Fourth Quarter 2025 Highlights
- Revenue: $202 million
- Net income and adjusted net income: $2 million and $5 million, respectively
- Adjusted EBITDA: $23 million
- Operating cash flow and free cash flow: $22 million and $22 million, respectively
Full Year 2025 Highlights
- Orders: $891 million, book-to-bill ratio of 113%
- Operating cash flow and free cash flow: $70 million and $80 million, respectively
- Share repurchases: 1.4 million shares, returned $35 million to shareholders
Full Year 2026 Guidance (comparisons at midpoint)
- Revenue: $800 - $880 million, up 6%
- Adjusted net income: $18 - $38 million, up $21 million
- Adjusted EBITDA: $90 - $110 million, a 16% increase
- Free cash flow: $55 - $75 million, 65% free cash flow conversion
Forum Energy Technologies, Inc. (NYSE: FET) today announced fourth quarter 2025 revenue of $202.2 million and net income of $2.1 million or $0.17 per diluted share. Adjusted for $2.9 million of foreign tax settlement, asset impairments, restructuring costs and other items, adjusted net income was $5.0 million or approximately $0.41 per diluted share.1
Neal Lux, President and Chief Executive Officer, remarked, “2025 was another great step forward and further positioned FET to deliver the 2030 vision. Our commercial efforts and innovation focus supplied meaningful bookings and backlog growth. Entering 2026, our backlog of $312 million is the highest in 11 years and 46% greater than a year ago. Nearly 12% of our backlog is from products developed in the last few years. These results are driven by the execution of our “Beat the Market” strategy. We are gaining market share and leveraging our global footprint.
“Our financial performance accelerated through the second half of the year, with EBITDA up nearly 13% compared to the prior six months. Higher EBITDA, along with working capital efficiency and asset monetization, generated full year free cash flow of $80 million. In line with our capital allocation framework, we repurchased 11% of our total shares outstanding and reduced net debt by 28%.
“In 2026, we believe global market activity will remain relatively flat. However, we expect revenue and EBITDA growth, supported by strong backlog, structural cost reductions, and market share gains. Our execution in 2026 will keep us on track for FET 2030.”
| _________________________________ | |
1 |
See Tables 1-9 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items. |
Segment Results (unless otherwise noted, comparisons are fourth quarter 2025 versus third quarter 2025)
Drilling and Completions revenue was $127 million, an 8% increase, primarily related to strong demand for drilling-related capital equipment for international markets, subsea ROVs, and coiled line pipe. Adjusted EBITDA was $12 million. Book-to-bill was 84%, coming off strong orders for ROVs and drilling-related capital equipment in the prior quarter that did not recur. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.
Artificial Lift and Downhole revenue was $75 million, a 4% decrease, primarily related to lower volumes of production equipment and technologies. However, adjusted EBITDA was relatively flat at $17 million, due to favorable product mix for sand and flow control products. Book-to-bill was 107%, due to large orders for production-related equipment. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.
FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit www.f-e-t.com.
Non-GAAP Financial Measures
The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company's overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release. The company is unable to provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA to GAAP net income because items that impact GAAP net income, such as restructuring charges, transaction expenses, and foreign exchange losses (gains), cannot be reasonably predicted.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc. |
