Forum Energy Tech (NYSE: FET) boosts 2026 EBITDA guidance after Q1 growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Forum Energy Technologies reported solid first quarter 2026 growth and raised its full-year outlook. Revenue reached $209 million, with net income of $4 million, or $0.39 per diluted share. Adjusted for restructuring, net income was $6 million, or about $0.47 per diluted share.
Adjusted EBITDA was $23 million, and management said revenue and adjusted EBITDA grew 8% and 14% year-over-year. Orders were $221 million, producing a book-to-bill ratio of 106% and a backlog increase of 44% versus the first quarter of 2025. The company repurchased $5 million of shares.
Forum now expects second quarter 2026 adjusted EBITDA between $24 million and $30 million and increased its full-year 2026 adjusted EBITDA guidance to $95–$110 million, with a mid-point of $103 million, described as a 20% increase over 2025 results.
Positive
- Raised 2026 profitability outlook: Full-year 2026 adjusted EBITDA guidance increased to $95–$110 million, with a $103 million mid-point described as 20% above 2025 results.
- Demand indicators strengthening: First quarter 2026 orders of $221 million produced a 1.06 book-to-bill ratio and a reported 44% backlog increase versus first quarter 2025.
Negative
- Weaker operating cash generation: Net cash provided by operating activities fell to $1.6 million in the first quarter of 2026 from $9.3 million in the prior-year period, despite higher earnings.
- Leverage ticked higher: Net leverage ratio increased to 1.4 at March 31, 2026 from 1.2 at December 31, 2025, as net debt rose to $121.3 million.
Insights
Forum posts higher Q1 profits, strong orders and a 20% uplift to 2026 EBITDA guidance.
Forum Energy Technologies delivered first quarter 2026 revenue of $208.7M and net income of $4.5M, with adjusted net income of $6M. Management highlighted year-over-year growth of 8% in revenue and 14% in adjusted EBITDA, signaling better profitability on slightly higher sales.
Orders of $221.2M produced a total book-to-bill ratio of 1.06 and a reported 44% backlog increase versus first quarter 2025, suggesting demand is running ahead of current revenue. Segment data show Drilling and Completions EBITDA of $12.2M and Artificial Lift and Downhole EBITDA of $15.9M, with double‑digit margins in both.
Despite weaker operating cash flow of $1.6M versus $9.3M a year earlier, Forum raised full‑year 2026 adjusted EBITDA guidance to $95–$110M, with a mid‑point of $103M, described as 20% above 2025. Net leverage rose modestly to 1.4 from 1.2, based on net debt of $121.3M and trailing twelve‑month adjusted EBITDA of $89.2M, which remains relatively conservative for this sector.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $208.7M
Q1 2026 Net Income: $4.5M
Q1 2026 Adjusted EBITDA: $22.9M
+5 more
8 metrics
Q1 2026 Revenue
$208.7M
Three months ended March 31, 2026
Q1 2026 Net Income
$4.5M
Three months ended March 31, 2026
Q1 2026 Adjusted EBITDA
$22.9M
Adjusted EBITDA, three months ended March 31, 2026
Q1 2026 Orders
$221.2M
Total orders, three months ended March 31, 2026
Book-to-bill ratio
1.06
Total company, three months ended March 31, 2026
2026 Adjusted EBITDA Guidance
$95–$110M (mid-point $103M)
Full-year 2026 outlook; mid-point 20% above 2025
Net Leverage Ratio
1.4x
As of March 31, 2026, based on $121.3M net debt and $89.2M TTM adjusted EBITDA
Operating Cash Flow
$1.6M
Net cash provided by operating activities, Q1 2026
Key Terms
Adjusted EBITDA, book to bill ratio, free cash flow, before acquisitions, net leverage ratio, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA: $23 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
book to bill ratio financial
"Orders: $221 million, book-to-bill ratio of 106%"
The book-to-bill ratio compares new orders received (bookings) to goods or services actually billed (revenue) over the same period; a ratio above 1 means a company is taking in more orders than it is filling, while below 1 means it is billing more than it is receiving in new orders. Investors use it like a pipeline gauge—high ratios suggest future revenue growth and possible capacity strain, while low ratios can signal weakening demand or excess capacity, helping anticipate earnings and operational pressure.
