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Forum Energy Technologies Announces
Third Quarter 2025 Results;
Raises Full Year 2025 Cash Flow Guidance
•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, TEXAS, October 30, 2025 - Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2025 revenue of $196 million and net loss of $21 million or $1.76 per diluted share. Adjusted for $22 million of asset impairments and restructuring costs, and $5 million of tax valuation allowance reserve, partially offset by $4 million of sale leaseback transaction gain, adjusted net income was $3 million or approximately $0.27 per diluted share.1
Neal Lux, President and Chief Executive Officer, remarked, “Our team achieved another strong quarter, demonstrating why FET is a great company and even better investment. We extended our track record of outperformance, delivered significant capital returns, and believe we remain an incredible value while poised for long-term growth.
“Our ‘Beat the Market’ strategy drove strong bookings and meaningful backlog growth. 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.
1 See Tables 1-7 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.

1

“By utilizing our global footprint, we generated strong bookings in the offshore and international markets, increasing backlog 21%. In addition, we accelerated cost savings efforts in the quarter, extending our annualized target by 50% to $15 million. We forecast fourth quarter adjusted EBITDA in the range of $19 to $23 million. Looking further ahead, we expect that our strong backlog, anticipated market share gains, and cost reductions will provide a tailwind in 2026.
“FET executed significant capital returns through further net debt reductions and share repurchases. We achieved our expected year-end net leverage ratio of 1.3 times ahead of schedule. Year-to-date through September, we repurchased 8% of our outstanding shares. Even after this year’s stock price appreciation of around 100%, we believe FET’s free cash flow yield remains attractive.”
Segment Results (unless otherwise noted, comparisons are third quarter 2025 versus second quarter 2025)
Drilling and Completions segment revenue was $117 million, flat sequentially. Strong sales of wireline products, heat transfer units, coiled line pipe, and subsea ROVs were offset by lower consumable product sales. Segment adjusted EBITDA was $12 million, a 3% increase, due to favorable product mix and cost savings. Book-to-bill was 129% with strong orders for ROVs, drilling capital equipment, wireline cables, and heat transfer units. The Drilling and Completions segment provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.
Artificial Lift and Downhole segment revenue was $79 million, a 4% decrease. Lower downhole casing equipment and processing technologies sales drove a decrease that was partially offset by higher revenue from valve and sand control products. Segment adjusted EBITDA was $17 million, a 2% increase, due to favorable product mix and cost savings. Book-to-bill was 112%, with awards for sand control products to support an extended drilling program for a large Canadian customer. The Artificial Lift and Downhole segment 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, industrial 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

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.
Company Contact
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com

3

Forum Energy Technologies, Inc.
 Condensed consolidated statements of income (loss)
(Unaudited)
Three months ended
September 30,June 30,
(in thousands, except per share information)202520242025
Revenue$196,231 $207,806 $199,764 
Cost of sales155,994 142,070 140,408 
Gross profit40,237 65,736 59,356 
Operating expenses
Selling, general and administrative expenses50,449 56,326 51,185 
Transaction expenses254 579 184 
Gain on sale-leaseback transactions and other(4,360)(85)(6,696)
Total operating expenses46,343 56,820 44,673 
Operating income (loss)(6,106)8,916 14,683 
Other expense (income)
Interest expense4,365 7,650 4,706 
Foreign exchange losses (gains) and other, net9 9,631 (3,942)
Loss on extinguishment of debt— 1,839 — 
Total other expense4,374 19,120 764 
Income (loss) before income taxes(10,480)(10,204)13,919 
Income tax expense10,074 4,611 6,219 
Net income (loss)$(20,554)$(14,815)$7,700 
Weighted average shares outstanding
Basic11,682 12,330 12,350 
Diluted11,682 12,330 12,554 
Earnings (loss) per share
Basic$(1.76)$(1.20)$0.62 
Diluted$(1.76)$(1.20)$0.61 
(1) Refer to Table 1 for schedule of adjusting items.

4

Forum Energy Technologies, Inc.
 Condensed consolidated statements of loss
(Unaudited)
Nine months ended
September 30,
(in thousands, except per share information)20252024
Revenue$589,274 $615,407 
Cost of sales431,320 422,839 
Gross profit157,954 192,568 
Operating expenses
Selling, general and administrative expenses151,017 164,683 
Transaction expenses489 7,728 
Gain on sale-leaseback transactions and other(10,933)107 
Total operating expenses140,573 172,518 
Operating income17,381 20,050 
Other expense (income)
Interest expense14,054 25,069 
Foreign exchange losses (gains) and other, net(5,001)13,864 
Loss on extinguishment of debt— 2,302 
Total other expense9,053 41,235 
Income (loss) before income taxes8,328 (21,185)
Income tax expense20,060 10,641 
Net loss (1)
$(11,732)$(31,826)
Weighted average shares outstanding
Basic12,110 12,287 
Diluted12,110 12,287 
Loss per share
Basic$(0.97)$(2.59)
Diluted$(0.97)$(2.59)
(1) Refer to Table 2 for schedule of adjusting items.