||||||||||||
Condensed consolidated statements of net income (loss) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
||||||||||
|
|
Three months ended |
||||||||||
|
|
December 31, |
|
September 30, |
||||||||
(in thousands, except per share information) |
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
Revenue |
|
$ |
202,200 |
|
|
$ |
201,018 |
|
|
$ |
196,231 |
|
Cost of sales |
|
|
141,118 |
|
|
|
138,553 |
|
|
|
155,994 |
|
Gross profit |
|
|
61,082 |
|
|
|
62,465 |
|
|
|
40,237 |
|
Operating expenses |
|
|
|
|
|
|
||||||
Selling, general and administrative expenses |
|
|
48,888 |
|
|
|
54,642 |
|
|
|
50,449 |
|
Transaction expenses |
|
|
57 |
|
|
|
— |
|
|
|
254 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
119,123 |
|
|
|
— |
|
Gain on sale-leaseback transactions and other |
|
|
(627 |
) |
|
|
(4,483 |
) |
|
|
(4,360 |
) |
Total operating expenses |
|
|
48,318 |
|
|
|
169,282 |
|
|
|
46,343 |
|
Operating income (loss) |
|
|
12,764 |
|
|
|
(106,817 |
) |
|
|
(6,106 |
) |
Other expense (income) |
|
|
|
|
|
|
||||||
Interest expense |
|
|
4,258 |
|
|
|
6,421 |
|
|
|
4,365 |
|
Foreign exchange losses (gains) and other, net |
|
|
247 |
|
|
|
(6,549 |
) |
|
|
9 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
552 |
|
|
|
— |
|
Total other expense, net |
|
|
4,505 |
|
|
|
424 |
|
|
|
4,374 |
|
Income (loss) before income taxes |
|
|
8,259 |
|
|
|
(107,241 |
) |
|
|
(10,480 |
) |
Income tax expense (benefit) |
|
|
6,187 |
|
|
|
(3,741 |
) |
|
|
10,074 |
|
Net income (loss) (1) |
|
$ |
2,072 |
|
|
$ |
(103,500 |
) |
|
$ |
(20,554 |
) |
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
||||||
Basic |
|
|
11,209 |
|
|
|
12,333 |
|
|
|
11,682 |
|
Diluted |
|
|
12,085 |
|
|
|
12,333 |
|
|
|
11,682 |
|
|
|
|
|
|
|
|
||||||
Earnings (loss) per share |
|
|
|
|
|
|
||||||
Basic |
|
$ |
0.18 |
|
|
$ |
(8.39 |
) |
|
$ |
(1.76 |
) |
Diluted |
|
$ |
0.17 |
|
|
$ |
(8.39 |
) |
|
$ |
(1.76 |
) |
|
|
|
|
|
|
|
||||||
(1) Refer to Table 1 for schedule of adjusting items. |
||||||||||||
Forum Energy Technologies, Inc. |
||||||||
Condensed consolidated statements of net loss |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
|
Year ended |
||||||
|
|
December 31, |
||||||
(in thousands, except per share information) |
|
|
2025 |
|
|
|
2024 |
|
Revenue |
|
$ |
791,474 |
|
|
$ |
816,425 |
|
Cost of sales |
|
|
572,438 |
|
|
|
561,392 |
|
Gross profit |
|
|
219,036 |
|
|
|
255,033 |
|
Operating expenses |
|
|
|
|
||||
Selling, general and administrative expenses |
|
|
199,905 |
|
|
|
219,325 |
|
Transaction expenses |
|
|
546 |
|
|
|
7,728 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
119,123 |
|
Gain on sale-leaseback transactions and other |
|
|
(11,560 |
) |
|
|
(4,376 |
) |
Total operating expenses |
|
|
188,891 |
|
|
|
341,800 |
|
Operating income (loss) |
|
|
30,145 |
|
|
|
(86,767 |
) |
Other expense (income) |
|
|
|
|
||||
Interest expense |
|
|
18,312 |
|
|
|
31,490 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
2,854 |
|
Foreign exchange losses (gains) and other, net |
|
|
(4,754 |
) |
|
|
7,315 |
|
Total other expense, net |
|
|
13,558 |
|
|
|
41,659 |
|
Income (loss) before income taxes |
|
|
16,587 |
|
|
|
(128,426 |
) |
Income tax expense |
|
|
26,247 |
|
|
|
6,900 |
|
Net loss (1) |
|
$ |
(9,660 |
) |
|
$ |
(135,326 |
) |
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
|
|
||||
Basic |
|
|
11,883 |
|
|
|
12,299 |
|
Diluted |
|
|
11,883 |
|
|
|
12,299 |
|
|
|
|
|
|
||||
Loss per share |
|
|
|
|
||||
Basic |
|
$ |
(0.81 |
) |
|
$ |
(11.00 |
) |
Diluted |
|
$ |
(0.81 |
) |
|
$ |
(11.00 |
