Ranger Energy Services, Inc. Reports Second Quarter 2026 Financial Results (Form 8-K)

Ranger Energy Services, Inc. Reports Second Quarter 2026 Financial Results

HOUSTON, TX - (July 27, 2026) - Ranger Energy Services, Inc. (NYSE: RNGR) ("Ranger" or the "Company") today reported its financial and operational results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial and Operational Highlights

-Revenue of $176.5 million, compared to $159.1 million in the first quarter of 2026 and $140.6 million in the second quarter of 2025

-Net income of $6.9 million, or $0.29 per diluted share, compared to $3.0 million, or $0.12 per diluted share, in the first quarter of 2026 and $7.3 million, or $0.32 per diluted share, in the second quarter of 2025

-Adjusted EBITDA(1) of $28.6 million, representing an Adjusted EBITDA margin of 16.2%, compared to $23.3 million and 14.6% in the first quarter of 2026 and $20.6 million and 14.7% in the second quarter of 2025

-Significant share repurchases during the quarter of 282,900 shares at an average repurchase price of $15.84 per share, supported by Free Cash Flow(2) for the quarter of $20.0 million

Management Commentary

Stuart Bodden, Ranger's Chief Executive Officer, commented, "During the second quarter, Ranger built on the momentum from our first quarter results and delivered another quarter of sequential topline growth across segments, EBITDA and margin expansion with meaningful cash flows. The breadth of improvement reflects the continued strong execution across our operations teams while the AWS business approaches full integration into the organization and our legacy business continues to benefit from steadily improving customer activity and longer summer days. Overall, quarter over quarter, our topline expanded over 10% with EBITDA growing by more than 22%. We have previously stated that Ranger would

1 "Adjusted EBITDA" is not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). The Company defines Adjusted EBITDA as net income or loss before net income expense, income tax provision or benefit, depreciation and amortization, equity-based compensation, acquisition-related, severance and reorganization costs, gain or loss on disposal of property and equipment, and certain other non-cash items that we do not view as indicative of our ongoing performance. A non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found on the Company's website at: www.rangerenergy.com

2 "Free Cash Flow" is not presented in accordance with U.S. GAAP and should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. The Company defines Free Cash Flow as net cash provided by operating activities before purchase of property and equipment. A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found on the Company's website at www.rangerenergy.com.

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generate more than $100 million in EBITDA annually going forward and it was gratifying to have achieved that run rate milestone in the second full quarter post-acquisition."

"Our High Specification Rigs segment generated over $20 million of EBITDA in the quarter, growing revenues modestly quarter over quarter. Segment margins were slightly affected from impacts of a state sales tax audit in the quarter as well as some make ready costs for our upcoming ECHO deployments. This segment is seeing slightly increasing activity levels from customers in response to commodity price strength, albeit with fluctuations. That said, our customers remain highly disciplined and most activity increases are translating into improved utilization for existing rigs rather than commitments for incremental rigs. Recently, we also announced an award for three additional ECHO rigs to be built with Chevron, one of our core customers, and we are excited about the continued build out of our next generation fleet with differentiated technology. We see interest out there for additional ECHO rig deployments and foresee incremental announcements in future quarters as market adoption develops.

"The expanded Ancillary segment once again outperformed as new service lines from the AWS acquisition continued to gain traction and contribute to profitability. Our Plug and Abandonment service line saw strong expansion of activity with recent contract awards while Torrent and Coil Tubing service lines also outperformed expectations. Most Ancillary service lines experienced activity expansion in the quarter with improved profitability, and we are evaluating which lines could benefit from additional investment in the future.

"Specific to the Wireline segment, we are proud of our operations team and the recovery they have facilitated in that segment over the past few quarters. This quarter was a breakout financially benefitting from stronger activity levels across service lines and a multi-well contract award resulting in a strong Adjusted EBITDA contribution. The team is beginning to demonstrate the ability to respond to oscillating activity levels more successfully, and we are more encouraged when we look at this segment over the longer term. That said, some contract activity has been completed for the year and we expect that the back half of 2026 will see reductions in activity and more modest profitability as a consequence.

