Forum Energy Technologies, Inc. announced fourth quarter 2024 revenue of $201 million and orders of $190 million. The fourth quarter net loss was $104 million, which included a non-cash, pre-tax intangible asset impairment of $119 million and an $11 million tax valuation allowance release.
For the full year 2024, the company reported a net loss of $135 million, or $11.00 per diluted share, with an adjusted net loss of $11 million. A key highlight was the generation of $105 million in free cash flow, the highest since 2015, driven by efficient working capital management.
The Variperm acquisition significantly contributed to financial results, with consolidated revenue up $78 million and adjusted EBITDA increasing $33 million, achieving a 42% incremental margin. FET also began executing its $75 million share repurchase program in January, allocating 50% of free cash flow to debt reduction and 50% to strategic investments.
Looking ahead, FET provided full-year 2025 adjusted EBITDA guidance in the range of $85 million to $105 million and free cash flow guidance of $40 million to $60 million. This outlook anticipates a 2% to 5% decrease in global drilling and completion activity, which the company aims to offset through market share gains from its 'Beat the Market' strategy.
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