) |
|
|
|
|
|
||||
(1) Refer to Table 2 for schedule of adjusting items. |
||||||||
Forum Energy Technologies, Inc. |
||||||||
Condensed consolidated balance sheets |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
34,661 |
|
$ |
44,661 |
||
Accounts receivable—trade, net |
|
|
142,396 |
|
|
|
153,926 |
|
Inventories, net |
|
|
239,420 |
|
|
|
265,487 |
|
Other current assets |
|
|
32,407 |
|
|
|
31,563 |
|
Total current assets |
|
|
448,884 |
|
|
|
495,637 |
|
Property and equipment, net of accumulated depreciation |
|
|
51,905 |
|
|
|
63,421 |
|
Operating lease assets |
|
|
80,733 |
|
|
|
70,389 |
|
Goodwill and intangible assets, net |
|
|
158,304 |
|
|
|
170,883 |
|
Other long-term assets |
|
|
12,629 |
|
|
|
15,624 |
|
Total assets |
|
$ |
752,455 |
|
|
$ |
815,954 |
|
Liabilities and equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Current portion of long-term debt |
|
$ |
1,407 |
|
|
$ |
1,866 |
|
Other current liabilities |
|
|
205,127 |
|
|
|
199,990 |
|
Total current liabilities |
|
|
206,534 |
|
|
|
201,856 |
|
Long-term debt, net of current portion |
|
|
134,521 |
|
|
|
186,525 |
|
Other long-term liabilities |
|
|
120,257 |
|
|
|
107,673 |
|
Total liabilities |
|
|
461,312 |
|
|
|
496,054 |
|
Total equity |
|
|
291,143 |
|
|
|
319,900 |
|
Total liabilities and equity |
|
$ |
752,455 |
|
|
$ |
815,954 |
|
Forum Energy Technologies, Inc. |
||||||||
Condensed consolidated cash flow information |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Year ended |
||||||
|
|
December 31, |
||||||
(in thousands of dollars) |
|
|
2025 |
|
|
|
2024 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(9,660 |
) |
|
$ |
(135,326 |
) |
Depreciation and amortization |
|
|
33,755 |
|
|
|
53,717 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
119,123 |
|
Impairment of property and equipment and other assets |
|
|
4,291 |
|
|
|
— |
|
Inventory write down |
|
|
19,673 |
|
|
|
2,716 |
|
Gain on sale-leaseback transactions |
|
|
(11,182 |
) |
|
|
(4,860 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
2,854 |
|
Other noncash items and changes in working capital |
|
|
33,525 |
|
|
|
53,967 |
|
Net cash provided by operating activities |
|
|
70,402 |
|
|
|
92,191 |
|
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures for property and equipment |
|
|
(6,015 |
) |
|
|
(8,145 |
) |
Proceeds from sale of property and equipment |
|
|
1,007 |
|
|
|
703 |
|
Proceeds from sale-leaseback transactions |
|
|
14,574 |
|
|
|
20,324 |
|
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
(150,408 |
) |
Net cash provided by (used in) investing activities |
|
|
9,566 |
|
|
|
(137,526 |
) |
|
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
|
||||
Borrowings of debt |
|
|
562,324 |
|
|
|
874,320 |
|
Repayments of debt |
|
|
(617,043 |
) |
|
|
(819,454 |
) |
Repurchases of stock |
|
|
(34,612 |
) |
|
|
— |
|
Payments of withheld taxes on stock-based compensation plans |
|
|
(1,321 |
) |
|
|
(1,090 |
) |
Deferred financing costs |
|
|
(914 |
) |
|
|
(8,534 |
) |
Net cash provided by (used in) financing activities |
|
|
(91,566 |
) |
|
|
45,242 |
|
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
|
1,598 |
|
|
|
(1,411 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
$ |
(10,000 |
) |
|
$ |
(1,504 |
) |
|
|
|
|
|
||||
Forum Energy Technologies, Inc. |
||||||||||||||||||||||||
Supplemental schedule - Segment information |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
|
|
As Reported |
|
As Adjusted (3) |
||||||||||||||||||||
|
|
Three months ended |
|
Three months ended |
||||||||||||||||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling and Completions |
|
$ |
126,916 |
|
|
$ |
111,084 |
|
|
$ |
117,469 |
|
|
$ |
126,916 |
|
|
$ |
111,084 |
|
|
$ |
117,469 |
|
