0001401257-26-000034 | 10-Q | XBRL Viewer | Forum Energy Technologies INC

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which the Company adopts as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. Accounting Standards Issued But Not Yet Adopted Disaggregation of Income Statement Expenses (Subtopic 220-40). In November 2024, FASB issued ASU 2024-03 to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This update is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted, and this update may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Forum Energy Technologies, Inc. (the “Company,” “FET®,” “we,” “our,” or “us”), a Delaware corporation, is a global manufacturing company serving the oil, natural gas, defense and renewable energy industries. With headquarters located in Houston, Texas, FET optimizes customer operations by improving safety, increasing efficiency, and reducing environmental impact. Basis of Presentation The Company's accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. In management's opinion, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any other interim period. These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025, which are included in the Company’s 2025 Annual Report on Form 10-K filed with the SEC on February 27, 2026.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, our income tax expense or benefit is computed based on our estimated annual effective tax rate and any discrete items that impact the interim periods. For the three months ended March 31, 2026 and 2025, the Company recorded a tax expense of $2.9 million and $3.8 million, respectively. The estimated annual effective tax rates for all periods were impacted by losses in jurisdictions where the recording of a tax benefit is not available. Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction. The Organization for Economic Co-operation and Development introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted a global minimum tax and more countries are expected to enact similar minimum tax regimes in 2026. Based on current enacted legislation, we do not expect a material impact on our future effective tax rate. We have deferred tax assets related to net operating loss and other tax carryforwards in the U.S. and in certain states and foreign jurisdictions. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including, but not limited to, our recent history of pretax losses over the prior three year period, the goodwill and intangible asset impairments for various reporting units, the future reversals of existing taxable temporary differences, the projected future taxable income or loss and tax-planning. As of March 31, 2026, we do not anticipate being able to fully utilize all of the losses prior to their expiration in the following jurisdictions: the U.S., United Kingdom, Singapore and China. As a result, we have certain valuation allowances against our deferred tax assets as of March 31, 2026. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA includes various provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Company benefits from enhanced tax deductions related to interest, depreciation, and research and development expenses, partially offset by changes in U.S. taxation of foreign earnings.

- Definition

The entire disclosure for income tax.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
2029 Bonds	$	100,000	$	100,000

Credit Facility	55,053		37,282
Other debt	3,751		4,008
Long-term debt, principal amount	158,804		141,290

Debt issuance cost	(5,084)		(5,362)
Long-term debt, carrying value	153,720		135,928
Less: current portion	(1,383)		(1,407)
Long-term debt, net of current portion	$	152,337	$	134,521

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and parts	$ 90,738	$ 95,617
Work in process	24,722	26,001
Finished goods	143,485	140,822
Total inventories	258,945	262,440
Less: inventory reserve	(22,533)	(23,020)
Inventories, net	$ 236,412	$ 239,420

Earnings (Loss) Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	67	9

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,895	$ 3,767

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Business Segments - Schedule of Revenues Disaggregated by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 208,700	$ 193,279
Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	208,700	193,279
Operating Segments \| Sales \| Product Concentration Risk \| Drilling
Disaggregation of Revenue [Line Items]
Total revenue	32,730	32,113
Operating Segments \| Sales \| Product Concentration Risk \| Subsea
Disaggregation of Revenue [Line Items]
Total revenue	35,495	22,140
Operating Segments \| Sales \| Product Concentration Risk \| Stimulation and Intervention
Disaggregation of Revenue [Line Items]
Total revenue	33,047	37,428
Operating Segments \| Sales \| Product Concentration Risk \| Coiled Tubing
Disaggregation of Revenue [Line Items]
Total revenue	25,467	23,888
Operating Segments \| Sales \| Product Concentration Risk \| Downhole
Disaggregation of Revenue [Line Items]
Total revenue	50,559	47,668
Operating Segments \| Sales \| Product Concentration Risk \| Production Equipment
Disaggregation of Revenue [Line Items]
Total revenue	18,750	19,059
Operating Segments \| Sales \| Product Concentration Risk \| Valve Solutions
Disaggregation of Revenue [Line Items]
Total revenue	12,789	11,069
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	$ (137)	$ (86)

Business Segments - Narrative (Details)	3 Months Ended
Business Segments - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	$ 158,804	$ 141,290
2029 Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	100,000	100,000
2029 Bonds \| Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	105,200	103,500
Debt instrument, carrying value	94,900	94,600
Credit Facility \| Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	55,053	$ 37,282
Debt instrument, carrying value	55,100
2029 Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	$ 100,000

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. For a detailed discussion of our revenue recognition policies, refer to the Company’s 2025 Annual Report on Form 10-K.

Disaggregated Revenue

Refer to Note 9 Business Segments for disaggregated revenue by product line and geography.

Contract Balances

Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, the Company records a contract liability when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract. Such contract liabilities typically result from billings in excess of costs incurred on construction contracts and advance payments received on product sales.

The following table reflects the changes in our contract assets and contract liabilities balances for the three months ended March 31, 2026 (in thousands):


	March 31, 2026		December 31, 2025		Increase (Decrease)
					$		%
Accrued revenue	$	135	$	21
Costs and estimated profits in excess of billings	12,894		9,369


Contract assets	$	13,029	$	9,390	$	3,639	39	%

Deferred revenue	$	17,220	$	17,438
Billings in excess of costs and profits recognized	11,486		16,884
Contract liabilities	$	28,706	$	34,322	$	(5,616)	(16)	%

During the three months ended March 31, 2026, our contract assets increased by $3.6 million and our contract liabilities decreased $5.6 million primarily due to the timing of milestone billings for projects in our Subsea product line.