free cash flow, before acquisitions financial
"Free cash flow, before acquisitions reconciliation"
net leverage ratio financial
"Net leverage ratio | 1.4 | | 1.2"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
non-GAAP financial measures regulatory
"contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $208.7M · Guidance included
Q1 2026
Revenue
$208.7M
+8% YoY
Adjusted EBITDA
$22.9M
+14% YoY
Net income
$4.5M
Adjusted net income
$6.0M
Guidance
Company expects Q2 2026 adjusted EBITDA of $24–$30M and raised full-year 2026 adjusted EBITDA guidance to $95–$110M, with a $103M mid-point described as 20% above 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| | ||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| NYSE Texas, Inc. | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026 , Forum Energy Technologies, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended March 31, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Exhibit 99.1 to this report contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The non-GAAP financial measures reflect earnings before interest, taxes, depreciation and amortization expense (“EBITDA”), adjusted EBITDA, adjusted operating income, adjusted net income, adjusted net income per diluted share (“Adjusted Diluted EPS”), book to bill ratio, free cash flow before acquisitions (“free cash flow”) and net leverage ratio. A reconciliation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio and free cash flow to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) is included as an attachment to the press release. The Company believes the presentation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio, free cash flow and net leverage ratio are useful to the Company's 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.
The presentation of this additional information is not meant to be considered in isolation or as a substitute for the Company's financial results prepared in accordance with GAAP.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Exhibit Title or Description | |||||||
99.1 | Press Release dated | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | FORUM ENERGY TECHNOLOGIES, INC. | |||||||||||||
/s/ John C. Ivascu | ||||||||||||||
John C. Ivascu | ||||||||||||||
Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary | ||||||||||||||
Exhibit 99.1
Forum Energy Technologies Announces
First Quarter 2026 Results;
Raises Full Year 2026 Adjusted EBITDA Guidance
•Orders: $221 million, book-to-bill ratio of 106%
•Revenue: $209 million
•Net income and adjusted net income: $4 million and $6 million
•Adjusted EBITDA: $23 million
•Share repurchases: $5 million returned to shareholders
•2026 adjusted EBITDA guidance increased: $95 - $110 million
HOUSTON, TEXAS, April 30, 2026 - Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2026 revenue of $209 million and net income of $4 million or $0.39 per diluted share. Adjusting for restructuring costs, net income was $6 million or approximately $0.47 per diluted share.1
Neal Lux, President and Chief Executive Officer, remarked, “FET’s first quarter results continued our momentum from 2025, with revenue and adjusted EBITDA growing 8% and 14% year-over-year. We received strong orders for our differentiated products and increased our backlog 44% compared to the first quarter 2025. The execution of our “Beat the Market” strategy continues to yield share gains.
“The conflict in the Middle East has produced significant hardships for the region. Thankfully, our employees remain safe and we experienced minimal impact to our financial results. Longer term, we expect elevated commodity prices and increased upstream spending to drive demand for FET’s innovative products and technology. The combination of market expansion and our “Beat the Market” strategy’s results provide additional confidence we will achieve our long-term FET 2030 goals.
“In the near term, we expect second quarter results to increase substantially, with adjusted EBITDA between $24 and $30 million. This performance will be driven by backlog conversion, cost savings, and market share gains. While we are seeing signs of increased industry activity, our current forecast conservatively assumes a flat market. However, with a strong start to the year, we are raising the mid-point of our full year 2026 adjusted EBITDA guidance range to $103 million, a 20% percent increase over 2025 results.”
1 See Tables 1-5 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.
1
Segment Results (unless otherwise noted, comparisons are first quarter 2026 versus fourth quarter 2025)
Drilling and Completions segment revenue was $127 million, comparable to the previous quarter. Adjusted EBITDA of $13 million increased 6%, benefiting from cost savings initiatives and improved plant utilization related to facilities consolidation. Book-to-bill was 107%, due to higher demand for capital equipment in both the Stimulation and Intervention and the Drilling product lines, and increased demand for wireline cables. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.
