# EDGAR Filing Document

**Accession Number:** 0001401257
**File Stem:** 0001401257-25-000087
**Filing Date:** 2025-8
**Character Count:** 86215
**Document Hash:** 9e92d7ff91b142aa92c0c77441dcc810
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001401257-25-000087.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001401257-25-000087

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM ENERGY TECHNOLOGIES, INC.
- **CENTRAL INDEX KEY:** 0001401257
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 611488595
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35504
- **FILM NUMBER:** 251195797

**BUSINESS ADDRESS:**
- **STREET 1:** 10344 SAM HOUSTON PARK DRIVE
- **STREET 2:** SUITE 300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77064
- **BUSINESS PHONE:** 281-949-2500

**MAIL ADDRESS:**
- **STREET 1:** 10344 SAM HOUSTON PARK DRIVE
- **STREET 2:** SUITE 300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77064

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORUM OILFIELD TECHNOLOGIES, INC.
- **DATE OF NAME CHANGE:** 20100726

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORUM OILFIELD TECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 20070529

?xml version='1.0' encoding='ASCII'? fet-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K** 

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 7, 2025** 

**FORUM ENERGY TECHNOLOGIES, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35504** | **61-1488595** |
| (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **10344 Sam Houston Park Drive** | **Suite 300** | **Houston** | **TX** | **77064** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

---

| | |
|:---|:---|
| **281** | **949-2500** |

---

Registrant's telephone number, including area code

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title of each class** | **Trading Symbol** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, par value $0.01 per share | FET | &nbsp;&nbsp;&nbsp;NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02 Results of Operations and Financial Condition.**

On August 7, 2025, Forum Energy Technologies, Inc. (the "***Company***") issued a press release announcing earnings for the quarter ended June 30, 2025. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Exhibit 99.1 to this report contains "non-GAAP financial measures" as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"). The non-GAAP financial measures reflect earnings before interest, taxes, depreciation and amortization expense ("***EBITDA***"), adjusted EBITDA, adjusted operating income, adjusted net income, adjusted net income per diluted share ("***Adjusted Diluted EPS***"), book to bill ratio, free cash flow before acquisitions ("***free cash flow***") and free cash flow yield. A reconciliation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio and free cash flow to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States ("***GAAP***") is included as an attachment to the press release. The Company believes the presentation of EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, Adjusted Diluted EPS, book to bill ratio, free cash flow and free cash flow yield are useful to the Company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community.

The presentation of this additional information is not meant to be considered in isolation or as a substitute for the Company's financial results prepared in accordance with GAAP.

The information contained in this Current Report shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Title or Description** |
| <u>[99.1](exhibit991-fetearningsrele.htm)</u> | Press Release dated August 7, 2025. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Date: August 7, 2025 | **FORUM ENERGY TECHNOLOGIES, INC.** |
| | /s/ John C. Ivascu |
| | John C. Ivascu |
| | Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary |

---

## Exhibit 99.1

***Exhibit 99.1***

![image.jpg](image.jpg)

**Forum Energy Technologies Announces**

**Second Quarter 2025 Results;** 

**Raises Full Year 2025 Cash Flow Guidance**

**• Orders: $263 million; 132% book-to-bill ratio; highest backlog in more than ten years**

**• Revenue: $200 million, up 3% sequentially**

**• Net income: $8 million, or $0.61 per diluted share**

**• Adjusted EBITDA: $21 million, up 2% sequentially**

**• Operating cash flow and free cash flow: $16 million and $23 million, respectively**

**• 2025 share repurchases: 579 thousand shares for $11 million through July 2025**

**• 2025 full year free cash flow guidance increased: $60 - $80 million**

HOUSTON, TEXAS, August 7, 2025 - Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2025 revenue of $200 million and net income of $8 million or $0.61 per diluted share. Adjusted for a $7 million sale leaseback transaction gain and $4 million of foreign exchange gains, partially offset by restructuring costs, net loss was $1 million or approximately $0.10 per diluted share.<sup>1</sup>

Neal Lux, President and Chief Executive Officer, remarked, "The FET team delivered strong results, with sequential improvements in bookings, revenue, adjusted EBITDA, and free cash flow. We achieved the eighth consecutive quarter of positive free cash flow, generating $168 million over that period. With this performance and our outlook, we are raising 2025 guidance to between $60 and $80 million. Applying our capital returns framework, we will use this free cash flow to further reduce net debt and execute share repurchases.