5

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
September 30,December 31,
(in thousands of dollars)20252024
Assets
Current assets
Cash and cash equivalents$31,693 $44,661 
Accounts receivable—trade, net146,938 153,926 
Inventories, net248,255 265,487 
Other current assets32,394 31,563 
Total current assets459,280 495,637 
Property and equipment, net of accumulated depreciation52,283 63,421 
Operating lease assets81,268 70,389 
Goodwill and other intangible assets, net161,013 170,883 
Other long-term assets16,248 15,624 
Total assets$770,092 $815,954 
Liabilities and equity
Current liabilities
Current portion of long-term debt$1,437 $1,866 
Other current liabilities208,188 199,990 
Total current liabilities209,625 201,856 
Long-term debt, net of current portion138,548 186,525 
Other long-term liabilities124,609 107,673 
Total liabilities472,782 496,054 
Total equity297,310 319,900 
Total liabilities and equity$770,092 $815,954 


6

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
Nine months ended September 30,
(in thousands of dollars)20252024
Cash flows from operating activities
Net loss$(11,732)$(31,826)
Depreciation and amortization25,914 41,556 
Inventory write-down17,407 3,313 
Loss on extinguishment of debt— 2,302 
Gain on sale-leaseback transactions(11,182)— 
Other noncash items and changes in working capital27,558 38,330 
Net cash provided by operating activities47,965 53,675 
Cash flows from investing activities
Capital expenditures for property and equipment(4,453)(5,735)
Proceeds from sale of property and equipment163 236 
Proceeds from sale-leaseback transactions14,574 — 
Payments related to business acquisition, net of cash acquired— (150,408)
Net cash provided by (used in) investing activities10,284 (155,907)
Cash flows from financing activities
Borrowings of debt398,746 627,970 
Repayments of debt(447,766)(534,383)
Repurchases of stock(21,120)— 
Payment of withheld taxes on stock-based compensation plans(1,321)(1,090)
Deferred financing costs(914)(3,070)
Net cash provided by (used in) financing activities(72,375)89,427 
Effect of exchange rate changes on cash1,158 (47)
Net decrease in cash, cash equivalents and restricted cash$(12,968)$(12,852)


7

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months endedThree months ended
(in thousands of dollars)September 30, 2025September 30, 2024June 30, 2025September 30, 2025September 30, 2024June 30, 2025
Revenue
Drilling and Completions$117,469 $123,587 $117,237 $117,469 $123,587 $117,237 
Artificial Lift and Downhole78,981 84,226 82,547 78,981 84,226 82,547 
Eliminations(219)(7)(20)(219)(7)(20)
Total revenue$196,231 $207,806 $199,764 $196,231 $207,806 $199,764 
Operating income (loss)
Drilling and Completions$(13,551)$7,030 $7,271 $8,658 $7,297 $8,408 
Operating Margin %(11.5)%5.7 %6.2 %7.4 %5.9 %7.2 %
Artificial Lift and Downhole11,778 10,784 10,391 11,830 10,776 10,533 
Operating Margin %14.9 %12.8 %12.6 %15.0 %12.8 %12.8 %
Corporate(8,439)(8,404)(9,491)(8,299)(8,299)(9,299)
Total segment operating income (loss)(10,212)9,410 8,171 12,189 9,774 9,642 
Other items not in segment operating income (loss) (1)
4,106 (494)6,512 81 58 (18)
Total operating income (loss)$(6,106)$8,916 $14,683 $12,270 $9,832 $9,624 
Operating Margin %(3.1)%4.3 %7.4 %6.3 %4.7 %4.8 %
EBITDA (2)
Drilling and Completions$(10,505)$4,498 $14,674 $11,758 $14,463 $11,412 
EBITDA Margin %(8.9)%3.6 %12.5 %10.0 %11.7 %9.7 %
Artificial Lift and Downhole20,419 17,236 22,626 16,977 17,420 16,687 
EBITDA Margin %25.9 %20.5 %27.4 %21.5 %20.7 %20.2 %
Corporate(8,166)(10,601)(9,599)(5,597)(6,004)(7,578)
Total EBITDA$1,748 $11,133 $27,701 $23,138 $25,879 $20,521 
EBITDA Margin %0.9 %5.4 %13.9 %11.8 %12.5 %10.3 %
(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.