During the three months ended March 31, 2026, we recognized $16.2 million of revenue that was included in the contract liabilities balance at the beginning of the period.

As of March 31, 2026, the Company’s remaining performance obligations totaled approximately $44.2 million related to contracts with an original expected duration of greater than one year. The remaining performance obligations represent contracted revenue that has not yet been recognized and excludes amounts related to contracts with an original expected duration of one year or less, for which the Company has elected the practical expedient under ASC 606.

The Company expects to recognize approximately $17.4 million of the remaining performance obligations over the next twelve months, with the remainder recognized thereafter, generally over the remaining contract terms, which extend up to three years. Actual timing of revenue recognition may vary due to changes in project scope, execution schedules, or other factors.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 272,579	$ 274,721
Accumulated Amortization	(184,617)	(181,084)
Net Intangibles	87,962	93,637
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	214,684	216,559
Accumulated Amortization	(141,502)	(138,510)
Net Intangibles	$ 73,182	$ 78,049
Customer relationships \| Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	3 years	3 years
Customer relationships \| Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,984	$ 30,122
Accumulated Amortization	(20,605)	(20,241)
Net Intangibles	$ 9,379	$ 9,881
Patents and technology \| Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	10 years	10 years
Patents and technology \| Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years
Trade names and other
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 27,911	$ 28,040
Accumulated Amortization	(22,510)	(22,333)
Net Intangibles	$ 5,401	$ 5,707
Trade names and other \| Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	3 years	3 years
Trade names and other \| Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years

Business Segments - Schedule of Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenue	$ 208,700	$ 193,279
United States \| Sales \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	93,138	103,903
Canada \| Sales \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	42,918	31,437
Europe & Africa \| Sales \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	29,008	19,788
Middle East \| Sales \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	19,045	19,645
Asia-Pacific \| Sales \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	12,964	10,443
Latin America \| Sales \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	$ 11,627	$ 8,063

Revenue - Narrative (Details) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Increase (decrease) in contract with customer assets	$ 3,639
Increase (decrease) in contract with customer liabilities	(5,616)
Revenue recognized	16,200
Remaining performance obligation	$ 44,200
Contract with customer, contract duration (less than) (in years)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 17,400
Expected timing of satisfaction, period (in months)	12 months

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill from December 31, 2025 to March 31, 2026, were as follows (in thousands):


	Artificial Lift and Downhole
Goodwill, December 31, 2025	$	64,667

Impact on non-U.S. local currency translation	(888)
Goodwill, March 31, 2026	$	63,779

Schedule of Intangible Assets

Intangible assets consisted of the following as of March 31, 2026 and December 31, 2025, respectively (in thousands):


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	214,684	$	(141,502)	$	73,182	3 - 15
Patents and technology	29,984		(20,605)		9,379		10 - 19
Trade names and other	27,911		(22,510)		5,401		3 - 19



Total intangible assets	$	272,579	$	(184,617)	$	87,962


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	216,559	$	(138,510)	$	78,049	3 - 15
Patents and technology	30,122		(20,241)		9,881		10 - 19
Trade names and other	28,040		(22,333)		5,707		3 - 19



Total intangible assets	$	274,721	$	(181,084)	$	93,637

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Business Segments - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total assets	$ 763,065	$ 752,455
Operating Segments \| Drilling and Completions
Segment Reporting Information [Line Items]
Total assets	393,251	385,401
Operating Segments \| Artificial Lift and Downhole
Segment Reporting Information [Line Items]
Total assets	353,218	353,505
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 16,596	$ 13,549

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at March 31, 2026 and December 31, 2025, respectively, are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. For further disclosure regarding certain litigation matters, refer to Note 11 of the notes to the consolidated financial statements included in Item 8 of the Company’s 2025 Annual Report on Form 10-K filed with the SEC on February 27, 2026.

Stock-based Compensation (Details)	3 Months Ended
Stock-based Compensation (Details)	Mar. 31, 2026 performance_period shares
Performance Restricted Stock - Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	31,735
Number of performance periods \| performance_period	3
Performance Restricted Stock - Relative TSR \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units (in percent)	0.00%
Performance Restricted Stock - Relative TSR \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units (in percent)	200.00%
Performance Restricted Stock - Relative TSR \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (in percent)	33.33%
Performance Restricted Stock - Relative TSR \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (in percent)	33.33%
Performance Restricted Stock - Relative TSR \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (in percent)	33.33%
Performance Restricted Stock - EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	60,704
Performance Restricted Stock - EBITDA \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units (in percent)	0.00%
Performance Restricted Stock - EBITDA \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units (in percent)	200.00%
Employees \| Time-Based RSU \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	63,463
Award vesting period (in years)	3 years
Non-Employee Members of Board of Directors \| Time-Based RSU \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	7,668
Award vesting period (in years)	1 year
Non-Employee Members of Board of Directors \| Time-Based RES \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	14,239
Award vesting period (in years)	1 year

Business Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segments

The Company operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets.

The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. This segmentation is representative of the manner in which our Chief Operating Decision Maker (“CODM”) and our board of directors make decisions on how to allocate resources and assess performance. We consider the CODM to be the Chief Executive Officer.

