Forum Energy Technologies Reports $193.3 Million Revenue in Q1 2025, Net Income Turnaround

Forum Energy Technologies, Inc. reported a revenue of $193.3 million for the first quarter of 2025, reflecting a decrease of $9.1 million, or 4.5%, compared to $202.4 million in the same period of 2024. The decline in revenue was primarily attributed to reduced global drilling and completions activity. The company's Drilling and Completions segment generated $115.6 million, down 2.9% from the previous year, while the Artificial Lift and Downhole segment saw a 6.7% decrease, bringing in $77.8 million. Despite the revenue drop, the company achieved an operating income of $8.8 million, a significant increase from $3.2 million in the prior year, driven by lower operating expenses and reduced interest costs.

In terms of profitability, Forum Energy Technologies reported a net income of $1.1 million, compared to a net loss of $10.3 million in the first quarter of 2024. This turnaround was supported by a decrease in interest expenses, which fell to $5.0 million from $8.8 million, and a reduction in total other expenses, which dropped to $3.9 million from $10.0 million. The company’s earnings per share improved to $0.09, up from a loss of $0.85 per share in the prior year.

Operationally, the company experienced a slight decrease in total assets, which amounted to $790.1 million as of March 31, 2025, down from $816.0 million at the end of 2024. Current assets also decreased to $478.6 million from $495.6 million, primarily due to a reduction in cash and cash equivalents. The company’s employee headcount remained stable, with no significant changes reported. Additionally, Forum Energy Technologies continued to focus on its strategic initiatives, including the development of new products aimed at enhancing efficiency and reducing emissions in both traditional and renewable energy sectors.

Looking ahead, Forum Energy Technologies anticipates that the long-term demand for energy will continue to rise, with hydrocarbons playing a crucial role in meeting global energy needs. The company is committed to monitoring market conditions, including oil price volatility and macroeconomic factors, to adapt its strategies accordingly. The management expects that the combination of available cash, operational cash flow, and access to credit will be sufficient to support its operations and strategic initiatives over the next 12 months. The company also plans to continue its share repurchase program, having repurchased approximately $2.0 million worth of shares in the first quarter of 2025.