Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $2.28 billion, a sequential increase of 5% but a year-over-year decrease of 1% [3][5] - The net loss for Q4 was $78 million, or $0.21 per fully diluted share, impacted by a higher effective tax rate and impairment charges [3][28] - Full-year revenues for 2025 were $8.74 billion, with net income of $145 million, or $0.39 per fully diluted share [3][5] - Adjusted EBITDA for Q4 was $267 million, representing 11.7% of sales, with a full-year EBITDA exceeding $1 billion for the third consecutive year [3][5][29] - Free cash flow for 2025 totaled $876 million, with a cash conversion rate of over 85% [8][29] Business Line Data and Key Metrics Changes - The energy equipment segment reported Q4 revenue of $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million [32][33] - Capital equipment sales accounted for 63% of the energy equipment segment's revenues, increasing 8% sequentially and 15% year-over-year [33] - The energy products and services segment generated revenue of $989 million in Q4, a 2% sequential increase but a 7% year-over-year decline [42][48] Market Data and Key Metrics Changes - The company ended 2025 with a total backlog of $4.34 billion, with a book-to-bill ratio of approximately 91% [6][34] - Offshore production technologies led 2025 orders, with a more than 10% growth in offshore-related backlog [7] - The company expects U.S. activity to decline mid-single digits year-over-year in 2026, primarily due to lower oil-directed activity [17][18] Company Strategy and Development Direction - The company aims to drive operational efficiencies and explore growth avenues, focusing on a $100 million cost-out program and exiting underperforming product lines [9][10][13] - The company is disciplined in capital allocation, raising the criteria for acquisitions and focusing on core business technology [13][14] - The company plans to leverage its strong market positions and technology leadership to drive value creation and maintain competitive advantages [15][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging near-term market environment but expects a recovery in oil markets in the second half of 2026 [17][50] - The company anticipates a modest recovery in U.S. short-cycle activity by late 2026 and early 2027 [18] - Management highlights the importance of fiscal discipline among operators, which may constrain activity growth but also create opportunities for the company [18] Other Important Information - The company achieved a cash conversion cycle of 119 days, down from 143 days in 2023, freeing up around $630 million of cash [12] - The company has returned $842 million to shareholders over the past two years while increasing its cash balance by $736 million [29] - The company expects overall upstream spending to contract slightly in 2026, with revenue weighted more towards the second half of the year [31] Q&A Session Summary Question: Offshore rig expected ramp late this year into 2027 - Management is optimistic about the offshore space, expecting significant demand for offshore production-related equipment and a potential increase in FPSO deliveries [56][59] Question: Status of passing tariff costs through pricing - Management is having some success passing on costs but acknowledges the difficulty in the current market environment [62] Question: Intentions around M&A - The company is shifting focus from internal efficiencies to pursuing growth opportunities, while remaining disciplined in capital allocation for acquisitions [70]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $2.28 billion, a sequential increase of 5% but a year-over-year decrease of 1%. The net loss was $78 million, or 21 cents per fully diluted share [3][28] - For the full year 2025, revenues totaled $8.74 billion, with a net income of $145 million, or 39 cents per fully diluted share. Adjusted EBITDA was $1.03 billion, reflecting a 3% improvement from 2024 [3][49] - The company achieved a free cash flow of $876 million for 2025, marking the second consecutive year of over 85% EBITDA conversion to cash [8][29] Business Line Data and Key Metrics Changes - The energy equipment segment generated Q4 revenue of $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million, or 13.5% of sales [32][33] - Capital equipment sales accounted for 63% of the energy equipment segment's revenues, increasing 8% sequentially and 15% year-over-year, driven by growth in subsea flexible pipe and marine construction [33][35] - The energy products and services segment reported Q4 revenue of $989 million, a 2% sequential increase but a 7% year-over-year decline, with adjusted EBITDA decreasing to $140 million, or 14.2% of sales [42][48] Market Data and Key Metrics Changes - The company noted a global drilling activity decline of 6% year-over-year, impacting overall revenue performance [5] - In the U.S., drilling activity is expected to decline mid-single digits year-over-year, primarily due to lower oil-directed activity, although gas basin activity may offset some of this decline [17][18] - Internationally, activity is expected to be flat to slightly up in 2026, driven by rigs returning to work in Saudi Arabia and expanding unconventional activity [18][19] Company Strategy and Development Direction - The company aims to drive operational efficiencies and explore growth avenues, focusing on improving margins and return on capital [9][10] - A $100 million cost-out program is underway to enhance operational efficiency, with expectations of delivering significant cost savings by the end of 2026 [31] - The company is disciplined in capital allocation, raising the criteria for acquisitions and focusing on core business technology bolt-ons and consolidation opportunities [13][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the offshore market, anticipating a recovery in customer spending and increased activity levels in 2027 [17][59] - The current oil market is oversupplied, but geopolitical risks and storage capacity in Asia are supporting oil prices [16] - Management expects a challenging market environment in 2026 but is confident in the company's strong position and operational capabilities [50][62] Other Important Information - The company achieved a cash conversion cycle of 119 days, down from 143 days in 2023, freeing up approximately $630 million of cash [12] - The company has returned $842 million to shareholders over the past two years while increasing its cash balance by $736 million [29] Q&A Session Summary Question: Offshore rig expected ramp and FPSO opportunity - Management is optimistic about the offshore space, expecting significant demand for offshore production-related equipment and a potential increase in FPSO deliveries [54][56] Question: Status of passing tariff costs through pricing - Management indicated some success in passing on costs but acknowledged the challenges in a soft market environment [61][62] Question: Intentions around M&A - Management clarified a shift towards a more offensive strategy regarding M&A, while maintaining discipline in capital allocation and focusing on organic growth opportunities [68][70]