The CODM evaluates segment performance based on operating income through monitoring actual results compared to strategic plans and forecasts on a quarterly basis. This analysis guides our CODM's decision-making processes, particularly in evaluating segment profitability, optimizing resource allocation, and managing costs effectively.

Summary financial data by segment follows (in thousands):


	Three Months Ended March 31, 2026
		Drilling and Completions		Artificial Lift and Downhole		Total
Revenue from external customers		$	126,602	$	82,098	$	208,700
Intersegment revenue		137		—		137
Segment revenue		126,739		82,098		208,837
Elimination of intersegment revenue						(137)
Total consolidated revenue						208,700

Less:
Cost of sales		96,550		51,296		147,846
Selling, general and administrative expenses		21,280		19,218		40,498
Segment operating income		$	8,909	$	11,584	$	20,493


	Three Months Ended March 31, 2025
		Drilling and Completions		Artificial Lift and Downhole		Total
Revenue from external customers		$	115,483	$	77,796	$	193,279
Intersegment revenue		86		—		86
Segment revenue		115,569		77,796		193,365
Elimination of intersegment revenue						(86)
Total consolidated revenue						193,279

Less:
Cost of sales		84,354		50,650		135,004
Selling, general and administrative expenses		21,836		19,849		41,685
Segment operating income		$	9,379	$	7,297	$	16,676

A reconciliation of segment operating income to income before income taxes is as follows (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Segment operating income		$	20,493	$	16,676
Less:
Other corporate expenses		9,510		7,698
Transaction expenses		148		51


Loss (gain) on disposal of assets and other		(170)		123
Interest expense		4,141		4,983
Foreign exchange gains and other, net		(523)		(1,068)

Income before income taxes		$	7,387	$	4,889

A summary of consolidated assets by reportable segment is as follows (in thousands):


	March 31, 2026		December 31, 2025
Drilling and Completions	$	393,251	$	385,401
Artificial Lift and Downhole	353,218		353,505
Corporate	16,596		13,549
Total assets	$	763,065	$	752,455

Corporate assets primarily include cash, certain prepaid assets and deferred loan costs.

The following table presents our revenues disaggregated by product line (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Drilling		$	32,730	$	32,113
Subsea		35,495		22,140
Stimulation and Intervention		33,047		37,428
Coiled Tubing		25,467		23,888
Downhole		50,559		47,668
Production Equipment		18,750		19,059
Valve Solutions		12,789		11,069
Eliminations		(137)		(86)
Total revenue		$	208,700	$	193,279

The following table presents our revenues disaggregated by geography (in thousands):


	Three Months Ended
	March 31,
		2026		2025
United States		$	93,138	$	103,903
Canada		42,918		31,437
Europe & Africa		29,008		19,788
Middle East		19,045		19,645

Asia-Pacific		12,964		10,443
Latin America		11,627		8,063
Total revenue		$	208,700	$	193,279

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 24, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	(281)
Local Phone Number	949-2500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,304,286
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Common stock
Trading Symbol	FET
Security Exchange Name	NYSE
NYSE Texas, Inc.
Document Information [Line Items]
Title of 12(b) Security	Common stock
Trading Symbol	FET
Security Exchange Name	CHX

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2026
Equity [Abstract]
Stock-based Compensation	Stock-based Compensation Restricted Stock and Time-Based Restricted Stock Units During the three months ended March 31, 2026, the Company granted 63,463 time-based restricted stock units to employees that vest ratably over three years. Also, during the three months ended March 31, 2026, the Company granted 14,239 time-based restricted stock and 7,668 time-based restricted stock units to non-employee members of the Board of Directors that vest after one year. Performance Share Awards During the three months ended March 31, 2026, the Company granted 31,735 performance restricted stock units (assuming target performance) to employees that vest based upon the Company's total shareholder return compared to the total shareholder return of a group of peer companies over three different performance periods. The performance periods run from January 1, 2026 through December 31, 2026, January 1, 2026 through December 31, 2027 and January 1, 2026 through December 31, 2028, and one-third of each award is allocated to each performance period. The performance restricted stock units may settle for between 0% and 200% of the target units granted. During the three months ended March 31, 2026, the Company granted 60,704 performance restricted stock units (assuming target performance) to employees that vest based upon the Company's earnings before interest, taxes, depreciation and amortization expense over the performance period between January 1, 2026 through December 31, 2028. The performance restricted stock units may settle for between 0% and 200% of the target units granted.

- Definition

The entire disclosure for equity.

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+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company's significant components of inventory at March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Raw materials and parts	$	90,738	$	95,617
Work in process	24,722		26,001
Finished goods	143,485		140,822
Total inventories	258,945		262,440
Less: inventory reserve	(22,533)		(23,020)
Inventories, net	$	236,412	$	239,420

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 4,492	$ 1,122
Weighted average shares outstanding - basic (in shares)	11,214	12,303
Dilutive effect of stock options and restricted stock (in shares)	427	265
Weighted average shares outstanding - diluted (in shares)	11,641	12,568
Earnings per share
Basic (in USD per share)	$ 0.40	$ 0.09
Diluted (in USD per share)	$ 0.39	$ 0.09

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
John Ivascu [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 25, 2026, John C. Ivascu, our Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement for the sale of up to 20,000 shares of our common stock through December 31, 2026. No other director or Section 16 officer adopted, modified or terminated Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the quarter ended March 31, 2026.
Name	John C. Ivascu
Title	Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 25, 2026
Expiration Date	December 31, 2026
Arrangement Duration	309 days
Aggregate Available	20,000

Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 64,667
Impact on non-U.S. local currency translation	(888)
Goodwill ending balance	$ 63,779

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill from December 31, 2025 to March 31, 2026, were as follows (in thousands):


	Artificial Lift and Downhole
Goodwill, December 31, 2025	$	64,667

Impact on non-U.S. local currency translation	(888)
Goodwill, March 31, 2026	$	63,779

Goodwill is not amortized and is tested for impairment at least annually or when events and circumstances indicate that fair value may be below its carrying value.