Artificial Lift and Downhole |
|
|
75,461 |
|
|
|
89,943 |
|
|
|
78,981 |
|
|
|
75,461 |
|
|
|
89,943 |
|
|
|
78,981 |
|
Eliminations |
|
|
(177 |
) |
|
|
(9 |
) |
|
|
(219 |
) |
|
|
(177 |
) |
|
|
(9 |
) |
|
|
(219 |
) |
Total revenue |
|
$ |
202,200 |
|
|
$ |
201,018 |
|
|
$ |
196,231 |
|
|
$ |
202,200 |
|
|
$ |
201,018 |
|
|
$ |
196,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling and Completions |
|
$ |
9,736 |
|
|
$ |
3,302 |
|
|
$ |
(13,551 |
) |
|
$ |
9,268 |
|
|
$ |
3,763 |
|
|
$ |
8,658 |
|
Operating margin % |
|
|
7.7 |
% |
|
|
3.0 |
% |
|
|
(11.5 |
)% |
|
|
7.3 |
% |
|
|
3.4 |
% |
|
|
7.4 |
% |
Artificial Lift and Downhole |
|
|
11,708 |
|
|
|
12,863 |
|
|
|
11,778 |
|
|
|
11,851 |
|
|
|
13,127 |
|
|
|
11,830 |
|
Operating margin % |
|
|
15.5 |
% |
|
|
14.3 |
% |
|
|
14.9 |
% |
|
|
15.7 |
% |
|
|
14.6 |
% |
|
|
15.0 |
% |
Corporate |
|
|
(9,250 |
) |
|
|
(8,342 |
) |
|
|
(8,439 |
) |
|
|
(8,838 |
) |
|
|
(8,450 |
) |
|
|
(8,299 |
) |
Total segment operating income (loss) |
|
|
12,194 |
|
|
|
7,823 |
|
|
|
(10,212 |
) |
|
|
12,281 |
|
|
|
8,440 |
|
|
|
12,189 |
|
Other items not in segment operating income (loss) (1) |
|
|
570 |
|
|
|
(114,640 |
) |
|
|
4,106 |
|
|
|
(14 |
) |
|
|
(377 |
) |
|
|
81 |
|
Total operating income (loss) |
|
$ |
12,764 |
|
|
$ |
(106,817 |
) |
|
$ |
(6,106 |
) |
|
$ |
12,267 |
|
|
$ |
8,063 |
|
|
$ |
12,270 |
|
Operating margin % |
|
|
6.3 |
% |
|
|
(53.1 |
)% |
|
|
(3.1 |
)% |
|
|
6.1 |
% |
|
|
4.0 |
% |
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling and Completions |
|
$ |
12,984 |
|
|
$ |
(106,688 |
) |
|
$ |
(10,505 |
) |
|
$ |
12,050 |
|
|
$ |
9,541 |
|
|
$ |
11,758 |
|
EBITDA margin % |
|
|
10.2 |
% |
|
|
(96.0 |
)% |
|
|
(8.9 |
)% |
|
|
9.5 |
% |
|
|
8.6 |
% |
|
|
10.0 |
% |
Artificial Lift and Downhole |
|
|
15,961 |
|
|
|
18,754 |
|
|
|
20,419 |
|
|
|
16,902 |
|
|
|
19,262 |
|
|
|
16,977 |
|
EBITDA margin % |
|
|
21.2 |
% |
|
|
20.9 |
% |
|
|
25.9 |
% |
|
|
22.4 |
% |
|
|
21.4 |
% |
|
|
21.5 |
% |
Corporate |
|
|
(8,587 |
) |
|
|
(725 |
) |
|
|
(8,166 |
) |
|
|
(6,266 |
) |
|
|
(6,586 |
) |
|
|
(5,597 |
) |
Total EBITDA |
|
$ |
20,358 |
|
|
$ |
(88,659 |
) |
|
$ |
1,748 |
|
|
$ |
22,686 |
|
|
$ |
22,217 |
|
|
$ |
23,138 |
|
EBITDA margin % |
|
|
10.1 |
% |
|
|
(44.1 |
)% |
|
|
0.9 |
% |
|
|
11.2 |
% |
|
|
11.1 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. |
||||||||||||||||||||||||
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
||||||||||||||||||||||||
(3) Refer to Table 1 for schedule of adjusting items. |
||||||||||||||||||||||||
Forum Energy Technologies, Inc. |
||||||||||||||||
Supplemental schedule - Segment information |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
As Reported |
|
As Adjusted (3) |
||||||||||||
|
|
Year ended |
|
Year ended |
||||||||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Drilling and Completions |
|
$ |
477,191 |
|
|
$ |
470,767 |
|
|
$ |
477,191 |
|
|
$ |
470,767 |
|
Artificial Lift and Downhole |
|
|
314,785 |
|
|
|
345,680 |
|
|
|
314,785 |
|
|
|
345,680 |
|
Eliminations |
|
|
(502 |
) |
|
|
(22 |
) |
|
|
(502 |
) |
|
|
(22 |
) |
Total revenue |
|
$ |
791,474 |
|
|
$ |
816,425 |
|
|
$ |
791,474 |
|
|
$ |
816,425 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
||||||||
Drilling and Completions |
|
$ |
12,835 |
|
|
$ |
17,766 |
|
|
$ |
36,135 |
|
|
$ |
20,458 |
|
Operating margin % |
|
|
2.7 |
% |
|
|
3.8 |
% |
|
|
7.6 |
% |
|
|
4.3 |
% |
Artificial Lift and Downhole |
|
|
41,174 |
|
|
|
48,894 |
|
|
|
41,672 |
|
|
|
49,082 |
|
Operating margin % |
|
|
13.1 |
% |
|
|
14.1 |
% |
|
|
13.2 |
% |
|
|
14.2 |
% |
Corporate |
|
|
(34,878 |
) |
|
|
(30,952 |
) |
|
|
(34,006 |
) |
|
|
(30,464 |
) |
Total segment operating income (loss) |
|
|
19,131 |
|
|
|
35,708 |
|
|
|
