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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.


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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.

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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

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Forum Energy Technologies, Inc.
 Condensed consolidated statements of income (income)
(Unaudited)
Three months ended
March 31,December 31,
(in thousands, except per share information)202620252025
Revenue$208,700 $193,279 $202,200 
Cost of sales147,709 134,918 141,118 
Gross profit60,991 58,361 61,082 
Operating expenses
Selling, general and administrative expenses50,008 49,383 48,888 
Transaction expenses148 51 57 
Loss on disposal of assets and other(170)123 (627)
Total operating expenses49,986 49,557 48,318 
Operating income11,005 8,804 12,764 
Other expense (income)
Interest expense4,141 4,983 4,258 
Foreign exchange losses (gains) and other, net(523)(1,068)247 
Total other expense3,618 3,915 4,505 
Income before taxes7,387 4,889 8,259 
Income tax expense2,895 3,767 6,187 
Net income$4,492 $1,122 $2,072 
Weighted average shares outstanding
Basic11,214 12,303 11,209 
Diluted11,641 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.

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Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
March 31,December 31,
(in thousands of dollars)20262025
Assets
Current assets
Cash and cash equivalents$37,488 $34,661 
Accounts receivable—trade, net155,480 142,396 
Inventories, net236,412 239,420 
Other current assets34,936 32,407 
Total current assets464,316 448,884 
Property and equipment, net of accumulated depreciation49,590 51,905 
Operating lease assets83,217 80,733 
Goodwill and other intangible assets, net151,741 158,304 
Other long-term assets14,201 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 liabilities207,229 205,127 
Total current liabilities208,612 206,534 
Long-term debt, net of current portion152,337 134,521 
Other long-term liabilities121,433 120,257 
Total liabilities482,382 461,312 
Total equity280,683 291,143 
Total liabilities and equity$763,065 $752,455 


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Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
Three months ended March 31,
(in thousands of dollars)20262025
Cash flows from operating activities
Net income$4,492 $1,122 
Depreciation and amortization7,802 8,975 
Inventory write-down397 390 
Other noncash items and changes in working capital(11,064)(1,161)
Net cash provided by operating activities1,627 9,326 
Cash flows from investing activities
Capital expenditures for property and equipment(256)(2,110)
Proceeds from sale of property and equipment3 14 
Net cash used in investing activities(253)(2,096)
Cash flows from financing activities
Borrowings of debt137,934 132,038 
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 activities1,852 (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)


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Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months endedThree months ended
(in thousands of dollars)March 31, 2026March 31, 2025December 31, 2025March 31, 2026March 31, 2025December 31, 2025
Revenue
Drilling and Completions$126,739 $115,569 $126,916 $126,739 $115,569 $126,916 
Artificial Lift and Downhole82,098 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 Downhole11,584 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 Downhole15,943 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.

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Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)
Three months ended
(in thousands of dollars)March 31, 2026March 31, 2025December 31, 2025
Orders
Drilling and Completions$135,458 $132,133 $106,407 
Artificial Lift and Downhole85,710 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 Downhole82,098 77,796 75,461 
Eliminations(137)(86)(177)
Total revenue $208,700 $193,279 $202,200 
Book to bill ratio (1)
Drilling and Completions1.07 1.14 0.84 
Artificial Lift and Downhole1.04 0.88 1.07 
Total book to bill ratio1.06 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.


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Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items
Three months ended
March 31, 2026March 31, 2025December 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 revenue5.3 %9.3 %4.6 %9.8 %6.3 %10.1 %
Restructuring and other costs1,488 1,488 1,488 796 796 796 633 633 633 
Transaction expenses148 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 revenue6.0 %11.0 %4.9 %10.4 %6.1 %11.2 %
Diluted shares outstanding as reported11,641 12,568 12,085 
Diluted shares outstanding as adjusted11,641 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.


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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, 2026March 31, 2025December 31, 2025
EBITDA reconciliation (1)
Net income$4,492 $1,122 $2,072 
Interest expense4,141 4,983 4,258 
Depreciation and amortization7,802 8,975 7,841 
Income tax expense2,895 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, 2026March 31, 2025December 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 equipment3 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.



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Forum Energy Technologies, Inc.
Table 4 - Net Leverage Ratio (1)
(Unaudited)
(in thousands of dollars)March 31, 2026December 31, 2025
2029 Bonds$100,000 $100,000 
Credit Facility55,053 37,282 
Other debt3,751 4,008 
Long-term debt, principal amount158,804 141,290 
Less: Cash and cash equivalents37,488 34,661 
Net debt121,316 106,629 
Trailing Twelve Months Adjusted EBITDA89,230 86,403 
Net leverage ratio1.41.2
(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, 2026March 31, 2025March 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.



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Forum Energy Technologies, Inc.
Supplemental schedule - Product line revenue
(Unaudited)
Three months ended
(in thousands of dollars)March 31, 2026March 31, 2025December 31, 2025
Revenue$%$%$%
Drilling$32,730 15.7 %$32,113 16.5 %$35,713 17.6 %
Subsea35,495 17.0 %22,140 11.5 %29,513 14.6 %
Stimulation and Intervention33,047 15.8 %37,428 19.4 %30,854 15.3 %
Coiled Tubing25,467 12.2 %23,888 12.4 %30,836 15.3 %
Drilling and Completions126,739 60.7 %115,569 59.8 %126,916 62.8 %
Downhole50,559 24.2 %47,668 24.7 %47,800 23.6 %
Production Equipment18,750 9.0 %19,059 9.9 %15,574 7.7 %
Valve Solutions12,789 6.1 %11,069 5.7 %12,087 6.0 %
Artificial Lift and Downhole82,098 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 %


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