Forum Energy Technologies, Inc.

Oil & Gas Equipment & Services • Energy • Houston, TX, United States • FET (NYQ)

713 351 7900 10344 Sam Houston Park Drive, Houston, TX 77064, United States

Quarter: Q4 2025 Reported: October 31, 2025 Sentiment: Neutral

Forum Energy Technologies, Inc. designs, manufactures, and supplies products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through two segments, Drilling and Completions; and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures, and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation, and intervention markets, including applications in oil and natural gas, renewable energy, defense, and communications industries. This segment also offers drilling capital equipment and consumable products; subsea remotely operated vehicles and trenchers, submarine rescue vehicles, specialty components and tooling, and technical services; hydraulic fracturing pumps, cooling systems, and high-pressure flexible hoses and flow iron; wireline cable and pressure control equipment; and coiled tubing strings and pressure control equipment, as well as coiled line pipe and related services. The Artificial Lift and Downhole Segment designs, manufactures, and supplies products and solutions for the artificial lift, well construction, production, and infrastructure markets. This segment also offers products designed to safeguard artificial lift equipment and downhole cables; well construction casing and cementing equipment; customized downhole technology solutions, which provides sand and flow control products for heavy oil applications; engineered process systems, production equipment, and separation equipment; and a range of industrial valves. It sells its products through distributors to drilling rig contractors, offshore service companies, governmental organizations, and oil and gas operators and producers. The company was formerly known as Forum Oilfield Technologies, Inc. and changed its name to Forum Energy Technologies, Inc. in August 2010. Forum Energy Technologies, Inc. was incorporated in 2005 and is headquartered in Houston, Texas.

Analysis Summary

FORUM ENERGY TECHNOLOGIES, INC. (FET) issued an 8-K filing on October 30, 2025, announcing the release of its earnings for the quarter ended September 30, 2025 (Q4 2025). The filing confirms that a press release, furnished as Exhibit 99.1, contains the detailed financial results.

**Detailed Financial Performance Breakdown:** This 8-K filing primarily serves to announce the earnings release and define the non-GAAP financial measures utilized by FET. The specific GAAP financial results, including revenue, net income, and EPS, are not provided within this document but are incorporated by reference from the press release. The non-GAAP measures highlighted include EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio, free cash flow before acquisitions, free cash flow yield, and net leverage ratio. The company justifies the use of these metrics by stating they are useful for investors to assess operating performance, compare results, forecast future performance, and evaluate resources for strategic opportunities.

**Strategic Initiatives and Business Segment Analysis:** The provided 8-K filing does not contain any information regarding specific strategic initiatives, performance breakdowns by business segment, or any major operational announcements. Such details would typically be found in the full earnings press release or during the subsequent earnings call.

**Management Commentary and Forward Guidance:** No management commentary, outlook, or forward guidance for future quarters or the full fiscal year was included in this administrative filing. The document focuses solely on the announcement of the earnings release and the definition of non-GAAP measures.

**Competitive Positioning and Market Trends:** This filing does not offer any insights into FET's competitive positioning within the energy technologies market or broader industry trends.

**Risk Factors and Concerns Raised:** The primary 'risk' or cautionary note explicitly mentioned in the filing pertains to the use of non-GAAP financial measures. The company states that 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.' This is a standard disclaimer for non-GAAP reporting. No other specific risk factors related to operations, market conditions, or financial performance were detailed in this document.

**Analyst Q&A Highlights:** As this is an 8-K filing announcing the earnings release, it does not include any highlights from an analyst Q&A session.

Key Highlights

• FORUM ENERGY TECHNOLOGIES, INC. (FET) announced its Q4 2025 earnings on October 30, 2025.
• The earnings report covers the financial performance for the quarter ended September 30, 2025.
• FET utilizes a range of non-GAAP financial measures, including EBITDA, adjusted EBITDA, and Adjusted Diluted EPS.
• These non-GAAP metrics are intended to help investors assess operating performance and strategic resource allocation.
• The full, detailed financial results are contained in a separate press release (Exhibit 99.1) incorporated by reference.
• The company emphasizes that non-GAAP measures should not substitute for GAAP results.

Financial Metrics

eps

N/A

YoY: Not provided in this document

revenue

N/A N/A

YoY: Not provided in this document

guidance

net income

N/A N/A

YoY: Not provided in this document

Stock Performance (90 Days)

Data through Dec 26, 2025

Layoff Events

Earnings Calls

Positive Signals

• Timely release of earnings information as per regulatory requirements.
• Transparent disclosure of non-GAAP financial measures used in the earnings report.
• Clear explanation of the utility and purpose of non-GAAP metrics for investors.
• Adherence to standard SEC filing procedures (Form 8-K).

Risks & Concerns

— Reliance on non-GAAP measures: The company explicitly states these measures should not be considered in isolation or as a substitute for GAAP results.
— Absence of specific financial results in this 8-K: Investors must refer to the separate press release (Exhibit 99.1) for full financial context.
— Lack of management commentary or forward-looking guidance in this filing: Limits immediate insight into future performance or strategic direction.