Artificial Lift and Downhole segment revenue was $82 million, a 9% increase, due to increased volumes across all product lines. Adjusted EBITDA of $17 million was relatively flat due primarily to unfavorable product mix. Book-to-bill was 104%, primarily due to an increase in valve product demand. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.
Earnings Conference Call
FET will host its first quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, May 1, 2026. The call will be webcast through the Investor Relations link on FET’s website at https://ir.f-e-t.com. Participants may also join the call by registering at https://register-conf.media-server.com/register/BI0550f13ec9dd4976b8fc81aeff11d6be. A replay of the call will be available on the Investor Relations website after the completion of the call at approximately 5:00 p.m. Central Time.
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.
2
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.
3
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.
Company Contact
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com
4
| Forum Energy Technologies, Inc. | |||||||||||||||||
Condensed consolidated statements of income (income) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three months ended | |||||||||||||||||
| March 31, | December 31, | ||||||||||||||||
| (in thousands, except per share information) | 2026 | 2025 | 2025 | ||||||||||||||
| Revenue | $ | 208,700 | $ | 193,279 | $ | 202,200 | |||||||||||
| Cost of sales | 147,709 | 134,918 | 141,118 | ||||||||||||||
| Gross profit | 60,991 | 58,361 | 61,082 | ||||||||||||||
| Operating expenses | |||||||||||||||||
| Selling, general and administrative expenses | 50,008 | 49,383 | 48,888 | ||||||||||||||
| Transaction expenses | 148 | 51 | 57 | ||||||||||||||
| Loss on disposal of assets and other | (170) | 123 | (627) | ||||||||||||||
| Total operating expenses | 49,986 | 49,557 | 48,318 | ||||||||||||||
| Operating income | 11,005 | 8,804 | 12,764 | ||||||||||||||
| Other expense (income) | |||||||||||||||||
| Interest expense | 4,141 | 4,983 | 4,258 | ||||||||||||||
| Foreign exchange losses (gains) and other, net | (523) | (1,068) | 247 | ||||||||||||||
| Total other expense | 3,618 | 3,915 | 4,505 | ||||||||||||||
| Income before taxes | 7,387 | 4,889 | 8,259 | ||||||||||||||
| Income tax expense | 2,895 | 3,767 | 6,187 | ||||||||||||||
| Net income | $ | 4,492 | $ | 1,122 | $ | 2,072 | |||||||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 11,214 | 12,303 | 11,209 | ||||||||||||||
| Diluted | 11,641 | 12,568 | 12,085 | ||||||||||||||
| Earnings per share | |||||||||||||||||
| Basic | $ | 0.40 | $ | 0.09 | $ | 0.18 | |||||||||||
| Diluted | $ | 0.39 | $ | 0.09 | $ | 0.17 | |||||||||||
(1) Refer to Table 1 for schedule of adjusting items. | |||||||||||||||||
5
| Forum Energy Technologies, Inc. | |||||||||||
| Condensed consolidated balance sheets | |||||||||||
| (Unaudited) | |||||||||||
| March 31, | December 31, | ||||||||||
| (in thousands of dollars) | 2026 | 2025 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 37,488 | $ | 34,661 | |||||||
| Accounts receivable—trade, net | 155,480 | 142,396 | |||||||||
| Inventories, net | 236,412 | 239,420 | |||||||||
| Other current assets | 34,936 | 32,407 | |||||||||
| Total current assets | 464,316 | 448,884 | |||||||||
| Property and equipment, net of accumulated depreciation | 49,590 | 51,905 | |||||||||
| Operating lease assets | 83,217 | 80,733 | |||||||||
| Goodwill and other intangible assets, net | 151,741 | 158,304 | |||||||||
| Other long-term assets | 14,201 | 12,629 | |||||||||
