Forum Energy Technologies Announces Second Quarter 2026 Results; Raises Full Year 2026 Guidance

Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2026 results and updates to third quarter and full year 2026 guidance.

Neal Lux, President and Chief Executive Officer, remarked, “At the beginning of the quarter, we guided a substantial increase in financial performance, and our team exceeded expectations. Sequentially, we grew market share 13%, increased revenue 8%, expanded gross and adjusted EBITDA margins 230 and 300 basis points, and improved adjusted net income 148%. Importantly, free cash flow enabled us to repurchase shares while reducing net leverage to 1.1 times. By executing our ‘Beat the Market’ strategy and delivering solid operational performance, we achieved a stellar quarter.

“With the strength of our first half performance, market share gains, and backlog, we are raising all guidance metrics for full year 2026. This expected growth puts us on the path to deliver our FET 2030 strategic vision.”

	Third Quarter 2026 Guidance				Full Year 2026 Guidance
	Range ($ millions)		YoY Change %		Range ($ millions)		Prior Change %		YoY Change %
Revenue	$225 to $245		20%		$870 to $910		6%		13%
Adjusted EBITDA	$31 to $37		48%		$115 to $125		17%		40%
Adjusted Net Income	$12 to $18		400%		$42 to $52		57%		571%
Free Cash Flow2	$15 to $25		(9)%		$57 to $77		3%		3%

1 See Tables 1-8 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.

2 For comparative purposes, free cash flow for the third quarter and full year 2025 excludes approximately $7 million and $15 million, respectively, of proceeds from sale-leaseback transactions.

Segment Results (unless otherwise noted, comparisons are second quarter 2026 versus first quarter 2026)

Drilling and Completions segment revenue was $139 million, a 10% increase due to higher demand for coiled tubing, wireline cables, and capital equipment, particularly iron roughnecks and radiators. Adjusted EBITDA of $16 million increased 29%, benefiting from cost management and improved plant utilization related to facility consolidation. Book-to-bill was 104% with strong Subsea product line orders for aftermarket upgrades to ROVs. 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 $87 million, a 6% increase, due to higher demand for sand and flow control solutions, artificial lift products, and casing equipment. Partially offsetting the increase was delayed production equipment deliveries. Adjusted EBITDA of $22 million increased 30% from higher sales volumes and favorable product mix. Book-to-bill was 105% with strong Downhole product line orders. 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 second quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, July 31, 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/BI77d80ed1ed354dd8bd90f7b88c154c16

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.

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.

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
(Unaudited)
	Three months ended
	June 30,							March 31,
(in thousands, except per share information)		2026			2025				2026
Revenue	$	226,217		$	199,764			$	208,700
Cost of sales		154,865			140,408				147,709
Gross profit		71,352			59,356				60,991
Operating expenses
Selling, general and administrative expenses		50,260			51,185				50,008
Transaction expenses		125			184				148
Loss (gain) on disposal of assets and other		460			(6,696	)			(170	)
Total operating expenses		50,845			44,673				49,986
Operating income		20,507			14,683				11,005
Other expense (income)
Interest expense		4,272			4,706				4,141
Foreign exchange losses (gains) and other, net		226			(3,942	)			(523	)
Total other expense		4,498			764				3,618
Income before taxes		16,009			13,919				7,387
Income tax expense		3,602			6,219				2,895
Net income (1)	$	12,407		$	7,700			$	4,492
Weighted average shares outstanding
Basic		11,290			12,350				11,214
Diluted		11,773			12,554				11,641
Earnings per share
Basic	$	1.10		$	0.62			$	0.40
Diluted	$	1.05		$	0.61			$	0.39
(1) Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated statements of income
(Unaudited)
	Six months ended
	June 30,
(in thousands, except per share information)		2026				2025
Revenue	$	434,917			$	393,043
Cost of sales		302,574				275,326
Gross profit		132,343				117,717
Operating expenses
Selling, general and administrative expenses		100,268				100,568
Transaction expenses		273				235
Loss (gain) on disposal of assets and other		290				(6,573	)
Total operating expenses		100,831				94,230
Operating income		31,512				23,487
Other expense (income)
Interest expense		8,413				9,689
Foreign exchange gains and other, net		(297	)			(5,010	)
Total other expense		8,116				4,679
Income before taxes		23,396				18,808
Income tax expense		6,497				9,986
Net income (1)	$	16,899			$	8,822
Weighted average shares outstanding
Basic		11,252				12,327
Diluted		11,707				12,542
Earnings per share
Basic	$	1.50			$	0.72
Diluted	$	1.44			$	0.70
(1) Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
	June 30,			December 31,
(in thousands of dollars)		2026			2025
Assets
Current assets
Cash and cash equivalents	$	33,716		$	34,661
Accounts receivable—trade, net		173,963			142,396
Inventories, net		233,473			239,420
Other current assets		42,370			32,407
Total current assets		483,522			448,884
Property and equipment, net of accumulated depreciation		47,962			51,905
Operating lease assets		80,798			80,733
Goodwill and other intangible assets, net		144,605			158,304
Other long-term assets		13,823			12,629
Total assets	$	770,710		$	752,455
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	1,273		$	1,407
Other current liabilities		219,288			205,127
Total current liabilities		220,561			206,534
Long-term debt, net of current portion		142,435			134,521
Other long-term liabilities		117,932			120,257
Total liabilities		480,928			461,312
Total equity		289,782			291,143
Total liabilities and equity	$	770,710		$	752,455

