Forum Energy Technologies Reports Q3 2025 Results, Increases Full Year 2025 Cash Flow Guidance

10/30/2025 – 08:13 PM

• Orders: $240 million; 122% book-to-bill ratio; highest backlog in more than ten years
• Revenue: $196 million, down 2% sequentially
• Net loss: $21 million, or $1.76 per diluted share
• Adjusted net income: $3 million, or $0.27 per diluted share
• Adjusted EBITDA: $23 million, up 13% sequentially
• Operating cash flow and free cash flow: $23 million and $28 million, respectively
• Share repurchases: 635 thousand shares for $15 million
• 2025 full year free cash flow guidance increased: $70 – $80 million

HOUSTON – Forum Energy Technologies (NYSE: FET) today reported its third-quarter 2025 financial results, revealing a revenue of $196 million and a net loss of $21 million, translating to $1.76 per diluted share. Adjusting for asset impairments, restructuring costs, and tax valuation allowance reserve, offset by a sale leaseback transaction gain, the adjusted net income reached $3 million, or approximately $0.27 per diluted share.

Forum Energy Technologies’ President and Chief Executive Officer, Neal Lux, emphasized the company’s consistent performance, stating that FET continues to demonstrate its value to investors, extending its outperformance track record and delivering significant capital returns while positioned for continued long-term growth.

“Our ‘Beat the Market’ strategy drove strong bookings and meaningful backlog growth,” Lux noted. “Revenue and EBITDA were at the high end of our guidance range. Our commercial and product development efforts allowed us to grow market share in a challenging environment. In addition, we exceeded free cash flow expectations and are raising 2025 guidance to between $70 and $80 million.” This revised guidance underscores the company’s ability to translate bookings into tangible financial results.

By capitalizing on its global footprint, Forum Energy Technologies successfully generated robust bookings in the offshore and international markets, leading to a 21% increase in backlog. The company also accelerated cost-saving initiatives during the quarter, expanding its annualized target by 50% to $15 million. For the fourth quarter, FET forecasts adjusted EBITDA in the range of $19 to $23 million. Building on its strong backlog, anticipated market share gains, and ongoing cost reductions, the company forecasts a substantial tailwind in 2026.

Furthermore, Forum Energy Technologies demonstrated its commitment to capital returns through significant net debt reductions and strategic share repurchases. The company achieved its expected year-end net leverage ratio of 1.3 times ahead of schedule. In the year-to-date through September, FET repurchased 8% of its outstanding shares. Despite the stock’s appreciation of around 100% this year, the company believes its free cash flow yield remains attractive. This active capital allocation strategy reflects management’s confidence in FET’s long-term prospects and ability to generate shareholder value.

Segment Results (Unless otherwise noted, comparisons are third quarter 2025 versus second quarter 2025)

The Drilling and Completions segment generated revenue of $117 million, consistent with the previous quarter. Strong sales in wireline products, heat transfer units, coiled line pipe, and subsea ROVs were offset by lower consumable product sales. The segment achieved adjusted EBITDA of $12 million, showcasing a 3% increase attributed to favorable product mix and proactive cost-saving measures. The Drilling and Completions segment’s book-to-bill ratio was 129%, with robust orders for ROVs, drilling capital equipment, wireline cables, and heat transfer units.

The Artificial Lift and Downhole segment’s revenue was $79 million, reflecting a 4% decrease compared to the previous quarter. Lower downhole casing equipment and processing technologies sales caused a decrease that was partially offset by stronger revenue from valve and sand control products. The segment achieved adjusted EBITDA of $17 million, representing a 2% increase, driven by favorable product mix and judicious cost savings. The segment’s book-to-bill ratio stood at 112%, boosted by awards for sand control products to support a large extended drilling program for a notable Canadian customer.

Forum Energy Technologies is a global manufacturing company serving the oil, natural gas, industrial, and renewable energy sectors. Headquartered in Houston, Texas, FET delivers value-added solutions focused on enhancing the safety, efficiency, and environmental performance of its customers’ operations.

Forward-Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements address activities, events, or developments that the Company anticipate will, or may occur in the future.

These statements are based on certain assumptions regarding historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. However, the statements are subject to numerous assumptions, risks, and uncertainties, many of which are beyond the Company’s control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These risks include, but are not limited to the price volatility of oil and natural gas, oilfield development activity levels, competition, and the Company’s ability to implement new technologies and services.

These forward-looking statements are applicable only as of the date on which the statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information or future events, except as required by applicable law.

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