| Total assets | $ | 763,065 | $ | 752,455 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Current portion of long-term debt | $ | 1,383 | $ | 1,407 | |||||||
| Other current liabilities | 207,229 | 205,127 | |||||||||
| Total current liabilities | 208,612 | 206,534 | |||||||||
| Long-term debt, net of current portion | 152,337 | 134,521 | |||||||||
| Other long-term liabilities | 121,433 | 120,257 | |||||||||
| Total liabilities | 482,382 | 461,312 | |||||||||
| Total equity | 280,683 | 291,143 | |||||||||
| Total liabilities and equity | $ | 763,065 | $ | 752,455 | |||||||
6
| Forum Energy Technologies, Inc. | |||||||||||
| Condensed consolidated cash flow information | |||||||||||
| (Unaudited) | |||||||||||
| Three months ended March 31, | |||||||||||
| (in thousands of dollars) | 2026 | 2025 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 4,492 | $ | 1,122 | |||||||
| Depreciation and amortization | 7,802 | 8,975 | |||||||||
| Inventory write-down | 397 | 390 | |||||||||
| Other noncash items and changes in working capital | (11,064) | (1,161) | |||||||||
| Net cash provided by operating activities | 1,627 | 9,326 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures for property and equipment | (256) | (2,110) | |||||||||
| Proceeds from sale of property and equipment | 3 | 14 | |||||||||
| Net cash used in investing activities | (253) | (2,096) | |||||||||
| Cash flows from financing activities | |||||||||||
| Borrowings of debt | 137,934 | 132,038 | |||||||||
| Repayments of debt | (120,580) | (149,040) | |||||||||
| Repurchases of stock | (4,569) | (1,997) | |||||||||
| Payment of withheld taxes on stock-based compensation plans | (9,274) | (1,321) | |||||||||
| Deferred financing costs | (1,659) | (693) | |||||||||
| Net cash provided by (used in) financing activities | 1,852 | (21,013) | |||||||||
| Effect of exchange rate changes on cash | (399) | 265 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 2,827 | $ | (13,518) | |||||||
7
| Forum Energy Technologies, Inc. | |||||||||||||||||||||||||||||||||||
| Supplemental schedule - Segment information | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| As Reported | As Adjusted (3) | ||||||||||||||||||||||||||||||||||
| Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||
| (in thousands of dollars) | March 31, 2026 | March 31, 2025 | December 31, 2025 | March 31, 2026 | March 31, 2025 | December 31, 2025 | |||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Drilling and Completions | $ | 126,739 | $ | 115,569 | $ | 126,916 | $ | 126,739 | $ | 115,569 | $ | 126,916 | |||||||||||||||||||||||
| Artificial Lift and Downhole | 82,098 | 77,796 | 75,461 | 82,098 | 77,796 | 75,461 | |||||||||||||||||||||||||||||
| Eliminations | (137) | (86) | (177) | (137) | (86) | (177) | |||||||||||||||||||||||||||||
| Total revenue | $ | 208,700 | $ | 193,279 | $ | 202,200 | $ | 208,700 | $ | 193,279 | $ | 202,200 | |||||||||||||||||||||||
| Operating income (loss) | |||||||||||||||||||||||||||||||||||
| Drilling and Completions | $ | 8,909 | $ | 9,379 | $ | 9,736 | $ | 10,081 | $ | 9,801 | $ | 9,268 | |||||||||||||||||||||||
| Operating Margin % | 7.0 | % | 8.1 | % | 7.7 | % | 8.0 | % | 8.5 | % | 7.3 | % | |||||||||||||||||||||||
| Artificial Lift and Downhole | 11,584 | 7,297 | 11,708 | 11,593 | 7,458 | 11,851 | |||||||||||||||||||||||||||||
| Operating Margin % | 14.1 | % | 9.4 | % | 15.5 | % | 14.1 | % | 9.6 | % | 15.7 | % | |||||||||||||||||||||||
| Corporate | (9,510) | (7,698) | (9,250) | (9,055) | (7,570) | (8,838) | |||||||||||||||||||||||||||||
