RNGR · Ranger Energy Services, Inc.

Ranger Energy Services delivered a strong first quarter in 2026, with revenue climbing to $159.1 million, a sequential increase of $16.9 million primarily attributed to the contribution from the legacy American Well Services (AWS) organization. This marks the first full quarter of operating results from the AWS acquisition. Net income settled at $3.0 million, or $0.12 per diluted share, down slightly from $3.2 million in the prior quarter but up significantly from $0.6 million in the prior year period. Adjusted EBITDA improved to $23.3 million (14.6% margin) from $20.3 million in Q4 2025, driven by stronger revenue and margins in the High Specification Rigs and Processing Solutions and Ancillary Services segments. The High Specification Rigs segment remained the primary revenue driver, generating $106.2 million with an Adjusted EBITDA of $21.4 million. Rig hours increased 13% sequentially, although hourly rig rates saw only a modest 2% increase. The Processing Solutions and Ancillary Services segment showed robust growth, with revenue increasing 13% sequentially to $42.3 million, benefiting from the AWS transaction and a new contract with the Texas Railroad Commission. Conversely, the Wireline Services segment continued to face headwinds, with revenue declining 15% sequentially to $10.6 million due to deliberate service mix adjustments and pricing pressures. Liquidity stood at $42.5 million as of March 31, 2026, down from $67.7 million at year-end 2025, reflecting working capital buildup and capital expenditures. Free Cash Flow was negative $21.7 million, impacted by billing delays and $18.3 million in capital expenditures, largely related to the ECHO rig program. The Board declared a quarterly dividend of $0.06 per share, reinforcing the company's commitment to returning capital to shareholders.