Intangible Assets

Intangible assets consisted of the following as of March 31, 2026 and December 31, 2025, respectively (in thousands):


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	214,684	$	(141,502)	$	73,182	3 - 15
Patents and technology	29,984		(20,605)		9,379		10 - 19
Trade names and other	27,911		(22,510)		5,401		3 - 19



Total intangible assets	$	272,579	$	(184,617)	$	87,962


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	216,559	$	(138,510)	$	78,049	3 - 15
Patents and technology	30,122		(20,241)		9,881		10 - 19
Trade names and other	28,040		(22,333)		5,707		3 - 19



Total intangible assets	$	274,721	$	(181,084)	$	93,637

Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 208,700	$ 193,279
Cost of sales	147,709	134,918
Gross profit	60,991	58,361
Operating expenses
Selling, general and administrative expenses	50,008	49,383
Transaction expenses	148	51
Loss (gain) on disposal of assets and other	(170)	123
Total operating expenses	49,986	49,557
Operating income	11,005	8,804
Other expense (income)
Interest expense	4,141	4,983
Foreign exchange gains and other, net	(523)	(1,068)
Total other expense	3,618	3,915
Income before taxes	7,387	4,889
Income tax expense	2,895	3,767
Net income	$ 4,492	$ 1,122
Weighted average shares outstanding
Basic (in shares)	11,214	12,303
Diluted (in shares)	11,641	12,568
Earnings per share
Basic (in USD per share)	$ 0.40	$ 0.09
Diluted (in USD per share)	$ 0.39	$ 0.09
Other comprehensive income (loss), net of tax of $0 and $0 :
Net income	$ 4,492	$ 1,122
Change in foreign currency translation	(3,612)	484
Gain (loss) on pension liability	(17)	36
Comprehensive income	$ 863	$ 1,642

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 37,488	$ 34,661
Accounts receivable—trade, net of allowances of $9,611 and $8,953	155,480	142,396
Inventories, net	236,412	239,420
Prepaid expenses and other current assets	21,907	23,017
Costs and estimated profits in excess of billings	12,894	9,369
Accrued revenue	135	21
Total current assets	464,316	448,884
Property and equipment, net of accumulated depreciation	49,590	51,905
Operating lease assets	83,217	80,733
Deferred financing costs, net	3,085	1,580
Goodwill	63,779	64,667
Intangible assets, net	87,962	93,637
Deferred income taxes, net	7,725	7,887
Other long-term assets	3,391	3,162
Total assets	763,065	752,455
Current liabilities
Current portion of long-term debt	1,383	1,407
Accounts payable—trade	114,689	94,561
Accrued liabilities	63,834	76,244
Deferred revenue	17,220	17,438
Billings in excess of costs and profits recognized	11,486	16,884
Total current liabilities	208,612	206,534
Long-term debt, net of current portion	152,337	134,521
Deferred income taxes, net	19,234	20,425
Operating lease liabilities	86,476	83,957
Other long-term liabilities	15,723	15,875
Total liabilities	482,382	461,312
Commitments and contingencies
Equity
Common stock, $0.01 par value, 29,600,000 shares authorized, 13,507,226 and 13,192,818 shares issued	135	132
Additional paid-in capital	1,420,832	1,427,589
Treasury stock at cost, 2,188,713 and 2,095,969 shares	(181,238)	(176,669)
Retained deficit	(839,965)	(844,457)
Accumulated other comprehensive loss	(119,081)	(115,452)
Total equity	280,683	291,143
Total liabilities and equity	$ 763,065	$ 752,455
Common stock, shares authorized (in shares)	29,600,000	29,600,000

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2026
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had $55.1 million and $100.0 million borrowings outstanding under the Credit Facility and 2029 Bonds as of March 31, 2026, respectively. The Credit Facility incurs interest at a variable interest rate and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of our 2029 Bonds is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2026, the fair value and the carrying value of our 2029 Bonds approximated $105.2 million and $94.9 million, respectively. At December 31, 2025, the fair value and the carrying value of our 2029 Bonds approximated $103.5 million and $94.6 million, respectively. There were no other significant outstanding financial instruments as of March 31, 2026 and December 31, 2025 that required measuring the amounts at fair value on a recurring basis. We did not change our valuation techniques associated with recurring fair value measurements from prior periods, and there were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2026.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
2029 Bonds	$	100,000	$	100,000

Credit Facility	55,053		37,282
Other debt	3,751		4,008
Long-term debt, principal amount	158,804		141,290

Debt issuance cost	(5,084)		(5,362)
Long-term debt, carrying value	153,720		135,928
Less: current portion	(1,383)		(1,407)
Long-term debt, net of current portion	$	152,337	$	134,521

2029 Bonds

The 10.5% senior secured bonds due 2029 (“2029 Bonds”) were issued pursuant to the Bond Terms, dated as of November 5, 2024 (the “Bond Terms”), between the Company and Nordic Trustee AS, as bond trustee and security agent (the “Bond Trustee”). In May 2025, the 2029 Bonds were listed on the Euronext ABM exchange. The 2029 Bonds are the Company’s senior secured obligations and are jointly and severally guaranteed on a senior secured basis by each of the Company’s present and future direct and indirect domestic subsidiaries that guarantees its Credit Facility and certain of the Company’s foreign subsidiaries.

The 2029 Bonds will mature on November 7, 2029. Interest on the 2029 Bonds will accrue at a rate of 10.5% per annum payable semi-annually in arrears on May 7 and November 7 of each year in cash, beginning May 7, 2025. Prepayment of the 2029 Bonds prior to May 7, 2027 requires the payment of make-whole amounts, and prepayments on or after that date are subject to prepayment premiums that decline over time.

The 2029 Bonds contain the following financial covenants: (i) a maximum leverage ratio of 4.0x; and (ii) a minimum liquidity test equal to $25.0 million, in each case, for the Company and its consolidated subsidiaries. The Bond Terms also contain certain equity cure rights with respect to such financial covenants. The 2029 Bonds are also subject to negative covenants as set forth in the Bond Terms. As of March 31, 2026, the Company was in compliance with all of its 2029 Bonds financial covenants.

Upon the occurrence of certain change of control events, as specified in the Bond Terms, each holder of the 2029 Bonds will have the right to require that the Company repurchase all or some of such holder’s 2029 Bonds in cash at a purchase price equal to 101% of the aggregate principal amount thereof.

The Bond Terms contain certain customary events of default, including, among other things: (i) default in the payment of any amount when due; (ii) default in the performance or breach of any other covenant in the Finance Documents, as defined in the Bond Terms, which default continues uncured for a period of 20 business days after the earlier of (1) the Company’s actual knowledge of such event or (2) the Company’s receipt of notice from the Bond Trustee; and (iii) certain voluntary or involuntary events of bankruptcy, insolvency or reorganization of the Company.

Credit Facility

In February 2026, we amended our senior secured revolving credit facility (“Credit Facility”) to (i) extend the scheduled maturity date from September 8, 2028 to February 4, 2031, (ii) revise the interest rate margin over Secured Overnight Financing Rate (“SOFR”) applicable to outstanding loans, previously ranging from 2.25% to 2.75% determined based on the Company’s total net leverage ratio, to instead range from 2.00% to 2.50%, determined based on excess availability under the Credit Facility and (iii) increase the U.S. letter of credit sublimit from $70.0 million to $100.0 million. The Canadian letter of credit sublimit remains at $10.0 million U.S. dollar.

Following such amendment, the Credit Facility matures on the earliest of (a) February 4, 2031 and (b) the date that is 91 days prior to the maturity of the 2029 Bonds or any notes issued to refinance the 2029 Bonds (which will not apply if the 2029 Bonds or any such refinancing notes are repaid prior to such 91st day). The Credit Facility provides revolving credit commitments of $250.0 million (with a sublimit of up to $100.0 million available for the issuance of letters of credit for the account of the Company and certain of its domestic subsidiaries) (the “U.S. Line”), of which up to $50.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $10.0 million U.S. dollar available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Lender commitments under the Credit Facility, subject to certain limitations, may be increased by an additional $100.0 million.

Availability under the Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our receivables and inventory. As of March 31, 2026, our total borrowing base was $149.0 million, of which amount $55.1 million was drawn and $40.3 million was used as security for outstanding letters of credit, resulting in remaining availability of $53.6 million.

Borrowings under the U.S. Line bear interest at a rate equal to, at our option, either (a) SOFR, subject to a floor of 0.00%, plus a margin of 2.00% to 2.50%, or (b) a base rate plus a margin of 1.00% to 1.50%, in each case based upon the Company's excess availability under the Credit Facility. The U.S. Line base rate is determined by reference to the greatest of (i) the federal funds rate plus 0.50% per annum, (ii) the one-month adjusted term SOFR plus 1.00% per annum, and (iii) the “prime rate” of interest announced by Wells Fargo Bank, National Association, subject to a floor of 0.00%.

Borrowings under the Canadian Line bear interest at a rate equal to, at our Canadian borrowers’ option, either (a) Canadian Overnight Repo Rate Average (“CORRA”), subject to a floor of 0.00%, plus a margin of 2.00% to 2.50%, or (b) a base rate plus a margin of 1.00% to 1.50%, in each case based upon the Company's excess availability under the Credit Facility. The Canadian Line base rate is determined by reference to the greater of (i) the one-month CORRA plus 1.00% per annum and (ii) the prime rate for Canadian dollar commercial loans made in Canada as reported by Thomson Reuters, subject to a floor of 0.00%.

The weighted average interest rate under the Credit Facility was approximately 6.39% and 7.55% for the three months ended March 31, 2026 and 2025, respectively.

The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% on the unused portion of revolving commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% on the unused portion of revolving commitments if average usage of the Credit Facility is less than or equal to 50%.

If excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base and $31.25 million, we will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter until excess availability under the Credit Facility exceeds such threshold for 60 consecutive days.

