Nov 10, 2025 6:49 AM Eastern Standard Time
HOUSTON–(BUSINESS WIRE)–HOUSTON, TX — (November 10, 2025) — Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for the third quarter ended September 30, 2025 and the acquisition of American Well Services.
HighlightsCompleted acquisition of American Well Services (“AWS”), a leading Permian focused provider that delivers incremental scale and pull through capabilities in the strongest U.S. land basin
Repurchased 667,500 outstanding shares during the quarter for $8.3 million bringing year to date capital returns to $15.6 million during a challenging market backdrop
Revenue of $128.9 million, a 16% decrease from $153.0 million in the third quarter of 2024, and an 8% decrease from $140.6 million in the second quarter of 2025
Net income of $1.2 million, or $0.05 per diluted share, compared to $8.7 million, or $0.39 per diluted share, in the third quarter of 2024, and $7.3 million, or $0.32 per diluted share, in the second quarter 2025
Adjusted EBITDA(1) of $16.8 million, representing a 13% Adjusted EBITDA margin as compared to $20.6 million in the second quarter of 2025
Free Cash Flow(2) of $8.0 million for the quarter, or $0.37 per share, with cash of $45.2 million and total liquidity of $116.7 million at the end of the quarter
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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.
Management Comments
Stuart Bodden, Ranger’s Chief Executive Officer, commented, “Today, we are pleased to announce the acquisition of American Well Services, a Permian based well services provider, at a compelling valuation. This transaction galvanizes our role as the leading well services provider, while providing new growth opportunities through additional service lines that complement Ranger’s existing high spec rigs business. AWS, as well as Ranger, have benefitted from customer consolidation in recent history and we strongly believe this combination will create further value. AWS has created a strong platform with 39 well-maintained high-spec rigs that include complementary equipment and well-trained crews that will integrate seamlessly into Ranger. The combined company will become the largest well services provider in the Lower 48 with the most compelling technology in the space. Ranger is excited for the value that it will bring to our shareholders in the future.
“Ranger continues to demonstrate resilience as broader industry conditions fluctuate. Although our financial performance was recently challenged by a difficult macro-environment, I am confident in the strategic positioning and underlying strength of the company. Despite declines in our completion-focused service lines, particularly Coil Tubing in the Rockies, our production-focused business model has kept our operations on firm footing, attracting blue-chip customers who rely on us for their most difficult and demanding projects. Notably, production rig hours in our core HSR segment increased compared to the second quarter, reflecting our disciplined approach and stable demand in this area. We also maintained a strong balance sheet and allocated capital effectively during this period, including an aggressive share repurchase of 667,500 shares and payment of our base load dividend for the quarter. For the year, we have returned $15.6 million to shareholders through dividends and buybacks, a testament to our cash flow strength, having generated $25.8 million of free cash flow even while navigating challenging market conditions.
We also continue to be energized by the introduction of our ECHO rig, our recently introduced electric hybrid rig that offers an opportunity to convert conventional rigs into a next generation rig with a lower emissions profile, safety enhancements and operational efficiencies. ECHO is a differentiated solution that further solidifies Ranger’s position as the well-service provider of choice. The first two ECHO rigs have been delivered and are being deployed presently. Customer interest remains robust, and we look forward to updating you about our ongoing conversions as clients recognize the value and innovation these rigs bring to their operations.
As we look forward, our continued resilience is only possible with the hard work and dedication of our employees and the support of our customers. Our future success will be defined by their continued outstanding contributions,” concluded Mr. Bodden.
CAPITAL RETURNS AND GOVERNANCE UPDATE
Year to date through September 30th, 2025, the Company has repurchased 945,600 shares of stock for a total value of $11.6 million, net of tax, at an average price of $12.20 per share. Since the share repurchase program’s inception in 2023 through the end of the third quarter of 2025, the Company has repurchased a total of 4,271,400 shares, for a total value of $46.4 million, net of tax. Additionally, today the Ranger Board of Directors declared this quarter’s cash dividend of $0.06 per share payable on December 5, 2025, to common stockholders of record at the close of business on November 21, 2025, reinforcing our commitment to a consistent return of capital each and every quarter.
PERFORMANCE SUMMARY
For the third quarter of 2025, revenue was $128.9 million, a decrease from $153.0 million in the prior year period, and from $140.6 million in the prior quarter. Quarter over quarter decreases are attributable to reduced operating activity across all service segments.
Cost of services for the third quarter of 2025 was $109.1 million, or 85%, of revenue, relatively flat compared to 84% of revenue in the prior year period. General and administrative expenses were $6.6 million for the third quarter of 2025, an improvement from $7.0 million in the prior quarter and from $7.1 million in the prior year period.
