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RANGER ENERGY SERVICES RANGER ENERGY SERVICES , INC . ANNOUNCES Q3 2021 RESULTS November 04 , 2021 HOUSTON -- ( BUSINESS WIRE ) -- Ranger Energy Services , Inc. ( NYSE : RNGR ) ( " Ranger " or the " Company " ) announced today its results for its fiscal quarter ended September 30 , 2021 . - Revenue grew 63 % sequentially , primarily the result of wireline acquisitions - Completed Basic Energy Asset Acquisition ( closed October 1st ) - Restructured equity into a single share class and terminated the Tax Receivable Agreement ( Q4 ) Consolidated Financial Highlights Quarterly revenues of $ 81.7 million increased $ 31.7 million , or 63 % , from $ 50.0 million in Q2 . The revenue increase is mostly seen in the Completion and Other Services reporting segment . Net loss of $ 9.1 million is consistent with a net loss of $ 9.1 million in Q2 . Net loss was largely driven by increased general and administrative expenses offset by an increase in operating revenues related to the PerfX acquisition . Adjusted EBITDA ( 1 ) of $ 3.3 million increased $ 1.3 million from $ 2.0 million in Q2 . CEO Comments Stuart Bodden , the Company's CEO and chairman , stated " It is important to reflect on what the Ranger organization has accomplished over the last 12 months . During the first half of the year , we rebuilt our legacy business from the 2020 trough , rehiring and adding nearly 600 employees . More recently , through the acquisitions of Patriot , PerfX and the Basic assets , we have tripled the size and revenue potential of the Company , building meaningful scale in both our Rigs and Wireline businesses . We also greatly simplified our capital structure . We refinanced our entire balance sheet , eliminated a potentially burdensome tax receivable agreement and collapsed our equity structure into a single class of stock . In short , Ranger is a very different Company today than it was at the beginning of the year . We are pleased with what we have accomplished so far in 2021. However , there is still a lot of work to do , particularly with regards to margin improvement and generating sustainable cash flow . Given the strong macro environment , and the early indications from our acquisitions , we are optimistic about our ability to improve margins and to generate meaningful cash flow . Regarding the Basic asset acquisition , we are making good progress on the integration of Basic into Ranger . During the first month of operating the Basic assets , Ranger had 180 rigs running ( 67 legacy Ranger and 113 legacy Basic ) , which easily makes Ranger the largest operator of active well servicing rigs . We also purchased coiled tubing and nitrogen trucking assets in Colorado , a P & A business in Wyoming , and a large rental and fishing tool business as part of the Basic asset purchase . We are currently evaluating the earnings potential of these businesses and will , in the coming months , lay out our longer - term strategic intent as it relates to these businesses . Regarding asset sales , to date most of our time has been spent inventorying the assets we purchased . However , we have already sold one physical property for $ 0.7 million and we expect a number of light duty vehicle and rig engine and transmission core sales before the end of the year . We will also continue selling physical properties as we consolidate yards . Finally , we began demolishing acquired Basic rigs this week . An initial " scrap list " of approximately 100 rigs has already been identified , and we expect approximately 75 rigs to be parted out and cut up for scrap before the end of the year . There will be additional rigs to rationalize beyond the initial 100 , so we expect to continue taking rigs out of the market well into next year . Overall , we are excited about our recent acquisitions , our market position , and the macro outlook . We are now seeing more embedded opportunity within the Basic assets than originally contemplated . With regard to future acquisitions , we will continue to be disciplined in our approach . Given our new scale , we will only pursue acquisitions with both compelling economics and a strong strategic fit . " Business Segment Financial Results High Specification Rigs