| Total segment operating income (loss) | 10,983 | 8,978 | 12,194 | 12,619 | 9,689 | 12,281 | |||||||||||||||||||||||||||||
Other items not in segment operating income (loss) (1) | 22 | (174) | 570 | (64) | (123) | (14) | |||||||||||||||||||||||||||||
| Total operating income (loss) | $ | 11,005 | $ | 8,804 | $ | 12,764 | $ | 12,555 | $ | 9,566 | $ | 12,267 | |||||||||||||||||||||||
| Operating Margin % | 5.3 | % | 4.6 | % | 6.3 | % | 6.0 | % | 4.9 | % | 6.1 | % | |||||||||||||||||||||||
EBITDA (2) | |||||||||||||||||||||||||||||||||||
| Drilling and Completions | $ | 12,170 | $ | 13,304 | $ | 12,984 | $ | 12,807 | $ | 12,409 | $ | 12,050 | |||||||||||||||||||||||
| EBITDA Margin % | 9.6 | % | 11.5 | % | 10.2 | % | 10.1 | % | 10.7 | % | 9.5 | % | |||||||||||||||||||||||
| Artificial Lift and Downhole | 15,943 | 12,725 | 15,961 | 16,619 | 13,492 | 16,902 | |||||||||||||||||||||||||||||
| EBITDA Margin % | 19.4 | % | 16.4 | % | 21.2 | % | 20.2 | % | 17.3 | % | 22.4 | % | |||||||||||||||||||||||
| Corporate | (8,783) | (7,182) | (8,587) | (6,540) | (5,843) | (6,266) | |||||||||||||||||||||||||||||
| Total EBITDA | $ | 19,330 | $ | 18,847 | $ | 20,358 | $ | 22,886 | $ | 20,058 | $ | 22,686 | |||||||||||||||||||||||
| EBITDA Margin % | 9.3 | % | 9.8 | % | 10.1 | % | 11.0 | % | 10.4 | % | 11.2 | % | |||||||||||||||||||||||
(1) Includes transaction expenses, 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. | |||||||||||||||||||||||||||||||||||
8
| Forum Energy Technologies, Inc. | |||||||||||||||||
| Supplemental schedule - Orders information | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three months ended | |||||||||||||||||
| (in thousands of dollars) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||||||||
| Orders | |||||||||||||||||
| Drilling and Completions | $ | 135,458 | $ | 132,133 | $ | 106,407 | |||||||||||
| Artificial Lift and Downhole | 85,710 | 68,555 | 80,790 | ||||||||||||||
| Total orders | $ | 221,168 | $ | 200,688 | $ | 187,197 | |||||||||||
| Revenue | |||||||||||||||||
| Drilling and Completions | $ | 126,739 | $ | 115,569 | $ | 126,916 | |||||||||||
| Artificial Lift and Downhole | 82,098 | 77,796 | 75,461 | ||||||||||||||
| Eliminations | (137) | (86) | (177) | ||||||||||||||
| Total revenue | $ | 208,700 | $ | 193,279 | $ | 202,200 | |||||||||||
Book to bill ratio (1) | |||||||||||||||||
| Drilling and Completions | 1.07 | 1.14 | 0.84 | ||||||||||||||
| Artificial Lift and Downhole | 1.04 | 0.88 | 1.07 | ||||||||||||||
| Total book to bill ratio | 1.06 | 1.04 | 0.93 | ||||||||||||||
(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. | |||||||||||||||||
9
| Forum Energy Technologies, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of GAAP to non-GAAP financial information | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Table 1 - Adjusting items | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2026 | March 31, 2025 | December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share information) | Operating income (loss) | EBITDA (1) | Net income (loss) | Operating income | EBITDA (1) | Net income (loss) | Operating income | EBITDA (1) | Net income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
| As reported | $ | 11,005 | $ | 19,330 | $ | 4,492 | $ | 8,804 | $ | 18,847 | $ | 1,122 | $ | 12,764 | $ | 20,358 | $ | 2,072 | |||||||||||||||||||||||||||||||||||
| % of revenue | 5.3 | % | 9.3 | % | 4.6 | % | 9.8 | % | 6.3 | % | 10.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Restructuring and other costs | 1,488 | 1,488 | 1,488 | 796 | 796 | 796 | 633 | 633 | 633 | ||||||||||||||||||||||||||||||||||||||||||||
