Energy Recovery Q3 revenue $37.0M (beat guidance), up 22% YoY; net income up 102% to $9.7M

Energy Recovery, Inc.

2023-Q3 EPS reported $0.03 revenue$71,160,000

Revenue $37.0M, beat upper end of guidance, up 22% YoY; gross margin 69.9% (up 80 bps).
Net income $9.7M (+102% YoY); adjusted EBITDA $12.0M; cash/investments $105.9M.
CO2 business: multiple new PX G1300 installations planned in Q4; repeat orders; advanced talks with supermarket chains.
Awarded Refrigeration Innovation of the Year for XTE with partner Epta.
Management sees growth in desalination and potential to double wastewater revenue in 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Energy Recovery, Inc. updated its nine months ended September 30, 2023 guidance (reaffirmed).

Period: nine months ended September 30, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On November 1, 2023, Energy Recovery, Inc. issued an earnings press release announcing its financial results for the third quarter and nine months ended September 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Energy Recovery, Inc. reported third quarter ended September 30, 2023 results: revenue $37.0 million, net income $9.7 million, EPS $0.17.

Period: third quarter ended September 30, 2023
Revenue: $37.0 million
Net income: $9.7 million
EPS: $0.17
Result: reported results

Exact text from the filing

(“Energy Recovery” or the “Company”) today announced its financial results for the third quarter and nine months ended September 30, 2023. Third Quarter Highlights • Revenue of $37.0 million, exceeding the upper end of our guidance which was attributed to an increase in megaproject revenues. • Gross margin of 69.9%, higher than our estimates due to a change in

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20 earnings releases filed in the last 30 days. Browse all earnings releases →

Energy Recovery, Inc. filing history →

Source: SEC EDGAR

accession 0001421517-23-000189

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