Free Cash Flow

Forum Energy Technologies reported Q3 2025 revenue of $196 million and a net loss of $21 million ($1.76 per diluted share). Adjusted net income was $3 million ($0.27 per diluted share), with adjusted EBITDA at $23 million, up 13% sequentially. Operating and free cash flow were $23 million and $28 million, respectively. The company repurchased 635,000 shares for $15 million and increased its 2025 full-year free cash flow guidance to $70-$80 million. Orders hit $240 million with a 122% book-to-bill ratio.

Planet Labs PBC (PL) reported record Q2 revenue of $73.4M, a 20% YoY increase, and a 516% YoY increase in RPOs to $690.1M. Backlog grew 245% YoY to $736.1M. The company generated $85.1M in year-to-date net cash from operating activities and $54.3M in positive free cash flow. Planet launched two high-resolution Pelican satellites and secured key contracts with the U.S. DoD, NATO, and the German government. They ended the quarter strong with revenue growth, positive EBITDA, and $271.5M in cash, cash equivalents, and short-term investments.