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
	Six months ended June 30,
(in thousands of dollars)		2026				2025
Cash flows from operating activities
Net income	$	16,899			$	8,822
Depreciation and amortization		15,334				18,051
Inventory write-down		5,897				760
Gain on sale-leaseback transactions		—				(6,903	)
Other noncash items and changes in working capital		(24,074	)			4,369
Net cash provided by operating activities		14,056				25,099
Cash flows from investing activities
Capital expenditures for property and equipment		(3,189	)			(3,061	)
Proceeds from sale of property and equipment		159				57
Proceeds from sale-leaseback transactions		—				8,028
Net cash provided by (used in) investing activities		(3,030	)			5,024
Cash flows from financing activities
Borrowings of debt		265,195				271,326
Repayments of debt		(258,266	)			(300,092	)
Repurchases of stock		(7,567	)			(6,295	)
Payment of withheld taxes on stock-based compensation plans		(9,274	)			(1,321	)
Deferred financing costs		(1,659	)			(914	)
Net cash used in financing activities		(11,571	)			(37,296	)
Effect of exchange rate changes on cash		(400	)			1,479
Net decrease in cash and cash equivalents	$	(945	)		$	(5,694	)

Forum Energy Technologies, Inc.
Supplemental schedule – Segment information
(Unaudited)
	As Reported												As Adjusted (3)
	Three months ended												Three months ended
(in thousands of dollars)	June 30, 2026				June 30, 2025				March 31, 2026				June 30, 2026				June 30, 2025				March 31, 2026
Revenue
Drilling and Completions	$	139,004			$	117,237			$	126,739			$	139,004			$	117,237			$	126,739
Artificial Lift and Downhole		87,422				82,547				82,098				87,422				82,547				82,098
Eliminations		(209	)			(20	)			(137	)			(209	)			(20	)			(137	)
Total revenue	$	226,217			$	199,764			$	208,700			$	226,217			$	199,764			$	208,700
Operating income (loss)
Drilling and Completions	$	13,715			$	7,271			$	8,909			$	14,328			$	8,408			$	10,081
Operating Margin %		9.9	%			6.2	%			7.0	%			10.3	%			7.2	%			8.0	%
Artificial Lift and Downhole		16,350				10,391				11,584				16,449				10,533				11,593
Operating Margin %		18.7	%			12.6	%			14.1	%			18.8	%			12.8	%			14.1	%
Corporate		(8,973	)			(9,491	)			(9,510	)			(9,246	)			(9,299	)			(9,055	)
Total segment operating income		21,092				8,171				10,983				21,531				9,642				12,619
Other items not in segment operating income (1)		(585	)			6,512				22				(423	)			(18	)			(64	)
Total operating income	$	20,507			$	14,683			$	11,005			$	21,108			$	9,624			$	12,555
Operating Margin %		9.1	%			7.4	%			5.3	%			9.3	%			4.8	%			6.0	%
EBITDA (2)
Drilling and Completions	$	14,933			$	14,674			$	12,170			$	16,494			$	11,412			$	12,807
EBITDA Margin %		10.7	%			12.5	%			9.6	%			11.9	%			9.7	%			10.1	%
Artificial Lift and Downhole		20,823				22,626				15,943				21,659				16,687				16,619
EBITDA Margin %		23.8	%			27.4	%			19.4	%			24.8	%			20.2	%			20.2	%
Corporate		(7,943	)			(9,600	)			(8,783	)			(6,423	)			(7,578	)			(6,540	)
Total EBITDA	$	27,813			$	27,700			$	19,330			$	31,730			$	20,521			$	22,886
EBITDA Margin %		12.3	%			13.9	%			9.3	%			14.0	%			10.3	%			11.0	%
(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)
	Six months ended								Six months ended
(in thousands of dollars)	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Revenue
Drilling and Completions	$	265,743			$	232,806			$	265,743			$	232,806
Artificial Lift and Downhole		169,520				160,343				169,520				160,343
Eliminations		(346	)			(106	)			(346	)			(106	)
Total revenue	$	434,917			$	393,043			$	434,917			$	393,043
Operating income (loss)
Drilling and Completions	$	22,624			$	16,650			$	24,409			$	18,209
Operating Margin %		8.5	%			7.2	%			9.2	%			7.8	%
Artificial Lift and Downhole		27,934				17,688				28,042				17,991
Operating Margin %		16.5	%			11.0	%			16.5	%			11.2	%
Corporate		(18,483	)			(17,189	)			(18,301	)			(16,869	)
Total segment operating income		32,075				17,149				34,150				19,331
Other items not in segment operating income(1)		(563	)			6,338				(487	)			(141	)
Total operating income	$	31,512			$	23,487			$	33,663			$	19,190
Operating Margin %		7.2	%			6.0	%			7.7	%			4.9	%
EBITDA (2)
Drilling and Completions	$	27,103			$	27,978			$	29,301			$	23,821
EBITDA Margin %		10.2	%			12.0	%			11.0	%			10.2	%
Artificial Lift and Downhole		36,766				35,351				38,278				30,179
EBITDA Margin %		21.7	%			22.0	%			22.6	%			18.8	%
Corporate		(16,726	)			(16,781	)			(12,963	)			(13,421	)
Total EBITDA	$	47,143			$	46,548			$	54,616			$	40,579
EBITDA Margin %		10.8	%			11.8	%			12.6	%			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 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule – Orders information
(Unaudited)
	Three months ended
(in thousands of dollars)	June 30, 2026				June 30, 2025				March 31, 2026
Orders
Drilling and Completions	$	144,308			$	177,792			$	135,458
Artificial Lift and Downhole		91,631				85,338				85,710
Total orders	$	235,939			$	263,130			$	221,168