"This year we purchased 5% of our shares outstanding and, based on our updated guidance and current stock price range, are on track to repurchase another 10%. Concurrently, we would reduce our net leverage to 1.3 times by year end. FET's shares remain a compelling investment with a free cash flow yield around 30%.

"Strong bookings, including for offshore defense, pushed FET's backlog to its highest level in over ten years. While industry activity is expected to trend down further, this backlog combined with cost savings and tariff mitigation efforts supports our full year adjusted EBITDA forecast of approximately $85 million. For the third quarter, we expect adjusted EBITDA in the range of $19 to $23 million."

<sup>1</sup> See Tables 1-6 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.

------

**<u>Segment</u> <u>Results</u>** *(unless otherwise noted, comparisons are second quarter 2025 versus first quarter* 2025*)*

Drilling and Completions segment revenue was $117 million, a 1% increase, primarily due to improved coiled line pipe sales with growing demand in the U.S. and a large Middle East project, and demand for drilling-related capital equipment. The increase was offset by lower demand for completions-related equipment in our Stimulation and Intervention product line. Segment adjusted EBITDA was $11 million, an 8% decrease, due to unfavorable product mix from lower sales of higher margin products, partially offset by benefits of cost-saving initiatives. Orders were $178 million, up 35%, primarily from the submarine rescue vehicle system, additional remotely operated vehicles, and higher demand for coiled tubing. The Drilling and Completions segment provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.

Artificial Lift and Downhole segment revenue was $83 million, a 6% increase, primarily from higher demand for processing equipment technologies, downhole casing equipment, sand control products, and cable protection products. Segment adjusted EBITDA was $17 million, a 24% increase, due to higher revenue, favorable product mix, and benefits from cost-saving initiatives. Orders increased 24% to $85 million, primarily from higher demand for processing equipment and technologies, and sand control products. The Artificial Lift and Downhole segment engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.

*FET® is a global manufacturing company, serving the oil, natural gas, industrial 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 <u>www.f-e-t.com</u>.*

------

**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 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.

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Condensed consolidated statements of income (loss)** | **Condensed consolidated statements of income (loss)** | **Condensed consolidated statements of income (loss)** | **Condensed consolidated statements of income (loss)** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **June 30,** | **June 30,** | **March 31,** |
| *(in millions, except per share information)* | **2025** | **2024** | **2025** |
| Revenue | $199.8 | $205.2 | $193.3 |
| Cost of sales | 140.4 | 142.1 | 134.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 59.4 | 63.1 | 58.4 |
| **Operating expenses** |  |  |  |
| Selling, general and administrative expenses | 51.2 | 53.7 | 49.4 |
| Transaction expenses | 0.1 | 1.2 | 0.1 |
| Gain on sale-leaseback transactions and other | (6.6) | 0.3 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 44.7 | 55.2 | 49.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 14.7 | 7.9 | 8.8 |
| **Other expense (income)** |  |  |  |
| Interest expense | 4.7 | 8.7 | 5.0 |
| Foreign exchange losses (gains) and other, net | (3.9) | 2.9 | (1.1) |
| Loss on extinguishment of debt |  | 0.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 0.8 | 12.1 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) before income taxes** | 13.9 | (4.2) | 4.9 |
| Income tax expense | 6.2 | 2.5 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** <sup>(1)</sup> | $7.7 | $(6.7) | $1.1 |
| **Weighted average shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 12.4 | 12.3 | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 12.6 | 12.3 | 12.6 |
| **Earnings (loss) per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.62 | $(0.54) | $0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.61 | $(0.54) | $0.09 |
| <sup>(1)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(1)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(1)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(1)</sup> Refer to Table 1 for schedule of adjusting items. |