Core Viewpoint - WHD has demonstrated strong financial performance, with significant growth in revenue and earnings, attracting institutional investor interest and resulting in a notable increase in stock price this year [1][2][4]. Financial Performance - WHD reported an adjusted EBITDA of $87 million on revenue of $264 million for Q3 fiscal 2025, resulting in a margin of 32.9%, an increase from 31.7% in the previous quarter [1]. - The company achieved a net income of $50 million and maintains a cash balance of $446 million [1]. - The three-year sales growth rate stands at +39.8%, while the three-year EPS growth rate is +51.3% [6]. Investor Interest - WHD shares have increased by 24% this year, indicating strong demand from institutional investors [2]. - The stock has shown unusual buy pressure, supported by a healthy fundamental backdrop, making it a candidate for further investigation [4][5]. - The company has been featured in the Outlier 20 report eight times, highlighting its appeal to "Big Money" investors [7]. Market Trends - There is a significant accumulation of energy stocks, with WHD being a standout due to its strong fundamentals and investor support [3][4]. - The stock is predicted to continue gaining traction, supported by historical performance and robust financial metrics [8].

Core Viewpoint - STAK Inc. has successfully closed a registered direct offering of 6,000,000 units at a price of US$0.38 per unit, raising approximately US$2.3 million in gross proceeds [1]. Group 1: Offering Details - Each unit consists of one Class A ordinary share and one and one-half warrants, with a total of 6,000,000 Class A ordinary shares issued [2]. - Up to 9,000,000 additional Class A ordinary shares may be issued upon the exercise of the warrants, which have a three-year term and an initial exercise price of US$0.46 per share [2]. - The company received net proceeds of approximately US$2.2 million after deducting offering expenses, which will be used for research and development, working capital, and other general corporate purposes [3]. Group 2: Offering Process - The units were offered directly to certain investors under a securities purchase agreement, without the involvement of underwriters or placement agents [4]. - The offering was conducted based on terms negotiated directly between the company and each investor [4]. - The offering was made pursuant to a registration statement declared effective by the SEC on January 2, 2026 [5]. Group 3: Company Overview - STAK Inc. specializes in the research, development, manufacturing, and sale of oilfield-specific production and maintenance equipment [7]. - The company collaborates with specialized vehicle manufacturers to integrate its equipment onto vehicle chassis, producing specialized oilfield vehicles [7]. - STAK aims to help oilfield services companies reduce costs and increase efficiency through integrated equipment and automation solutions [7].