Revenue
Drilling and Completions	$	139,004			$	117,237			$	126,739
Artificial Lift and Downhole		87,422				82,547				82,098
Eliminations		(209	)			(20	)			(137	)
Total revenue	$	226,217			$	199,764			$	208,700
Book to bill ratio (1)
Drilling and Completions		1.04				1.52				1.07
Artificial Lift and Downhole		1.05				1.03				1.04
Total book to bill ratio		1.04				1.32				1.06
(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
	June 30, 2026												June 30, 2025												March 31, 2026
(in thousands, except per share information)	Operating income				EBITDA (1)				Net income (loss)				Operating income				EBITDA (1)				Net income (loss)				Operating income				EBITDA (1)				Net income (loss)
As reported	$	20,507			$	27,813			$	12,407			$	14,683			$	27,700			$	7,700			$	11,005			$	19,330			$	4,492
% of revenue		9.1	%			12.3	%			5.5	%			7.4	%			13.9	%			3.9	%			5.3	%			9.3	%			2.2	%
Restructuring and other costs		865				865				865				1,663				1,663				1,663				1,488				1,488				1,488
Transaction expenses		125				125				125				184				184				184				148				148				148
Inventory and other assets impairment adjustments		(389	)			(389	)			(389	)			(3	)			(3	)			(3	)			(86	)			(86	)			(86	)
Stock-based compensation expense		—				2,616				—				—				1,749				—				—				2,520				—
Gain on sale-leaseback transactions		—				—				—				(6,903	)			(6,903	)			(6,903	)			—				—				—
Foreign exchange losses (gains) and other, net (2)		—				700				700				—				(3,869	)			(3,869	)			—				(514	)			(514	)
As adjusted (1)	$	21,108			$	31,730			$	13,708			$	9,624			$	20,521			$	(1,228	)		$	12,555			$	22,886			$	5,528
% of revenue		9.3	%			14.0	%			6.1	%			4.8	%			10.3	%			N/A				6.0	%			11.0	%			2.6	%
Diluted shares outstanding as reported										11,773												12,554												11,641
Diluted shares outstanding as adjusted										11,773												12,554												11,641
Diluted EPS – as reported									$	1.05											$	0.61											$	0.39
Diluted EPS – as adjusted									$	1.16											$	(0.10	)										$	0.47
(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
	Six months ended
	June 30, 2026												June 30, 2025
(in thousands, except per share information)	Operating income				EBITDA (1)				Net income (loss)				Operating income				EBITDA (1)				Net income (loss)
As reported	$	31,512			$	47,143			$	16,899			$	23,487			$	46,548			$	8,822
% of revenue		7.2	%			10.8	%			3.9	%			6.0	%			11.8	%			2.2	%
Restructuring and other costs		2,353				2,353				2,353				2,459				2,459				2,459
Transaction expenses		273				273				273				235				235				235
Inventory and other assets impairment adjustments		(475	)			(475	)			(475	)			(88	)			(88	)			(88	)
Stock-based compensation expense		—				5,136				—				—				3,567				—
Gain on sale-leaseback transactions		—				—				—				(6,903	)			(6,903	)			(6,903	)
Foreign exchange losses (gains) and other, net (2)		—				186				186				—				(5,239	)			(5,239	)
As adjusted (1)	$	33,663			$	54,616			$	19,236			$	19,190			$	40,579			$	(714	)
% of revenue		7.7	%			12.6	%			4.4	%			4.9	%			10.3	%			N/A
Diluted shares outstanding as reported										11,707												12,542
Diluted shares outstanding as adjusted										11,707												12,542
Diluted EPS – as reported									$	1.44											$	0.70
Diluted EPS – as adjusted									$	1.64											$	(0.06	)
(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)	June 30, 2026			June 30, 2025			March 31, 2026
EBITDA reconciliation (1)
Net income	$	12,407		$	7,700		$	4,492
Interest expense		4,272			4,706			4,141
Depreciation and amortization		7,532			9,075			7,802
Income tax expense		3,602			6,219			2,895
EBITDA	$	27,813		$	27,700		$	19,330
(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
	Six months ended
(in thousands of dollars)	June 30, 2026			June 30, 2025
EBITDA reconciliation (1)
Net income	$	16,899		$	8,822
Interest expense		8,413			9,689
Depreciation and amortization		15,334			18,051
Income tax expense		6,497			9,986
EBITDA	$	47,143		$	46,548
(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)	June 30, 2026				June 30, 2025				March 31, 2026
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities	$	12,429			$	15,773			$	1,627
Capital expenditures for property and equipment		(2,933	)			(951	)			(256	)
Proceeds from sale of property and equipment		156				43				3
Proceeds from sale-leaseback transactions		—				8,028				—
Free cash flow, before acquisitions	$	9,652			$	22,893			$	1,374
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 6 – Adjusting items
	Six months ended
(in thousands of dollars)	June 30, 2026				June 30, 2025
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities	$	14,056			$	25,099
Capital expenditures for property and equipment		(3,189	)			(3,061	)
Proceeds from sale of property and equipment		159				57
Proceeds from sale-leaseback transactions		—				8,028
Free cash flow, before acquisitions	$	11,026			$	30,123
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.