---

------

---

| | | |
|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Condensed consolidated statements of income (loss)** | **Condensed consolidated statements of income (loss)** | **Condensed consolidated statements of income (loss)** |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** |
| *(in millions, except per share information)* | **2025** | **2024** |
| Revenue | $393.0 | $407.6 |
| Cost of sales | 275.3 | 280.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 117.7 | 126.8 |
| **Operating expenses** |  |  |
| Selling, general and administrative expenses | 100.6 | 108.4 |
| Transaction expenses | 0.2 | 7.1 |
| Gain on sale-leaseback transactions and other | (6.6) | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 94.2 | 115.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 23.5 | 11.1 |
| **Other expense (income)** |  |  |
| Interest expense | 9.7 | 17.4 |
| Foreign exchange losses (gains) and other, net | (5.0) | 4.2 |
| Loss on extinguishment of debt |  | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 4.7 | 22.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) before income taxes** | 18.8 | (11.0) |
| Income tax expense | 10.0 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** <sup>(1)</sup> | $8.8 | $(17.0) |
| **Weighted average shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 12.3 | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 12.5 | 12.3 |
| **Earnings (loss) per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.72 | $(1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.70 | $(1.39) |
| <sup>(1)</sup> Refer to Table 2 for schedule of adjusting items. | <sup>(1)</sup> Refer to Table 2 for schedule of adjusting items. | <sup>(1)</sup> Refer to Table 2 for schedule of adjusting items. |

---

------

---

| | | |
|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Condensed consolidated balance sheets** | **Condensed consolidated balance sheets** | **Condensed consolidated balance sheets** |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **June 30,** | **December 31,** |
| *(in millions of dollars)* | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $39.0 | $44.7 |
| Accounts receivable—trade, net | 155.0 | 153.9 |
| Inventories, net | 260.0 | 265.5 |
| Other current assets | 33.7 | 31.5 |
| &nbsp;&nbsp;&nbsp;Total current assets | 487.7 | 495.6 |
| Property and equipment, net of accumulated depreciation | 58.0 | 63.4 |
| Operating lease assets | 77.8 | 70.4 |
| Goodwill and other intangible assets, net | 168.9 | 170.9 |
| Other long-term assets | 17.7 | 15.7 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $810.1 | $816.0 |
| **Liabilities and equity** |  |  |
| Current liabilities |  |  |
| Current portion of long-term debt | $1.7 | $1.9 |
| Other current liabilities | 200.6 | 200.0 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 202.3 | 201.9 |
| Long-term debt, net of current portion | 157.7 | 186.5 |
| Other long-term liabilities | 115.9 | 107.8 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 475.9 | 496.2 |
| Total equity | 334.2 | 319.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $810.1 | $816.0 |

