Forum Energy Technologies Files Q3 2024 10-Q

TL;DR

FORUM ENERGY TECHNOLOGIES (FET) filed its Q3 10-Q. Financials and operational details inside.

AI Summary

Forum Energy Technologies, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific financial figures and segment performances are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Forum Energy Technologies, Inc., crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and operational updates that can significantly impact investor decisions, necessitating careful review.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial performance for the first nine months of 2024.)
• 2024-07-01 to 2024-09-30 — Third Quarter Period (Covers the financial performance for the third quarter of 2024.)

Key Players & Entities

• FORUM ENERGY TECHNOLOGIES, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date of the 10-Q
• 77064 (dollar_amount) — ZIP code for business and mailing address

FAQ

Filing Documents

• fet-20240930.htm (10-Q) — 1134KB
• exhibit101-amendmentno2tos.htm (EX-10.1) — 1133KB
• exhibit311-10q32024.htm (EX-31.1) — 10KB
• exhibit312-10q32024.htm (EX-31.2) — 10KB
• exhibit321-10q32024.htm (EX-32.1) — 6KB
• exhibit322-10q32024.htm (EX-32.2) — 5KB
• 0001401257-24-000135.txt ( ) — 7341KB
• fet-20240930.xsd (EX-101.SCH) — 40KB
• fet-20240930_cal.xml (EX-101.CAL) — 77KB
• fet-20240930_def.xml (EX-101.DEF) — 184KB
• fet-20240930_lab.xml (EX-101.LAB) — 551KB
• fet-20240930_pre.xml (EX-101.PRE) — 388KB
• fet-20240930_htm.xml (XML) — 765KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 4

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Condensed consolidated statements of comprehensive income (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 22

Quantitative and qualitative disclosures about market risk

Item 3. Quantitative and qualitative disclosures about market risk 32

Controls and procedures

Item 4. Controls and procedures 33

- OTHER INFORMATION

PART II - OTHER INFORMATION 34

Legal proceedings

Item 1. Legal proceedings 34

Risk factors

Item 1A. Risk factors 34

Unregistered sales of equity securities and use of proceeds

Item 2. Unregistered sales of equity securities and use of proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Forum Energy Technologies, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share information) 2024 2023 2024 2023 Revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659 Cost of sales 142,070 128,231 422,839 399,229 Gross profit 65,736 51,022 192,568 154,430 Operating expenses Selling, general and administrative expenses 56,326 45,496 164,683 135,364 Transaction expenses 579 — 7,728 — Loss (gain) on disposal of assets and other ( 85 ) ( 145 ) 107 137 Total operating expenses 56,820 45,351 172,518 135,501 Operating income 8,916 5,671 20,050 18,929 Other expense (income) Interest expense 7,650 4,504 25,069 13,742 Foreign exchange losses (gains) and other, net 9,631 ( 8,279 ) 13,864 1,129 Loss on extinguishment of debt 1,839 — 2,302 — Total other expense (income), net 19,120 ( 3,775 ) 41,235 14,871 Income (loss) before income taxes ( 10,204 ) 9,446 ( 21,185 ) 4,058 Income tax expense 4,611 1,477 10,641 6,154 Net income (loss) $ ( 14,815 ) $ 7,969 $ ( 31,826 ) $ ( 2,096 ) Weighted average shares outstanding Basic 12,330 10,235 12,287 10,208 Diluted 12,330 10,393 12,287 10,208 Earnings (loss) per share Basic $ ( 1.20 ) $ 0.78 $ ( 2.59 ) $ ( 0.21 ) Diluted $ ( 1.20 ) $ 0.77 $ ( 2.59 ) $ ( 0.21 ) Other comprehensive income (loss), net of tax of $ 0 : Net income (loss) $ ( 14,815 ) $ 7,969 $ ( 31,826 ) $ ( 2,096 ) Change in foreign currency translation 14,254 ( 10,710 ) 14,071 1,197 Gain (loss) on pension liability 25 ( 36 ) 5 ( 15 ) Comprehensive loss $ ( 536 ) $ ( 2,777 ) $ ( 17,750 ) $ ( 914 ) 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) September 30, 2024 December 31, 2023 Assets

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View this 10-Q filing on SEC EDGAR