Forum Energy Technologies Announces Second Quarter 2026 Results; Raises Full Year 2026 Guidance (Form 8-K)

Forum Energy Technologies Announces

Second Quarter 2026 Results;

Raises Full Year 2026 Guidance

•Orders: $236 million, book-to-bill ratio of 104%

•Revenue: $226 million, up 8% sequentially

•Net income and earnings per share: $12 million and $1.05, up 176% and 169%

•Adjusted net income and adjusted earnings per share1: $14 million and $1.16, up 148% and 147%

•Adjusted EBITDA: $32 million, up 39% sequentially

•Shareholder returns: $8 million repurchased in first half 2026

HOUSTON, TEXAS, July 30, 2026 - 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.