Research Reports

Key takeaways

Revenue increased 17.7% to $159.1M, primarily from the High Specification Rigs segment following the AWS acquisition.

Net income improved to $3.0M from $0.6M, and diluted EPS grew to $0.12 from $0.03.

Free cash flow was negative $21.7M as capital expenditures more than doubled to $18.3M for the ECHO rig buildout, and operating cash flow turned negative $3.4M due to higher accounts receivable.

Management remains optimistic on customer spending trends despite geopolitical uncertainty, supported by production-oriented service lines.

Full analysis

AWS Acquisition Drives Top-Line Growth and Margin Expansion

Cash Flow Pressure from Working Capital and Capex

Net cash provided by operating activities was negative $3.4 million in the first quarter of 2026, compared to positive $10.6 million in the prior-year period. The decrease was primarily driven by a higher accounts receivable balance due to the timing of customer collections, partially offset by borrowings on the Wells Fargo Revolving Credit Facility. Capital expenditures more than doubled to $18.3 million from $7.2 million, reflecting investment in the ECHO rig buildout. As a result, free cash flow was negative $21.7 million.

RNGR · Ranger Energy Services, Inc.

Summary

Key takeaways

Full analysis

AWS Acquisition Drives Top-Line Growth and Margin Expansion

Cash Flow Pressure from Working Capital and Capex

Balance Sheet and Liquidity Position

Segment Performance and Outlook