Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2025 revenue of $196 million and net loss of $21 millionor $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.

“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.”

____________________

1 See Tables 1-7 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.

Segment Results (unless otherwise noted, comparisons are third quarter 2025 versus secondquarter 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.

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.

Forum Energy Technologies, Inc.

Condensed consolidated statements of income (loss)

(Unaudited)

Three months ended

September 30,

June 30,

(in thousands, except per share information)

2025

2024

2025

Revenue

$

196,231

$

207,806

$

199,764

Cost of sales

155,994

142,070

140,408

Gross profit

40,237

65,736

59,356

Operating expenses

Selling, general and administrative expenses

50,449

56,326

51,185

Transaction expenses

254

579

184

Gain on sale-leaseback transactions and other

(4,360

)

(85

)

(6,696

)

Total operating expenses

46,343

56,820

44,673

Operating income (loss)

(6,106

)

8,916

14,683

Other expense (income)

Interest expense

4,365

7,650

4,706

Foreign exchange losses (gains) and other, net

9

9,631

(3,942

)

Loss on extinguishment of debt

—

1,839

—

Total other expense

4,374

19,120

764

Income (loss) before income taxes

(10,480

)

(10,204

)

13,919

Income tax expense

10,074

4,611

6,219

Net income (loss)

$

(20,554

)

$

(14,815

)

$

7,700

Weighted average shares outstanding

Basic

11,682

12,330

12,350

Diluted

11,682

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.

Forum Energy Technologies, Inc.

Condensed consolidated statements of loss

(Unaudited)

Nine months ended

September 30,

(in thousands, except per share information)

2025

2024

Revenue

$

589,274

$

615,407

Cost of sales

431,320

422,839

Gross profit

157,954

192,568

Operating expenses

Selling, general and administrative expenses

151,017

164,683

Transaction expenses

489

7,728

Gain on sale-leaseback transactions and other

(10,933

)

107

Total operating expenses

140,573

172,518

Operating income

17,381

20,050

Other expense (income)

Interest expense

14,054

25,069

Foreign exchange losses (gains) and other, net

(5,001

)

13,864

Loss on extinguishment of debt

—

2,302

Total other expense

9,053

41,235

Income (loss) before income taxes

8,328

(21,185

)

Income tax expense

20,060

10,641

Net loss (1)

$

(11,732

)

$

(31,826

)

Weighted average shares outstanding

Basic

12,110

12,287

Diluted

12,110

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.

Forum Energy Technologies, Inc.

Condensed consolidated balance sheets

(Unaudited)

September 30,

December 31,

(in thousands of dollars)

2025

2024

Assets

Current assets

Cash and cash equivalents

$

31,693

$

44,661

Accounts receivable—trade, net

146,938

153,926

Inventories, net

248,255

265,487

Other current assets

32,394

31,563

Total current assets

459,280

495,637

Property and equipment, net of accumulated depreciation

52,283

63,421

Operating lease assets

81,268

70,389

Goodwill and other intangible assets, net

161,013

170,883

Other long-term assets

16,248

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 liabilities

208,188

199,990

Total current liabilities

209,625

201,856

Long-term debt, net of current portion

138,548

186,525

Other long-term liabilities

124,609

107,673

Total liabilities

472,782

496,054

Total equity

297,310

319,900

Total liabilities and equity

$

770,092

$

815,954

Forum Energy Technologies, Inc.

Condensed consolidated cash flow information

(Unaudited)

Nine months ended September 30,

(in thousands of dollars)

2025

2024

Cash flows from operating activities

Net loss

$

(11,732

)

$

(31,826

)

Depreciation and amortization

25,914

41,556

Inventory write-down

17,407

3,313

Loss on extinguishment of debt

—

2,302

Gain on sale-leaseback transactions

(11,182

)

—

Other noncash items and changes in working capital

27,558

38,330

Net cash provided by operating activities

47,965

53,675

Cash flows from investing activities

Capital expenditures for property and equipment

(4,453

)

(5,735

)

Proceeds from sale of property and equipment

163

236

Proceeds from sale-leaseback transactions

14,574

—

Payments related to business acquisition, net of cash acquired

—

(150,408

)

Net cash provided by (used in) investing activities

10,284

(155,907

)

Cash flows from financing activities

Borrowings of debt

398,746

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 cash

1,158

(47

)

Net decrease in cash, cash equivalents and restricted cash

$

(12,968

)

$

(12,852

)

Forum Energy Technologies, Inc.