---

------

---

| | | |
|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Condensed consolidated cash flow information** | **Condensed consolidated cash flow information** | **Condensed consolidated cash flow information** |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Six months ended June 30,** | **Six months ended June 30,** |
| *(in millions of dollars)* | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $8.8 | $(17.0) |
| Depreciation and amortization | 18.0 | 27.9 |
| Inventory write down | 0.8 | 1.8 |
| Loss on extinguishment of debt |  | 0.5 |
| Gain on sale-leaseback transactions | (6.9) |  |
| Other noncash items and changes in working capital | 4.4 | 14.9 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 25.1 | 28.1 |
| **Cash flows from investing activities** |  |  |
| Capital expenditures for property and equipment | (3.1) | (4.4) |
| Proceeds from sale of property and equipment | 0.1 |  |
| Payments related to business acquisition |  | (150.1) |
| Proceeds from sale-leaseback transactions | 8.0 |  |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | 5.0 | (154.5) |
| **Cash flows from financing activities** |  |  |
| Borrowings of debt | 271.3 | 445.9 |
| Repayments of debt | (300.1) | (326.8) |
| Repurchases of stock | (6.3) |  |
| Payment of withheld taxes on stock-based compensation plans | (1.3) | (1.1) |
| Deferred financing costs | (0.9) | (3.1) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | (37.3) | 114.9 |
| Effect of exchange rate changes on cash | 1.5 | (2.8) |
| &nbsp;&nbsp;&nbsp;**Net decrease in cash, cash equivalents and restricted cash** | $(5.7) | $(14.3) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **As Reported** | **As Reported** | **As Reported** | **As Adjusted** <sup>(3)</sup> | **As Adjusted** <sup>(3)</sup> | **As Adjusted** <sup>(3)</sup> |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **March 31, 2025** | **June 30, 2025** | **June 30, 2024** | **March 31, 2025** |
| **Revenue** |  |  |  |  |  |  |
| Drilling and Completions | $117.2 | $117.0 | $115.6 | $117.2 | $117.0 | $115.6 |
| Artificial Lift and Downhole | 82.5 | 88.2 | 77.8 | 82.5 | 88.2 | 77.8 |
| Eliminations | 0.1 |  | (0.1) | 0.1 |  | (0.1) |
| **Total revenue** | $199.8 | $205.2 | $193.3 | $199.8 | $205.2 | $193.3 |
| **Operating income (loss)** |  |  |  |  |  |  |
| Drilling and Completions | $7.3 | $2.9 | $9.4 | $8.4 | $3.6 | $9.8 |
| &nbsp;&nbsp;&nbsp;*Operating Margin %* | *6.2 %* | *2.5 %* | *8.1 %* | *7.2 %* | *3.1 %* | *8.5 %* |
| Artificial Lift and Downhole | 10.4 | 13.5 | 7.3 | 10.5 | 13.5 | 7.5 |
| &nbsp;&nbsp;&nbsp;*Operating Margin %* | *12.6 %* | *15.3 %* | *9.4 %* | *12.7 %* | *15.3 %* | *9.6 %* |
| Corporate | (9.5) | (7.0) | (7.7) | (9.3) | (6.8) | (7.6) |
| **Total segment operating income** | 8.2 | 9.4 | 9.0 | 9.6 | 10.3 | 9.7 |
| Other items not in segment operating income <sup>(1)</sup> | 6.5 | (1.5) | (0.2) |  | (0.2) | (0.1) |
| **Total operating income** | $14.7 | $7.9 | $8.8 | $9.6 | $10.1 | $9.6 |
| &nbsp;&nbsp;&nbsp;*Operating Margin %* | *7.4 %* | *3.8 %* | *4.6 %* | *4.8 %* | *4.9 %* | *5.0 %* |
| **EBITDA** <sup>(2)</sup> |  |  |  |  |  |  |
| Drilling and Completions | $14.7 | $4.4 | $13.3 | $11.4 | $11.5 | $12.4 |
| &nbsp;&nbsp;&nbsp;*EBITDA Margin %* | *12.5 %* | *3.8 %* | *11.5 %* | *9.7 %* | *9.8 %* | *10.7 %* |
| Artificial Lift and Downhole | 22.6 | 19.3 | 12.7 | 16.7 | 19.7 | 13.5 |
| &nbsp;&nbsp;&nbsp;*EBITDA Margin %* | *27.4 %* | *21.9 %* | *16.3 %* | *20.2 %* | *22.3 %* | *17.4 %* |
| Corporate | (9.6) | (5.2) | (7.1) | (7.6) | (5.4) | (5.8) |
| **Total EBITDA** | $27.7 | $18.5 | $18.9 | $20.5 | $25.8 | $20.1 |
| &nbsp;&nbsp;&nbsp;*EBITDA Margin %* | *13.9 %* | *9.0 %* | *9.8 %* | *10.3 %* | *12.6 %* | *10.4 %* |
| <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. |
| <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
| <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 1 for schedule of adjusting items. |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** | **Supplemental schedule - Segment information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **As Reported** | **As Reported** | **As Adjusted** <sup>(3)</sup> | **As Adjusted** <sup>(3)</sup> |
|  | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Revenue** |  |  |  |  |
| Drilling and Completions | $232.8 | $236.1 | $232.8 | $236.1 |
| Artificial Lift and Downhole | 160.3 | 171.5 | 160.3 | 171.5 |
| Eliminations | (0.1) |  | (0.1) |  |
| **Total revenue** | $393.0 | $407.6 | $393.0 | $407.6 |
