Ranger Energy Services(RNGR) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2025 was $128.9 million, a 16% decrease from $153.0 million in Q3 2024, and an 8% decrease from $140.6 million in Q2 2025[4]. - Net income for Q3 2025 was $1.2 million, or $0.05 per diluted share, compared to $8.7 million, or $0.39 per diluted share, in Q3 2024[12]. - Adjusted EBITDA for Q3 2025 was $16.8 million, representing a 13% margin, down from $20.6 million in Q2 2025[4][13]. - Operating income for the three months ended September 30, 2025, was $8.6 million, compared to $2.6 million for the same period in 2024, representing a significant increase of 230.8%[25]. - Net income for the nine months ended September 30, 2025, was $9.1 million, a decrease of 28.0% from $12.6 million for the same period in 2024[28]. - The company reported a basic income per share of $0.33 for the three months ended September 30, 2025, compared to $0.06 for the same period in 2024[25]. - The company reported a net income of $9.1 million for the nine months ended September 30, 2025, compared to a net income of $12.6 million for the same period in 2024[34]. - EBITDA for the nine months ended September 30, 2025, was $46.6 million, compared to $53.0 million for the same period in 2024[34]. Cash Flow and Liquidity - Free Cash Flow for Q3 2025 was $8.0 million, or $0.37 per share, with total liquidity of $116.7 million at the end of the quarter[4][18]. - The company has generated $25.8 million of Free Cash Flow year-to-date 2025, compared to $23.1 million in the prior year period[19]. - Total liquidity increased to $116.7 million, consisting of $71.5 million in revolving credit capacity and $45.2 million in cash[18]. - Cash and cash equivalents increased to $45.2 million as of September 30, 2025, up from $40.9 million at the end of 2024[27]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $44.9 million, down from $51.8 million for the same period in 2024[28]. - Free Cash Flow for the three months ended September 30, 2025, was $8.0 million, compared to $10.8 million for the same period in 2024[36]. Segment Performance - High Specification Rigs segment revenue was $80.9 million, a decrease of 7% from the prior year period[13]. - Wireline Services segment revenue declined by 43% to $17.2 million compared to $30.3 million in the prior year period[15]. - The company experienced a net loss of $24.9 million in the processing segment for the nine months ended September 30, 2025[34]. Acquisitions and Capital Returns - The company completed the acquisition of American Well Services, enhancing its position as a leading well services provider in the Permian Basin[4][5]. - Year-to-date capital returns reached $15.6 million, including the repurchase of 667,500 shares for $8.3 million during the quarter[4][9]. Assets and Liabilities - Total assets decreased to $372.8 million as of September 30, 2025, from $381.6 million at the end of 2024[27]. - Total liabilities decreased to $102.8 million as of September 30, 2025, from $107.8 million at the end of 2024[27]. Operating Expenses - The company incurred total operating expenses of $132.0 million for the three months ended September 30, 2025, compared to $126.3 million for the same period in 2024[25]. - The company reported a decrease in accounts receivable, net, by $6.0 million for the nine months ended September 30, 2025, compared to an increase of $3.3 million for the same period in 2024[28]. Depreciation and Interest - The company incurred $1.0 million in interest expense for the nine months ended September 30, 2025[34]. - Depreciation and amortization expenses for the nine months ended September 30, 2025, totaled $32.5 million[34].