Supplemental schedule - Segment information

(Unaudited)

As Reported

As Adjusted (3)

Three months ended

Three months ended

(in thousands of dollars)

September 30, 2025

September 30, 2024

June 30, 2025

September 30, 2025

September 30, 2024

June 30, 2025

Revenue

Drilling and Completions

$

117,469

$

123,587

$

117,237

$

117,469

$

123,587

$

117,237

Artificial Lift and Downhole

78,981

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 Downhole

11,778

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 Downhole

20,419

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.

Forum Energy Technologies, Inc.

Supplemental schedule - Segment information

(Unaudited)

As Reported

As Adjusted (3)

Nine months ended

Nine months ended

(in thousands of dollars)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Revenue

Drilling and Completions

$

350,275

$

359,683

$

350,275

$

359,683

Artificial Lift and Downhole

239,324

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 Downhole

29,466

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 income

6,937

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 Downhole

55,770

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.

Forum Energy Technologies, Inc.

Supplemental schedule - Orders information

(Unaudited)

Three months ended

(in thousands of dollars)

September 30, 2025

September 30, 2024

June 30, 2025

Orders

Drilling and Completions

$

151,473

$

129,562

$

177,792

Artificial Lift and Downhole

88,517

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 Downhole

78,981

84,226

82,547

Eliminations

(219

)

(7

)

(20

)

Total revenue

$

196,231

$

207,806

$

199,764

Book to bill ratio (1)

Drilling and Completions

1.29

1.05

1.52

Artificial Lift and Downhole

1.12

0.91

1.03

Total book to bill ratio

1.22

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.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 1 - Adjusting items

Three months ended

September 30, 2025

September 30, 2024

June 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 costs

1,501

1,501

1,501

342

342

342

1,661

1,661

1,661

Transaction expenses

254

254

254

579

579

579

184

184

184

Inventory and other assets impairment adjustments

20,900

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 revenue

6.3

%

11.8

%

4.7

%

12.5

%

4.8

%

10.3

%

Diluted shares outstanding as reported

11,682

12,330

12,554

Diluted shares outstanding as adjusted

11,682

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.

Forum Energy Technologies, Inc.

Reconciliation of GAAP to non-GAAP financial information

(Unaudited)

Table 2 - Adjusting items

Nine months ended

September 30, 2025

September 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 revenue

2.9

%

8.2

%

3.3

%

7.4

%

Restructuring and other costs

3,959

3,959

3,959

2,916

2,916

2,916

Transaction expenses

489

489

489

7,725

7,725

7,725

Inventory and other assets impairment adjustments

20,813

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 revenue

5.3

%

10.8

%

5.0

%

12.6

%

Diluted shares outstanding as reported

12,110

12,287

Diluted shares outstanding as adjusted

12,110

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.

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, 2025

September 30, 2024

June 30, 2025

EBITDA reconciliation (1)

Net income (loss)

$

(20,554

)

$

(14,815

)

$

7,700

Interest expense

4,365

7,650

4,706

Depreciation and amortization

7,863

13,687

9,076

Income tax expense

10,074

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, 2025

September 30, 2024

EBITDA reconciliation (1)

Net income (loss)

$

(11,732

)

$

(31,826

)

Interest expense

14,054

25,069

Depreciation and amortization

25,914

41,556

Income tax expense

20,060

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.

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, 2025

September 30, 2024

June 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 equipment

106

218

43

Proceeds from sale-leaseback transactions

6,546

—

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, 2025

September 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 equipment

163

236

Proceeds from sale-leaseback transactions

14,574

—

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.

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 Facility

42,785

Other debt

2,804

Long-term debt, principal amount

145,589

Less: Cash and cash equivalents

31,693

Net debt

113,896

Trailing Twelve Months Adjusted EBITDA

85,936

Net leverage ratio

1.3

(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, 2025

September 30, 2024

June 30, 2025

Revenue

$

%

$

%

$

%

Drilling

$

32,234

16.4

%

$

35,741

17.2

%

$

32,846

16.5

%

Subsea

23,582

12.0

%

20,903

10.1

%

22,389

11.2

%

Stimulation and Intervention

34,271

17.5

%

38,037

18.3

%

32,856

16.4

%

Coiled Tubing

27,382

14.0

%

28,906

13.9

%

29,146

14.6

%

Drilling and Completions

117,469

59.9

%

123,587

59.5

%

117,237

58.7

%

Downhole

48,073

24.5

%

50,562

24.3

%

51,284

25.7

%

Production Equipment

18,647

9.5

%

17,968

8.6

%

20,662

10.3

%

Valve Solutions

12,261

6.2

%

15,696

7.6

%

10,601

5.3

%

Artificial Lift and Downhole

78,981

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

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20251030684144/en/

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