| Transaction expenses | 148 | 148 | 148 | 51 | 51 | 51 | 57 | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||||
| Inventory and other assets impairment adjustments | (86) | (86) | (86) | (85) | (85) | (85) | (1,187) | (1,187) | (1,187) | ||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | 2,520 | — | — | 1,819 | — | — | 2,598 | — | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange losses (gains) and other, net (2) | — | (514) | (514) | — | (1,370) | (1,370) | — | 227 | 227 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign tax settlement | — | — | — | — | — | — | — | — | 3,163 | ||||||||||||||||||||||||||||||||||||||||||||
As adjusted (1) | $ | 12,555 | $ | 22,886 | $ | 5,528 | $ | 9,566 | $ | 20,058 | $ | 514 | $ | 12,267 | $ | 22,686 | $ | 4,965 | |||||||||||||||||||||||||||||||||||
| % of revenue | 6.0 | % | 11.0 | % | 4.9 | % | 10.4 | % | 6.1 | % | 11.2 | % | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding as reported | 11,641 | 12,568 | 12,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding as adjusted | 11,641 | 12,568 | 12,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS - as reported | $ | 0.39 | $ | 0.09 | $ | 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS - as adjusted | $ | 0.47 | $ | 0.04 | $ | 0.41 | |||||||||||||||||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10
| Forum Energy Technologies, Inc. | |||||||||||||||||
| Reconciliation of GAAP to non-GAAP financial information | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Table 2 - Adjusting Items | |||||||||||||||||
| Three months ended | |||||||||||||||||
| (in thousands of dollars) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||||||||
EBITDA reconciliation (1) | |||||||||||||||||
| Net income | $ | 4,492 | $ | 1,122 | $ | 2,072 | |||||||||||
| Interest expense | 4,141 | 4,983 | 4,258 | ||||||||||||||
| Depreciation and amortization | 7,802 | 8,975 | 7,841 | ||||||||||||||
| Income tax expense | 2,895 | 3,767 | 6,187 | ||||||||||||||
| EBITDA | $ | 19,330 | $ | 18,847 | $ | 20,358 | |||||||||||
(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 3 - Adjusting items | |||||||||||||||||
| Three months ended | |||||||||||||||||
| (in thousands of dollars) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||||||||
Free cash flow, before acquisitions, reconciliation (1) | |||||||||||||||||
| Net cash provided by operating activities | $ | 1,627 | $ | 9,326 | $ | 22,437 | |||||||||||
| Capital expenditures for property and equipment | (256) | (2,110) | (1,562) | ||||||||||||||
| Proceeds from sale of property and equipment | 3 | 14 | 844 | ||||||||||||||
| Free cash flow, before acquisitions | $ | 1,374 | $ | 7,230 | $ | 21,719 | |||||||||||
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | |||||||||||||||||
11
| Forum Energy Technologies, Inc. | |||||||||||
Table 4 - Net Leverage Ratio (1) | |||||||||||
| (Unaudited) | |||||||||||
| (in thousands of dollars) | March 31, 2026 | December 31, 2025 | |||||||||
| 2029 Bonds | $ | 100,000 | $ | 100,000 | |||||||
| Credit Facility | 55,053 | 37,282 | |||||||||
| Other debt | 3,751 | 4,008 | |||||||||
| Long-term debt, principal amount | 158,804 | 141,290 | |||||||||
| Less: Cash and cash equivalents | 37,488 | 34,661 | |||||||||
| Net debt | 121,316 | 106,629 | |||||||||
| Trailing Twelve Months Adjusted EBITDA | 89,230 | 86,403 | |||||||||
| Net leverage ratio | 1.4 | 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 5 - Revenue Per Rig | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three months ended | |||||||||||||||||
| (in thousands of dollars) | March 31, 2026 | March 31, 2025 | March 31, 2024 | ||||||||||||||
