RNGRHIGH SIGNALFINANCIAL10-K

RNGR's revenue roughly doubled while profitability declined substantially and cash position deteriorated significantly.

The company appears to have pursued aggressive growth that came at the expense of margins and cash generation, with operating income falling meaningfully despite the revenue expansion. The dramatic 75% decline in cash reserves combined with reduced operating cash flow raises questions about the sustainability of the current business trajectory and capital allocation strategy.

Comparing 2026-03-05 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

RNGR delivered substantially higher revenue that roughly doubled year-over-year, but this growth came with significant trade-offs as operating income declined 46% and net income fell 33%. The company's cash position deteriorated dramatically from $40.9M to $10.3M, while operating cash flow also declined 18%, suggesting the revenue growth may not be translating effectively to sustainable cash generation and raising potential liquidity concerns.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+96.8%
$154.0M→$303.1M

Strong top-line growth of 96.8% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
-74.8%
$40.9M→$10.3M

Cash declined 74.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Interest Expense
P&L
-52.1%
$7.3M→$3.5M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Income
P&L
-46.2%
$28.6M→$15.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Inventory
Balance Sheet
-45.6%
$5.7M→$3.1M

Inventory drawn down 45.6% — strong sell-through or deliberate destocking; watch for supply constraints.

Net Income
P&L
-33.2%
$18.4M→$12.3M

Net income declined 33.2% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
-23.5%
$34.1M→$26.1M

Capex reduced 23.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Dividends Paid
Cash Flow
+22.2%
$4.5M→$5.5M

Dividend payments increased 22.2% — management confidence in sustained cash generation.

Share Buybacks
Cash Flow
-21.3%
$15.5M→$12.2M

Buyback activity reduced 21.3% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
-18.3%
$84.5M→$69.0M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-04
ADDED
rngr-20251231 0001699039 false 2025 FY Chicago Stock Exchange, Inc.
held by non-affiliates of the Registrant was $ 244.2 million, based on the closing market price as reported on the New York Stock Exchange of $11.94.
As of February 28, 2026, the Registrant had 23,550,288 shares of Class A Common Stock and zero shares of Class B Common Stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.
These risks could materially and adversely affect our financial condition, results of operations and prospects, and include, but are not limited to, the following, together with the risks described under Part I, Item 1A.
These services include equipment rentals, plug and abandonment, logistics, coil tubing, mixing plants and chemicals, tubing and inspection, transportation, and processing solutions.
During 2025, the Company acquired American Well Intermediate Holdings, LLC ( AWS Intermediate ), which is the sole owner of 100% of American Well Services, LLC ( American Well Services, and together with AWS Intermediate, AWS ), which operates a fleet of high specification rigs and complementary supporting equipment primarily within the Permian Basin.
In January 2026, AWS Intermediate was renamed Ranger AWS Intermediate Holdings, LLC and American Well Services was renamed Ranger AWS, LLC.
The operations of AWS have been integrated into the Company s existing High Specification Rigs and Processing Solutions and Ancillary Services segments.
Rigs We have a fleet of 431 well service rigs as of December 31, 2025, which includes 41 rigs acquired as part of the AWS acquisition in the fourth quarter of 2025.
REMOVED
held by non-affiliates of the Registrant was $ 165.2 million, based on the closing market price as reported on the New York Stock Exchange of $10.52.
As of February 28, 2025, the Registrant had 22,252,946 shares of Class A Common Stock and zero shares of Class B Common Stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.
These risks include, but are not limited to, the risks described under Part I, Item 1A.
Summary of our Risk Factors The risk factors summarized below could materially harm our business, operating results and/or financial condition, impair our future prospects and/or cause the price of our common stock to decline.
These are not all of the risks we face and other factors not presently known to us or that we currently believe are immaterial may also affect our business if they occur.
These services include equipment rentals, plug and abandonment, logistics, coil tubing, and processing solutions.
1 The following diagram indicates our ownership structure as of February 28, 2025: _________________________ (1) CSL and Bayou Well Holdings Company, LLC (collectively the Legacy Owners ) own the equity interests, with CSL holding a majority of such interests.
Rigs We have a fleet of 406 well service rigs as of December 31, 2024 of which 180 rigs are active and marketable; 168 rigs are available for reactivation; 35 rigs are classified as assets held for sale; and 23 rigs are identified as retirement candidates recorded at scrap value that do not meet the criteria to be classified as asset held for sale.
Rig Classification (2) Number of Rigs Mast Height 102' or Operating HP 450 329 Mast Height 102' and Operating HP 450 19 Rigs classified as assets held for sale 35 Retirement rigs candidates at scrap value 23 Total Rigs 406 Our rig fleet assets are utilized both within our High Specification Rigs segment as well as our processing solutions and ancillary services segment in support of our plug and abandonment service line.
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