secwatch.observer — SEC 8-K summary
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Issuer:     Energy Recovery, Inc. (ERII)
CIK:        0001421517
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001421517-24-000092
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Energy Recovery reports Q1 2024 revenue of $12.1M, net loss of $8.3M, reaffirms full-year guidance
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- Revenue of $12.1 million in line with February 2024 guidance of $10-13 million.
- Gross margin 59.0%, down 190 bps from Q1 2023 due to higher manufacturing costs and inventory scrap.
- Net loss of $8.3 million compared to $6.3 million loss in Q1 2023; adjusted EBITDA loss of $6.2 million.
- Signed contracts with potential revenue equal to 60% of 2024 guidance midpoint, up 26% over same period in 2023.
- CO2 business completed a 30-day field test of next-generation PX G1300 in Europe and testing with partner Vallarta in California.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1421517/000142151724000092/0001421517-24-000092-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1421517/000142151724000092/erii-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001421517-24-000092

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