Subject to customary exceptions, all obligations under the Credit Facility are guaranteed, jointly and severally, by our wholly-owned U.S. subsidiaries and, in the case of the Canadian Line, our wholly-owned Canadian subsidiaries, and are secured by substantially all assets of each such entity and the Company, subject to customary exclusions. Subject to customary exceptions, all obligations under the Credit Facility are further guaranteed by our subsidiaries organized or domiciled under the laws of the United Kingdom or any territory or county thereof and secured by certain assets of such subsidiaries. In certain circumstances, obligations under the Credit Facility may be required to be guaranteed by and secured by the assets of our subsidiaries organized or domiciled under the laws of Germany or any territory or county thereof.

The Credit Facility contains various covenants that, among other things, limit our ability (none of which are absolute) to incur additional indebtedness or issue certain preferred shares, grant certain liens, make certain loans and investments, pay dividends, make distributions or make other restricted payments, enter into mergers or acquisitions unless certain conditions are satisfied, change our lines of business, prepay certain indebtedness, enter into certain affiliate transactions or engage in certain asset dispositions.

If an event of default exists under the Credit Facility, the lenders will have the right to accelerate the maturity of the obligations outstanding under the Credit Facility and exercise other rights and remedies. Obligations outstanding under the Credit Facility, however, will be automatically accelerated upon an event of default arising from a

bankruptcy or insolvency event. An event of default includes, among other things, nonpayment of principal, interest, fees or other amounts within certain grace periods; representations and warranties proving to be untrue in any material respect; failure to perform or otherwise comply with covenants in the Credit Facility or other loan documents, subject, in certain instances, to grace periods; cross-defaults to certain other indebtedness if such default occurs at the final maturity of such indebtedness or if the effect of such default is to cause, or permit the holders of such indebtedness to cause, the acceleration of such indebtedness; bankruptcy or insolvency events; material monetary judgment defaults; invalidity or unenforceability of the Credit Facility or any other loan document; and the occurrence of a Change of Control (as defined in the Credit Facility).

As of March 31, 2026, the Company was in compliance with all of its Credit Facility financial covenants.

Other Debt

Other debt consists of various finance leases of equipment.

Letters of Credit and Guarantees

We execute letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee our fulfillment of performance obligations relating to certain large contracts. The Company had $40.3 million and $36.2 million in total outstanding letters of credit as of March 31, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Contract Assets and Contract Liabilities

The following table reflects the changes in our contract assets and contract liabilities balances for the three months ended March 31, 2026 (in thousands):


	March 31, 2026		December 31, 2025		Increase (Decrease)
					$		%
Accrued revenue	$	135	$	21
Costs and estimated profits in excess of billings	12,894		9,369


Contract assets	$	13,029	$	9,390	$	3,639	39	%

Deferred revenue	$	17,220	$	17,438
Billings in excess of costs and profits recognized	11,486		16,884
Contract liabilities	$	28,706	$	34,322	$	(5,616)	(16)	%

Business Segments - Schedule of Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenue	$ 208,700	$ 193,279
Cost of sales	147,709	134,918
Selling, general and administrative expenses	50,008	49,383
Segment operating income	11,005	8,804
Other corporate expenses	9,510	7,698
Transaction expenses	148	51
Loss (gain) on disposal of assets and other	(170)	123
Interest expense	4,141	4,983
Foreign exchange gains and other, net	(523)	(1,068)
Income before income taxes	7,387	4,889
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	208,700	193,279
Cost of sales	147,846	135,004
Selling, general and administrative expenses	40,498	41,685
Segment operating income	20,493	16,676
Operating Segments \| Drilling and Completions
Segment Reporting Information [Line Items]
Total revenue	126,602	115,483
Cost of sales	96,550	84,354
Selling, general and administrative expenses	21,280	21,836
Segment operating income	8,909	9,379
Operating Segments \| Artificial Lift and Downhole
Segment Reporting Information [Line Items]
Total revenue	82,098	77,796
Cost of sales	51,296	50,650
Selling, general and administrative expenses	19,218	19,849
Segment operating income	11,584	7,297
Intersegment revenue
Segment Reporting Information [Line Items]
Total revenue	137	86
Intersegment revenue \| Drilling and Completions
Segment Reporting Information [Line Items]
Total revenue	137	86
Intersegment revenue \| Artificial Lift and Downhole
Segment Reporting Information [Line Items]
Total revenue	0	0
Segment revenue
Segment Reporting Information [Line Items]
Total revenue	208,837	193,365
Segment revenue \| Drilling and Completions
Segment Reporting Information [Line Items]
Total revenue	126,739	115,569
Segment revenue \| Artificial Lift and Downhole
Segment Reporting Information [Line Items]
Total revenue	82,098	77,796
Elimination of intersegment revenue
Segment Reporting Information [Line Items]
Total revenue	$ (137)	$ (86)

