Strong Q2 Financial Performance
Ranger Energy Services reported $140.6 million in revenue, up 4% sequentially from Q1 and a 2% increase year-over-year. Adjusted EBITDA for the second quarter was $20.6 million, a 33% increase from Q1.
High Spec Rigs Segment Performance
The High Spec Rigs segment contributed $86.3 million in revenue and $17.6 million in adjusted EBITDA, maintaining margins over 20%.
Launch of ECHO Rig
Ranger announced the launch of the ECHO rig, the industry's first hybrid double electric workover rig, expected to reshape well servicing with zero emissions in some settings and a 90% reduction in others.
Wireline Segment Turnaround
Wireline achieved positive adjusted EBITDA of $1.6 million on $22.1 million of revenue, marking a significant improvement.
Strong Cash Flow and Liquidity
Free cash flow year-to-date totaled $17.8 million, up 45% from the prior year. Ranger exited June with $48.9 million in cash and $120.1 million of total liquidity.