Form 8-K

8-K — FORUM ENERGY TECHNOLOGIES, INC.

Accession: 0001401257-26-000049

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0001401257

SIC: 3533 (OIL & GAS FILED MACHINERY & EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fet-20260730.htm (Primary)

EX-99.1 (exhibit991-fetearningsrele.htm)

GRAPHIC (imagea.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fet-20260730.htm · Sequence: 1

fet-20260730

0001401257falseCommon Stock, par value $0.01 per shareFETCHX00014012572026-07-302026-07-300001401257fet:Exch_XNYSMember2026-07-302026-07-300001401257fet:Exch_XCHIMember2026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2026

FORUM ENERGY TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35504

61-1488595

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

10344 Sam Houston Park Drive Suite 300 Houston TX 77064

(Address of Principal Executive Offices) (Zip Code)

281 949-2500

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

FET

New York Stock Exchange

NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, Forum Energy Technologies, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended June 30, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Exhibit 99.1 to this report contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The non-GAAP financial measures reflect earnings before interest, taxes, depreciation and amortization expense (“EBITDA”), adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, adjusted net income margin, adjusted net income per diluted share (“Adjusted Diluted EPS”), book to bill ratio, free cash flow before acquisitions (“free cash flow”) and net leverage ratio. A reconciliation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio and free cash flow to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) is included as an attachment to the press release. The Company believes the presentation of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, adjusted net income margin, Adjusted Diluted EPS, book to bill ratio, free cash flow and net leverage ratio are useful to the Company's 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.

The presentation of this additional information is not meant to be considered in isolation or as a substitute for the Company's financial results prepared in accordance with GAAP.

The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Exhibit Title or Description

99.1

Press Release dated July 30, 2026.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 30, 2026

FORUM ENERGY TECHNOLOGIES, INC.

/s/ John C. Ivascu

John C. Ivascu

Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

EX-99.1

Filename: exhibit991-fetearningsrele.htm · Sequence: 2

Document

Exhibit 99.1

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.

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.

Company Contact

Rob Kukla

Director of Investor Relations

281.994.3763

rob.kukla@f-e-t.com

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.

(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.

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

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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