43,801 |
|
|
|
39,076 |
|
Other items not in segment operating income (loss) (1) |
|
|
11,014 |
|
|
|
(122,475 |
) |
|
|
(74 |
) |
|
|
(356 |
) |
Total operating income (loss) |
|
$ |
30,145 |
|
|
$ |
(86,767 |
) |
|
$ |
43,727 |
|
|
$ |
38,720 |
|
Operating margin % |
|
|
3.8 |
% |
|
|
(10.6 |
)% |
|
|
5.5 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (2) |
|
|
|
|
|
|
|
|
||||||||
Drilling and Completions |
|
$ |
30,457 |
|
|
$ |
(84,604 |
) |
|
$ |
47,629 |
|
|
$ |
49,195 |
|
EBITDA margin % |
|
|
6.4 |
% |
|
|
(18.0 |
)% |
|
|
10.0 |
% |
|
|
10.4 |
% |
Artificial Lift and Downhole |
|
|
71,731 |
|
|
|
73,006 |
|
|
|
64,058 |
|
|
|
74,417 |
|
EBITDA margin % |
|
|
22.8 |
% |
|
|
21.1 |
% |
|
|
20.3 |
% |
|
|
21.5 |
% |
Corporate |
|
|
(33,534 |
) |
|
|
(31,621 |
) |
|
|
(25,284 |
) |
|
|
(23,635 |
) |
Total EBITDA |
|
$ |
68,654 |
|
|
$ |
(43,219 |
) |
|
$ |
86,403 |
|
|
$ |
99,977 |
|
EBITDA margin % |
|
|
8.7 |
% |
|
|
(5.3 |
)% |
|
|
10.9 |
% |
|
|
12.2 |
% |
|
||||||||||||||||
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. |
||||||||||||||||
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
||||||||||||||||
(3) Refer to Table 2 for schedule of adjusting items. |
||||||||||||||||
Forum Energy Technologies, Inc. |
||||||||||||
Supplemental schedule - Orders information |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
||||||||||
|
|
Three months ended |
||||||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||
Orders |
|
|
|
|
|
|
||||||
Drilling and Completions |
|
$ |
106,407 |
|
|
$ |
102,999 |
|
|
$ |
151,473 |
|
Artificial Lift and Downhole |
|
|
80,790 |
|
|
|
86,956 |
|
|
|
88,517 |
|
Total orders |
|
$ |
187,197 |
|
|
$ |
189,955 |
|
|
$ |
239,990 |
|
|
|
|
|
|
|
|
||||||
Revenue |
|
|
|
|
|
|
||||||
Drilling and Completions |
|
$ |
126,916 |
|
|
$ |
111,084 |
|
|
$ |
117,469 |
|
Artificial Lift and Downhole |
|
|
75,461 |
|
|
|
89,943 |
|
|
|
78,981 |
|
Eliminations |
|
|
(177 |
) |
|
|
(9 |
) |
|
|
(219 |
) |
Total revenue |
|
$ |
202,200 |
|
|
$ |
201,018 |
|
|
$ |
196,231 |
|
|
|
|
|
|
|
|
||||||
Book to bill ratio (1) |
|
|
|
|
|
|
||||||
Drilling and Completions |
|
|
0.84 |
|
|
|
0.93 |
|
|
|
1.29 |
|
Artificial Lift and Downhole |
|
|
1.07 |
|
|
|
0.97 |
|
|
|
1.12 |
|
Total book to bill ratio |
|
|
0.93 |
|
|
|
0.94 |
|
|
|
1.22 |
|
|
|
|
|
|
|
|
||||||
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of our products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance. |
||||||||||||
Forum Energy Technologies, Inc. |
|||||||||||||||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||||||
Table 1 - Adjusting items |
|||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
|
Three months ended |
||||||||||||||||||||||||||||||||||
|
December 31, 2025 |
|
December 31, 2024 |
|
September 30, 2025 |
||||||||||||||||||||||||||||||
(in thousands, except per share information) |
Operating income (loss) |
|
EBITDA (1) |
|
Net income (loss) |
|
Operating income (loss) |
|
EBITDA (1) |
|
Net income (loss) |
|
Operating income (loss) |
|
EBITDA (1) |
|
Net income (loss) |
||||||||||||||||||
As reported |
$ |
12,764 |
|
|
$ |
20,358 |
|
|
$ |
2,072 |
|
|
$ |
(106,817 |
) |
|
$ |
(88,659 |
) |
|
$ |
(103,500 |
) |
|
$ |
(6,106 |
) |
|
$ |
1,748 |
|
|
$ |
(20,554 |
) |
% of revenue |
|
6.3 |
% |
|
|
10.1 |
% |
|
|
|
|
(53.1 |
)% |
|
|
(44.1 |
)% |
|
|
|
|
(3.1 |
)% |
|
|
0.9 |
% |
|
|
||||||
Restructuring and other costs |
|
633 |
|
|
|
633 |
|
|
|
633 |
|
|
|
840 |
|
|
|
840 |
|
|
|
840 |
|
|
|
1,501 |
|
|
|
1,501 |
|
|
|
1,501 |
|
Transaction expenses |
|
57 |
|
|
|
57 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
254 |
|
|
|
254 |
|
|
|
254 |
|
Inventory and other assets impairment adjustments |
|
(1,187 |
) |
|
|
(1,187 |
) |
|
|
(1,187 |
