secwatch.observer — SEC 8-K summary
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Issuer:     Energy Recovery, Inc. (ERII)
CIK:        0001421517
Form:       8-K
Filed at:   2024-02-21T23:59:59+00:00
Accession:  0001421517-24-000054
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Energy Recovery reports record FY 2023 revenue $128.3M, Q4 revenue up 35% YoY
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- Record annual revenue $128.3M, up 2% YoY; record Q4 revenue $57.2M, up 35% YoY.
- Wastewater revenue grew 79% YoY; PX Q400 expected to reach 50% of megaproject sales.
- FY 2023 GAAP net income $21.5M ($0.37/share), down 11% from $24.0M; Q4 net income $19.8M up 44%.
- Adjusted EBITDA for FY 2023 $31.2M, down from $36.8M; operating cash flow doubled to $26.1M.
- Water revenue missed guidance due to single project delayed into 2024; FY gross margin 67.8% within expectations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1421517/000142151724000054/0001421517-24-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1421517/000142151724000054/erii-20240221.htm
  HTML page:      https://secwatch.observer/filing/0001421517-24-000054

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer