MAMMOTH ENERGY SERVICES, INC. — Form 10-Q
Filed October 30, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 72/100
What the filing says
Mammoth Energy Services, Inc. guaranteed a Loan and Security Agreement dated October 26, 2026, between Bank7 (lender) and two subsidiary borrowers: Cobra Aviation Services LLC and Leopard Aviation LLC. The facility provides Term Loan A ($25M maximum) and Term Loan B ($33M maximum)—$58M total—to finance aircraft acquisitions. Mammoth is the guarantor; both borrowers are cross-collateralized and cross-defaulted. Term Loan B advance requires $10M minimum participation by third parties. Maturity is October 26, 2030. Origination fees: $156.25K (Term Loan A) and $206.25K (Term Loan B). Interest accrues at Base Rate (≥6.75%) plus 5% upon default. Minimum liquidity covenant requires Mammoth to maintain $25M in unencumbered liquid assets; Cobra must maintain ≥1.25x debt service coverage ratio.
Why this rating
$58M facility represents 82% of Mammoth's ~$70.7M market cap—material leverage. Guaranty and cross-collateral pledge expose parent to subsidiary aircraft risks. However, facility funds aircraft acquisition (productive), and covenants (liquidity, DSCR) appear prudent. No immediate distress signal, but scale relative to company size is substantial.
Price action (we called it neutral)
before filing · preread $3.00 | at our read pending | +10 min pending | +30 min pending | +1 hr pending | +4 hrs pending |
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