| Revenue | $ | 208,700 | $ | 193,279 | $ | 202,392 | |||||||||||
Average global rig count (1) | 1,832 | 1,900 | 2,015 | ||||||||||||||
| Free cash flow, before acquisitions | $ | 114 | $ | 102 | $ | 100 | |||||||||||
(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. | |||||||||||||||||
12
| Forum Energy Technologies, Inc. | ||||||||||||||||||||||||||
| Supplemental schedule - Product line revenue | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Three months ended | ||||||||||||||||||||||||||
| (in thousands of dollars) | March 31, 2026 | March 31, 2025 | December 31, 2025 | |||||||||||||||||||||||
| Revenue | $ | % | $ | % | $ | % | ||||||||||||||||||||
| Drilling | $ | 32,730 | 15.7 | % | $ | 32,113 | 16.5 | % | $ | 35,713 | 17.6 | % | ||||||||||||||
| Subsea | 35,495 | 17.0 | % | 22,140 | 11.5 | % | 29,513 | 14.6 | % | |||||||||||||||||
| Stimulation and Intervention | 33,047 | 15.8 | % | 37,428 | 19.4 | % | 30,854 | 15.3 | % | |||||||||||||||||
| Coiled Tubing | 25,467 | 12.2 | % | 23,888 | 12.4 | % | 30,836 | 15.3 | % | |||||||||||||||||
| Drilling and Completions | 126,739 | 60.7 | % | 115,569 | 59.8 | % | 126,916 | 62.8 | % | |||||||||||||||||
| Downhole | 50,559 | 24.2 | % | 47,668 | 24.7 | % | 47,800 | 23.6 | % | |||||||||||||||||
| Production Equipment | 18,750 | 9.0 | % | 19,059 | 9.9 | % | 15,574 | 7.7 | % | |||||||||||||||||
| Valve Solutions | 12,789 | 6.1 | % | 11,069 | 5.7 | % | 12,087 | 6.0 | % | |||||||||||||||||
| Artificial Lift and Downhole | 82,098 | 39.3 | % | 77,796 | 40.3 | % | 75,461 | 37.3 | % | |||||||||||||||||
| Eliminations | (137) | — | % | (86) | (0.1) | % | (177) | (0.1) | % | |||||||||||||||||
| Total revenue | $ | 208,700 | 100.0 | % | $ | 193,279 | 100.0 | % | $ | 202,200 | 100.0 | % | ||||||||||||||
13
FAQ
How did Forum Energy Technologies (FET) perform in Q1 2026?
Forum Energy Technologies reported Q1 2026 revenue of $208.7 million and net income of $4.5 million. Adjusted net income was $6 million, reflecting restructuring add-backs, and management cited 8% revenue and 14% adjusted EBITDA growth year-over-year.
What was Forum Energy Technologies’ adjusted EBITDA and margin in Q1 2026?
Adjusted EBITDA for Q1 2026 was $22.9 million, up from $20.1 million a year earlier. This translated to an adjusted EBITDA margin of 11.0% on revenue of $208.7 million, compared with 10.4% on $193.3 million in Q1 2025.
What guidance did Forum Energy Technologies (FET) give for Q2 and full-year 2026?
Forum guided Q2 2026 adjusted EBITDA to $24–$30 million. For full-year 2026, it raised adjusted EBITDA guidance to $95–$110 million, with a mid-point of $103 million, which management described as 20% above 2025 results.
How strong were Forum Energy Technologies’ orders and book-to-bill in Q1 2026?
First quarter 2026 orders totaled $221.2 million, producing a total book-to-bill ratio of 1.06. Management also noted backlog increased 44% compared with the first quarter of 2025, indicating demand outpaced current revenue levels.
What is Forum Energy Technologies’ net leverage ratio as of March 31, 2026?
At March 31, 2026, Forum reported a net leverage ratio of 1.4. This was based on net debt of $121.3 million and trailing twelve-month adjusted EBITDA of $89.2 million, compared with a 1.2 net leverage ratio at December 31, 2025.
How did cash flow from operations trend for Forum Energy Technologies in Q1 2026?
Net cash provided by operating activities was $1.6 million in Q1 2026, down from $9.3 million in Q1 2025. After modest capital spending and asset sale proceeds, free cash flow before acquisitions was $1.4 million for the quarter.