) |
|
|
(223 |
) |
|
|
(223 |
) |
|
|
(223 |
) |
|
|
20,900 |
|
|
|
20,900 |
|
|
|
20,900 |
|
Impairment of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119,123 |
|
|
|
119,123 |
|
|
|
119,123 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
— |
|
|
|
2,598 |
|
|
|
— |
|
|
|
— |
|
|
|
1,980 |
|
|
|
— |
|
|
|
— |
|
|
|
2,853 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
552 |
|
|
|
552 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on sale-leaseback transactions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,860 |
) |
|
|
(4,860 |
) |
|
|
(4,860 |
) |
|
|
(4,279 |
) |
|
|
(4,279 |
) |
|
|
(4,279 |
) |
Foreign exchange losses (gains) and other, net (2) |
|
— |
|
|
|
227 |
|
|
|
227 |
|
|
|
— |
|
|
|
(6,536 |
) |
|
|
(6,536 |
) |
|
|
— |
|
|
|
161 |
|
|
|
161 |
|
| Foreign tax settlement | — |
— |
3,163 |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Release of valuation allowance on deferred tax assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,340 |
) |
|
|
— |
|
|
|
— |
|
|
|
5,205 |
|
As adjusted(1) |
$ |
12,267 |
|
|
$ |
22,686 |
|
|
$ |
4,965 |
|
|
$ |
8,063 |
|
|
$ |
22,217 |
|
|
$ |
(5,944 |
) |
|
$ |
12,270 |
|
|
$ |
23,138 |
|
|
$ |
3,188 |
|
% of revenue |
|
6.1 |
% |
|
|
11.2 |
% |
|
|
|
|
4.0 |
% |
|
|
11.1 |
% |
|
|
|
|
6.3 |
% |
|
|
11.8 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted shares outstanding as reported |
|
|
|
|
|
12,085 |
|
|
|
|
|
|
|
12,333 |
|
|
|
|
|
|
|
11,682 |
|
||||||||||||
Diluted shares outstanding as adjusted |
|
|
|
|
|
12,085 |
|
|
|
|
|
|
|
12,333 |
|
|
|
|
|
|
|
11,682 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted EPS - as reported |
|
|
|
|
$ |
0.17 |
|
|
|
|
|
|
$ |
(8.39 |
) |
|
|
|
|
|
$ |
(1.76 |
) |
||||||||||||
Diluted EPS - as adjusted |
|
|
|
|
$ |
0.41 |
|
|
|
|
|
|
$ |
(0.48 |
) |
|
|
|
|
|
$ |
0.27 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
|
|||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms. |
|||||||||||||||||||||||||||||||||||
Forum Energy Technologies, Inc. |
|||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
Table 2 - Adjusting items |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Year ended |
||||||||||||||||||||||
|
December 31, 2025 |
|
December 31, 2024 |
||||||||||||||||||||
(in thousands, except per share information) |
Operating (income) loss |
|
EBITDA (1) |
|
Net income (loss) |
|
Operating (income) loss |
|
EBITDA (1) |
|
Net income (loss) |
||||||||||||
As reported |
$ |
30,145 |
|
|
$ |
68,654 |
|
|
$ |
(9,660 |
) |
|
$ |
(86,767 |
) |
|
$ |
(43,219 |
) |
|
$ |
(135,326 |
) |
% of revenue |
|
3.8 |
% |
|
|
8.7 |
% |
|
|
|
|
(10.6 |
)% |
|
|
(5.3 |
)% |
|
|
||||
Restructuring and other costs |
|
4,592 |
|
|
|
4,592 |
|
|
|
4,592 |
|
|
|
3,756 |
|
|
|
3,756 |
|
|
|
3,756 |
|
Transaction expenses |
|
546 |
|
|
|
546 |
|
|
|
546 |
|
|
|
7,725 |
|
|
|
7,725 |
|
|
|
7,725 |
|
Inventory and other assets impairment adjustments |
|
19,626 |
|
|
|
19,626 |
|
|
|
19,626 |
|
|
|
(257 |
) |
|
|
(257 |
) |
|
|
(257 |
) |
Impairment of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119,123 |
|
|
|
119,123 |
|
|
|
119,123 |
|
Stock-based compensation expense |
|
— |
|
|
|
9,018 |
|
|
|
— |
|
|
|
— |
|
|
|
7,176 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,854 |
|
|
|
2,854 |
|
Gain on sale-leaseback transactions |
|
(11,182 |
) |
|
|
(11,182 |
) |
|
|
(11,182 |
) |
|
|
(4,860 |
) |
|
|
(4,860 |
) |
|
|
(4,860 |
) |
Foreign exchange losses (gains) and other, net (2) |
|
— |
|
|
|
(4,851 |
) |
|
|
(4,851 |
) |
|
|
— |
|
|
|
7,679 |
|
|
|
7,679 |
|
| Foreign tax settlement | — |
— |
3,163 |
— |
— |
— |
|||||||||||||||||
Release of valuation allowance on deferred tax assets |
|
— |
|
|
|
— |
|
|
|
5,205 |
|
|
|
— |
|
|
|
— |
|
|
|
(11,340 |
