Forum Energy Technologies stock surged 32% in June due to securing a new military contract.

Forum Energy Technologies experienced a 32% increase in stock due to a new military contract for components across the Pacific. The company secured a deal with the Indonesian Navy for a submarine rescue vehicle system, boasting the LR600 with advanced technology. Financial details were not disclosed, but Forum’s sales have steadily climbed from $512.5 million in 2020 to over $816 million in 2021.

The LR600 submarine rescue vehicle, built for depths of up to 605 meters, will be integrated with a hyperbaric rescue facility. The contract includes a custom launch and recovery system and decompression system. CEO Neal Lux emphasized Forum’s cutting-edge technology and extensive product portfolio in the subsea sector and across various markets.

While Forum Energy Technologies did not disclose the financial details of the Indonesian Navy contract, the company has shown consistent growth in sales. Annual sales have increased from $512.5 million in 2020 to over $816 million in 2021. However, the company has only reported a net profit once in recent years, raising questions about its financial performance and impact of new contracts.

Read more at Yahoo Finance: Why Forum Energy Technologies Stock Skyrocketed by 32% in June