HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced fourth quarter 2023 revenue of $185 million, a $6 million increase from the third quarter. The fourth quarter net loss was $17 million, or $1.64 per diluted share, compared to third quarter net income of $8 million, or $0.77 per diluted share. Excluding $9 million of foreign exchange losses and $4 million of transaction and other nonrecurring items, cumulatively $1.25 per share, adjusted net loss was $0.39 per diluted shar ...

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its fourth quarter and full year 2023 earnings conference call at 10:00 a.m. Central Time on Friday, March 1, 2024. FET delayed its fourth quarter and full year 2023 earnings release and investor conference call to allow time to assess valuation allowance reserves in an international jurisdiction and quantify the potential impact to income tax and net income. After careful review and analysis, including t ...

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced that it will delay the issuance of its fourth quarter and full year 2023 earnings release and investor conference call. Additional time is required to quantify, if any, the impact to income tax and net income from adjusting valuation allowance reserves in an international jurisdiction. No meaningful impact to revenue, adjusted EBITDA, or free cash flow is expected. FET expects to issue its fourth quarter and full year 2023 ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements for the nine months ended September 30, 2023, reflect a net loss of $2.1 million and a significant reduction in total liabilities [Condensed Consolidated Statements of Comprehensive Loss](index=4&type=section&id=Condensed%20consolidated%20statements%20of%20comprehensive%20loss) For the nine months ended September 30, 2023, revenue increased year-over-year, but the company recorded a net loss compared to a net income in the prior year Condensed Consolidated Statements of Comprehensive Loss (in thousands) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $179,253 | $181,835 | $553,659 | $509,255 | | **Gross Profit** | $51,022 | $51,363 | $154,430 | $138,555 | | **Operating Income** | $5,671 | $7,702 | $18,929 | $7,978 | | **Net Income (Loss)** | $7,969 | $16,477 | $(2,096) | $16,542 | | **Diluted EPS** | $0.77 | $1.82 | $(0.21) | $2.37 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20consolidated%20balance%20sheets) The balance sheet as of September 30, 2023, shows a slight decrease in total assets and a significant reduction in liabilities, boosting total equity Condensed Consolidated Balance Sheet Highlights (in thousands) | | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $37,151 | $51,029 | | Inventories, net | $302,304 | $269,828 | | **Total Assets** | **$828,871** | **$834,757** | | Long-term debt, net | $128,537 | $239,128 | | **Total Liabilities** | **$411,751** | **$527,722** | | **Total Equity** | **$417,120** | **$307,035** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows) Net cash used in operating activities improved significantly for the nine months ended September 30, 2023, compared to the prior year period Condensed Consolidated Statements of Cash Flows (in thousands) | | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,077) | $(32,132) | | Net cash used in investing activities | $(4,156) | $(2,592) | | Net cash provided by (used in) financing activities | $(6,906) | $9,168 | | **Net decrease in cash** | **$(13,878)** | **$(27,080)** | | Cash at end of period | $37,151 | $19,778 | - A significant noncash financing activity during the nine months ended September 30, 2023, was the conversion of **$113.65 million of debt to common stock**[18](index=18&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20consolidated%20statements%20of%20changes%20in%20stockholders'%20equity) Total equity increased substantially during the first nine months of 2023, primarily driven by the conversion of debt to common stock - The company's total equity increased by **$110.1 million** during the first nine months of 2023, primarily driven by a **$113.65 million conversion of debt to common stock**, which was partially offset by a net loss of $3.5 million in Q1 and $6.6 million in Q2, before a net income of $8.0 million in Q3[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20condensed%20consolidated%20financial%20statements) The notes detail a significant debt conversion, segment performance, and the subsequent agreement to acquire Variperm Holdings Ltd - During the nine months ended September 30, 2023, contract assets decreased by **$7.6 million** while contract liabilities increased by **$4.2 million**, primarily due to the timing of milestone billings for projects in the Subsea Technologies product line[36](index=36&type=chunk) - In the first nine months of 2023, **$122.8 million (48%)** of the principal amount of the 9.00% convertible secured notes due 2025 (2025 Notes) mandatorily converted into approximately 4.5 million shares of common stock[43](index=43&type=chunk) - On November 1, 2023, the company entered into an agreement to acquire Variperm Holdings Ltd for approximately **$150.0 million in cash and 2.0 million shares of common stock**, and amended its Credit Facility to support the acquisition[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management discusses an 8.7% year-over-year revenue growth for the nine-month period, improved operating income, and the strategic acquisition of Variperm [Overview](index=18&type=section&id=Overview) The company provides engineered equipment and consumable products to the energy and industrial sectors through three operating segments - The company operates through three main segments: **Drilling & Downhole**, **Completions**, and **Production**[80](index=80&type=chunk)[81](index=81&type=chunk) [Market Conditions](index=20&type=section&id=Market%20Conditions) Market conditions in Q3 2023 were mixed, with declining U.S. rig counts contrasting with a significant year-over-year increase in international rigs - The average U.S. rig count for Q3 2023 was **14.7% lower** than Q3 2022, whereas the international rig count was **11.0% higher** over the same period[85](index=85&type=chunk) Average Commodity Prices | | Q3 2023 | Q2 2023 | Q3 2022 | | :--- | :--- | :--- | :--- | | WTI Crude Oil ($/bbl) | $82.25 | $73.54 | $93.06 | | Brent Crude Oil ($/bbl) | $86.65 | $77.99 | $100.71 | | Henry Hub Natural Gas ($/Mcf) | $2.59 | $2.16 | $8.03 | Total Inbound Orders (in millions) | Segment | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | Drilling & Downhole | $95.0 | $73.3 | $258.1 | $218.6 | | Completions | $65.1 | $78.7 | $193.8 | $197.1 | | Production | $38.7 | $45.7 | $112.1 | $149.9 | | **Total Orders** | **$198.8** | **$197.7** | **$564.0** | **$565.6** | [Results of Operations](index=22&type=section&id=Results%20of%20operations) Nine-month revenue grew 8.7% year-over-year, though Q3 revenue saw a slight decline due to lower U.S. hydraulic fracturing activity Q3 2023 vs Q3 2022 Revenue by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Drilling & Downhole | $81,181 | $75,723 | $5,458 | 7.2% | | Completions | $62,473 | $72,246 | $(9,773) | (13.5)% | | Production | $36,877 | $34,238 | $2,639 | 7.7% | | **Total Revenue** | **$179,253** | **$181,835** | **$(2,582)** | **(1.4)%** | 9M 2023 vs 9M 2022 Revenue by Segment (in thousands) | Segment | 9M 2023 | 9M 2022 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Drilling & Downhole | $238,652 | $223,476 | $15,176 | 6.8% | | Completions | $208,239 | $190,867 | $17,372 | 9.1% | | Production | $108,918 | $95,622 | $13,296 | 13.9% | | **Total Revenue** | **$553,659** | **$509,255** | **$44,404** | **8.7%** | - The decrease in Q3 2023 Completions segment revenue was primarily due to **lower U.S. hydraulic fracturing activity levels** and customer delays in capital equipment spending[92](index=92&type=chunk) - The Production segment's operating income improved from a loss of $1.2 million in the first nine months of 2022 to an **income of $4.5 million** in the same period of 2023, driven by a 13.9% increase in revenues and increased operating leverage[109](index=109&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20capital%20resources) The company maintains adequate liquidity with $37.2 million in cash and $154.8 million available under its credit facility as of September 30, 2023 - As of September 30, 2023, the company had **$37.2 million in cash** and cash equivalents and **$154.8 million of availability** under its Credit Facility[117](index=117&type=chunk) - Net cash used in operating activities improved to **$3.1 million** for the first nine months of 2023, compared to **$32.1 million used** in the same period of 2022, primarily due to a smaller increase in working capital[120](index=120&type=chunk)[121](index=121&type=chunk) - The company repurchased approximately 139 thousand shares for **$3.5 million** in the first nine months of 2023, with **$2.4 million remaining** under its share repurchase program[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) This section is not required as the company qualifies as a smaller reporting company - Disclosure is not required as the company qualifies as a **"smaller reporting company"**[133](index=133&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls - Based on an evaluation as of September 30, 2023, the Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective** at the reasonable assurance level[135](index=135&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[136](index=136&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20proceedings) The company references a favorable judgment in a patent infringement lawsuit involving its subsidiary, which is currently under appeal by the opposing party - The company refers to Note 10, which discusses a patent litigation matter where its subsidiary, Global Tubing, received a **favorable judgment against Tenaris**, which has appealed the decision[66](index=66&type=chunk)[138](index=138&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20factors) No material changes have been made to the risk factors disclosed in the company's 2022 Annual Report on Form 10-K - The company directs readers to the risk factors section in its **2022 Annual Report on Form 10-K** for detailed information[139](index=139&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) The company has $2.4 million remaining under its stock repurchase program, with no shares repurchased during the third quarter of 2023 - From the program's inception through September 30, 2023, the company has repurchased approximately 298 thousand shares for about **$7.6 million**[140](index=140&type=chunk) - The remaining authorization under the stock repurchase program is **$2.4 million**, with **no shares purchased in Q3 2023**[140](index=140&type=chunk)[141](index=141&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including required CEO and CFO certifications and Inline XBRL documents - The exhibits filed include certifications from the CEO and CFO under **Sections 302 and 906 of the Sarbanes-Oxley Act**, as well as various Inline XBRL data files[145](index=145&type=chunk)

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 June 30, 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 ...

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, 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 ...

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, 2022 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 ...

Forum Energy Technologies, Inc. (NYSE:FET) Q3 2022 Results Conference Call November 9, 2022 12:00 PM ET Company Participants Rob Kukla - Director, IR Neal Lux - President and CEO Lyle Williams - CFO Conference Call Participants John Daniel - Daniel Energy Partners Dan Pickering - Pickering Energy Partners Operator Good morning, ladies and gentlemen, and welcome to the Forum Energy Technologies Third Quarter 2022 Earnings Conference Call. My name is Towanda, and I will be your coordinator for today’s call. [ ...

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 September 30, 2022 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. (Ex ...

Forum Energy Technologies, Inc. (NYSE:FET) Q2 Earnings Conference Call August 5, 2022 11:00 AM ET Company Participants Lyle Williams - CFO Neal Lux - President and CEO Conference Call Participants John Daniel - Daniel Energy Partners Daniel Pickering - Pickering Energy Partners Peter Ehret - ERS Operator Good morning, ladies and gentlemen, and welcome to the Forum Energy Technologies Second Quarter 2022 Earnings Conference Call. My name is Lilia, and I will be your coordinator for today’s call. [Operator In ...