Debt - Narrative (Details)		1 Months Ended
Debt - Narrative (Details)	Nov. 08, 2024 USD ($) d	Feb. 28, 2026 USD ($)	Mar. 31, 2026 USD ($)	Feb. 27, 2026 USD ($)	Dec. 31, 2025 USD ($)	Mar. 31, 2025
Debt Instrument [Line Items]
Number of business days \| d	20
Outstanding letters of credit			$ 40,300,000		$ 36,200,000
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 53,600,000
Borrowing base (in percent)		50.00%
Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000.0
Maturity extension threshold period (in days)		91 days
Line of credit facility, incremental commitments		$ 100,000,000.0
Weighted average interest rate (in percent)			6.39%			7.55%
Revolving Credit Facility \| Credit Facility \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000.0
Revolving Credit Facility \| Credit Facility \| SOFR Floor
Debt Instrument [Line Items]
Variable interest rate (in percent)		0.00%
Revolving Credit Facility \| Credit Facility \| CORRA Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)		1.00%
Letter of Credit \| Credit Facility \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 10,000,000.0
Minimum \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate (in percent)		2.25%
Minimum \| Revolving Credit Facility \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate (in percent)		2.00%
Minimum \| Revolving Credit Facility \| Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)		1.00%
Minimum \| Revolving Credit Facility \| Credit Facility \| CORRA Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)		2.00%
Maximum \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate (in percent)		2.75%
Maximum \| Revolving Credit Facility \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate (in percent)		2.50%
Maximum \| Revolving Credit Facility \| Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)		1.50%
Maximum \| Revolving Credit Facility \| Credit Facility \| CORRA Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)		2.50%
2029 Bonds
Debt Instrument [Line Items]
Debt stated interest rate (in percent)	10.50%
Debt instrument, covenant, leverage ratio, maximum	4.0
Debt instrument, covenant, minimum liquidity test amount	$ 25,000,000.0
Debt instrument, purchase price of principal (in percent)	1.01
U.S. Line \| Letter of Credit \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000.0		$ 70,000,000.0
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 149,000,000.0
Debt instrument, carrying value			55,100,000
Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate (in percent)		1.00%
Credit Facility \| Revolving Credit Facility \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)		0.50%
Credit Facility \| Letter of Credit \| Credit Facility
Debt Instrument [Line Items]
Line of credit outstanding			$ 40,300,000
Credit Facility \| Minimum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Commitment fee (in percent)		1.00%
Credit Facility \| Maximum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Commitment fee (in percent)		1.50%
Credit Facility Unused Portion Greater Than 50% \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused capacity commitment fee (in percent)		0.375%
Credit Facility Unused Portion Less Than or Equal to 50% \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee (in percent)		0.50%
2017 Credit Facility, 12.5% of Borrowing Base \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 31,250,000
Borrowing base (in percent)		12.50%
2017 Credit Facility, 12.5% of Borrowing Base \| Minimum \| Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio		1.00
Fixed charge coverage ratio consecutive days threshold		60 days

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

The Company's significant components of inventory at March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Raw materials and parts	$	90,738	$	95,617
Work in process	24,722		26,001
Finished goods	143,485		140,822
Total inventories	258,945		262,440
Less: inventory reserve	(22,533)		(23,020)
Inventories, net	$	236,412	$	239,420

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained deficit	Accumulated other comprehensive income / (loss)
Balance at beginning of period at Dec. 31, 2024	$ 319,900	$ 130	$ 1,419,871	$ (142,057)	$ (834,797)	$ (123,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,818		1,818
Restricted stock issuance, net of shares withheld for taxes	(1,321)	2	(1,323)
Treasury stock	(1,997)			(1,997)
Currency translation adjustment	484					484
Change in pension liability	36					36
Net income (loss)	1,122				1,122
Balance at end of period at Mar. 31, 2025	320,042	132	1,420,366	(144,054)	(833,675)	(122,727)
Balance at beginning of period at Dec. 31, 2025	291,143	132	1,427,589	(176,669)	(844,457)	(115,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,520		2,520
Restricted stock issuance, net of shares withheld for taxes	(9,274)	3	(9,277)
Treasury stock	(4,569)			(4,569)
Currency translation adjustment	(3,612)					(3,612)
Change in pension liability	(17)					(17)
Net income (loss)	4,492				4,492
Balance at end of period at Mar. 31, 2026	$ 280,683	$ 135	$ 1,420,832	$ (181,238)	$ (839,965)	$ (119,081)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net income	$ 4,492	$ 1,122
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	3,186	3,689
Amortization of intangible assets	4,616	5,286
Inventory write-down	397	390
Stock-based compensation expense	2,520	1,818
Deferred income taxes	(846)	(1,559)
Other	1,438	334
Changes in operating assets and liabilities
Accounts receivable—trade	(14,810)	1,113
Inventories	1,756	2,850
Prepaid expenses and other current assets	604	1,740
Cost and estimated profit in excess of billings	(3,663)	(27)
Accounts payable, deferred revenue and other accrued liabilities	7,292	(8,587)
Billings in excess of costs and profits recognized	(5,355)	1,157
Net cash provided by operating activities	1,627	9,326
Cash flows from investing activities
Capital expenditures for property and equipment	(256)	(2,110)
Proceeds from sale of property and equipment	3	14
Net cash used in investing activities	(253)	(2,096)
Cash flows from financing activities
Borrowings on Credit Facility	137,934	132,038
Repayments on Credit Facility	(120,163)	(148,585)
Payment of capital lease obligations	(417)	(455)
Deferred financing costs	(1,659)	(693)
Repurchases of stock	(4,569)	(1,997)
Payment of withheld taxes on stock-based compensation plans	(9,274)	(1,321)
Net cash provided by (used in) financing activities	1,852	(21,013)
Effect of exchange rate changes on cash	(399)	265
Net increase (decrease) in cash, cash equivalents and restricted cash	2,827	(13,518)
Cash, cash equivalents and restricted cash at beginning of period	34,661	44,661
Cash, cash equivalents and restricted cash at end of period	37,488	31,143
Supplemental cash flow disclosures
Cash paid for interest	1,094	1,942
Cash paid for income taxes	7,819	1,585
Noncash activities
Operating lease assets obtained in exchange for lease obligations	5,397	629
Finance lease assets obtained in exchange for lease obligations	185	262
Accrued purchases of property and equipment	$ 833	$ 814

