Rags gets amnesia at the end of the game for the second time (or third time ever) and he is confirmed to be in the Embryo where Lambda, Rachel, and Noel are all looking for him. Her arcade mode ending is alright.
Translation:
Rachel: Oh, what a coincidence.
Noel: Rachel? Where you perhaps watching us?
Rachel: I only killed some time. But you did work hard Noel.
Noel: No... the one who worked hard was her. We are "sisters", right? In that case, of course we would help each other I think. And also, I was helped by Rachel at that time.
Rachel: That's... right.
Noel: By the way, why is Rachel here... you're here searching for Ragna, right?
Rachel: Be quiet. Don't go fishing for unneeded information.
Noel: Fufu. But with her "here" I'm now sure... Ragna is in this closed space... He is for sure somewhere in the embryo! Rachel, it's a contest over who will find Ragna first!
Rachel: A contest? You say something interesting things Noel. Do you really believe that you can win over me?
Noel: I will win! I will not lose to Rachel or her... I will no longer lose to anybody!
Lambda: IDEA engine equipped Imitation Phenomena Weapon. Creator... Relius Clover... Master... Kokonoe... Professor Kokonoe Mercury. Ragna... Ragna the Bloodedge... I am... I am "Lambda-11". I... want to meet... Ragna.
So I guess he has another weird Murukumo unit following him around.