| **Operating income (loss)** |  |  |  |  |
| Drilling and Completions | $16.6 | $7.4 | $18.2 | $9.4 |
| &nbsp;&nbsp;&nbsp;*Operating Margin %* | *7.1 %* | *3.1 %* | *7.8 %* | *4.0 %* |
| Artificial Lift and Downhole | 17.7 | 25.2 | 18.0 | 25.2 |
| &nbsp;&nbsp;&nbsp;*Operating Margin %* | *11.0 %* | *14.7 %* | *11.2 %* | *14.7 %* |
| Corporate | (17.2) | (14.1) | (16.9) | (13.7) |
| **Total segment operating income** | 17.1 | 18.5 | 19.3 | 20.9 |
| Other items not in segment operating income<sup>(1)</sup> | 6.4 | (7.4) | (0.1) | (0.1) |
| **Total operating income** | $23.5 | $11.1 | $19.2 | $20.8 |
| &nbsp;&nbsp;&nbsp;*Operating Margin %* | *6.0 %* | *2.7 %* | *4.9 %* | *5.1 %* |
| **EBITDA** <sup>(2)</sup> |  |  |  |  |
| Drilling and Completions | $28.0 | $17.6 | $23.8 | $25.2 |
| &nbsp;&nbsp;&nbsp;*EBITDA Margin %* | *12.0 %* | *7.5 %* | *10.2 %* | *10.7 %* |
| Artificial Lift and Downhole | 35.4 | 37.0 | 30.2 | 37.7 |
| &nbsp;&nbsp;&nbsp;*EBITDA Margin %* | *22.1 %* | *21.6 %* | *18.8 %* | *22.0 %* |
| Corporate | (16.9) | (20.3) | (13.5) | (11.0) |
| **Total EBITDA** | $46.5 | $34.3 | $40.5 | $51.9 |
| &nbsp;&nbsp;&nbsp;*EBITDA Margin %* | *11.8 %* | *8.4 %* | *10.3 %* | *12.7 %* |
| <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. | <sup>(1)</sup> Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other. |
| <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(2)</sup> The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
| <sup>(3)</sup> Refer to Table 2 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 2 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 2 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 2 for schedule of adjusting items. | <sup>(3)</sup> Refer to Table 2 for schedule of adjusting items. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Supplemental schedule - Orders information** | **Supplemental schedule - Orders information** | **Supplemental schedule - Orders information** | **Supplemental schedule - Orders information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three months ended** | **Three months ended** | **Three months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **March 31, 2025** |
| **Orders** |  |  |  |
| Drilling and Completions | $177.8 | $110.1 | $132.1 |
| Artificial Lift and Downhole | 85.3 | 70.0 | 68.6 |
| **Total orders** | $263.1 | $180.1 | $200.7 |
| **Revenue** |  |  |  |
| Drilling and Completions | $117.2 | $117 | $115.6 |
| Artificial Lift and Downhole | 82.5 | 88.2 | 77.8 |
| Eliminations | 0.1 |  | (0.1) |
| **Total revenue** | $199.8 | $205.2 | $193.3 |
| **Book to bill ratio** <sup>(1)</sup> |  |  |  |
| Drilling and Completions | 1.52 | 0.94 | 1.14 |
| Artificial Lift and Downhole | 1.03 | 0.79 | 0.88 |
| **Total book to bill ratio** | 1.32 | 0.88 | 1.04 |
| <sup>(1)</sup> 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. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, 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 of which are typically ordered by customers far in advance. | <sup>(1)</sup> 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. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, 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 of which are typically ordered by customers far in advance. | <sup>(1)</sup> 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. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, 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 of which are typically ordered by customers far in advance. | <sup>(1)</sup> 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. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, 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 of which are typically ordered by customers far in advance. |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** | **Table 1 - Adjusting items** |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| *(in millions, except per share information)* | **Operating income** | **EBITDA** <sup>(1)</sup> | **Net income (loss)** | **Operating income** | **EBITDA** <sup>(1)</sup> | **Net income (loss)** | **Operating income** | **EBITDA** <sup>(1)</sup> | **Net income (loss)** |
| **As reported** | $**14.7** | $**27.7** | $**7.7** | $**7.9** | $**18.5** | $**(6.7)** | $**8.8** | $**18.9** | $**1.1** |
| &nbsp;&nbsp;&nbsp;*% of revenue* | *7.4 %* | *13.9 %* |  | *3.8 %* | *9.0 %* |  | *4.6 %* | *9.8 %* |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other costs | 1.7 | 1.7 | 1.7 | 1.0 | 1.0 | 1.0 | 0.8 | 0.8 | 0.8 |
