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