RNGR · 10-Q · 2026Q1 · Full report

Operating Cash Flow Trends

Ranger Energy Services, Inc. · 2026-04-28 · Importance 71 · Surprise 82

Net cash used in operating activities for Q1 2026 was $3.4 million compared to cash provided by operating activities of $10.6 million in Q1 2025, a decrease of $14.0 million. The decline was primarily driven by a $35.7 million decrease in cash generated from working capital, resulting in a $39.6 million working capital outflow for the three months ended March 31, 2026 versus a $3.9 million inflow in the prior year quarter. Management attributes the working capital swing to lower collections activity in the current quarter and early payments on accounts payable related to transition of the legacy AWS entity to Ranger's ERP system. Financing activity increased in Q1 2026 with borrowings on the Wells Fargo Revolving Credit Facility used to cover working capital and first-quarter payments such as bonuses and incremental payroll taxes.

Key facts

• Cash generated from working capital decreased by $35.7 million, being a cash outflow of $39.6 million for the three months ended March 31, 2026 compared to a $3.9 million inflow for the three months ended March 31, 2025.
• The $39.6 million working capital cash outflow for the three months ended March 31, 2026 was primarily due to lower collections activity and early payments on accounts payable related to the planned transition of the legacy AWS entity to the Ranger ERP system.
• Net cash used in operating activities was $3.4 million for the three months ended March 31, 2026 compared to net cash provided by operating activities of $10.6 million for the three months ended March 31, 2025, a decrease of $14.0 million.

Impact estimates