FET · Forum Energy Technologies, Inc.

Forum Energy Technologies reported first quarter 2026 revenue of $208.7 million, reflecting growth from $193.3 million in Q1 2025 and stability versus $202.2 million in Q4 2025, driven by strong execution of the 'Beat the Market' strategy yielding share gains. GAAP net income reached $4.5 million or $0.39 per diluted share, with adjusted net income at $6 million or $0.47 per share after restructuring costs. Adjusted EBITDA of $22.9 million marked a 14% year-over-year increase, supported by cost savings, improved plant utilization from facilities consolidation, and higher volumes in Artificial Lift and Downhole (revenue up 9% quarter-over-quarter to $82.1 million). Drilling and Completions revenue held steady at $126.7 million, with adjusted EBITDA up 6% sequentially. Orders totaled $221 million, achieving a book-to-bill ratio of 1.06 overall (1.07 in Drilling, 1.04 in Artificial Lift), boosting backlog 44% year-over-year. Management highlighted minimal financial impact from Middle East conflict, expecting elevated commodity prices and upstream spending to drive demand. Confidence in FET 2030 goals prompted raising full-year 2026 adjusted EBITDA guidance midpoint to $103 million (20% over 2025), with Q2 outlook at $24-30 million from backlog conversion and market share gains. Share repurchases of $4.6 million underscore capital return amid net leverage improvement. Balance sheet strengthened with cash up to $37.5 million and operating cash flow of $1.6 million, positioning for strategic investments.