Earnings release
Page 1
Exhibit 99.1 Forum Energy Technologies Announces Third Quarter 2026 Results; Raises Full Year 2026 Guidance • Orders: $244 million, book-to-bill ratio of 103% • Revenue: $237 million, up 5% sequentially • Net income and earnings per share: $11 million and $0.93, down 9% and 11% • Adjusted net income and adjusted earnings per share : $18 million and $1.51, up 33% and 30% • Adjusted EBITDA: $36 million, up 14% • Operating cash flow and free cash flow: $32 million and $30 million, up 158% and 214% HOUSTON, TEXAS, October 29, 2026 - Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2026 results and updated fourth quarter and full year 2026 guidance. Neal Lux, President and Chief Executive Officer, remarked, “FET delivered another strong quarter, demonstrating the continued effectiveness of our ‘Beat the Market’ strategy. Revenue increased 5% sequentially, adjusted EBITDA increased 14%, and adjusted EBITDA margin expanded to 15%. We generated more than $30 million of free cash flow, reduced net debt, and lowered net leverage to 0.9 times. Also in the third quarter, we acquired Premiere Torque Rings, adding differentiated technology and a trusted brand that expands FET’s addressable market and global growth opportunities. These results reflect broad-based growth, continued market share gains, and disciplined execution. “With strong demand, improving industry activity, and continued execution of our strategy, we are raising full-year 2026 guidance. We remain well positioned to deliver another strong quarter and carry meaningful momentum into 2027 as we advance toward achieving our FET 2030 objectives.” Fourth Quarter 2026 Guidance Full Year 2026 Guidance Range ($ millions) YoY Change % Range ($ millions) YoY Change % Revenue $230 to $250 19% $900 to $920 15% Adjusted EBITDA $33 to $39 59% $123 to $129 46% Adjusted Net Income $15 to $21 263% $52 to $58 639% Free Cash Flow $25 to $30 27% $66 to $71 5% See Tables 1-9 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items. For comparative purposes, free cash flow for the full year 2025 excludes approximately $15 million of proceeds from sale-leaseback transactions. 1 2 1 2 1
Page 2
Segment Results (unless otherwise noted, comparisons are third quarter 2026 versus second quarter 2026) Drilling and Completions segment revenue was $147 million, a 6% increase attributable to growth across all product lines. Adjusted EBITDA of $21 million increased 28%, benefiting from operating leverage and cost management. Book-to-bill was 97% as we delivered on projects for Drilling and Subsea. 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 $90 million, a 3% increase, due to the addition of Premiere Torque Rings and higher demand for sand and flow control solutions and valve products. Adjusted EBITDA of $21 million was comparable with the prior quarter, with contributions from revenue growth offset by higher freight and tariff costs. Book-to-bill was 113% with strong processing equipment and technology 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 third quarter 2026 earnings conference call at 10:00 a.m. Central Time on Friday, October 30, 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/BI91d32a70eef240b19768b771c8285321 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. 2
Page 3
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 benefits of the Premiere Torque Ring acquisition and 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. 3
Page 4
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 4
Page 5
Forum Energy Technologies, Inc. Condensed consolidated statements of income (loss) (Unaudited) Three months ended September 30, June 30, (in thousands, except per share information) 2026 2025 2026 Revenue $ 236,813 $ 196,231 $ 226,217 Cost of sales 162,400 155,994 154,865 Gross profit 74,413 40,237 71,352 Operating expenses Selling, general and administrative expenses 53,279 50,449 50,260 Transaction expenses 1,191 254 125 Loss (gain) on disposal of assets and other (18) (4,360) 460 Total operating expenses 54,452 46,343 50,845 Operating income (loss) 19,961 (6,106) 20,507 Other expense Interest expense 4,044 4,365 4,272 Foreign exchange losses and other, net 733 9 226 Total other expense 4,777 4,374 4,498 Income (loss) before income taxes 15,184 (10,480) 16,009 Income tax expense 3,954 10,074 3,602 Net income (loss) $ 11,230 $ (20,554) $ 12,407 Weighted average shares outstanding Basic 11,455 11,682 11,290 Diluted 12,061 11,682 11,773 Earnings (loss) per share Basic $ 0.98 $ (1.76) $ 1.10 Diluted $ 0.93 $ (1.76) $ 1.05 5