) |
As adjusted(1) |
$ |
43,727 |
|
|
$ |
86,403 |
|
|
$ |
7,439 |
|
|
$ |
38,720 |
|
|
$ |
99,977 |
|
|
$ |
(10,646 |
) |
% of revenue |
|
5.5 |
% |
|
|
10.9 |
% |
|
|
|
|
4.7 |
% |
|
|
12.2 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted shares outstanding as reported |
|
|
|
|
|
11,883 |
|
|
|
|
|
|
|
12,299 |
|
||||||||
Diluted shares outstanding as adjusted |
|
|
|
|
|
11,883 |
|
|
|
|
|
|
|
12,299 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted EPS - as reported |
|
|
|
|
$ |
(0.81 |
) |
|
|
|
|
|
$ |
(11.00 |
) |
||||||||
Diluted EPS - as adjusted |
|
|
|
|
$ |
0.63 |
|
|
|
|
|
|
$ |
(0.87 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms. |
|||||||||||||||||||||||
Forum Energy Technologies, Inc. |
||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
||||||||||||
(Unaudited) |
||||||||||||
Table 3 - Adjusting Items |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
||||||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||
EBITDA reconciliation (1) |
|
|
|
|
|
|
||||||
Net income (loss) |
|
$ |
2,072 |
|
$ |
(103,500 |
) |
|
$ |
(20,554 |
) |
|
Interest expense |
|
|
4,258 |
|
|
|
6,421 |
|
|
|
4,365 |
|
Depreciation and amortization |
|
|
7,841 |
|
|
|
12,161 |
|
|
|
7,863 |
|
Income tax expense (benefit) |
|
|
6,187 |
|
|
|
(3,741 |
) |
|
|
10,074 |
|
EBITDA |
|
$ |
20,358 |
|
|
$ |
(88,659 |
) |
|
$ |
1,748 |
|
|
|
|
|
|
|
|
||||||
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community. |
||||||||||||
Forum Energy Technologies, Inc. |
||||||||
Reconciliation of GAAP to non-GAAP financial information |
||||||||
(Unaudited) |
||||||||
Table 4 - Adjusting Items |
||||||||
|
|
Year ended |
||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
||||
EBITDA reconciliation (1) |
|
|
|
|
||||
Net loss |
|
$ |
(9,660 |
) |
|
$ |
(135,326 |
) |
Interest expense |
|
|
18,312 |
|
|
|
31,490 |
|
Depreciation and amortization |
|
|
33,755 |
|
|
|
53,717 |
|
Income tax expense |
|
|
26,247 |
|
|
|
6,900 |
|
EBITDA |
|
$ |
68,654 |
|
|
$ |
(43,219 |
) |
|
|
|
|
|
||||
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community. |
||||||||
Forum Energy Technologies, Inc. |
||||||||||||
Free cash flow |
||||||||||||
(Unaudited) |
||||||||||||
Table 5 - Adjusting items |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
||||||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||
Free cash flow, before acquisitions, reconciliation (1) |
|
|
|
|
|
|
||||||
Net cash provided by operating activities |
|
$ |
22,437 |
|
|
$ |
38,516 |
|
|
$ |
22,866 |
|
Capital expenditures for property and equipment |
|
|
(1,562 |
) |
|
|
(2,410 |
) |
|
|
(1,392 |
) |
Proceeds from sale of property and equipment |
|
|
844 |
|
|
|
467 |
|
|
|
106 |
|
Proceeds from sale-leaseback transactions |
|
|
— |
|
|
|
20,324 |
|
|
|
6,546 |
|
Free cash flow, before acquisitions |
|
$ |
21,719 |
|
|
$ |
56,897 |
|
|
$ |
28,126 |
|
|
|
|
|
|
|
|
||||||
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
||||||||||||
|
|
|
|
|
|
|
||||||
(2) The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of February 18, 2026, and using the midpoint $65 million of guided full year 2026 free cash flow. As of February 18, 2026, the free cash flow yield was 11%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. |
||||||||||||
Forum Energy Technologies, Inc. |
||||||||
Free cash flow |
||||||||
(Unaudited) |
||||||||
Table 6 - Adjusting items |
||||||||
|
|
|
|
|
||||
|
|
Year ended |
||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
||||
Free cash flow, before acquisitions, reconciliation (1) |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
70,402 |
|
|
$ |
92,191 |
|
Capital expenditures for property and equipment |
|
|
(6,015 |
) |
|
|
(8,145 |
) |
Proceeds from sale of property and equipment |
