Ranger Energy Services, Inc.

PERFORMANCE SUMMARY

First quarter 2026 revenue was $159.1 million, an increase of $16.9 million from the fourth quarter of 2025 and an increase of $23.9 million compared to the first quarter of 2025. The sequential increase was primarily attributable to the contribution of the AWS business. Cost of services was $130.6 million, or 82% of revenue, in the first quarter of 2026, compared to $115.4 million, or 85% of revenue, in the prior year period, and $117.1 million in the fourth quarter of 2025, also reflecting the consolidation of AWS in the more recent periods. General and administrative expenses were $7.8 million in the first quarter of 2026, compared to $8.9 million in the fourth quarter of 2025 and $7.1 million in the first quarter of 2025. The fourth quarter of 2025 and first quarter of 2026 both carry additional expenses related to the acquisition of AWS.

Net income for the first quarter of 2026 was $3.0 million, compared to $3.2 million in the fourth quarter of 2025 and $0.6 million in the first quarter of 2025. Fully diluted earnings per share was $0.12 for the first quarter of 2026, compared to $0.14 in the prior quarter and $0.03 in the prior year period.

First quarter 2026 Adjusted EBITDA(1) was $23.3 million, an increase of $3.0 million from $20.3 million in the fourth quarter of 2025, and an increase of $7.8 million from $15.5 million in the first 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 a full quarter of operating results from AWS as well as a neutral profitability quarter in the Wireline segment as compared to a loss in the prior year.