"As we look to the second half of 2026, we are increasingly optimistic about the long term prospects for the Ranger business. Our opportunity set remains strong with multiple paths of growth in front of us to invest in high-return opportunities, including the continued build-out of our ECHO Hybrid Electric Rig fleet, expanding our already strong presence in well services and potentially stepping out with new service lines through advantageous acquisitions that position us well in the future. The Ranger team remains committed to investing with a disciplined capital allocation mindset and will continue to return capital to shareholders, just as we did this past quarter, while maintaining unparalleled financial strength. Our view remains unchanged, namely that Ranger is well positioned to capitalize on the continued demand for US energy resources, enabling us to generate durable, long-term value for our shareholders."

CAPITAL RETURNS UPDATE

During the second quarter of 2026, the Company repurchased 282,900 shares of stock for a total value of $4.5 million, net of tax, at an average price of $15.84 per share. Since the inception of the share repurchase program in 2023 through the end of the second quarter of 2026, the Company has repurchased a total of 4,641,800 shares, for a total value of $52.1 million, net of tax at an average repurchase price of $11.17 per share. Additionally, today the Ranger Board of Directors declared this quarter's cash dividend

of $0.06 per share payable on August 21, 2026, to common stockholders of record at the close of business on August 7, 2026, reinforcing our commitment to a consistent return of capital each and every quarter.

PERFORMANCE SUMMARY

Second quarter 2026 revenue was $176.5 million, an increase of $17.4 million from the first quarter of 2026 and an increase of $35.9 million compared to the second quarter of 2025. The sequential increase primarily reflects expanding activity levels, while the year over year increase primarily reflects the contribution of the AWS business. Cost of services was $142.7 million, or 81% of revenue, in the second quarter of 2026, compared to $115.0 million, or 82% of revenue, in the prior year period, and $130.6 million in the first quarter of 2026, also reflecting the consolidation of AWS in the more recent periods. General and administrative expenses were $7.6 million in the second quarter of 2026, compared to $7.8 million in the first quarter of 2026 and $7.0 million in the second quarter of 2025. Both the first and second quarter of 2026 included additional expenses related to the acquisition of AWS.

Net income for the second quarter of 2026 was $6.9 million, compared to $3.0 million in the first quarter of 2026 and $7.3 million in the second quarter of 2025. Fully diluted earnings per share was $0.29 for the second quarter of 2026, compared to $0.12 in the prior quarter and $0.32 in the prior year period.

Second quarter 2026 Adjusted EBITDA(1) was $28.6 million, an increase of $5.3 million from $23.3 million in the first quarter of 2026, and an increase of $8.0 million from $20.6 million in the second quarter of 2025. The improvement relative to both comparison periods was driven by stronger revenue and margins in the High Specification Rigs and Processing Solutions and Ancillary Services segments with inclusion of operating results from AWS as well as a profitable quarter in the Wireline segment.

BUSINESS SEGMENT FINANCIAL RESULTS

High Specification Rigs

High Specification Rigs segment revenue was $113.4 million in the second quarter of 2026, an increase of $4.3 million from $109.1 million in the first quarter of 2026 and an increase of $27.1 million from $86.3 million in the prior year period. Rig hours increased 1% sequentially to 146,800 from 145,400, and increased 25% year over year from 117,000. Hourly rig rates increased modestly, rising 6% sequentially to $772 per hour from $731, and 5% year over year from $738, largely reflecting the pass through of fuel surcharges as well as certain changes in asset and regional revenue mix.

Segment operating income was $11.2 million in the second quarter of 2026, an increase of $0.8 million, or 8%, from $10.4 million in the prior quarter, and a decrease of $0.8 million, or 7%, from $12.0 million in the prior year period. Adjusted EBITDA(1) was $20.6 million, down from $21.4 million in the first quarter of 2026 and up from $17.6 million in the second quarter of 2025. The quarter was negatively affected by a unique $750,000 audit levy assessed by a state taxing authority related to prior years that is currently under dispute.