Forum Energy Technologies, Inc.
Table 7 – Net Leverage Ratio (1)
(Unaudited)
(in thousands of dollars)	June 30, 2026			March 31, 2026			December 31, 2025
2029 Bonds	$	100,000		$	100,000		$	100,000
Credit Facility		45,030			55,053			37,282
Other debt		3,475			3,751			4,008
Long-term debt, principal amount		148,505			158,804			141,290
Less: Cash and cash equivalents		33,716			37,488			34,661
Net debt		114,789			121,316			106,629
Trailing Twelve Months Adjusted EBITDA		100,440			89,230			86,403
Net leverage ratio		1.1			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 8 – Revenue Per Rig
(Unaudited)
	Three months ended									Six months ended
(in thousands of dollars)	June 30, 2026			June 30, 2025			March 31, 2026			June 30, 2026			June 30, 2025
Revenue	$	226,217		$	199,764		$	208,700		$	434,917		$	393,043
Average global rig count (1)		1,759			1,777			1,832			1,796			1,839
Revenue per rig	$	129		$	112		$	114		$	242		$	214
(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.

Forum Energy Technologies, Inc.
Supplemental schedule – Product line revenue
(Unaudited)
	Three months ended
(in thousands of dollars)	June 30, 2026						June 30, 2025						March 31, 2026
Revenue	$			%			$			%			$			%
Drilling	$	35,535		15.7	%		$	32,846		16.5	%		$	32,730		15.7	%
Subsea		33,516		14.8	%			22,389		11.2	%			35,495		17.0	%
Stimulation and Intervention		38,181		16.9	%			32,856		16.4	%			33,047		15.8	%
Coiled Tubing		31,772		14.0	%			29,146		14.6	%			25,467		12.2	%
Drilling and Completions		139,004		61.4	%			117,237		58.7	%			126,739		60.7	%
Downhole		61,040		27.0	%			51,284		25.7	%			50,559		24.2	%
Production Equipment		13,444		5.9	%			20,662		10.3	%			18,750		9.0	%
Valve Solutions		12,938		5.7	%			10,601		5.3	%			12,789		6.1	%
Artificial Lift and Downhole		87,422		38.6	%			82,547		41.3	%			82,098		39.3	%
Eliminations		(209	)	—	%			(20	)	—	%			(137	)	—	%
Total revenue	$	226,217		100.0	%		$	199,764		100.0	%		$	208,700		100.0	%

 

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