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Other comprehensive income (loss), net of tax	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 135	$ 21
Costs and estimated profits in excess of billings	12,894	9,369
Contract assets	13,029	9,390
Increase (decrease) in contract with customer assets	$ 3,639
Increase (decrease) in contract with customer assets (in percent)	39.00%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 17,220	17,438
Billings in excess of costs and profits recognized	11,486	16,884
Contract liabilities	28,706	$ 34,322
Increase (decrease) in contract with customer liabilities	$ (5,616)
Increase (decrease) in contract with customer liability (in percent)	(16.00%)

Business Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Financial Data by Segment and Assets by Reportable Segment

Summary financial data by segment follows (in thousands):


	Three Months Ended March 31, 2026
		Drilling and Completions		Artificial Lift and Downhole		Total
Revenue from external customers		$	126,602	$	82,098	$	208,700
Intersegment revenue		137		—		137
Segment revenue		126,739		82,098		208,837
Elimination of intersegment revenue						(137)
Total consolidated revenue						208,700

Less:
Cost of sales		96,550		51,296		147,846
Selling, general and administrative expenses		21,280		19,218		40,498
Segment operating income		$	8,909	$	11,584	$	20,493


	Three Months Ended March 31, 2025
		Drilling and Completions		Artificial Lift and Downhole		Total
Revenue from external customers		$	115,483	$	77,796	$	193,279
Intersegment revenue		86		—		86
Segment revenue		115,569		77,796		193,365
Elimination of intersegment revenue						(86)
Total consolidated revenue						193,279

Less:
Cost of sales		84,354		50,650		135,004
Selling, general and administrative expenses		21,836		19,849		41,685
Segment operating income		$	9,379	$	7,297	$	16,676

A reconciliation of segment operating income to income before income taxes is as follows (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Segment operating income		$	20,493	$	16,676
Less:
Other corporate expenses		9,510		7,698
Transaction expenses		148		51


Loss (gain) on disposal of assets and other		(170)		123
Interest expense		4,141		4,983
Foreign exchange gains and other, net		(523)		(1,068)

Income before income taxes		$	7,387	$	4,889

A summary of consolidated assets by reportable segment is as follows (in thousands):


	March 31, 2026		December 31, 2025
Drilling and Completions	$	393,251	$	385,401
Artificial Lift and Downhole	353,218		353,505
Corporate	16,596		13,549
Total assets	$	763,065	$	752,455

Schedule of Revenues Disaggregated by Product Line

The following table presents our revenues disaggregated by product line (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Drilling		$	32,730	$	32,113
Subsea		35,495		22,140
Stimulation and Intervention		33,047		37,428
Coiled Tubing		25,467		23,888
Downhole		50,559		47,668
Production Equipment		18,750		19,059
Valve Solutions		12,789		11,069
Eliminations		(137)		(86)
Total revenue		$	208,700	$	193,279

Schedule of Revenue Disaggregated by Geography

The following table presents our revenues disaggregated by geography (in thousands):


	Three Months Ended
	March 31,
		2026		2025
United States		$	93,138	$	103,903
Canada		42,918		31,437
Europe & Africa		29,008		19,788
Middle East		19,045		19,645

Asia-Pacific		12,964		10,443
Latin America		11,627		8,063
Total revenue		$	208,700	$	193,279

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Three Months Ended
	March 31,
		2026		2025
Net income		$	4,492	$	1,122



Weighted average shares outstanding - basic		11,214		12,303
Dilutive effect of stock options and restricted stock		427		265

Weighted average shares outstanding - diluted		11,641		12,568

Earnings per share
Basic		$	0.40	$	0.09
Diluted		$	0.39	$	0.09

For the three months ended March 31, 2026 and 2025, the diluted earnings per share excludes approximately 67 thousand and 9 thousand shares, respectively, because they were anti-dilutive. Diluted earnings per share was calculated using treasury stock method for the stock options and restricted stock.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Three Months Ended
	March 31,
		2026		2025
Net income		$	4,492	$	1,122



Weighted average shares outstanding - basic		11,214		12,303
Dilutive effect of stock options and restricted stock		427		265

Weighted average shares outstanding - diluted		11,641		12,568

Earnings per share
Basic		$	0.40	$	0.09
Diluted		$	0.39	$	0.09

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Trade accounts receivable allowance	$ 9,611	$ 8,953
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	29,600,000	29,600,000
Common stock, shares issued (in shares)	13,507,226	13,192,818
Treasury stock, common shares (in shares)	2,188,713	2,095,969

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 158,804	$ 141,290
Debt issuance cost	(5,084)	(5,362)
Long-term debt, carrying value	153,720	135,928
Less: current portion	(1,383)	(1,407)
Long-term debt, net of current portion	152,337	134,521
2029 Bonds
Debt Instrument [Line Items]
Long-term debt, gross	100,000	100,000
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	55,053	37,282
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,751	$ 4,008

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which the Company adopts as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. Accounting Standards Issued But Not Yet Adopted Disaggregation of Income Statement Expenses (Subtopic 220-40). In November 2024, FASB issued ASU 2024-03 to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This update is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted, and this update may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements.