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Sep 30, 2025
Forum Q3 2025 Earnings Report
Forum Energy Technologies announced third quarter 2025 results, reporting a net loss of $21 million and raising full year 2025 cash flow guidance.
Key Takeaways
Forum Energy Technologies delivered a strong third quarter, with revenue of $196 million and adjusted EBITDA of $23 million, up 13% sequentially. Despite a GAAP net loss of $21 million, adjusted net income was $3 million. The company achieved a 122% book-to-bill ratio, leading to its highest backlog in over ten years, and significantly exceeded free cash flow expectations, prompting an increase in full-year 2025 guidance.
Revenue for the third quarter was $196 million, a 2% sequential decrease, but at the high end of guidance.
The company reported a GAAP net loss of $21 million, or $1.76 per diluted share, but an adjusted net income of $3 million, or $0.27 per diluted share.
Adjusted EBITDA increased by 13% sequentially to $23 million, driven by favorable product mix and cost savings.
Orders reached $240 million, resulting in a strong 122% book-to-bill ratio and the highest backlog in over a decade.
Revenue by Segment
Forward Guidance
Forum Energy Technologies raised its full-year 2025 free cash flow guidance to between $70 million and $80 million and forecasts fourth-quarter adjusted EBITDA in the range of $19 million to $23 million. The company anticipates strong backlog, market share gains, and cost reductions to provide a tailwind in 2026.
Positive Outlook
- Full-year 2025 free cash flow guidance increased to $70 - $80 million.
- Fourth quarter adjusted EBITDA is forecasted to be in the range of $19 - $23 million.
- Strong backlog is expected to provide a tailwind in 2026.
- Anticipated market share gains will contribute to future growth.
- Accelerated cost savings efforts, extending the annualized target by 50% to $15 million, will benefit future profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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