Mon, Mar 3, 9:05 PM (13 days ago)
**Forum Energy Technologies, Inc. (FET) - Summary of Financial Performance for FY 2024** **Financial Performance:** - **Revenue:** Increased by 10.5% to $816.4 million, driven by the Variperm acquisition and growth in the Artificial Lift and Downhole segment. - **Net Income:** Reported a net loss of $135.3 million, compared to a loss of $18.9 million in 2023, primarily due to $119.1 million impairment of intangible assets. - **Operating Expenses:** Totaled $341.8 million, reflecting a sharp rise in transaction expenses and increased operational costs. - **Earnings per Share:** Loss per share was $11.00, significantly higher than the previous year’s loss of $1.85. **Strategic Overview:** FET focuses on manufacturing for oil, gas, and renewable energy sectors, with 80% of revenue from consumables. The Variperm acquisition has strategically enhanced FET’s offerings in downhole technology. **Future Outlook:** The company anticipates continued demand for hydrocarbons alongside renewable energy growth. However, challenges include fluctuating oil prices and competitive pressures. **Risk Factors:** Key risks involve reliance on oil and gas activity levels, supply chain disruptions, regulatory changes, and potential litigation. **Financial Condition:** As of December 31, 2024, total assets were $816 million, with total liabilities of $496 million, indicating a stable financial structure despite the net loss. **Market Position Changes:** The acquisition of Variperm has shifted FET's revenue mix, enhancing its market position in the Downhole segment while facing challenges in the Drilling and Completions segment.