Energy Recovery Reports its Second Quarter 2025 Financial Results
Related Documents
SAN LEANDRO, Calif.--(BUSINESS WIRE)-- Energy Recovery, Inc. (Nasdaq:ERII) ("Energy Recovery" or the "Company") today announced its financial results for the second quarter and six months ended June 30, 2025.
Second Quarter Highlights
- Q2'2025 financial results were in-line with internal expectations and consistent with our communicated expectations for quarterly revenue cadence in 2025.
- Revenue of $28.1 million, an increase of $0.9 million, as compared to Q2'2024, due to timing of revenue from contracted projects.
- Gross margin of 64.0%, a decrease of 60 bps, as compared to Q2'2024, due primarily to costs related to product mix and tariffs.
- Operating expenses of $16.5 million, a decrease of 15.8%, as compared to Q2'2024, due primarily to a decrease in employee costs and consulting costs.
- Income from operations of $1.5 million, an increase of 173.2%, as compared to Q2'2024, mainly due to higher revenue and lower operating expenses.
- Net income of $2.1 million and adjusted EBITDA(1) of $4.4 million.
- Cash and investments of $93.7 million, which includes cash, cash equivalents, and short- and long-term investments.
In conjunction with these financial results, management has released a letter to shareholders reviewing business and financial updates from the second quarter and discussing our outlook for 2025. This letter is located under "Financial Info" in the "Investors" section on the Energy Recovery website (https://ir.energyrecovery.com/financial-information).
Financial Highlights
|
Quarter-to-Date |
Year to Date |
|||||||||||
|
Q2'2025 |
Q2'2024 |
vs. Q2'2024 |
2025 |
2024 |
2025 vs. 2024 |
|||||||
|
(In millions, except net income (loss) per share, percentages and basis points) |
||||||||||||
|
Revenue |
$28.1 |
$27.2 |
up 3% |
$36.1 |
$39.3 |
down 8% |
||||||
|
Gross margin |
64.0% |
64.6% |
down 60 bps |
62.1% |
62.9% |
down 80 bps |
||||||
|
Operating margin |
5.3% |
(7.4%) |
NM |
(30.7%) |
(33.0%) |
up 230 bps |
||||||
|
Net income (loss) |
$2.1 |
($0.6) |
up 420% |
($7.8) |
($8.9) |
up 12% |
||||||
|
Net income (loss) per share |
$0.04 |
($0.01) |
up $0.05 |
($0.14) |
($0.16) |
up $0.02 |
||||||
|
Effective tax rate |
14.0% |
10.5% |
||||||||||
|
Cash provided by operations |
$4.1 |
$8.1 |
$14.8 |
$14.6 |
||||||||
Non-GAAP Financial Highlights (1)
|
Quarter-to-Date |
Year to Date |
|||||||||||
|
Q2'2025 |
Q2'2024 |
vs. Q2'2024 |
2025 |
2024 |
2025 vs. 2024 |
|||||||
|
(In millions, except adjusted net income (loss) per share, percentages and basis points) |
||||||||||||
|
Adjusted operating margin |
12.2% |
15.3% |
down 310 bps |
(17.4%) |
(7.7%) |
down 970 bps |
||||||
|
Adjusted net income (loss) |
$3.7 |
$5.0 |
down 25% |
($3.3) |
$0.5 |
NM |
||||||
|
Adjusted net income (loss) per share |
$0.07 |
$0.09 |
down $0.02 |
($0.06) |
$0.01 |
down $0.07 |
||||||
|
Adjusted EBITDA |
$4.4 |
$5.2 |
($4.4) |
($1.0) |
||||||||
|
Free cash flow |
$4.0 |
$7.9 |
$14.5 |
$13.5 |
||||||||
_______________
|
(1) |
Refer to the sections "Use of Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" for definitions of our non-GAAP financial measures and reconciliations of GAAP to non-GAAP amounts, respectively. |
|
|
NM |
Not Meaningful |
Forward-Looking Statements
Certain matters discussed in this press release and on the conference call are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information currently available to the Company and on management's beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Potential risks and uncertainties include risks relating to the future demand for the Company's products, risks relating to performance by our customers and third-party partners, risks relating to the timing of revenue, and any other factors that may have been discussed herein regarding the risks and uncertainties of the Company's business, and the risks discussed under "Risk Factors" in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") for the year ended December 31, 2024, as well as other reports filed by the Company with the SEC from time to time. Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, including adjusted operating margin, adjusted net income (loss), adjusted net income (loss) per share, adjusted EBITDA and free cash flow. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Notes to the Financial Results
- Adjusted operating margin is a non-GAAP financial measure that the Company defines as income (loss) from operations which excludes i) stock-based compensation; ii) executive transition costs, such as executive search costs, retention costs, one-time severance costs and one-time corporate growth strategy costs; and iii) restructuring charges, divided by revenues.
