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Equity Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Equity Based Compensation | Equity Based Compensation Upon formation of certain operating entities by Wexford and Gulfport Energy Corporation, specified members of management (the “Specified Members”) and certain non-employee members (the “Non-Employee Members”) were granted the right to receive distributions from the operating entities after the contribution member’s unreturned capital balance was recovered (referred to as “Payout” provision). On November 24, 2014, the awards were modified in conjunction with the contribution of the operating entities to Mammoth. These awards were not granted in limited or general partner units. The awards are for interests in the distributable earnings of the members of MEH Sub, Mammoth’s majority equity holder. On the closing date of Mammoth’s initial public offering (“IPO”), the unreturned capital balance of Mammoth’s majority equity holder was not fully recovered from its sale of common stock in the IPO. As a result, Payout did not occur and no compensation cost was recorded. Payout for the remaining awards is expected to occur as the contributing member’s unreturned capital balance is recovered from additional sales by MEH Sub of its shares of the Company’s common stock or from dividend distributions, which is not considered probable until the event occurs. For the Specified Member awards, the unrecognized amount, which represents the fair value of the award as of the modification dates or grant date, was $5.6 million. For the Company’s Non-Employee Member awards, the unrecognized amount, which represents the fair value of the awards as of the date of adoption of ASU 2018-07, was $18.9 million. There was no change to the unrecognized amount during the three and nine months ended September 30, 2025. Stock Based Compensation On April 29, 2024, the board of directors of Mammoth adopted the Mammoth Energy Services, Inc. 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan authorizes the Company’s board of directors or the compensation committee of the Company’s board of directors to grant restricted stock, restricted stock units, stock appreciation rights, stock options and performance awards. There are a maximum of 2.1 million shares of common stock reserved for issuance under the 2024 Plan, of which 2.0 million shares of common stock remain available for future grants under the 2024 Plan at September 30, 2025. Restricted Stock Units The fair value of restricted stock unit awards was determined based on the fair market value of the Company’s common stock on the date of the grant. This value is amortized over the vesting period. A summary of the status and changes of the unvested restricted stock units is presented below:
|  | Number of Unvested Restricted Stock Units |  | Weighted Average Grant-Date Fair Value
Unvested shares as of December 31, 2024 |  | 255,946 |  |  | $ | 4.52 |
Vested |  | (230,946) |  |  | 4.40 |
Forfeited |  | (25,000) |  |  | 5.63 |
Unvested shares as of September 30, 2025 |  | — |  |  | $ | — |
At September 30, 2025, there was no unrecognized compensation cost. The total fair value of shares vested was $0.6 million during the nine months ended September 30, 2025, and $0.7 million and $4.1 million during the three and nine months ended September 30, 2024, respectively. Included in “selling, general and administrative” on the unaudited condensed consolidated statements of operations and comprehensive income (loss) is stock based compensation expense of $0.4 million for the nine months ended September 30, 2025, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2024, respectively.

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