Core Insights - Forum Energy Technologies, Inc. (FET) operates globally, providing equipment and solutions to the oil, gas, industrial, and renewable sectors, focusing on improving operational efficiency and safety in energy development activities [1] Financial Performance - FET has generated strong revenues and cash flows, achieving a cumulative average revenue growth of 10% from 2021 to 2025, compared to 7% for the Russell 2000 Index, while its adjusted cash flow CAGR was 46%, significantly exceeding the 9% benchmark [2][8] - FET's shares have surged 207.9% over the past year, outperforming the industry's 48.1% gain [6][8] Market Position and Growth - The company has expanded its market share and achieved acquisition-led growth, exiting 2025 with its highest backlog in 11 years at $312 million, which is up 46% from year-end 2024 [3][8] - FET is expected to enhance returns in the coming days due to a strong backlog, operating leverage, and low capital requirements [3] Valuation Metrics - FET trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 9.95X, which is above the broader industry average of 8.67X [9] Earnings Estimates - The Zacks Consensus Estimate for FET's first quarter and full-year 2026 has seen upward revisions, while the second quarter of 2026 has experienced downward revisions [10]

Core Insights - Forum Energy Technologies, Inc. (FET) operates globally, providing equipment and solutions across the oil, gas, industrial, and renewable sectors, with a focus on enhancing safety and efficiency in exploration and production activities [1] Revenue and Financial Outlook - FET expects 2026 revenues to be between $800 million and $880 million, indicating a 6% year-over-year growth at the midpoint [3][8] - The company forecasts net income for 2026 to be in the range of $18 million to $110 million, reflecting an improvement of approximately $21 million from 2025 at the midpoint [3] - FET reported a record backlog of $312 million in 2025, marking a 46% year-over-year increase, which is expected to drive earnings and support the 2026 outlook [3][8] Market Conditions and Demand - The U.S. Energy Information Administration (EIA) projects West Texas Intermediate crude prices to rise to approximately $73.61 per barrel in 2026, up from $65.40 per barrel in 2025, which is likely to bolster exploration and production activities [2] - Higher crude oil prices are anticipated to increase demand for FET's oilfield equipment and services, benefiting the company [2][4] Competitive Landscape - TechnipFMC plc (FTI) and Baker Hughes Company (BKR) are also positioned to benefit from rising crude prices, as their business models are closely tied to the capital spending of upstream companies [4] - FTI reported a backlog of $16.6 billion in 2025, a 15.3% year-over-year increase, while BKR's Industrial & Energy Technology segment recorded over $40 billion in orders over the past three years [5] Stock Performance and Valuation - FET shares have increased by 186.8% over the past year, significantly outperforming the industry average growth of 46.5% [6][8] - The company currently trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) ratio of 9.72X, which is above the broader industry average of 8.74X [9] Earnings Estimates - The Zacks Consensus Estimate for FET's earnings has seen upward revisions for the first quarter and full year of 2026, while estimates for the second quarter have been revised downward [10] - Current earnings estimates for the first quarter of 2026 stand at $0.44, with a projection of $2.02 for the full year [11]

Group 1 - Baker Hughes Company (BKR) is collaborating with Google Cloud to develop AI-enabled power optimization and sustainability solutions for data centers, aimed at improving efficiency and lowering emissions in response to rising power demand from AI data centers [1][2][8] - This partnership will leverage BKR's industrial and energy expertise alongside Google Cloud's advanced AI and data analytics to create large-scale solutions that reduce energy consumption and costs, thereby enhancing Baker Hughes's business model and creating new revenue streams in the digital energy market [2][8] - The current business model of BKR, which holds a Zacks Rank 3 (Hold), is influenced by crude oil price volatility, similar to other oilfield equipment and service companies [3] Group 2 - Upstream players are benefiting from favorable market conditions with West Texas Intermediate crude prices above $90 per barrel, which is expected to increase demand for oilfield equipment and services from companies like Drilling Tools International (DTI), TechnipFMC (FTI), and NCS Multistage Holdings (NCSM), all of which currently hold a Zacks Rank 1 (Strong Buy) [4] - Drilling Tools International focuses on manufacturing and renting downhole drilling tools, reporting a fourth-quarter 2025 earnings increase to 3 cents per share from a loss of 4 cents per share in the previous year [5] - TechnipFMC, headquartered in the U.K., reported a backlog of $16.6 billion in 2025, reflecting a 15.3% increase from $14.4 billion in 2024, indicating strong demand for its services [6]

Key Takeaways SLB wins EPC contract from CNOOC for a 20-well subsea development in the South China Sea.SLB to supply pumps, trees, manifolds, connectors and control systems, along with commissioning services.Standardized design boosts efficiency, cuts complexity and speeds up installation timelines.SLB N.V. (SLB) announced that its OneSubsea joint venture secured a multi-well engineering, production and construction (EPC) contract from China National Offshore Oil Corporation (‘’CNOOC’’) for a subsea develop ...

Core Viewpoint - Webs Creek Capital Management has disclosed a new stake in Cactus, acquiring approximately $57.73 million worth of shares, marking it as the fund's largest reported holding as of the end of the fourth quarter of 2026 [1][2][7]. Company Overview - Cactus operates in the energy sector, focusing on oil and gas development globally through proprietary technology and a service-oriented model [6]. - The company designs, manufactures, sells, and rents wellheads and pressure control equipment, generating revenue from equipment sales, rentals, and service contracts [8]. - As of the latest report, Cactus has a market capitalization of $3.2 billion, with a total revenue of $1.08 billion and a net income of $166.01 million [4]. Financial Performance - In the most recent quarter, Cactus generated $261 million in revenue, with an operating income of approximately $60 million and an adjusted EBITDA margin of around 33% [10]. - The company's net income for the quarter was $48 million, resulting in an 18.5% margin [10]. - However, full-year revenue declined to about $1.08 billion from $1.13 billion, indicating a slight compression in margins from previous peaks [11]. Strategic Positioning - Cactus's business model monetizes drilling activity rather than taking direct exposure to oil prices, which may provide stability when operators maintain production discipline [9]. - The recent acquisition of Baker Hughes' surface pressure control business is expected to help reaccelerate growth, which is a significant point for long-term investors to consider [11].

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 ...