RNGR · 10-Q · 2026Q1 · Full report

Liquidity and Cash Position

Ranger Energy Services, Inc. · 2026-04-28 · Importance 25 · Surprise 6

As of March 31, 2026, total liquidity was $42.5 million, consisting of $6.9 million of cash on hand and $35.6 million of availability under the Wells Fargo Revolving Credit Facility. The Wells Fargo facility had a total loan capacity of $66.5 million under the borrowing base certificate in effect as of March 31, 2026, with $26.7 million of outstanding borrowings and $4.2 million of Letters of Credit outstanding. The Company reported compliance with the Fixed Charge Coverage Ratio covenant (>1.0) as of March 31, 2026 and stated that, based on current operations and anticipated growth, cash from operations combined with borrowings is expected to be sufficient to meet capital expenditure, working capital and debt service requirements for at least the next twelve months. The Company noted that the borrowing base as of March 31, 2026 did not include accounts receivable or unbilled revenue from the AWS acquisition as those balances are being evaluated for inclusion.

Key facts

• The Company had total liquidity of $42.5 million as of March 31, 2026, consisting of $6.9 million of cash on hand and $35.6 million availability under the Wells Fargo Revolving Credit Facility.
• The residual availability for borrowings under the Wells Fargo Revolving Credit Facility was $35.6 million as of March 31, 2026 after accounting for $26.7 million outstanding borrowings and $4.2 million Letters of Credit.
• Net cash provided by financing activities was $17.3 million for the three months ended March 31, 2026 compared to $5.1 million used in financing activities for the three months ended March 31, 2025, an increase of $22.4 million.
• Working capital increased to $63.1 million as of March 31, 2026 compared to $52.0 million as of December 31, 2025.
• The increase in cash provided by financing activities for the three months ended March 31, 2026 was primarily driven by borrowings on the Wells Fargo Revolving Credit Facility to cover working capital and payments unique to the first quarter such as bonus and incremental payroll taxes.
• As of March 31, 2026, the Company had total liquidity availability under the Wells Fargo Revolving Credit Facility of $35.6 million compared to available borrowing capacity of $71.3 million as of March 31, 2025 and $71.2 million as of December 31, 2025.
• The increase in working capital was primarily driven by a higher accounts receivable balance due to timing of customer collections, partially offset by borrowings on the Wells Fargo Revolving Credit Facility.

Impact estimates