| &nbsp;&nbsp;&nbsp;Transaction expenses | 0.1 | 0.1 | 0.1 | 1.2 | 1.2 | 1.2 | 0.1 | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;Inventory and other working capital adjustments |  |  |  |  |  |  | (0.1) | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 1.7 |  |  | 1.5 |  |  | 1.8 |  |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  | 0.5 | 0.5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss (gain) on foreign exchange, net <sup>(2)</sup> |  | (3.8) | (3.8) |  | 3.1 | 3.1 |  | (1.4) | (1.4) |
| &nbsp;&nbsp;&nbsp;Gain on sale-leaseback transactions | (6.9) | (6.9) | (6.9) |  |  |  |  |  |  |
| **As adjusted** <sup>(1)</sup> | $**9.6** | $**20.5** | $**(1.2)** | $**10.1** | $**25.8** | $**(0.9)** | $**9.6** | $**20.1** | $**0.5** |
| &nbsp;&nbsp;&nbsp;*% of revenue* | *4.8 %* | *10.3 %* |  | *4.9 %* | *12.6 %* |  | *5.0 %* | *10.4 %* |  |
| &nbsp;&nbsp;&nbsp;Diluted shares outstanding as reported |  |  | 12.6 |  |  | 12.3 |  |  | 12.6 |
| &nbsp;&nbsp;&nbsp;Diluted shares outstanding as adjusted |  |  | 12.6 |  |  | 12.3 |  |  | 12.6 |
| &nbsp;&nbsp;&nbsp;Diluted EPS - as reported |  |  | $0.61 |  |  | $(0.54) |  |  | $0.09 |
| &nbsp;&nbsp;&nbsp;Diluted EPS - as adjusted |  |  | $(0.10) |  |  | $(0.07) |  |  | $0.04 |
| <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
| <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Table 2 - Adjusting items** | **Table 2 - Adjusting items** | **Table 2 - Adjusting items** | **Table 2 - Adjusting items** | **Table 2 - Adjusting items** | **Table 2 - Adjusting items** | **Table 2 - Adjusting items** |
|  | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| *(in millions, except per share information)* | **Operating income** | **EBITDA** <sup>(1)</sup> | **Net income (loss)** | **Operating income** | **EBITDA** <sup>(1)</sup> | **Net income (loss)** |
| **As reported** | $**23.5** | $**46.5** | $**8.8** | $**11.1** | $**34.3** | $**(17.0)** |
| &nbsp;&nbsp;&nbsp;*% of revenue* | *6.0 %* | *11.8 %* |  | *2.7 %* | *8.4 %* |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other costs | 2.5 | 2.5 | 2.5 | 2.6 | 2.6 | 2.6 |
| &nbsp;&nbsp;&nbsp;Transaction expenses | 0.2 | 0.2 | 0.2 | 7.1 | 7.1 | 7.1 |
| &nbsp;&nbsp;&nbsp;Inventory and other working capital adjustments | (0.1) | (0.1) | (0.1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 3.5 |  |  | 3.0 |  |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  | 0.5 | 0.5 |
| &nbsp;&nbsp;Loss (gain) on foreign exchange, net <sup>(2)</sup> |  | (5.2) | (5.2) |  | 4.4 | 4.4 |
| &nbsp;&nbsp;&nbsp;Gain on sale-leaseback transactions | (6.9) | (6.9) | (6.9) |  |  |  |
| **As adjusted** <sup>(1)</sup> | $**19.2** | $**40.5** | $**(0.7)** | $**20.8** | $**51.9** | $**(2.4)** |
| &nbsp;&nbsp;&nbsp;*% of revenue* | *4.9 %* | *10.3 %* |  | *5.1 %* | *12.7 %* |  |
| &nbsp;&nbsp;&nbsp;Diluted shares outstanding as reported |  |  | 12.5 |  |  | 12.3 |
| &nbsp;&nbsp;&nbsp;Diluted shares outstanding as adjusted |  |  | 12.5 |  |  | 12.3 |
| &nbsp;&nbsp;&nbsp;Diluted EPS - as reported |  |  | $0.70 |  |  | $(1.39) |
| &nbsp;&nbsp;&nbsp;Diluted EPS - as adjusted |  |  | $(0.06) |  |  | $(0.20) |
| <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | <sup>(1)</sup> The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance 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 the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
| <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. | <sup>(2)</sup> 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 a local currency, and therefore the loss (gain) has no economic impact in dollar terms. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Table 3 - Adjusting Items** | **Table 3 - Adjusting Items** | **Table 3 - Adjusting Items** | **Table 3 - Adjusting Items** |
|  | **Three months ended** | **Three months ended** | **Three months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **March 31, 2025** |
| **EBITDA reconciliation** <sup>(1)</sup> |  |  |  |
| Net income (loss) | $7.7 | $(6.7) | $1.1 |
| Interest expense | 4.7 | 8.7 | 5.0 |
| Depreciation and amortization | 9.1 | 14.0 | 9.0 |
| Income tax expense | 6.2 | 2.5 | 3.8 |
| **&nbsp;&nbsp;&nbsp;&nbsp; EBITDA** | $27.7 | $18.5 | $18.9 |
| <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. | <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. | <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. | <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. |

