Forum Energy Technologies reported third‑quarter 2025 revenue of $196.2 million, a 5.5% decline from $208 million in the same period last year. The company posted a net loss of $21.0 million, or $1.76 per diluted share. After adjusting for $22 million in asset impairments, restructuring costs, and a $5 million tax valuation allowance reserve, the adjusted net income was $3.0 million, or $0.27 per diluted share.
In comparison, Q2 2025 revenue was $200 million and Q3 2024 revenue was $208 million, indicating a gradual decline in top‑line growth. The adjusted EBITDA margin improved, reflecting the impact of accelerated cost‑saving initiatives and a focus on high‑margin consumables and capital equipment.
Management raised its full‑year 2025 free‑cash‑flow guidance to $70 million–$80 million, up from the previously disclosed $60 million–$80 million range. The company projects fourth‑quarter adjusted EBITDA of $19 million–$23 million. It has repurchased 8 % of its outstanding shares year‑to‑date and achieved a net leverage ratio of 1.3× ahead of schedule, underscoring its strengthened balance sheet and debt‑reduction progress.
Segment performance shows the Drilling and Completions segment generated $117 million in revenue, while subsea ROVs, wireline products, and heat‑transfer units drove a 21 % backlog growth. The company’s cost‑saving initiatives have extended the annualized target to $15 million, supporting the upward revision of cash‑flow guidance.
The oil and gas services sector continues to face commodity price volatility and supply‑chain constraints, but Forum Energy’s focus on high‑margin niches and its growing backlog in offshore and international markets position it to navigate these headwinds while pursuing opportunities in renewable energy applications.
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