As filed with the U.S. Securities and Exchange Commission on December 30, 2025. Registration No. 333-291542 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 STAK Inc. 斯塔克工业集团有限公司 (Exact Name of Registrant as Specified in its Charter) Not Applicable (Translation of Registrant's Name into English) Cayman Islands 3533 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary St ...

Core Viewpoint - OMS Energy Technologies Inc. (NASDAQ:OMSE) is positioned as a promising investment opportunity in the oil sector, particularly following the recent API Spec 11D1 certification obtained by its subsidiary, OMS Indonesia, which enhances its capabilities in the oilfield services market [1][2]. Group 1: Certification and Capabilities - OMS Indonesia has secured API Spec 11D1 certification from the American Petroleum Institute, which validates the company's ability to design, build, test, and quality-check packers and bridge plugs for petroleum and natural gas wells [1][2]. - This certification allows OMS Indonesia to fully design, qualify, and produce its own retrievable mechanical and hydraulic packers, complementing its existing API-6A-certified surface wellheads and Christmas trees [2]. - The ability to integrate these packers with OMS's own systems or third-party equipment is expected to create new contract opportunities in well completion and intervention services [2][3]. Group 2: Market Position and Efficiency - The certification strengthens OMS Indonesia's position as a regional leader by enabling in-house development of high-spec components, which is crucial for meeting the demands of Southeast Asia's growing oilfield market [3]. - This milestone is anticipated to support faster delivery times, cost efficiencies, and compliance with industry standards, enhancing the company's competitive edge [3]. Group 3: Company Overview - OMS Energy Technologies Inc. specializes in manufacturing and selling oilfield equipment, including specialty connectors, pipes, surface wellheads, and Christmas trees for drilling and production operations [4].

Third Quarter 2025 Earnings Presentation NOV Inc. Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures © 2025 NOV Inc. All rights reserved. 2025 Earnings Presentation – 10/28/2025 3 Third Quarter 2025 Highlights Bookings Book-to-Bill of 141% This document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected operating results that are "forward-looking st ...

Core Points - Cactus, Inc. will release its third quarter 2025 earnings after market close on October 29, 2025 [1] - A conference call to discuss financial and operational results is scheduled for October 30, 2025, at 9:00 a.m. Central Time [1] - The conference call will be available via webcast on Cactus' official website [1]

Company Overview - Forum Energy Technologies (NYSE: FET) is a provider of equipment for offshore and onshore drilling, well completion, and production, serving oil companies and large oilfield service providers [1]. Business Strategy - The company's main strategy focuses on targeting high-margin niches with limited competition [1].

Core Insights - Cactus Inc. has entered into an agreement to acquire 65% of Baker Hughes' Surface Pressure Control Business for approximately $344.5 million, establishing a joint venture where Cactus will assume operational control [1][8] Overview of the Baker Hughes SPC Business - The Baker Hughes Surface Pressure Control Business specializes in designing, manufacturing, and servicing surface pressure control solutions, primarily wellheads and production tree systems, with a strong international market presence [2] - Post-transaction, Baker Hughes will retain a 35% stake in the joint venture [2] Geographic Diversification and Revenue Stability - The acquisition allows Cactus to maintain its capital-light manufacturing model while benefiting from geographic diversification, as 85% of SPC's revenues are generated from the Middle East [3][5] - The limited dependence on the U.S. market for external sales enhances revenue resilience against domestic market fluctuations [3] Long-Term Growth Potential - The deal is expected to significantly enhance Cactus' financial metrics, including earnings and cash flow growth, with SPC having a backlog exceeding $600 million in product and aftermarket service orders as of year-end 2024 [4][8] - Cactus aims to maintain a conservative balance sheet while leveraging the acquisition for revenue and cash flow generation [4] Strategic Market Positioning - The geographic footprint of Baker Hughes' SPC Business complements Cactus' existing operations and provides access to new markets unaffected by tariffs, supporting growth and revenue stability across various market cycles [5]