---

---

| | | |
|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** |
| (Unaudited) | (Unaudited) | (Unaudited) |
| **Table 4 - Adjusting Items** | **Table 4 - Adjusting Items** | **Table 4 - Adjusting Items** |
|  | **Six months ended** | **Six months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** |
| **EBITDA reconciliation** <sup>(1)</sup> |  |  |
| Net income (loss) | $8.8 | $(17.0) |
| Interest expense | 9.7 | 17.4 |
| Depreciation and amortization | 18.0 | 27.9 |
| Income tax expense | 10.0 | 6.0 |
| **&nbsp;&nbsp;&nbsp;&nbsp; EBITDA** | $46.5 | $34.3 |
| <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. | <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. | <sup>(1)</sup> The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It 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, adjusted EBITDA is a widely used benchmark in the investment community. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Table 5 - Adjusting items** | **Table 5 - Adjusting items** | **Table 5 - Adjusting items** | **Table 5 - Adjusting items** | **Table 5 - Adjusting items** | **Table 5 - Adjusting items** |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **March 31, 2025** | **March 31, 2025** |
| **Free cash flow, before acquisitions, reconciliation** <sup>(1)</sup> |  |  |  |  |  |
| Net cash provided by operating activities | 15.8 | $| 23.1 | $| 9.3 |
| Capital expenditures for property and equipment | (1.0) | (1.5) | (1.5) | (2.1) | (2.1) |
| Proceeds from sale of property and equipment | 0.1 | (0.2) | (0.2) |  |  |
| Proceeds from sale-leaseback transactions | 8.0 |  |  |  |  |
| **Free cash flow, before acquisitions** | 22.9 | $| 21.4 | $| 7.2 |
| <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
| <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** | **Reconciliation of GAAP to non-GAAP financial information** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Table 6 - Adjusting items** | **Table 6 - Adjusting items** | **Table 6 - Adjusting items** | **Table 6 - Adjusting items** |
|  | **Six months ended** | **Six months ended** | **Six months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Free cash flow, before acquisitions, reconciliation** <sup>(1)</sup> |  |  |  |
| Net cash provided by operating activities | 25.1 | $| 28.1 |
| Capital expenditures for property and equipment | (3.1) | (4.4) | (4.4) |
| Proceeds from sale of property and equipment | 0.1 |  |  |
| Proceeds from sale-leaseback transactions | 8.0 |  |  |
| **Free cash flow, before acquisitions** | 30.1 | $| 23.7 |
| <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. | <sup>(1)</sup> The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
| <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. | <sup>(2)</sup> The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company's market capitalization as of August 6, 2025, and using the midpoint ($70 million) of guided full year free cash flow. As of August 6, 2025, the free cash flow yield was 30%. We believe free cash flow yield is useful to investors as a measure of the Company's ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** | **Forum Energy Technologies, Inc.** |
| **Supplemental schedule - Product line revenue** | **Supplemental schedule - Product line revenue** | **Supplemental schedule - Product line revenue** | **Supplemental schedule - Product line revenue** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three months ended** | **Three months ended** | **Three months ended** |
| *(in millions of dollars)* | **June 30, 2025** | **June 30, 2024** | **March 31, 2025** |
| **Revenue** | $% | $% | $% |
| &nbsp;&nbsp;&nbsp;Drilling | 16.4% | 17.3% | 16.7% |
| &nbsp;&nbsp;&nbsp;Subsea | 11.2% | 8.2% | 11.4% |
| &nbsp;&nbsp;&nbsp;Stimulation and Intervention | 16.5% | 18.1% | 19.3% |
| &nbsp;&nbsp;&nbsp;Coiled Tubing | 14.6% | 13.4% | 12.4% |
| Drilling and Completions | 58.7% | 57.0% | 59.8% |
| &nbsp;&nbsp;&nbsp;Downhole | 25.7% | 25.9% | 24.7% |
| &nbsp;&nbsp;&nbsp;Production Equipment | 10.4% | 8.8% | 9.9% |
| &nbsp;&nbsp;&nbsp;Valve Solutions | 5.2% | 8.3% | 5.6% |
| Artificial Lift and Downhole | 41.3% | 43.0% | 40.2% |
| &nbsp;&nbsp;&nbsp;Eliminations | —% | —% | —% |
| **Total revenue** | 100.0% | 100.0% | 100.0% |

---

<br>