FORUM ENERGY TECHNOLOGIES, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Forum Energy Technologies, Inc. (FET) filed its Q1 2024 10-Q report, detailing financial performance and corporate structure changes.</b>

AI Summary

FORUM ENERGY TECHNOLOGIES, INC. (FET) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Forum Energy Technologies, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31st. The filing covers the first quarter of 2024. The company was formerly known as FORUM OILFIELD TECHNOLOGIES, INC. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking FORUM ENERGY TECHNOLOGIES, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data, crucial for assessing the company's operational health and investment potential. Understanding the company's historical name changes and its current reporting structure helps in tracking its evolution and potential strategic shifts within the oil and gas machinery sector.

Risk Assessment

Risk Level: medium — FORUM ENERGY TECHNOLOGIES, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. However, the absence of specific financial performance metrics in the provided header data limits a deeper risk assessment beyond the general nature of the oil and gas industry.

Analyst Insight

Review the full 10-Q filing to analyze revenue, net income, and debt levels for Q1 2024 to understand the company's financial trajectory.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Q1 2024 Start Date (Reporting period for Q1 2024)
• 2023-01-01 — Q1 2023 Start Date (Reporting period for Q1 2023)

Key Players & Entities

• FORUM ENERGY TECHNOLOGIES, INC. (company) — COMPANY CONFORMED NAME
• FET (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• FORUM OILFIELD TECHNOLOGIES, INC. (company) — FORMER COMPANY

FAQ

Industry Context

Forum Energy Technologies operates in the Oil & Gas Machinery & Equipment industry, providing products and services to the energy sector.

Regulatory Implications

As a publicly traded company, Forum Energy Technologies is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue trends, profitability, and cash flow.
2. Investigate any disclosed segment information to understand performance drivers across different business units.
3. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a 10-Q, representing a quarterly update, compared to previous 10-Q filings for earlier quarters.

Filing Documents

• fet-20240331.htm (10-Q) — 857KB
• exhibit101-2024formofperfo.htm (EX-10.1) — 71KB
• exhibit102-2024formoftimex.htm (EX-10.2) — 43KB
• exhibit103-2024formofperfo.htm (EX-10.3) — 72KB
• exhibit104-2024formoftimex.htm (EX-10.4) — 44KB
• exhibit105-2024formofdirec.htm (EX-10.5) — 21KB
• exhibit106-2024formofdirec.htm (EX-10.6) — 27KB
• exhibit107-2024formofcasha.htm (EX-10.7) — 37KB
• exhibit109-amendmentno1tos.htm (EX-10.9) — 110KB
• exhibit311-10q12024final.htm (EX-31.1) — 10KB
• exhibit312-10q12024final.htm (EX-31.2) — 10KB
• exhibit321-10q12024final.htm (EX-32.1) — 6KB
• exhibit322-10q12024final.htm (EX-32.2) — 5KB
• 0001401257-24-000089.txt (&nbsp;) — 5605KB
• fet-20240331.xsd (EX-101.SCH) — 37KB
• fet-20240331_cal.xml (EX-101.CAL) — 75KB
• fet-20240331_def.xml (EX-101.DEF) — 168KB
• fet-20240331_lab.xml (EX-101.LAB) — 502KB
• fet-20240331_pre.xml (EX-101.PRE) — 359KB
• fet-20240331_htm.xml (XML) — 587KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 4

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Condensed consolidated statements of comprehensive loss 4 Condensed consolidated balance sheets 5 Condensed consolidated statements of cash flows 6 Condensed consolidated statements of changes in stockholders' equity 7 Notes to condensed consolidated financial statements 9

Management's discussion and analysis of financial condition and results of operations

Item 2. Management's discussion and analysis of financial condition and results of operations 20

Quantitative and qualitative disclosures about market risk

Item 3. Quantitative and qualitative disclosures about market risk 27

Controls and procedures

Item 4. Controls and procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION 29

Legal proceedings

Item 1. Legal proceedings 29

Risk factors

Item 1A. Risk factors 29

Unregistered sales of equity securities and use of proceeds

Item 2. Unregistered sales of equity securities and use of proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Forum Energy Technologies, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended March 31, (in thousands, except per share information) 2024 2023 Revenue $ 202,392 $ 188,957 Cost of sales 138,633 136,855 Gross profit 63,759 52,102 Operating expenses Selling, general and administrative expenses 54,666 45,511 Transaction expenses 5,921 — Gain on disposal of assets and other ( 28 ) ( 260 ) Total operating expenses 60,559 45,251 Operating income 3,200 6,851 Other expense Interest expense 8,760 4,549 Foreign exchange and other losses, net 1,227 2,972 Total other expense 9,987 7,521 Loss before income taxes ( 6,787 ) ( 670 ) Income tax expense 3,528 2,816 Net loss $ ( 10,315 ) $ ( 3,486 ) Weighted average shares outstanding Basic 12,201 10,179 Diluted 12,201 10,179 Loss per share Basic $ ( 0.85 ) $ ( 0.34 ) Diluted $ ( 0.85 ) $ ( 0.34 ) Other comprehensive income (loss), net of tax of $ 0 : Net loss $ ( 10,315 ) $ ( 3,486 ) Change in foreign currency translation ( 804 ) 4,158 Gain (loss) on pension liability ( 15 ) 15 Comprehensive income (loss) $ ( 11,134 ) $ 687 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Forum Energy Technologies, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share information) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 48,488 $ 46,165 Accounts receivable—trade, net of allowances of $ 9,983 and $ 10,850 161,978 146,747 Inventories, net 303,003 299,639 Prepaid expenses and other current assets 20,893 21,887 Costs and estimated profits in excess of billings 10,488 13,365 Accrued revenue 1,935 1,801 Total current assets 546,785 529,604 Property and equipment, net of accumulated depreciation 87,660 61,401 Operating lease assets 54,818 55,399 Deferred financing costs

View Full Filing

View this 10-Q filing on SEC EDGAR