FET - Stonegate Capital Partners Updates Coverage on Forum Energy Technologies, Inc. (FET) Q4 24

Dallas, Texas--(Newsfile Corp. - February 24, 2025) - Forum Energy Technologies, Inc. (NYSE: FET) Stonegate Capital Partners updates their coverage on Forum Energy Technologies, Inc. (NYSE: FET). FET reported revenue, adj EBITDA, and adj net income of $201.0M, $22.2M, and ($5.9)M, respectively. This compares to our/consensus estimates of $201.9M/$201.9M, $24.1M/$24.1M, and $1.0M/($0.6)M. It is noted that revenues were in-line with our expectations while GPM was slightly below expectations. Adj. EBITDA margins were also slightly below expectations at 11.0%. Adj. NI fell short of our expectations due to weaker than expected OPM and the release of a valuation allowance on deferred tax assets in Germany and Saudi Arabia.

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Key Takeaways:

• FCF of $56.9M in 4Q24, up $32.4M sequentially.
• Artificial Lift and Downhole revenue increased by 6.8% sequentially to $89.9M
• FET began executing on its announced $75.0M share repurchase program.

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About Stonegate Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Source: Stonegate, Inc.

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