Energy Recovery Q1 revenue $13.4M (-59% YoY); net loss $6.3M vs profit $7.9M

Energy Recovery, Inc.

2023-Q1 EPS reported -$0.11 revenue$13,401,000

Revenue $13.4M (-59% YoY); gross margin 60.9% vs 70.8% (down 990 bps).
Operating loss $8.1M (margin -60.5%) vs prior-year income $8.2M; net loss $6.3M ($0.11 EPS) vs net income $7.9M ($0.14 EPS).
Adjusted EBITDA negative $4.8M vs positive $11.1M; operating cash flow $8.7M vs ($1.6M).
Desalination full-year growth guided 3-7%, revenue weighted to H2; CO2 refrigeration revenue >$100k in Q1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Energy Recovery, Inc. reported first quarter ended March 31, 2023 results: revenue $13.4 million, net income ($6.3) million, EPS ($0.11).

Period: first quarter ended March 31, 2023
Revenue: $13.4 million
Net income: ($6.3) million
EPS: ($0.11)
Result: reported results

Exact text from the filing

Energy Recovery Reports First Quarter 2023 Financial Results SAN LEANDRO, Calif. - May 3, 2023 - Energy Recovery, Inc. (Nasdaq:ERII) (“Energy Recovery” or the “Company”) today announced its financial results for the first quarter ended March 31, 2023. First Quarter Highlights • Revenue of $13.4 million, and within February 2023 guidance. • Lower gross margin of 60.9%, as compared to Q1’2022, driven mainly by an increase in pump and hydraulic turbocharger revenue in the original equipment manufacturer and aftermarket channels, and a decrease PX ® Pressure Exchanger ® revenue in the megaproject channel. • Operating expenses grew 6% in the first quarter, as compared to Q4’2022, from growing sales and marketing expenditures in support of new businesses, and some variability in the timing of research and development expenses. • Loss from operations of $8.1 million primarily attributable to lower revenue and gross margin due to expected timing of megaproject shipments. • Net loss of $6.3 mil

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Source: SEC EDGAR

accession 0001421517-23-000081

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