8

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Nine months endedNine months ended
(in thousands of dollars)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Revenue
Drilling and Completions
$350,275 $359,683 $350,275 $359,683 
Artificial Lift and Downhole239,324 255,737 239,324 255,737 
Eliminations(325)(13)(325)(13)
Total revenue$589,274 $615,407 $589,274 $615,407 
Operating income (loss)
Drilling and Completions
$3,099 $14,464 $26,867 $16,695 
Operating Margin %0.9 %4.0 %7.7 %4.6 %
Artificial Lift and Downhole29,466 36,031 29,821 35,955 
Operating Margin %12.3 %14.1 %12.5 %14.1 %
Corporate(25,628)(22,610)(25,168)(22,014)
Total segment operating income6,937 27,885 31,520 30,636 
Other items not in segment operating income(1)
10,444 (7,835)(60)21 
Total operating income$17,381 $20,050 $31,460 $30,657 
Operating Margin %2.9 %3.3 %5.3 %5.0 %
EBITDA (2)
Drilling and Completions
$17,473 $22,084 $35,579 $39,654 
EBITDA Margin %5.0 %6.1 %10.2 %11.0 %
Artificial Lift and Downhole55,770 54,252 47,156 55,155 
EBITDA Margin %23.3 %21.2 %19.7 %21.6 %
Corporate(24,947)(30,896)(19,018)(17,049)
Total EBITDA$48,296 $45,440 $63,717 $77,760 
EBITDA Margin %8.2 %7.4 %10.8 %12.6 %
(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.

9

Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)
Three months ended
(in thousands of dollars)September 30, 2025September 30, 2024June 30, 2025
Orders
Drilling and Completions$151,473 $129,562 $177,792 
Artificial Lift and Downhole88,517 76,277 85,338 
Total orders $239,990 $205,839 $263,130 
Revenue
Drilling and Completions$117,469 $123,587 $117,237 
Artificial Lift and Downhole78,981 84,226 82,547 
Eliminations(219)(7)(20)
Total revenue $196,231 $207,806 $199,764 
Book to bill ratio (1)
Drilling and Completions1.29 1.05 1.52 
Artificial Lift and Downhole1.12 0.91 1.03 
Total book to bill ratio1.22 0.99 1.32 
(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.


10

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items
Three months ended
September 30, 2025September 30, 2024June 30, 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$(6,106)$1,748 $(20,554)$8,916 $11,133 $(14,815)$14,683 $27,701 $7,700 
% of revenue(3.1)%0.9 %4.3 %5.4 %7.4 %13.9 %
Restructuring and other costs1,501 1,501 1,501 342 342 342 1,661 1,661 1,661 
Transaction expenses254 254 254 579 579 579 184 184 184 
Inventory and other assets impairment adjustments20,900 20,900 20,900 (5)(5)(5)(1)(1)(1)
Stock-based compensation expense— 2,853 — — 2,186 — — 1,748 — 
Loss on extinguishment of debt— — — — 1,839 1,839 — — — 
Gain on sale-leaseback transactions(4,279)(4,279)(4,279)— — — (6,903)(6,903)(6,903)
Foreign exchange losses (gains) and other, net (2)
— 161 161 — 9,805 9,805 — (3,869)(3,869)
Valuation allowance reserve on deferred tax assets— — 5,205 — — — — — — 
As adjusted (1)
$12,270 $23,138 $3,188 $9,832 $25,879 $(2,255)$9,624 $20,521 $(1,228)
% of revenue6.3 %11.8 %4.7 %12.5 %4.8 %10.3 %
Diluted shares outstanding as reported11,682 12,330 12,554 
Diluted shares outstanding as adjusted11,682 12,330 12,554 
Diluted EPS - as reported$(1.76)$(1.20)$0.61 
Diluted EPS - as adjusted$0.27 $(0.18)$(0.10)
(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.


