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Business Combination | 3 Months Ended
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Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | Note 3 — Business Combination The Company completed one acquisition in the fourth quarter of 2025, which was accounted for using the acquisition method of accounting under the FASB Accounting Standards Codification 805, Business Combinations (“ASC 805”). The results of operations for the acquisition are included in the accompanying Condensed Consolidated Statement of Operations from the date of the acquisition. Under the acquisition method of accounting, the assets acquired and liabilities assumed have been recorded at their respective estimated fair values as of the date of completion of the acquisition and reported into Ranger’s Condensed Consolidated Balance Sheet. The Company utilized valuation techniques consistent with the market approach to measure the fair value of the assets acquired and liabilities assumed in the business combination. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The estimates of fair value required the use of significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of the assets. American Well Intermediate Holdings, LLC Acquisition On November 7, 2025 (the “Acquisition Date”), the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with American Well Holdings, LLC to acquire 100% of the ownership interests of American Well Intermediate Holdings, LLC (“AWS Intermediate”), the sole owner of 100% of the ownership interests of American Well Services, LLC (“American Well Services,” and together with AWS Intermediate, “AWS” and the acquisition, the “AWS Acquisition”), which operates a fleet of high specification rigs and complementary supporting equipment primarily within the Permian Basin. The acquisition was completed to strengthen the Company’s existing service offerings in its current operating segments. In January 2026, AWS Intermediate was renamed Ranger AWS Intermediate Holdings, LLC and American Well Services was renamed Ranger AWS, LLC. The financial results of AWS subsequent to the acquisition date are included within the High Specification Rigs and Processing Solutions and Ancillary Services reporting segments. The preliminary purchase price allocation previously disclosed in the Company’s Annual Report on Form 10-K for year ended December 31, 2025 has been updated during the three months ended March 31, 2026 to reflect revised estimates, including an update for the refinements to the fair value of certain acquired assets and liabilities based on updated information. The allocation of the purchase price remains preliminary as of March 31, 2026. The total estimated fair value of consideration transferred in the AWS Acquisition was $88.6 million, consisting of $61.8 million in cash paid at closing, net of a $3.0 million working capital adjustment, 1,998,401 shares of Class A Common Stock issued to the seller, and a $2.3 million contingent consideration measured at fair value that the seller is eligible to receive based on the performance of the AWS Acquisition during the 12 months following the Acquisition Date. The following table presents the total estimated fair value of assets acquired and liabilities assumed in accordance with ASC 805, as adjusted through March 31, 2026 (in millions):
Cash |  | $ | 6.3 |
Accounts receivable |  | 26.1 |
Inventory |  | 0.2 |
Prepaid and other current assets |  | 0.1 |
Property and equipment |  | 67.4 |
Operating leases, right-of-use asset |  | 6.9 |
Finance lease right-of-use assets, net |  | 4.6 |
Total assets acquired |  | 111.6 |
Accounts payable |  | 7.4 |
Accrued expenses |  | 4.0 |
Short-term lease liability |  | 3.7 |
Long-term lease liability |  | 7.9 |
Total liabilities assumed |  | 23.0 |
Total estimated purchase consideration transferred: |  |
Cash |  | 61.8 |
Net working capital adjustment |  | (3.0) |
Equity issued |  | 27.5 |
Fair value of contingent consideration |  | 2.3 |
Total estimated fair value of consideration transferred |  | $ | 88.6 |
Net working capital adjustment represents the difference between specified current assets and current liabilities, as defined in the Purchase Agreement, measured as of the Acquisition Date. The preliminary net working capital adjustment is subject to final settlement in accordance with the terms of the Purchase Agreement. Equity issued represents the 1,998,401 shares of Class A Common Stock issued pursuant to the acquisition, valued at the Company’s stock price on the Acquisition Date of $13.75 per share. Contingent consideration represents the fair value of the earnout payable to the sellers based on the achievement of defined post-closing performance targets. The contingent consideration was measured at fair value as of the Acquisition Date and classified as a Level 3 liability due to the use of unobservable inputs. The estimated fair value of $2.3 million was determined using a probability-weighted scenario analysis, which incorporates management’s estimates of the likelihood of achieving the applicable performance targets, discounted at the Company’s cost of debt as of the Acquisition Date. The maximum earnout payable to the sellers is $5.0 million. The contingent consideration liability is remeasured at fair value each reporting period, with changes in fair value recognized in net income. During the three months ended March 31, 2026, the fair value of contingent consideration increased by $0.3 million, which was recognized as Other expenses, net in the Condensed Consolidated Statement of Operations. As of March 31, 2026, the estimated fair value of the contingent consideration was $2.6 million. The fair value of trade receivables acquired was $26.1 million. The gross contractual amounts receivable were approximately $26.2 million, of which management estimates approximately $0.1 million will not be collected.

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