Processing Solutions and Ancillary Services

Processing Solutions and Ancillary Services segment revenue was $44.5 million in the second quarter of 2026, an increase of $5.1 million, or 13%, from $39.4 million in the first quarter of 2026, and an increase of $12.3 million, or 38%, from $32.2 million in the prior year period. The improvement relative to both

comparison periods was primarily attributable to higher operating activity across several service lines, with the most significant contribution coming from ancillary solutions acquired in the AWS transaction.

Segment operating income was $6.3 million in the second quarter of 2026, an improvement from $4.2 million in the first quarter of 2026 and from $4.5 million in the prior year period. Adjusted EBITDA(1) was $10.0 million, an increase from $7.7 million in the first quarter of 2026 and an increase from $6.6 million in the second quarter of 2025.

Wireline Services

Wireline Services segment revenue was $18.6 million in the second quarter of 2026, an increase of $8.0 million, or 75%, from $10.6 million in the first quarter of 2026, and a decrease of $3.5 million, or 16%, from $22.1 million in the prior year period. Wireline Completions reported 2,560 completed stages in the second quarter of 2026, an increase of 246% from 740 in the first quarter of 2026 and an increase of 2% from 2,500 stages in the second quarter of 2025. The sequential increase in revenue and completed stages reflects new contract activity completed during the quarter, while the year over year decrease in revenue reflects changes in customer and job mix to drive towards more profitability. Contribution from Pump Down and Conventional Production lines during the quarter significantly improved from the prior quarter as warmer months and longer days arrived supported by improved sales and bidding processes instituted earlier in the year.

Segment operating income was $1.0 million in the second quarter of 2026, an improvement of $3.4 million from an operating loss of $2.4 million in the first quarter of 2026, and improved from an operating loss of $1.2 million in the prior year period. Adjusted EBITDA(1) was $3.6 million, an increase from $0.2 million in the first quarter of 2026 and an increase from $1.6 million in the second quarter of 2025. The improved operating income and Adjusted EBITDA reflect higher activity across service lines and strong operating leverage with improved efficiency.

BALANCE SHEET, CASH FLOW AND LIQUIDITY

As of June 30, 2026, the Company had total liquidity of $61.3 million, consisting of $57.1 million of available capacity under its revolving credit facility and $4.2 million of cash on hand. This compares to total liquidity of $67.7 million as of December 31, 2025, consisting of $57.4 million of revolving credit facility capacity and $10.3 million of cash. The reduction in liquidity reflects a buildup of working capital through the early part of the year from certain customers.

Cash provided by Operating Activities was $26.4 million for the quarter and $23.0 million year to date in 2026. Free Cash Flow for the quarter was $20.0 million while for the 2026 year to date period it is negative $1.7 million, a decrease from $17.8 million in the prior year period. This decrease has been driven by a growing accounts receivable and contract assets balance resulting from continued customer payment delays and process lags.

The Company had capital expenditures of $24.7 million for year to date 2026, an increase from $13.5 million in the prior year period. Approximately $12.7 million of capital expenditures year to date are related to our ECHO rig program milestone payments associated with the construction of the hybrid rigs to be delivered in future periods.

Conference Call

The Company will host a conference call to discuss its second quarter 2026 results on Tuesday, July 28, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Participants within the United States may

access the call by dialing 1-833-255-2829; international participants may dial 1-412-902-6710. A live audio webcast will be available through the Investor Relations section of the Company's website at www.rangerenergy.com. Participants are encouraged to join the webcast or dial in to the conference call before the scheduled start time. An audio replay will be available on the Company's website shortly after the conclusion of the call and will remain accessible for approximately seven days.

About Ranger Energy Services, Inc.

Ranger is one of the largest providers of high specification mobile rig well services, cased hole wireline services, and ancillary services in the U.S. oil and gas industry. The Company's services support well operations across the full lifecycle, including completion, production, maintenance, intervention, workover and abandonment phases.