- Adjusted net income (loss) is a non-GAAP financial measure that the Company defines as net income (loss) which excludes i) stock-based compensation; ii) executive transition costs; iii) restructuring charges; iv) impairment of long-lived assets; and v) the applicable tax effect of the excluded items including the stock-based compensation discrete tax item.
- Adjusted net income (loss) per share is a non-GAAP financial measure that the Company defines as net income (loss), which excludes i) stock-based compensation; ii) executive transition costs; iii) restructuring charges; iv) impairment of long-lived assets; and v) the applicable tax effect of the excluded items including the stock-based compensation discrete tax item, divided by basic shares outstanding.
- Adjusted EBITDA is a non-GAAP financial measure that the Company defines as net income (loss) which excludes i) depreciation and amortization; ii) stock-based compensation; iii) executive transition costs; iv) restructuring charges; v) impairment of long-lived assets; vi) other income, net, such as interest income and other non-operating expense, net; and vii) provision for (benefit from) income taxes.
- Free cash flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities less capital expenditures.
Conference Call to Discuss Financial Results
LIVE CONFERENCE Q&A CALL:
Wednesday, August 6, 2025, 2:00 PM PT / 5:00 PM ET
US / Canada Toll-Free: +1 (888) 645-4404
Local / International Toll: +1 (862) 298-0702
CONFERENCE Q&A CALL REPLAY:
Available approximately three hours after conclusion of the live call.
Expiration: Saturday, September 6, 2025
US / Canada Toll-Free: +1 (877) 660-6853
Local / International Toll: +1 (201) 612-7415
Access code: 13755031
Investors may also access the live call and the replay over the internet on the "Events" page of the Company's website located at https://ir.energyrecovery.com/news-events/ir-calendar.
Disclosure Information
Energy Recovery uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Energy Recovery's investor relations website in addition to following Energy Recovery's press releases, SEC filings, and public conference calls and webcasts.
About Energy Recovery
Energy Recovery (Nasdaq: ERII) is a trusted global leader in energy efficiency technology. Building on the Company's pressure exchanger technology platform, the Company designs and manufactures reliable, high-performance solutions that generate cost savings and increase energy efficiency across several industries. With a strong foundation in the desalination industry, the Company has delivered transformative solutions that optimize operations and deliver positive environmental impact to its customers worldwide for more than 30 years. Headquartered in the San Francisco Bay Area, the Company has manufacturing and research and development facilities across California with sales and on-site technical support available globally. To learn more, visit https://energyrecovery.com/.
|
ENERGY RECOVERY, INC. |
|||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(Unaudited) |
|||||
|
June 30, |
December 31, |
||||
|
(In thousands) |
|||||
|
ASSETS |
|||||
|
Cash, cash equivalents and investments |
$ |
93,650 |
$ |
99,851 |
|
|
Accounts receivable and contract assets |
35,548 |
66,842 |
|||
|
Inventories, net |
32,660 |
24,906 |
|||
|
Prepaid expenses and other assets |
4,421 |
3,889 |
|||
|
Property, equipment and operating leases |
22,319 |
25,119 |
|||
|
Goodwill |
12,790 |
12,790 |
|||
|
Deferred tax assets and other assets |
10,887 |
9,395 |
|||
|
TOTAL ASSETS |
$ |
212,275 |
$ |
242,792 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
|
Liabilities |
|||||
|
Accounts payable, accrued expenses, and other liabilities, current |
$ |
14,692 |
$ |
20,837 |
|
|
Contract liabilities and other liabilities, non-current |
1,818 |
628 |
