Ranger Energy Services, Inc.

PERFORMANCE SUMMARY

Fourth quarter 2025 revenue was $142.2 million, an increase of $13.3 million from the third quarter of 2025 and a decrease of $0.9 million compared to the fourth quarter of 2024. The sequential increase was primarily attributable to the contribution of the AWS business, while the modest year-over-year decline reflected reduced activity in the Wireline Services segment. Cost of services was $117.1 million, or 82% of revenue, in the fourth quarter of 2025, approximately flat with $116.8 million, or 83% of revenue, in the prior year period, and higher than $109.1 million in the third quarter of 2025, reflecting the consolidation of AWS. General and administrative expenses were $8.9 million in the fourth quarter of 2025, compared to $6.6 million in the third quarter of 2025 and $7.1 million in the fourth quarter of 2024, with the increase driven by transaction-related costs including investment banking, legal, and diligence fees associated with the AWS acquisition.

Net income for the fourth quarter of 2025 was $3.2 million, compared to $1.2 million in the third quarter of 2025 and $5.8 million in the fourth quarter of 2024. Fully diluted earnings per share was $0.14 for the fourth quarter of 2025, compared to $0.05 in the prior quarter and $0.25 in the prior year period.

Fourth quarter 2025 Adjusted EBITDA(1) was $20.3 million, an increase of $3.5 million from $16.8 million in the third quarter of 2025, and a decrease of $1.6 million from $21.9 million in the fourth quarter of 2024. The sequential improvement was driven by stronger revenue and margins in the High Specification Rigs and Processing Solutions and Ancillary Services segments. The year-over-year decrease was primarily attributable to margin compression within the Wireline Services segment.