|
|
1,007 |
|
|
|
703 |
|
Proceeds from sale-leaseback transactions |
|
|
14,574 |
|
|
|
20,324 |
|
Free cash flow, before acquisitions |
|
$ |
79,968 |
|
|
$ |
105,073 |
|
|
|
|
|
|
||||
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
||||||||
|
|
|
|
|
||||
(2) The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of February 18, 2026, and using the midpoint $65 million of guided full year 2026 free cash flow. As of February 18, 2026, the free cash flow yield was 11%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. |
||||||||
Forum Energy Technologies, Inc. |
||||
Table 7 - Leverage Ratio (1) |
||||
(Unaudited) |
||||
|
|
|
||
|
|
|
||
(in thousands of dollars) |
|
December 31,
|
||
2029 Bonds |
|
$ |
100,000 |
|
Credit Facility |
|
|
37,282 |
|
Other debt |
|
|
4,008 |
|
Long-term debt, principal amount |
|
|
141,290 |
|
Cash and cash equivalents |
|
|
34,661 |
|
Net debt |
|
|
106,629 |
|
|
|
|
||
Adjusted EBITDA |
|
|
86,403 |
|
Net leverage ratio |
|
|
1.2 |
|
|
|
|
||
(1) The Company believes net leverage ratio is an important measure because it represents the Company's ability to meet its financial obligations. |
||||
Forum Energy Technologies, Inc. |
||||||||||||
Table 8 - Revenue Per Rig |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
Year ended |
||||||||||
(in thousands of dollars, except rig count) |
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||
Revenue |
|
$ |
791,474 |
|
$ |
816,425 |
|
$ |
699,913 |
|||
Average global rig count (1) |
|
|
1,818 |
|
|
|
1,948 |
|
|
|
1,934 |
|
Revenue per rig |
|
$ |
435 |
|
|
$ |
419 |
|
|
$ |
362 |
|
|
|
|
|
|
|
|
||||||
(1) The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusted data back January 2024. Consequently, rig count data prior to January 2024 has been adjusted internally. |
||||||||||||
Forum Energy Technologies, Inc. |
||||
Table 9 - Free Cash Flow Conversion |
||||
(Unaudited) |
||||
|
|
Year ended |
||
(in thousands of dollars) |
|
December 31,
|
||
|
|
|
||
Free cash flow |
|
$ |
79,968 |
|
Adjusted EBITDA |
|
|
86,403 |
|
Free cash flow conversion |
|
|
93 |
% |
|
|
|
||
Forum Energy Technologies, Inc. |
|||||||||||||||||||||
Supplemental schedule - Product line revenue |
|||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Three months ended |
|||||||||||||||||||
(in thousands of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
|||||||||||||||
Revenue |
|
$ |
% |
|
$ |
% |
|
$ |
% |
||||||||||||
Drilling |
|
$ |
35,713 |
|
17.6 |
% |
|
$ |
35,555 |
|
17.8 |
% |
|
$ |
32,234 |
|
16.4 |
% |
|||
Subsea |
|
|
29,513 |
|
14.6 |
% |
|
|
18,581 |
|
9.2 |
% |
|
|
23,582 |
|
12.0 |
% |
|||
Stimulation and Intervention |
|
|
30,854 |
|
15.3 |
% |
|
|
31,056 |
|
15.4 |
% |
|
|
34,271 |
|
17.5 |
% |
|||
Coiled Tubing |
|
|
30,836 |
|
15.3 |
% |
|
|
25,892 |
|
12.9 |
% |
|
|
27,382 |
|
14.0 |
% |
|||
Drilling and Completions |
|
|
126,916 |
|
62.8 |
% |
|
|
111,084 |
|
55.3 |
% |
|
|
117,469 |
|
59.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Downhole |
|
|
47,800 |
|
23.6 |
% |
|
|
51,547 |
|
25.6 |
% |
|
|
48,073 |
|
24.5 |
% |
|||
Production Equipment |
|
|
15,574 |
|
7.7 |
% |
|
|
21,743 |
|
10.8 |
% |
|
|
18,647 |
|
9.5 |
% |
|||
Valve Solutions |
|
|
12,087 |
|
6.0 |
% |
|
|
16,653 |
|
8.3 |
% |
|
|
12,261 |
|
6.2 |
% |
|||
Artificial Lift and Downhole |
|
|
75,461 |
|
37.3 |
% |
|
|
89,943 |
|
44.7 |
% |
|
|
78,981 |
|
40.2 |
% |
|||
Eliminations |
|
|
(177 |
) |
(0.1 |
)% |
|
|
(9 |
) |
— |
% |
|
|
(219 |
) |
(0.1 |
)% |
|||
Total revenue |
|
$ |
202,200 |
|
100.0 |
% |
|
$ |
201,018 |
|
100.0 |
% |
|
$ |
196,231 |
|
100.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219159745/en/
Contacts
Company Contact
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com