|||
|
Lease liabilities |
10,558 |
11,317 |
|||
|
Total liabilities |
27,068 |
32,782 |
|||
|
Stockholders' equity |
185,207 |
210,010 |
|||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
212,275 |
$ |
242,792 |
|
|
ENERGY RECOVERY, INC. |
||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||
|
(Unaudited) |
||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||
|
2025 |
2024 |
2025 |
2024 |
|||||||||||
|
(In thousands, except per share data) |
||||||||||||||
|
Revenue |
$ |
28,051 |
$ |
27,199 |
$ |
36,116 |
$ |
39,289 |
||||||
|
Cost of revenue |
10,097 |
9,633 |
13,704 |
14,588 |
||||||||||
|
Gross profit |
17,954 |
17,566 |
22,412 |
24,701 |
||||||||||
|
Operating expenses |
||||||||||||||
|
General and administrative |
7,669 |
9,532 |
16,243 |
17,098 |
||||||||||
|
Sales and marketing |
5,360 |
6,104 |
10,266 |
12,256 |
||||||||||
|
Research and development |
3,451 |
3,944 |
6,452 |
8,295 |
||||||||||
|
Restructuring charges |
- |
- |
539 |
- |
||||||||||
|
Total operating expenses |
16,480 |
19,580 |
33,500 |
37,649 |
||||||||||
|
Income (loss) from operations |
1,474 |
(2,014 |
) |
(11,088 |
) |
(12,948 |
) |
|||||||
|
Other income, net |
914 |
1,614 |
1,993 |
3,003 |
||||||||||
|
Income (loss) before income taxes |
2,388 |
(400 |
) |
(9,095 |
) |
(9,945 |
) |
|||||||
|
Provision for (benefit from) income taxes |
334 |
242 |
(1,269 |
) |
(1,043 |
) |
||||||||
|
Net income (loss) |
$ |
2,054 |
$ |
(642 |
) |
$ |
(7,826 |
) |
$ |
(8,902 |
) |
|||
|
Net income (loss) per share |
||||||||||||||
|
Basic |
$ |
0.04 |
$ |
(0.01 |
) |
$ |
(0.14 |
) |
$ |
(0.16 |
) |
|||
|
Diluted |
$ |
0.04 |
$ |
(0.01 |
) |
$ |
(0.14 |
) |
$ |
(0.16 |
) |
|||
|
Number of shares used in per share calculations |
||||||||||||||
|
Basic |
54,257 |
57,366 |
54,578 |
57,234 |
||||||||||
|
Diluted |
54,486 |
57,366 |
54,578 |
57,234 |
||||||||||
|
ENERGY RECOVERY, INC. |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(Unaudited) |
|||||||
|
Six Months Ended June 30, |
|||||||
|
2025 |
2024 |
||||||
|
(In thousands) |
|||||||
|
Cash flows from operating activities: |
|||||||
|
Net loss |
$ |
(7,826 |
) |
$ |
(8,902 |
) |
|
|
Non-cash adjustments |
5,642 |
7,586 |
|||||
|
Net cash provided by (used in) operating assets and liabilities |
17,008 |
15,886 |
|||||
|
Net cash provided by operating activities |
14,824 |
14,570 |
|||||
|
Cash flows from investing activities: |
|||||||
|
Net investment in marketable securities |
33,882 |
(42,895 |
) |
||||
|
Capital expenditures |
(326 |
) |
(1,025 |
) |
|||
|
Proceeds from sales of fixed assets |
10 |
90 |
|||||
|
Net cash provided by (used in) investing activities |
33,566 |
(43,830 |
) |
||||
|
Cash flows from financing activities: |
|||||||
|
Net proceeds from issuance of common stock |
983 |
1,502 |
|||||
|
Repurchase of common stock & payment of excise tax |
(22,009 |
) |
- |
||||
|
Net cash (used in) provided by financing activities |
(21,026 |
) |
1,502 |
||||
|
Effect of exchange rate differences |
60 |
(24 |
) |
||||
|
Net change in cash, cash equivalents and restricted cash |
$ |
27,424 |
$ |
(27,782 |
) |
||
|
Cash, cash equivalents and restricted cash, end of period |
$ |
57,181 |
$ |
40,443 |
|||
|
ENERGY RECOVERY, INC. |
|||||||||||||||
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Channel Revenue |
|||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2025 |
2024 |
vs. 2024 |
2025 |
2024 |
vs. 2024 |
||||||||||
|
(In thousands, except percentages) |
|||||||||||||||
|
Megaproject |
$ |
14,802 |
$ |
15,815 |
down 6% |
$ |
14,838 |
$ |
19,915 |
down 25% |
|||||
|
Original equipment manufacturer |
8,357 |
6,945 |
up 20% |
12,358 |
10,291 |
up 20% |
|||||||||
|
Aftermarket |
4,892 |
4,439 |
up 10% |
8,920 |
9,083 |
down 2% |
|||||||||
|
Total revenue |
$ |
28,051 |
$ |
27,199 |
up 3% |
$ |
36,116 |
$ |
39,289 |
down 8% |
|||||
|
Segment Activity |
||||||||||||||||||||||||||||
|
Three Months Ended June 30, |
||||||||||||||||||||||||||||
|
2025 |
2024 |
|||||||||||||||||||||||||||
|
Water |
Emerging Technologies |
Corporate |
Total |
Water |
Emerging Technologies |
Corporate |
Total |
|||||||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||||||||
|
Revenue |
$ |
27,839 |
$ |
212 |
$ |
- |
$ |
28,051 |
$ |
26,918 |
$ |
281 |
$ |
- |
$ |
27,199 |
||||||||||||
|
Cost of revenue |
9,926 |
171 |
- |
10,097 |
9,345 |
288 |
- |
9,633 |
||||||||||||||||||||
|
Gross profit (loss) |
17,913 |
41 |
- |
17,954 |
17,573 |
(7 |
) |
- |
17,566 |
|||||||||||||||||||
|
Operating expenses |
||||||||||||||||||||||||||||
|
General and administrative |
1,323 |
571 |
5,775 |
7,669 |
1,912 |
984 |
6,636 |
9,532 |
||||||||||||||||||||
|
Sales and marketing |
3,280 |
1,569 |
511 |
5,360 |
3,837 |
1,700 |
567 |
6,104 |
||||||||||||||||||||
|
Research and development |
1,604 |
1,847 |
- |
3,451 |
1,073 |
2,871 |
- |
3,944 |
||||||||||||||||||||
|
Total operating expenses |
6,207 |
3,987 |
6,286 |
16,480 |
6,822 |
5,555 |
7,203 |
19,580 |
||||||||||||||||||||
|
Operating income (loss) |
$ |
11,706 |
$ |
(3,946 |
) |
$ |
(6,286 |
) |
1,474 |
$ |
10,751 |
$ |
(5,562 |
) |
$ |
(7,203 |
) |
(2,014 |
) |
|||||||||
|
Other income, net |
914 |
1,614 |
||||||||||||||||||||||||||
|
Income before income taxes |
$ |
2,388 |
$ |
(400 |
) |
|||||||||||||||||||||||
|
Six Months Ended June 30, |
|||||||||||||||||||||||||||||
|
2025 |
2024 |
||||||||||||||||||||||||||||
|
Water |
Emerging Technologies |
Corporate |
Total |
Water |
Emerging Technologies |
Corporate |
Total |
||||||||||||||||||||||
|
(In thousands) |
|||||||||||||||||||||||||||||
|
Revenue |
$ |
35,903 |
$ |
213 |
$ |
- |
$ |
36,116 |
$ |
39,007 |
$ |
282 |
$ |
- |
$ |
39,289 |
|||||||||||||
|
Cost of revenue |
13,487 |
217 |
- |
13,704 |
14,299 |
289 |
- |
14,588 |
|||||||||||||||||||||
|
Gross profit (loss) |
22,416 |
(4 |
) |
- |
22,412 |
24,708 |
(7 |
) |
- |
24,701 |
|||||||||||||||||||
|
Operating expenses |
|||||||||||||||||||||||||||||
|
General and administrative |
2,896 |
1,326 |
12,021 |
16,243 |
3,834 |
2,002 |
11,262 |
17,098 |
|||||||||||||||||||||
|
Sales and marketing |
6,425 |
2,839 |
1,002 |
10,266 |
7,582 |
3,507 |
1,167 |
12,256 |
|||||||||||||||||||||
|
Research and development |
2,782 |
3,670 |
- |
6,452 |
2,173 |
6,122 |
- |
8,295 |
|||||||||||||||||||||
|
Restructuring charges |
210 |
123 |
206 |
539 |
- |
- |
- |
- |
|||||||||||||||||||||
|
Total operating expenses |
12,313 |
7,958 |
13,229 |
33,500 |
13,589 |
11,631 |
12,429 |
37,649 |
|||||||||||||||||||||
|
Operating income (loss) |
$ |
10,103 |
$ |
(7,962 |
) |
$ |
(13,229 |
) |
(11,088 |
) |
$ |
11,119 |
$ |
(11,638 |
) |
$ |
(12,429 |
) |
(12,948 |
) |
|||||||||
|
Other income, net |
1,993 |
3,003 |
|||||||||||||||||||||||||||
|
Income before income taxes |
$ |
(9,095 |
) |
$ |
(9,945 |
) |
|||||||||||||||||||||||
|
ENERGY RECOVERY, INC. |
|||||||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1) |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Stock-based Compensation |
|||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||
|
(In thousands) |
|||||||||||
|
Stock-based compensation expense charged to: |
|||||||||||
|
Cost of revenue |
$ |
148 |
$ |
461 |
$ |
296 |
$ |
804 |
|||
|
General and administrative |
728 |
1,011 |
1,598 |
2,418 |
|||||||
|
Sales and marketing |
701 |
912 |
1,380 |
1,922 |
|||||||
|
Research and development |
359 |
433 |
625 |
956 |
|||||||
|
Total stock-based compensation expense |
$ |
1,936 |
$ |
2,817 |
$ |
3,899 |
$ |
6,100 |
|||
This press release includes certain non-GAAP financial information because we plan and manage our business using such information. The following table reconciles the GAAP financial information to the non-GAAP financial information.