Net income totaled $1.2 million for the third quarter of 2025 compared to $8.7 million in the prior year period and $7.3 million in the prior quarter. Fully diluted earnings per share was $0.05 for the third quarter of 2025 compared to $0.39 in the prior year period and $0.32 in the prior quarter.
Adjusted EBITDA(1) for the third quarter of 2025 was $16.8 million, a decrease of $8.3 million from $25.1 million in the prior year period, and a decrease of $3.8 million from $20.6 million in the prior quarter. The year over year decrease was driven by lower activity levels from both the prior quarter and the prior year quarter as well as certain non-cash inventory adjustments recorded during the third quarter.
BUSINESS SEGMENT FINANCIAL RESULTS
High Specification Rigs
High Specification Rigs segment revenue was $80.9 million in the third quarter of 2025, a decrease of $5.8 million relative to the prior year period and $5.4 million relative to the prior quarter. Rig hours were down to 111,200 from 116,900 in the prior year period and from 117,000 in the prior quarter. Rig hours were down as a consequence of reduction in completion related work and softness in our northern region. Hourly rig rates slightly decreased by 2% to $727 from $741 in the prior year period and from $738 per hour in the prior quarter, a reflection of an increase in standby hours at lower rates during the third quarter of 2025 as customers chose to hold more rigs idle between projects.
Operating income was $10.0 million in the third quarter of 2025, a decrease of $3.8 million, or 28%, compared to $13.8 million in the prior year period, and a decrease of $2.0 million, or 17%, compared to the prior quarter. Adjusted EBITDA(1) was $15.7 million in the third quarter, down from $19.2 million in the prior year period and from $17.6 million in the prior quarter.
Processing Solutions and Ancillary Services
Processing Solutions and Ancillary Services segment revenue was $30.8 million in the third quarter of 2025, down $1.4 million, or 4%, from $32.2 million in the prior quarter and down $5.2 million, or 14% from $36.0 million for the prior year period. The decrease from the prior year period was largely attributable to reductions in operational activity within coil tubing which is completions focused and declines in our P&A service line year over year as customers have cut back on any non-essential spending. The decrease from the prior quarter was similarly attributable to activity declines in our coil tubing service and some contract roll-over delays in the Torrent service line offset by more recent improvements in P&A activity.
Operating income was $3.4 million in the third quarter of 2025, down from $6.6 million in the prior year period and from $4.5 million in the prior quarter. Adjusted EBITDA(1) was $5.5 million, down from $8.8 million in the prior year period and from $6.6 million in the prior quarter.
Wireline Services
Wireline Services segment revenue was $17.2 million in the third quarter of 2025, a decline of $13.1 million, or 43%, compared to $30.3 million in the prior year period, and a decline of $4.9 million, or 22%, from $22.1 million in the prior quarter. Our Completions service line reported 1,800 completed stage counts, a decrease of 28% compared to 2,500 in both the prior year period and the prior quarter.
Operating loss was $4.2 million in the third quarter of 2025, compared to a breakeven in the prior year period and an operating loss of $1.2 million in the prior quarter. Adjusted EBITDA(1) was $0.4 million, down from $2.7 million in the prior year period and $1.6 million for the prior quarter. Operating income was impacted by non-cash items related to inventory adjustments for explosives within the completions service line.
BALANCE SHEET, CASH FLOW AND LIQUIDITY
As of September 30, 2025, total liquidity was $116.7 million, consisting of $71.5 million of capacity on its revolving credit facility and $45.2 million of cash on hand. This compares to December 31, 2024 when the Company had $112.1 million of liquidity, consisting of $71.2 million of capacity on its revolving credit facility and $40.9 million of cash on hand. The Company had no borrowings under its loan facility as of September 30, 2025.
Cash provided by Operating Activities for the year to date period through September 2025 was $44.9 million, compared to $51.8 million in the same period of 2024. The Company has had capital expenditures totaling $19.1 million for the 2025 year to date period, compared to $28.7 million in the prior year period. Part of this investment includes milestone payments to the announced Ranger ECHO rigs.
The Company’s Free Cash Flow(2) of $25.8 million for year to date 2025 compares to Free Cash Flow(2) of $23.1 million in the prior year period, primarily due to reduced capital expenditures.
Conference Call
The Company will host a conference call to discuss its third quarter 2025 results on Monday, November 10, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829, or participants may dial 1-412-902-6710 from outside the United States. To listen via live webcast, please visit the Investor Relations section of the Company’s website, www.rangerenergy.com. Participants are encouraged to log in to the webcast or dial in to the conference call prior to the start time. An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days through the Investor Relations section of the Company’s website.
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. Our services facilitate operations throughout the lifecycle of a well, including the completion, production, maintenance, intervention, workover and abandonment phases.