Forum Energy beats top-line and bottom-line estimates; gives Q4 and raises FY26 outlook

• Forum Energy press release (FET): Q3 Non-GAAP EPS of $1.51 beats by $0.29.
• Revenue of $236.81M (+20.7% Y/Y) beats by $3.46M.
• Orders: $244 million, book-to-bill ratio of 103%.
• Adjusted EBITDA: $36 million, up 14%
• Operating cash flow and free cash flow: $32 million and $30 million, up 158% and 214%.

• “With strong demand, improving industry activity, and continued execution of our strategy, we are raising full-year 2026 guidance. We remain well positioned to deliver another strong quarter and carry meaningful momentum into 2027 as we advance toward achieving our FET 2030 objectives.”

  	Fourth Quarter 2026 Guidance				Full Year 2026 Guidance
  	Range ($ millions)		YoY Change %		Range ($ millions)		YoY Change %
  Revenue	$230 to $250 (vs. consensus of $221.25M)		19%		$900 to $920 (vs. consensus of $886.80M)		15%
  Adjusted EBITDA	$33 to $39		59%		$123 to $129		46%
  Adjusted Net Income	$15 to $21		263%		$52 to $58		639%
  Free Cash Flow2	$25 to $30		27%		$66 to $71		5%

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