|
Quarter-to-Date |
Year to Date |
||||||||||||||
|
Q2'2025 |
Q2'2024 |
Q2'2025 |
Q2'2024 |
||||||||||||
|
(In millions, except shares, per share and percentages) |
|||||||||||||||
|
Operating margin |
5.3 |
% |
(7.4 |
)% |
(30.7 |
)% |
(33.0 |
)% |
|||||||
|
Stock-based compensation |
6.9 |
10.4 |
10.8 |
15.5 |
|||||||||||
|
Executive transition costs |
- |
12.3 |
- |
9.7 |
|||||||||||
|
Restructuring charges |
- |
- |
1.5 |
- |
|||||||||||
|
Impairment of long-lived assets |
- |
- |
1.0 |
- |
|||||||||||
|
Adjusted operating margin |
12.2 |
% |
15.3 |
% |
(17.4 |
)% |
(7.7 |
)% |
|||||||
|
Net income (loss) |
$ |
2.1 |
$ |
(0.6 |
) |
$ |
(7.8 |
) |
$ |
(8.9 |
) |
||||
|
Stock-based compensation |
1.9 |
2.8 |
3.9 |
6.1 |
|||||||||||
|
Executive transition costs (2) |
- |
2.9 |
- |
3.5 |
|||||||||||
|
Restructuring charges (2) |
- |
- |
0.5 |
- |
|||||||||||
|
Impairment of long-lived assets (2) |
- |
- |
0.3 |
- |
|||||||||||
|
Stock-based compensation discrete tax item |
(0.3 |
) |
(0.1 |
) |
(0.2 |
) |
(0.2 |
) |
|||||||
|
Adjusted net income (loss) |
$ |
3.7 |
$ |
5.0 |
$ |
(3.3 |
) |
$ |
0.5 |
||||||
|
Net income (loss) per share |
$ |
0.04 |
$ |
(0.01 |
) |
$ |
(0.14 |
) |
$ |
(0.16 |
) |
||||
|
Adjustments to net income (loss) per share (3) |
0.03 |
0.10 |
0.08 |
0.17 |
|||||||||||
|
Adjusted net income (loss) per share |
$ |
0.07 |
$ |
0.09 |
$ |
(0.06 |
) |
$ |
0.01 |
||||||
|
Net income (loss) |
$ |
2.1 |
$ |
(0.6 |
) |
$ |
(7.8 |
) |
$ |
(8.9 |
) |
||||
|
Stock-based compensation |
1.9 |
2.8 |
3.9 |
6.1 |
|||||||||||
|
Depreciation and amortization |
0.9 |
1.0 |
1.9 |
2.0 |
|||||||||||
|
Executive transition costs |
- |
3.3 |
- |
3.8 |
|||||||||||
|
Restructuring charges |
- |
- |
0.5 |
- |
|||||||||||
|
Impairment of long-lived assets |
- |
- |
0.4 |
- |
|||||||||||
|
Other income, net |
(0.9 |
) |
(1.6 |
) |
(2.0 |
) |
(3.0 |
) |
|||||||
|
Provision for (benefit from) income taxes |
0.3 |
0.2 |
(1.3 |
) |
(1.0 |
) |
|||||||||
|
Adjusted EBITDA |
$ |
4.4 |
$ |
5.2 |
$ |
(4.4 |
) |
$ |
(1.0 |
) |
|||||
|
Free cash flow |
|||||||||||||||
|
Net cash provided by operating activities |
$ |
4.1 |
$ |
8.1 |
$ |
14.8 |
$ |
14.6 |
|||||||
|
Capital expenditures |
(0.1 |
) |
(0.2 |
) |
(0.3 |
) |
(1.0 |
) |
|||||||
|
Free cash flow |
$ |
4.0 |
$ |
7.9 |
$ |
14.5 |
$ |
13.5 |
|||||||
_______________
|
(1) |
Amounts may not total due to rounding. |
|
|
(2) |
Amounts presented are net of tax. |
|
|
(3) |
Refer to the sections "Use of Non-GAAP Financial Measures" for description of items included in adjustments. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250806026707/en/
Investor Relations ir@energyrecovery.com
Source: Energy Recovery, Inc.
Released August 6, 2025
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ERI - Energy Recovery Inc. published this content on August 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 06, 2025 at 21:13 UTC.
