Ranger Energy Services, Inc.

Ranger reported second-quarter net income of $6.9 million, or $0.29 per diluted share, versus $3.0 million, or $0.12 per diluted share, in Q1 2026 and $7.3 million, or $0.32 per diluted share, in Q2 2025. Total revenue was $177 million, up 10.9% sequentially from $159 million and up 25.5% year over year from $141 million. Adjusted EBITDA was $28.6 million with a 16.2% margin, versus $23.3 million and 14.6% in Q1 2026 and $20.6 million and 14.7% in Q2 2025. High Spec Rig revenue was $113 million with adjusted EBITDA of $20.6 million and margin just under 19%; ancillary revenue was $44.5 million with $10.0 million of adjusted EBITDA and 22.5% margin; wireline revenue was $18.6 million with $3.6 million of adjusted EBITDA and 19% margins. For the outlook, management said 2026 adjusted EBITDA should exceed $100 million, Q3 should be similarly strong to Q2, High Spec Rig margins should improve closer to 20% in Q3, and wireline should soften in the back half of the year with margins potentially returning to single digits.

Stuart Bodden emphasized that the AWS acquisition is integrating well and that Ranger is translating momentum into stronger revenue, EBITDA, and operating consistency. He highlighted strong demand for production-focused workover and intervention services, improving market sentiment, and a continued focus on cross-selling and synergies across the combined footprint. He was notably optimistic about Echo rigs as a differentiated offering, saying the fleet remains on schedule and is seeing growing customer interest, including additional commitment from Chevron.

Melissa Cougle focused on the quarter’s financial execution and liquidity. She cited revenue of $177 million, adjusted EBITDA of $28.6 million, and net income of $6.9 million, and noted that High Spec Rig margins were slightly pressured by an unusual state sales tax audit under challenge and make-ready costs for Echo deployment. She said capex was $24.7 million year to date, with $12.7 million tied to Echo rigs, and guided to roughly $50 million of total capex for the year, including about $23 million related to Echo. She also said free cash flow was $20 million in the quarter, liquidity was $61.3 million, and working capital improvements in the second half should support debt paydown and strategic opportunities.

Analysts focused heavily on Echo adoption, asking whether major customers could eventually shift fully to hybrid rigs and when independents might participate more broadly. Management said larger operators may eventually want a base load of electric rigs, but the market is still early and customers want more operating history before making bigger commitments; Ranger said it has two rigs in field testing now, expects the first four in the field by end of Q3, and believes more orders could come in the next 9 to 12 months. Questions also covered Echo margin accounting, where Melissa said the upfront payment amortization will largely be revenue-neutral for EBITDA over time, and that any premium day rates could add margin uplift. Analysts also asked about M&A and adjacent service lines; management said it is looking at opportunities mostly within current service areas and wants to see sustained demand before leaning further into some newer businesses.