Page 6
Forum Energy Technologies, Inc. Condensed consolidated statements of income (loss) (Unaudited) Nine months ended September 30, (in thousands, except per share information) 2026 2025 Revenue $ 671,730 $ 589,274 Cost of sales 464,974 431,320 Gross profit 206,756 157,954 Operating expenses Selling, general and administrative expenses 153,547 151,017 Transaction expenses 1,464 489 Loss (gain) on disposal of assets and other 272 (10,933) Total operating expenses 155,283 140,573 Operating income 51,473 17,381 Other expense (income) Interest expense 12,457 14,054 Foreign exchange losses (gains) and other, net 436 (5,001) Total other expense 12,893 9,053 Income (loss) before income taxes 38,580 8,328 Income tax expense 10,451 20,060 Net income (loss) $ 28,129 $ (11,732) Weighted average shares outstanding Basic 11,321 12,110 Diluted 11,827 12,110 Earnings (loss) per share Basic $ 2.48 $ (0.97) Diluted $ 2.38 $ (0.97) 6
Page 7
Forum Energy Technologies, Inc. Condensed consolidated balance sheets (Unaudited) September 30, December 31, (in thousands of dollars) 2026 2025 Assets Current assets Cash and cash equivalents $ 35,169 $ 34,661 Accounts receivable—trade, net 178,278 142,396 Inventories, net 245,058 239,420 Other current assets 40,025 32,407 Total current assets 498,530 448,884 Property and equipment, net of accumulated depreciation 46,110 51,905 Operating lease assets 79,689 80,733 Goodwill and other intangible assets, net 170,096 158,304 Other long-term assets 13,595 12,629 Total assets $ 808,020 $ 752,455 Liabilities and equity Current liabilities Current portion of long-term debt $ 1,125 $ 1,407 Other current liabilities 242,943 205,127 Total current liabilities 244,068 206,534 Long-term debt, net of current portion 126,551 134,521 Other long-term liabilities 119,214 120,257 Total liabilities 489,833 461,312 Total equity 318,187 291,143 Total liabilities and equity $ 808,020 $ 752,455 7
Page 8
Forum Energy Technologies, Inc. Condensed consolidated cash flow information (Unaudited) Nine months ended September 30, (in thousands of dollars) 2026 2025 Cash flows from operating activities Net income (loss) $ 28,129 $ (11,732) Depreciation and amortization 22,575 25,914 Inventory write-down 6,541 17,407 Gain on sale-leaseback transactions — (11,182) Other noncash items and changes in working capital (11,158) 27,558 Net cash provided by operating activities 46,087 47,965 Cash flows from investing activities Capital expenditures for property and equipment (4,911) (4,453) Proceeds from sale of property and equipment 183 163 Proceeds from sale-leaseback transactions — 14,574 Payments related to business acquisition, net of cash acquired (11,833) — Net cash provided by (used in) investing activities (16,561) 10,284 Cash flows from financing activities Borrowings of debt 420,296 398,746 Repayments of debt (428,867) (447,766) Repurchases of stock (8,962) (21,120) 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 (28,466) (72,375) Effect of exchange rate changes on cash (552) 1,158 Net increase (decrease) in cash and cash equivalents $ 508 $ (12,968) 8
Page 9
Forum Energy Technologies, Inc. Supplemental schedule - Segment information (Unaudited) As Reported As Adjusted Three months ended Three months ended (in thousands of dollars) September30, 2026 September30, 2025 June 30, 2026 September30, 2026 September30, 2025 June 30, 2026 Revenue Drilling and Completions $ 147,155 $ 117,469 $ 139,004 $ 147,155 $ 117,469 $ 139,004 Artificial Lift and Downhole 89,890 78,981 87,422 89,890 78,981 87,422 Eliminations (232) (219) (209) (232) (219) (209) Total revenue $ 236,813 $ 196,231 $ 226,217 $ 236,813 $ 196,231 $ 226,217 Operating income (loss) Drilling and Completions $ 14,255 $ (13,551) $ 13,715 $ 18,643 $ 8,658 $ 14,328 Operating Margin % 9.7 % (11.5)% 9.9 % 12.7 % 7.4 % 10.3 % Artificial Lift and Downhole 16,089 11,778 16,350 16,124 11,830 16,449 Operating Margin % 17.9 % 14.9 % 18.7 % 17.9 % 15.0 % 18.8 % Corporate (9,210) (8,439) (8,973) (8,671) (8,299) (9,246) Total segment operatingincome (loss) 21,134 (10,212) 21,092 26,096 12,189 21,531 Other items not in segmentoperating income (loss) (1,173) 4,106 (585) 18 81 (423) Total operating income (loss) $ 19,961 $ (6,106) $ 20,507 $ 26,114 $ 12,270 $ 21,108 Operating Margin % 8.4 % (3.1)% 9.1 % 11.0 % 6.3 % 9.3 % EBITDA Drilling and Completions $ 16,540 $ (10,505) $ 14,933 $ 21,047 $ 11,758 $ 16,494 EBITDA Margin % 11.2 % (8.9)% 10.7 % 14.3 % 10.0 % 11.9 % Artificial Lift and Downhole 20,604 20,419 20,823 21,305 16,977 21,659 EBITDA Margin % 22.9 % 25.9 % 23.8 % 23.7 % 21.5 % 24.8 % Corporate (10,675) (8,166) (7,943) (6,333) (5,597) (6,423) Total EBITDA $ 26,469 $ 1,748 $ 27,813 $ 36,019 $ 23,138 $ 31,730 EBITDA Margin % 11.2 % 0.9 % 12.3 % 15.2 % 11.8 % 14.0 % Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operatingperformance 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 theinvestment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. Refer to Table 1 for schedule of adjusting items. (3) (1) (2) (1) (2) (3) 9
Page 10
Forum Energy Technologies, Inc. Supplemental schedule - Segment information (Unaudited) As Reported As Adjusted Nine months ended Nine months ended (in thousands of dollars) September 30,2026 September 30,2025 September 30,2026 September 30,2025 Revenue Drilling and Completions $ 412,898 $ 350,275 $ 412,898 $ 350,275 Artificial Lift and Downhole 259,410 239,324 259,410 239,324 Eliminations (578) (325) (578) (325) Total revenue $ 671,730 $ 589,274 $ 671,730 $ 589,274 Operating income (loss) Drilling and Completions $ 36,879 $ 3,099 $ 43,052 $ 26,867 Operating Margin % 8.9 % 0.9 % 10.4 % 7.7 % Artificial Lift and Downhole 44,023 29,466 44,166 29,821 Operating Margin % 17.0 % 12.3 % 17.0 % 12.5 % Corporate (27,693) (25,628) (26,972) (25,168) Total segment operating income 53,209 6,937 60,246 31,520 Other items not in segment operating income (1,736) 10,444 (469) (60) Total operating income $ 51,473 $ 17,381 $ 59,777 $ 31,460 Operating Margin % 7.7 % 2.9 % 8.9 % 5.3 % EBITDA Drilling and Completions $ 43,643 $ 17,473 $ 50,348 $ 35,579 EBITDA Margin % 10.6 % 5.0 % 12.2 % 10.2 % Artificial Lift and Downhole 57,370 55,770 59,583 47,156 EBITDA Margin % 22.1 % 23.3 % 23.0 % 19.7 % Corporate (27,401) (24,947) (19,296) (19,018) Total EBITDA $ 73,612 $ 48,296 $ 90,635 $ 63,717 EBITDA Margin % 11.0 % 8.2 % 13.5 % 10.8 % Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operatingperformance 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 theinvestment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. Refer to Table 2 for schedule of adjusting items. (3) (1) (2) (1) (2) (3) 10
Page 11
Forum Energy Technologies, Inc. Supplemental schedule - Orders information (Unaudited) Three months ended (in thousands of dollars) September 30,2026 September 30,2025 June 30, 2026 Orders Drilling and Completions $ 142,238 $ 151,473 $ 144,308 Artificial Lift and Downhole 101,544 88,517 91,631 Total orders $ 243,782 $ 239,990 $ 235,939 Revenue Drilling and Completions $ 147,155 $ 117,469 $ 139,004 Artificial Lift and Downhole 89,890 78,981 87,422 Eliminations (232) (219) (209) Total revenue $ 236,813 $ 196,231 $ 226,217 Book to bill ratio Drilling and Completions 0.97 1.29 1.04 Artificial Lift and Downhole 1.13 1.12 1.05 Total book to bill ratio 1.03 1.22 1.04 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. TheCompany believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening ordeclining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. Inaddition, 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 ofwhich are typically ordered by customers far in advance. (1) (1) 11
Page 12
Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 1 - Adjusting items Three months ended September 30, 2026 September 30, 2025 June 30, 2026 (in thousands, except per shareinformation) Operatingincome EBITDA Net income(loss) Operatingincome EBITDA Net income(loss) Operatingincome EBITDA Net income(loss) As reported $ 19,961 $ 26,469 $ 11,230 $ (6,106) $ 1,748 $ (20,554) $ 20,507 $ 27,813 $ 12,407 % of revenue 8.4 % 11.2 % 4.7 % (3.1)% 0.9 % (10.5)% 9.1 % 12.3 % 5.5 % Restructuring and other costs 4,877 4,877 4,877 1,501 1,501 1,501 865 865 865 Transaction expenses 1,191 1,191 1,191 254 254 254 125 125 125 Inventory and other assetsimpairment adjustments 85 85 85 20,900 20,900 20,900 (389) (389) (389) Stock-based compensationexpense — 2,571 — — 2,853 — — 2,616 — Gain on sale-leasebacktransactions — — — (4,279) (4,279) (4,279) — — — Foreign exchange losses andother, net — 826 826 — 161 161 — 700 700 Valuation allowance reserve ondeferred tax assets — — — — — 5,205 — — — As adjusted $ 26,114 $ 36,019 $ 18,209 $ 12,270 $ 23,138 $ 3,188 $ 21,108 $ 31,730 $ 13,708 % of revenue 11.0 % 15.2 % 7.7 % 6.3 % 11.8 % 1.6 % 9.3 % 14.0 % 6.1 % Diluted shares outstanding, asreported 12,061 11,682 11,773 Diluted shares outstanding, asadjusted 12,061 11,682 11,773 Diluted EPS, as reported $ 0.93 $ (1.76) $ 1.05 Diluted EPS, as adjusted $ 1.51 $ 0.27 $ 1.16 The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS areuseful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especiallywhen comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily becausemanagement views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operatingperformance 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 theinvestment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. 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 alocal currency, and therefore the loss (gain) has no economic impact in dollar terms. (1) (1) (1) (2) (1) (1) (2) 12
Page 13
Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 2 - Adjusting items Nine months ended September 30, 2026 September 30, 2025 (in thousands, except per shareinformation) Operatingincome EBITDA Net income(loss) Operatingincome EBITDA Net income(loss) As reported $ 51,473 $ 73,612 $ 28,129 $ 17,381 $ 48,296 $ (11,732) % of revenue 7.7 % 11.0 % 4.2 % 2.9 % 8.2 % (2.0)% Restructuring and other costs 7,230 7,230 7,230 3,959 3,959 3,959 Transaction expenses 1,464 1,464 1,464 489 489 489 Inventory and other assetsimpairment adjustments (390) (390) (390) 20,813 20,813 20,813 Stock-based compensation expense — 7,707 — — 6,420 — Gain on sale-leaseback transactions — — — (11,182) (11,182) (11,182) Foreign exchange losses (gains) andother, net — 1,012 1,012 — (5,078) (5,078) Valuation allowance reserve ondeferred tax assets — — — — — 5,205 As adjusted $ 59,777 $ 90,635 $ 37,445 $ 31,460 $ 63,717 $ 2,474 % of revenue 8.9 % 13.5 % 5.6 % 5.3 % 10.8 % 0.4 % Diluted shares outstanding, asreported 11,827 12,110 Diluted shares outstanding, asadjusted 11,827 12,110 Diluted EPS, as reported $ 2.38 $ (0.97) Diluted EPS, as adjusted $ 3.17 $ 0.20 The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS areuseful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results withprevious and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to beoutside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquiditythat 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 theattached separate schedule for the reconciliation of GAAP to non-GAAP financial information. 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 alocal currency, and therefore the loss (gain) has no economic impact in dollar terms. (1) (1) (2) (1) (1) (2) 13
Page 14
Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 3 - Adjusting Items Three months ended (in thousands of dollars) September 30,2026 September 30,2025 June 30, 2026 EBITDA reconciliation Net income (loss) $ 11,230 $ (20,554) $ 12,407 Interest expense 4,044 4,365 4,272 Depreciation and amortization 7,241 7,863 7,532 Income tax expense 3,954 10,074 3,602 EBITDA $ 26,469 $ 1,748 $ 27,813 The Company believes EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. Itreflects 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. Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 4 - Adjusting Items Nine months ended (in thousands of dollars) September 30,2026 September 30,2025 EBITDA reconciliation Net income (loss) $ 28,129 $ (11,732) Interest expense 12,457 14,054 Depreciation and amortization 22,575 25,914 Income tax expense 10,451 20,060 EBITDA $ 73,612 $ 48,296 The Company believes EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. Itreflects 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. (1) (1) (1) (1) 14
Page 15
Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 5 - Adjusting items Three months ended (in thousands of dollars) September 30,2026 September 30,2025 June 30, 2026 Free cash flow, before acquisitions, reconciliation Net cash provided by operating activities $ 32,031 $ 22,866 $ 12,429 Capital expenditures for property and equipment (1,722) (1,392) (2,933) Proceeds from sale of property and equipment 24 106 156 Proceeds from sale-leaseback transactions — 6,546 — Free cash flow, before acquisitions $ 30,333 $ 28,126 $ 9,652 The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capitalmanagement in evaluating results. Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 6 - Adjusting items Nine months ended (in thousands of dollars) September 30,2026 September 30,2025 Free cash flow, before acquisitions, reconciliation Net cash provided by operating activities $ 46,087 $ 47,965 Capital expenditures for property and equipment (4,911) (4,453) Proceeds from sale of property and equipment 183 163 Proceeds from sale-leaseback transactions — 14,574 Free cash flow, before acquisitions $ 41,359 $ 58,249 The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capitalmanagement in evaluating results. (1) (1) (1) (1) 15
Page 16
Forum Energy Technologies, Inc. Table 7 - Net Leverage Ratio (Unaudited) (in thousands of dollars) September 30,2026 June 30, 2026 December 31,2025 2029 Bonds $ 100,000 $ 100,000 $ 100,000 Credit Facility 30,066 45,030 37,282 Other debt 2,111 3,475 4,008 Long-term debt, principal amount 132,177 148,505 141,290 Less: Cash and cash equivalents 35,169 33,716 34,661 Net debt 97,008 114,789 106,629 Trailing Twelve Months Adjusted EBITDA 113,321 100,440 86,403 Net leverage ratio 0.9 1.1 1.2 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. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 8 - Adjusting Items Trailing Twelve Months Ended (in thousands of dollars) September 30,2026 June 30, 2026 December 31,2025 Net income (loss) $ 30,201 $ (1,583) $ (9,660) Interest expense 16,715 17,036 18,312 Depreciation and amortization 30,416 31,038 33,755 Income tax expense 16,638 22,758 26,247 EBITDA 93,970 69,249 68,654 Restructuring and other costs 7,863 4,487 4,592 Transaction expenses 1,521 584 546 Inventory and other assets impairment adjustments (1,577) 19,238 19,626 Stock-based compensation expense 10,305 10,587 9,018 Gain on sale-leaseback transactions — (4,279) (11,182) Foreign exchange losses (gains) and other, net 1,239 574 (4,851) Adjusted EBITDA $ 113,321 $ 100,440 $ 86,403 The Company believes EBITDA and adjusted EBITDA are useful to investors because they are appropriate measures of evaluating operatingperformance and liquidity. These measures reflect the resources available for strategic opportunities including, among others, investing in thebusiness, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, EBITDA and adjusted EBITDA arewidely used benchmarks in the investment community. (1) (1) (1) (1) (1) 16
Page 17
Forum Energy Technologies, Inc. Table 9 - Revenue Per Rig (Unaudited) Three months ended Nine months ended (in thousands of dollars) September 30,2026 September 30,2025 June 30, 2026 September 30,2026 September 30,2025 Revenue $ 236,813 $ 196,231 $ 226,217 $ 671,730 $ 589,274 Average global rig count 1,901 1,797 1,759 1,831 1,825 Revenue per rig $ 125 $ 109 $ 129 $ 367 $ 323 The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by BakerHughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting datapertaining to Saudi Arabia. Forum Energy Technologies, Inc. Supplemental schedule - Product line revenue (Unaudited) Three months ended (in thousands of dollars) September 30, 2026 September 30, 2025 June 30, 2026 Revenue $ % $ % $ % Drilling $ 39,232 16.5 % $ 32,234 16.4 % $ 35,535 15.7 % Subsea 34,696 14.7 % 23,582 12.0 % 33,516 14.8 % Stimulation and Intervention 39,069 16.5 % 34,271 17.5 % 38,181 16.9 % Coiled Tubing 34,158 14.4 % 27,382 14.0 % 31,772 14.0 % Drilling and Completions 147,155 62.1 % 117,469 59.9 % 139,004 61.4 % Downhole 62,676 26.5 % 48,073 24.5 % 61,040 27.0 % Production Equipment 12,835 5.4 % 18,647 9.5 % 13,444 5.9 % Valve Solutions 14,379 6.1 % 12,261 6.2 % 12,938 5.7 % Artificial Lift and Downhole 89,890 38.0 % 78,981 40.2 % 87,422 38.6 % Eliminations (232) (0.1)% (219) (0.1)% (209) — % Total revenue $ 236,813 100.0 % $ 196,231 100.0 % $ 226,217 100.0 % (1) (1) 17