$FET

FORUM ENERGY TECHNOLOGIES, INC.

CIK:0001401257|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 226,217	$ 199,764	$ 434,917	$ 393,043
Cost of sales	154,865	140,408	302,574	275,326
Gross profit	71,352	59,356	132,343	117,717
Operating expenses
Selling, general and administrative expenses	50,260	51,185	100,268	100,568
Transaction expenses	125	184	273	235
Gain on sale-leaseback transactions	0	(6,903)	0	(6,903)
Loss on disposal of assets and other	460	207	290	330
Total operating expenses	50,845	44,673	100,831	94,230
Operating income	20,507	14,683	31,512	23,487
Other expense (income)
Interest expense	4,272	4,706	8,413	9,689
Foreign exchange losses (gains) and other, net	226	(3,942)	(297)	(5,010)
Total other expense	4,498	764	8,116	4,679
Income before taxes	16,009	13,919	23,396	18,808
Income tax expense	3,602	6,219	6,497	9,986
Net income	$ 12,407	$ 7,700	$ 16,899	$ 8,822
Weighted average shares outstanding
Basic (in shares)	11,290	12,350	11,252	12,327
Diluted (in shares)	11,773	12,554	11,707	12,542
Earnings per share
Basic (in USD per share)	$ 1.10	$ 0.62	$ 1.50	$ 0.72
Diluted (in USD per share)	$ 1.05	$ 0.61	$ 1.44	$ 0.70
Other comprehensive income, net of tax
Net income	$ 12,407	$ 7,700	$ 16,899	$ 8,822
Change in foreign currency translation	(2,914)	8,929	(6,526)	9,413
Gain (loss) on pension liability	(12)	75	(29)	111
Comprehensive income	$ 9,481	$ 16,704	$ 10,344	$ 18,346

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 16,899	$ 8,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	6,120	7,303
Amortization of intangible assets	9,214	10,748
Inventory write-down	5,897	760
Stock-based compensation expense	5,136	3,590
Deferred income taxes	(1,731)	(3,670)
Gain on sale-leaseback transactions	0	(6,903)
Other	3,899	1,041
Changes in operating assets and liabilities
Accounts receivable—trade	(35,300)	2,504
Inventories	(1,340)	9,995
Prepaid expenses and other current assets	(3,267)	1,395
Cost and estimated profit in excess of billings	(7,040)	(2,444)
Accounts payable, deferred revenue and other accrued liabilities	14,718	(15,060)
Billings in excess of costs and profits recognized	851	7,018
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	0	8,028
Net cash provided by (used in) investing activities	(3,030)	5,024
Cash flows from financing activities
Borrowings on Credit Facility	265,195	271,326
Repayments on Credit Facility	(257,447)	(299,360)
Payment of capital lease obligations	(819)	(732)
Deferred financing costs	(1,659)	(914)
Repurchases of stock	(7,567)	(6,295)
Payment of withheld taxes on stock-based compensation plans	(9,274)	(1,321)
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)
Cash and cash equivalents at beginning of period	34,661	44,661
Cash and cash equivalents at end of period	33,716	38,967
Supplemental cash flow disclosures
Cash paid for interest	7,586	9,025
Cash paid for income taxes	12,664	11,321
Noncash activities
Operating lease assets obtained in exchange for lease obligations	5,837	12,230
Finance lease assets obtained in exchange for lease obligations	340	376
Accrued purchases of property and equipment	$ 240	$ 431

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 33,716	$ 34,661
Accounts receivable—trade, net of allowances of $10,978 and $8,953	173,963	142,396
Inventories, net	233,473	239,420
Prepaid expenses and other current assets	26,094	23,017
Costs and estimated profits in excess of billings	16,206	9,369
Accrued revenue	70	21
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
Deferred financing costs, net	2,926	1,580
Goodwill	62,547	64,667
Intangible assets, net	82,058	93,637
Deferred income taxes, net	7,878	7,887
Other long-term assets	3,019	3,162
Total assets	770,710	752,455
Current liabilities
Current portion of long-term debt	1,273	1,407
Accounts payable—trade	118,802	94,561
Accrued liabilities	67,492	76,244
Deferred revenue	15,325	17,438
Billings in excess of costs and profits recognized	17,669	16,884
Total current liabilities	220,561	206,534
Long-term debt, net of current portion	142,435	134,521
Deferred income taxes, net	18,222	20,425
Operating lease liabilities	83,803	83,957
Other long-term liabilities	15,907	15,875
Total liabilities	480,928	461,312
Commitments and contingencies
Equity
Common stock, $0.01 par value, 29,600,000 shares authorized, 13,507,226 and 13,192,818 shares issued	135	132
Additional paid-in capital	1,423,448	1,427,589
Treasury stock at cost, 2,244,808 and 2,095,969 shares	(184,236)	(176,669)
Retained deficit	(827,558)	(844,457)
Accumulated other comprehensive loss	(122,007)	(115,452)
Total equity	289,782	291,143
Total liabilities and equity	$ 770,710	$ 752,455