Ranger Energy Services, Inc.
For the period ended Mar 5, 2026. Filed Mar 5, 2026.
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Mar 5, 2026 · Filed Mar 5, 2026
Contents
EX-99.1 · Adjusted EBITDA
Adjusted EBITDA
We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed below from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA.
We define Adjusted EBITDA as net income or loss before net interest expense, income tax expense, depreciation and amortization, equity‑based compensation, acquisition‑related costs, severance and reorganization costs, gain on sale of assets, significant and unusual legal fees and settlements, impairment of assets, employee retention credit, inventory adjustment, and certain other non‑cash and certain other items that we do not view as indicative of our ongoing performance.
The following tables are a reconciliation of net income or loss to Adjusted EBITDA for the respective periods, in millions:
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | |
|---|---|---|---|---|---|
| Net income (loss) | $12.0 | $(2.7) | $2.9 | $(9.0) | $3.2 |
| Interest expense, net | — | — | — | 0.2 | 0.2 |
| Income tax expense | — | — | — | 1.5 | 1.5 |
| Depreciation and amortization | 7.4 | 2.3 | 3.2 | 0.9 | 13.8 |
| EBITDA | 19.4 | (0.4) | 6.1 | (6.4) | 18.7 |
| Equity based compensation | — | — | — | 1.7 | 1.7 |
| Gain on sale of assets | — | — | — | (0.8) | (0.8) |
| Severance and reorganization costs | — | 0.3 | 0.1 | — | 0.4 |
| Acquisition related costs | 0.2 | 0.1 | — | 1.3 | 1.6 |
| Legal fees and settlements | — | — | — | 0.3 | 0.3 |
| Employee retention credit | — | — | — | (1.6) | (1.6) |
| Adjusted EBITDA | $19.6 | $— | $6.2 | $(5.5) | $20.3 |
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | |
|---|---|---|---|---|---|
| Net income (loss) | $10.0 | $(4.2) | $3.4 | $(8.0) | $1.2 |
| Interest expense, net | — | — | — | 0.4 | 0.4 |
| Income tax expense | — | — | — | 1.3 | 1.3 |
| Depreciation and amortization | 5.7 | 2.8 | 2.1 | 0.4 | 11.0 |
| EBITDA | 15.7 | (1.4) | 5.5 | (5.9) | 13.9 |
| Equity based compensation | — | — | — | 1.6 | 1.6 |
| Gain on sale of assets | — | — | — | (0.4) | (0.4) |
| Severance and reorganization costs | — | 0.1 | — | — | 0.1 |
| Acquisition related costs | — | 0.1 | — | — | 0.1 |
| Legal fees and settlements | — | — | — | 0.2 | 0.2 |
| Employee retention credit | — | — | — | (0.3) | (0.3) |
| Inventory adjustment | — | 1.6 | — | — | 1.6 |
| Adjusted EBITDA | $15.7 | $0.4 | $5.5 | $(4.8) | $16.8 |
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | |
|---|---|---|---|---|---|
| Net income (loss) | $13.4 | $(3.0) | $5.5 | $(10.1) | $5.8 |
| Interest expense, net | — | — | — | 0.5 | 0.5 |
| Income tax expense | — | — | — | 2.6 | 2.6 |
| Depreciation and amortization | 5.3 | 2.7 | 2.4 | 0.4 | 10.8 |
| EBITDA | 18.7 | (0.3) | 7.9 | (6.6) | 19.7 |
| Equity based compensation | — | — | — | 1.8 | 1.8 |
| Gain on sale of assets | — | — | — | (0.5) | (0.5) |
| Severance and reorganization costs | 0.2 | 0.5 | 0.1 | — | 0.8 |
| Acquisition related costs | 0.1 | — | — | — | 0.1 |
| Adjusted EBITDA | $19.0 | $0.2 | $8.0 | $(5.3) | $21.9 |
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | |
|---|---|---|---|---|---|
| Net income (loss) | $46.0 | $(13.9) | $14.1 | $(33.9) | $12.3 |
| Interest expense, net | — | — | — | 1.2 | 1.2 |
| Income tax expense | — | — | — | 5.5 | 5.5 |
| Depreciation and amortization | 24.1 | 10.4 | 9.6 | 2.2 | 46.3 |
| EBITDA | 70.1 | (3.5) | 23.7 | (25.0) | 65.3 |
| Impairment of assets | — | — | — | 0.4 | 0.4 |
| Equity based compensation | — | — | — | 6.5 | 6.5 |
| Gain on sale of assets | — | — | — | (1.4) | (1.4) |
| Severance and reorganization costs | — | 1.0 | 0.1 | 0.1 | 1.2 |
| Acquisition related costs | 0.2 | 0.6 | 0.1 | 1.4 | 2.3 |
| Legal fees and settlements | — | — | — | 0.8 | 0.8 |
| Employee retention credit | — | — | — | (3.5) | (3.5) |
| Inventory adjustment | — | 1.6 | — | — | 1.6 |
| Adjusted EBITDA | $70.3 | $(0.3) | $23.9 | $(20.7) | $73.2 |
| High Specification Rigs | Wireline Services | Processing Solutions and Ancillary Services | Other | Total | |
|---|---|---|---|---|---|
| Net income (loss) | $46.8 | $(8.5) | $17.8 | $(37.7) | $18.4 |
| Interest expense, net | — | — | — | 2.6 | 2.6 |
| Income tax expense | — | — | — | 7.6 | 7.6 |
| Depreciation and amortization | 22.2 | 11.4 | 8.6 | 1.9 | 44.1 |
| EBITDA | 69.0 | 2.9 | 26.4 | (25.6) | 72.7 |
| Equity based compensation | — | — | — | 5.8 | 5.8 |
| Gain on sale of assets | — | — | — | (2.2) | (2.2) |
| Severance and reorganization costs | 0.9 | 0.6 | 0.2 | 0.1 | 1.8 |
| Acquisition related costs | 0.4 | — | — | 0.1 | 0.5 |
| Legal fees and settlements | 0.2 | — | — | 0.1 | 0.3 |
| Adjusted EBITDA | $70.5 | $3.5 | $26.6 | $(21.7) | $78.9 |
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