Energy Recovery Q2 product revenue up 7% to $20.6M; net income $1.1M vs $16.9M year-ago on VorTeq termination

Energy Recovery, Inc.

2021-Q2 EPS reported $0.13 revenue$49,547,000

Product revenue $20.6M (+7% YoY); total revenue $20.6M (-53%) due to prior-year VorTeq license termination.
Net income $1.1M ($0.02 diluted EPS) vs $16.9M ($0.30) which included $17.2M VorTeq-related gain.
Product gross margin 65.1% vs 66.0% YoY; operating cash flow $11.5M.
Cash and investments $120.7M, up 25% YoY; $12M in share buybacks during H1 2021.
Desalination growth driven by megaproject and OEM channels; testing PX G1300 for CO2 refrigeration.

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