11


Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 - Adjusting items
Nine months ended
September 30, 2025September 30, 2024
(in thousands, except per share information)Operating income
EBITDA (1)
Net income (loss)Operating income
EBITDA (1)
Net income (loss)
As reported$17,381 $48,296 $(11,732)$20,050 $45,440 $(31,826)
% of revenue2.9 %8.2 %3.3 %7.4 %
Restructuring and other costs3,959 3,959 3,959 2,916 2,916 2,916 
Transaction expenses489 489 489 7,725 7,725 7,725 
Inventory and other assets impairment adjustments20,813 20,813 20,813 (34)(34)(34)
Stock-based compensation expense— 6,420 — — 5,196 — 
Loss on extinguishment of debt— — — — 2,302 2,302 
Gain on sale-leaseback transactions(11,182)(11,182)(11,182)— — — 
Foreign exchange losses (gains) and other, net (2)
— (5,078)(5,078)— 14,215 14,215 
Valuation allowance reserve on deferred tax assets— — 5,205 — — — 
As adjusted (1)
$31,460 $63,717 $2,474 $30,657 $77,760 $(4,702)
% of revenue5.3 %10.8 %5.0 %12.6 %
Diluted shares outstanding as reported12,110 12,287 
Diluted shares outstanding as adjusted12,110 12,287 
Diluted EPS - as reported$(0.97)$(2.59)
Diluted EPS - as adjusted$0.20 $(0.38)
(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.


12

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 3 - Adjusting Items
Three months ended
(in thousands of dollars)September 30, 2025September 30, 2024June 30, 2025
EBITDA reconciliation (1)
Net income (loss)$(20,554)$(14,815)$7,700 
Interest expense4,365 7,650 4,706 
Depreciation and amortization7,863 13,687 9,076 
Income tax expense10,074 4,611 6,219 
     EBITDA$1,748 $11,133 $27,701 
(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
Nine months ended
(in thousands of dollars)September 30, 2025September 30, 2024
EBITDA reconciliation (1)
Net income (loss)$(11,732)$(31,826)
Interest expense14,054 25,069 
Depreciation and amortization25,914 41,556 
Income tax expense20,060 10,641 
     EBITDA$48,296 $45,440 
(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.



13

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 5 - Adjusting items
Three months ended
(in thousands of dollars)September 30, 2025September 30, 2024June 30, 2025
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities$22,866 $25,602 $15,773 
Capital expenditures for property and equipment(1,392)(1,327)(951)
Proceeds from sale of property and equipment106 218 43 
Proceeds from sale-leaseback transactions6,546 — 8,028 
Free cash flow, before acquisitions$28,126 $24,493 $22,893 
(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 October 29, 2025, and using the midpoint $75 million of guided full year free cash flow. As of October 29, 2025, the free cash flow yield was 20%. 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.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 6 - Adjusting items
Nine months ended
(in thousands of dollars)September 30, 2025September 30, 2024
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities$47,965 $53,675 
Capital expenditures for property and equipment(4,453)(5,735)
Proceeds from sale of property and equipment163 236 
Proceeds from sale-leaseback transactions14,574 — 
Free cash flow, before acquisitions$58,249 $48,176 
(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 October 29, 2025, and using the midpoint $75 million of guided full year free cash flow. As of October 29, 2025, the free cash flow yield was 20%. 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.



14

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 7 - Net Leverage Ratio (1)
(in thousands of dollars)September 30, 2025
2029 Bonds$100,000 
Credit Facility42,785 
Other debt2,804 
Long-term debt, principal amount145,589 
Less: Cash and cash equivalents31,693 
Net debt113,896 
Trailing Twelve Months Adjusted EBITDA85,936 
Net leverage ratio1.3
(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.
Supplemental schedule - Product line revenue
(Unaudited)
Three months ended
(in thousands of dollars)September 30, 2025September 30, 2024June 30, 2025
Revenue$%$%$%
Drilling$32,234 16.4 %$35,741 17.2 %$32,846 16.5 %
Subsea23,582 12.0 %20,903 10.1 %22,389 11.2 %
Stimulation and Intervention34,271 17.5 %38,037 18.3 %32,856 16.4 %
Coiled Tubing27,382 14.0 %28,906 13.9 %29,146 14.6 %
Drilling and Completions117,469 59.9 %123,587 59.5 %117,237 58.7 %
Downhole48,073 24.5 %50,562 24.3 %51,284 25.7 %
Production Equipment18,647 9.5 %17,968 8.6 %20,662 10.3 %
Valve Solutions12,261 6.2 %15,696 7.6 %10,601 5.3 %
Artificial Lift and Downhole78,981 40.2 %84,226 40.5 %82,547 41.3 %
Eliminations(219)(0.1)%(7)— %(20)— %
Total revenue$196,231 100.0 %$207,806 100.0 %$199,764 100.0 %


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