million was deposited into an escrow account, pursuant to the terms of the T&D Agreement. Of the $10.4 million deposited into an escrow account, $0.8 million has been received, leaving $9.6 million left in the restricted cash balance. The T&D Agreement includes customary representations, warranties and covenants by the parties. In addition, the T&D Agreement provides for customary indemnification rights with respect to a breach of a representation, warranty or covenant by either party, subject to customary thresholds and caps on liability.

Equipment”), subsidiaries of the Company, entered into an Equipment Purchase Agreement (the “Pressure Pumping Agreement”), as the sellers, with MGB Manufacturing, LLC (“MGB”), as the buyer, pursuant to which Stingray and Mammoth Equipment sold all of the Company’s equipment used in its hydraulic fracturing services, which was included in the Company’s historical well completion segment, to MGB for $15.0 million (the “Pressure Pumping Transaction” and collectively with the T&D Transaction, the “Transactions”). The Pressure Pumping Transaction was completed simultaneously with the signing of the Pressure Pumping Agreement on June 16, 2025. In conjunction with the Pressure Pumping Transaction, the Company has ceased operations of its sand hauling and equipment manufacturing services, which operations primarily served Stingray and Mammoth Equipment. All assets and liabilities associated with the Company’s sand hauling and equipment manufacturing services are included in discontinued operations.

On December 2, 2025, Mammoth Energy Partners LLC ("MEP"), a subsidiary of the Company, entered into an Equity Purchase Agreement (the “Agreement”), as the seller, with Qualus, LLC (“Qualus”), as the buyer, and Aquawolf LLC ("Aquawolf"), MEP's wholly-owned subsidiary and the subject of the sale, as a party to the Agreement. Pursuant to the Agreement, MEP sold all equity interests in Aquawolf, which was included in the Company’s Infrastructure segment, to Qualus for $30.0 million (the “Engineering Transaction” and collectively with the Pressure Pumping Transaction and T&D Transaction, the “Transactions”)). The Engineering Transaction was completed simultaneously with the signing of the Agreement on December 2, 2025. The aggregate sales price in connection with the Transaction was approximately $30.0 million. Of the $30.0 million, $23.5 million was paid to MEP and $2.5 million was deposited into an escrow account, pursuant to the terms of the Agreement. Of the $2.5 million deposited into an escrow account, $0.2 million has been received, leaving $2.3 million left in the restricted cash balance. The Agreement includes customary representations, warranties and covenants by the parties. In addition, the Agreement provides for customary indemnification rights with respect to a breach of a representation, warranty or covenant by either party, subject to customary thresholds and caps on liability.

The Transactions and ceasing operations of the Company’s sand hauling and equipment manufacturing services reflect a strategic shift in the Company’s business. Therefore, the results of operations and cash flows of the services discussed above are classified as discontinued operations in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) and unaudited condensed consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are included in the financial statement line items labeled discontinued operations in the unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. Amounts presented in discontinued operations have been derived from our consolidated financial statements and accounting records using the historical basis of assets, liabilities, results of operations and cash flows of the services discussed above. The discontinued operations exclude general corporate allocations.


	T&D Transaction				Pressure Pumping Transaction				Engineering Transaction
	June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
	2026		2025		2026		2025		2026		2025
Carrying amounts of the major classes of assets included in discontinued operations:
Cash and cash equivalents	$	—	$	—	$	55	$	50	$	—	$	—

Accounts receivable, net	—		—		1,003		1,036		—		—
Inventories	—		—		264		264		—		—
Other current assets	—		—		12		168		—		—
Total current assets of discontinued operations	—		—		1,334		1,518		—		—

Property, plant and equipment, net	—		—		6		3,678		—		—



Total noncurrent assets of discontinued operations	—		—		6		3,678		—		—

Total assets of discontinued operations	$	—	$	—	$	1,340	$	5,196	$	—	$	—

Carrying amounts of the major classes of liabilities included in discontinued operations:
Accounts payable	$	—	$	—	$	76	$	41	$	—	$	—
Accrued expenses and other current liabilities	—		—		222		342		—		—


Total current liabilities of discontinued operations	—		—		298		383		—		—





Total liabilities of discontinued operations	$	—	$	—	$	298	$	383	$	—	$	—


	T&D Transaction				Pressure Pumping Transaction				Engineering Transaction
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2026		2025		2026		2025		2026		2025

Services revenue	$	—	$	3,502	$	—	$	20,887	$	—	$	4,055

COST, EXPENSES AND GAINS
Cost of revenue	(15)		3,831		(488)		20,660		—		2,942
Selling, general and administrative	25		374		7		666		—		382
Depreciation and amortization	—		96		—		2,614		—		6
Gains on disposal of assets, net	—		146		—		(256)		—		—
Impairment of goodwill	—		—		—		9,214		—		—
Total cost, expenses and gains, net	10		4,447		(481)		32,898		—		3,330
Operating (loss) income	(10)		(945)		481		(12,011)		—		725

OTHER (INCOME) EXPENSE
Interest expense (income), net	—		3		6		(368)		—		(107)
Other (income) expense, net	—		(127)		—		2		—		1
(Gain) loss on divestiture	—		(83,747)		—		24,974		27		—
Total other expense (income), net	—		(83,871)		6		24,608		27		(106)
(Loss) income before income taxes	(10)		82,926		475		(36,619)		(27)		831
Provision (benefit) for income taxes	—		3,028		—		(1,262)		—		1
Net (loss) income from discontinued operations, net of income taxes	$	(10)	$	79,898	$	475	$	(35,357)	$	(27)	$	830


	T&D Transaction				Pressure Pumping Transaction				Engineering Transaction
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025		2026		2025

Services revenue	$	—	$	29,553	$	—	$	41,709	$	—	$	8,018

COST, EXPENSES AND GAINS
Cost of revenue	(14)		25,378		(299)		39,507		—		5,874
Selling, general and administrative	77		1,846		70		1,242		—		759
Depreciation and amortization	—		957		3		5,704		—		13
Gains on disposal of assets, net	—		(20)		(855)		(637)		—		—
Impairment of goodwill	—		—		—		9,214		—		—
Total cost, expenses and gains, net	63		28,161		(1,081)		55,030		—		6,646
Operating (loss) income	(63)		1,392		1,081		(13,321)		—		1,372

OTHER (INCOME) EXPENSE
Interest expense (income), net	—		59		50		(465)		—		(130)
Other (income) expense, net	—		(122)		1		3		—		1
(Gain) loss on divestiture	—		(83,747)		—		24,974		27		—
Total other expense (income), net	—		(83,810)		51		24,512		27		(129)
(Loss) income before income taxes	(63)		85,202		1,030		(37,833)		(27)		1,501
Provision (benefit) for income taxes	—		3,050		—		(1,262)		—		1
Net (loss) income from discontinued operations, net of income taxes	$	(63)	$	82,152	$	1,030	$	(36,571)	$	(27)	$	1,500