Revenue Performance - For the nine months ended September 30, 2024, approximately 80% of the company's revenue was derived from consumable products and activity-based equipment[70]. - Total revenue for the three months ended September 30, 2024, was $207.8 million, an increase of $28.6 million, or 15.9%, compared to the same period in 2023[83]. - Revenue from the Drilling and Completions segment was $123.6 million, up $4.7 million, or 3.9%, driven by a $6.2 million increase in the Subsea product line[83]. - Revenue from the Artificial Lift and Downhole segment was $84.2 million, an increase of $23.9 million, or 39.5%, primarily due to a $27.1 million increase from the acquired Variperm business[83]. - Total revenue for the nine months ended September 30, 2024, was $615.4 million, an increase of $61.7 million, or 11.2%, compared to the same period in 2023[92]. - The Drilling and Completions segment generated revenue of $359.7 million, a decrease of $16.3 million, or 4.3%, while the Artificial Lift and Downhole segment saw revenue of $255.7 million, an increase of $78.1 million, or 43.9%[92]. - Revenue for the three months ended September 30, 2024, was $126.7 million, a decrease of 4.0% from $133.2 million in the same period of 2023[107]. Orders and Activity Levels - Total inbound orders for the Drilling and Completions segment were $129.5 million for Q3 2024, compared to $139.9 million in Q3 2023[80]. - The Artificial Lift and Downhole segment reported total orders of $76.3 million in Q3 2024, up from $58.9 million in Q3 2023[80]. - The average number of active drilling rigs in the U.S. was 586 in Q3 2024, down from 649 in Q3 2023[79]. - The global active rig count decreased by 3.1% in Q3 2024 compared to Q3 2023, with a notable decline of 9.7% in the U.S. rig count[76]. - The company anticipates that activity levels in the U.S. will remain depressed in Q4 2024 and into 2025, while international growth is expected to decline[76]. Financial Performance - Segment operating income for the three months ended September 30, 2024, was $9.4 million, a $3.9 million increase compared to $5.5 million in 2023[84]. - The operating margin percentage improved to 4.5% for the three months ended September 30, 2024, compared to 3.1% in the same period of 2023[84]. - Interest expense increased to $7.7 million, up $3.1 million compared to the same period in 2023, due to increased borrowings related to the Variperm acquisition[87]. - The company recorded a net loss of $14.8 million for the three months ended September 30, 2024, compared to a net income of $8.0 million in 2023, representing a decrease of $22.8 million[83]. - The tax expense for the three months ended September 30, 2024, was $4.6 million, compared to $1.5 million in 2023, reflecting a significant increase[88]. - Operating income for the nine months ended September 30, 2024, was a loss of $15.2 million, compared to an operating income of $14.9 million for the same period in 2023[107]. - Net loss for the nine months ended September 30, 2024, was $31.8 million, compared to a net loss of $2.1 million for the same period in 2023[107]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $53.7 million for the nine months ended September 30, 2024, compared to a net cash used of $3.1 million for the same period in 2023, reflecting an improvement of $56.8 million[102]. - Net cash used in investing activities was $155.9 million for the nine months ended September 30, 2024, primarily due to the Variperm Acquisition of $150.4 million[103]. - Net cash provided by financing activities was $89.4 million for the nine months ended September 30, 2024, compared to cash used of $6.9 million for the same period in 2023, indicating a change of $96.3 million[104]. - Total capital expenditures for 2024 are expected to be approximately $10.0 million, primarily for replacing end-of-life machinery and equipment[98]. Acquisition and Segment Structure - Following the Variperm Acquisition, the company now operates in two reportable segments: Drilling and Completions, and Artificial Lift and Downhole[72]. - The company completed the Variperm acquisition in January 2024 for approximately $150.0 million in cash and 2.0 million shares of common stock[100]. Balance Sheet and Liabilities - Current assets as of September 30, 2024, were $345.1 million, down from $388.8 million as of December 31, 2023[107]. - Current liabilities increased to $201.4 million as of September 30, 2024, compared to $144.5 million as of December 31, 2023[107]. - Non-current liabilities rose to $207.5 million as of September 30, 2024, compared to $178.8 million as of December 31, 2023[107]. Market Outlook - The company expects long-term energy demand to continue rising, with hydrocarbons playing a vital role alongside renewable energy sources[71]. - The decline in U.S. drilling activity and lower revenues in the Production Equipment product line partially offset the overall revenue increase[83].

Bitcoin may get all the attention, but don't sleep on the upside potential of Solana and this AI crypto token. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) continue to garner the most attention from crypto investors, and for good reason. Together, they account for a whopping 70% of the entire market capitalization of the crypto market. And they remain the only two cryptocurrencies with spot ETFs. But that doesn't mean that there aren't other high-upside investment opportunities within the crypto market. ...

HOUSTON, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (NYSE: FET) ("FET"), a global designer, manufacturer and distributor of products to the oil, natural gas, industrial and renewable energy industries, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA. FET's management team is scheduled to present on Wednesday, September 4th at 11 a.m. Pacific Time (PT). The presentation will be webcast live ...

Exhibit 99.1 Forum Energy Technologies Announces Second Quarter 2024 Results; Raises Free Cash Flow Guidance • Revenue: $205 million, an 11% year-over-year increase • Net loss: $7 million, or $0.54 per diluted share • Adjusted net loss: $1 million, or $0.07 per diluted share • Adjusted EBITDA: $26 million, up 48% year-over-year • Operating cash flow and free cash flow: $23 million and $21 million, respectively • Raises 2024 full year free cash flow guidance: $50 to $70 million HOUSTON, TEXAS, August 1, 2024 ...

On November 1, 2023, Forum Energy Technologies, Inc., a Delaware corporation ("Forum") and Forum Canada ULC, an Alberta corporation and a wholly owned subsidiary of Forum (the "Purchaser"), entered into a Stock Purchase Agreement (the "Purchase Agreement") with (i) Variperm Holdings Ltd., an Alberta corporation ("Variperm"), (ii) Variperm Energy Services Partnership, an Alberta general partnership ("VES Partnership"), (iii) Jamie Olson, a resident of Alberta ("Olson"), (iv) Elise Robertson, a resident of Al ...

Bitcoin and Fetch.ai stand out as two cryptos that could skyrocket in value in the second half of 2024. With new signs that a crypto bull market has arrived, it could be time to look for new coins to add to your portfolio. Of course, the most promising crypto investments are those with new catalysts in place that can help them soar in value throughout 2024. With that in mind, there are two cryptocurrency coins on my radar right now: Bitcoin (BTC -1.14%) and Fetch.ai (FET 0.34%). Both have new catalysts in p ...

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, are scheduled to present at the Sidoti Virtual Investor Conference on Wednesday, May 8, 2024 at 12:15 p.m. Eastern Time. The presentation can be accessed live at the following link: https://sidoti.zoom.us/webinar/register/WN_NDUsKoIBRg2QPKXFQ8-OLg A link to the live webcast and the presentation sli ...

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, are scheduled to present at the Sidoti Virtual Investor Conference on Wednesday, May 8, 2024 at 12:15 p.m. Eastern Time.The presentation can be accessed live at the following link:https://sidoti.zoom.us/webinar/register/WN_NDUsKoIBRg2QPKXFQ8-OLgA link to the live webcast and the presentation slides ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ___________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-35504 FORUM ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified in its ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ___________________________________ ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-35504 FORUM ENERGY TECHNOLOGIES, INC. (Exact name of registrant as s ...