Energy Recovery, Inc.

Listed Company

ERIICIK 0001421517NasdaqLarge AcceleratedSpecial Industry Machinery, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$134.99M

Net Income

$22.96M

Total Assets

$231.51M

Equity

$206.19M

Shares Out

52.83M

Op. Cash Flow

$18.77M

Business

Energy Recovery, Inc. designs and manufactures pressure exchanger-based energy efficiency technologies that reduce energy use and carbon emissions in industrial fluid systems. Its main products include PX pressure exchangers (high-, ultra high- and low-pressure), hydraulic turbochargers, high‑pressure pumps, circulation booster pumps, and the PX G1300 refrigeration device, plus related spare parts, field services and commissioning. The company organizes sales across water treatment (desalination and wastewater) and emerging refrigeration applications, and serves megaproject, OEM and aftermarket channels. It distributes globally through a direct sales force, OEM relationships and onsite technical support across the U.S., Europe, the Middle East, Africa, Asia and the Americas.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	135	145	128	126	104
Cost of revenue	47	48	41	38	33
Gross profit	88	97	87	87	71
General and administrative	30	33	29	28	25
Sales and marketing	21	25	22	16	12
Research and development	13	16	17	18	20
Restructuring charges	300,000	2	0	0	—
Total operating expenses	64	77	68	63	57
Income from operations	24	20	19	25	14
Interest income	4	6	4	908,000	204,000
Other non-operating income (expense), net	92,000	−207,000	−101,000	334,000	−31,000
Total other income, net	4	6	4	1	173,000
Income before income taxes	28	26	23	26	14
Provision for income taxes	5	3	1	2	−265,000
Net income	23	23	22	24	14
Basic (in dollars per share)	0.43	0.4	0.38	0.43	0.25
Diluted (in dollars per share)	0.42	0.4	0.37	0.42	0.24
Basic (in shares)	54	57	56	56	57
Diluted (in shares)	54	58	58	58	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	48	30	68	56	74
Short-term investments	27	48	40	33	31
Accounts receivable, net	77	64	47	34	21
Inventories, net	24	25	26	28	20
Prepaid expenses and other assets	5	7	4	6	5
Total current assets	181	174	185	158	152
Long-term investments	8	22	14	3	2
Deferred tax assets, net	8	9	10	10	11
Property and equipment, net	13	15	19	20	20
Operating lease, right of use asset	8	10	11	13	15
Goodwill	13	13	13	13	—
Other assets, non-current	577,000	391,000	388,000	366,000	367,000
Total assets	232	243	253	217	214
Accounts payable	2	3	3	814,000	909,000
Accrued expenses and other liabilities	12	18	16	15	14
Lease liabilities	3	2	2	2	2
Contract liabilities	1	571,000	1	1	3
Total current liabilities	17	23	21	18	20
Lease liabilities, non-current	7	9	11	13	15
Other liabilities, non-current	1	57,000	207,000	121,000	247,000
Total liabilities	25	33	33	32	35
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock, $0.001 par value; 200,000,000 shares authorized; 66,774,081 shares issued and 52,806,822 shares outstanding at December 31, 2025 and 66,182,906 shares issued and 54,785,861 shares outstanding at December 31, 2024	67,000	66,000	65,000	64,000	64,000
Additional paid-in capital	244	235	218	205	196
Accumulated other comprehensive (loss) income	−94,000	98,000	−44,000	−349,000	−149,000
Treasury stock, at cost, 13,967,259 shares repurchased at December 31, 2025 and 11,397,045 shares repurchased at December 31, 2024	−167	−131	−80	−80	−54
Retained earnings	129	106	83	61	37
Total stockholders equity	206	210	220	185	179
Total liabilities and stockholders equity	232	243	253	217	214

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	8	10	8	7	6
Depreciation and amortization	4	4	4	5	5
Accretion (amortization) of discounts (premiums) on investments	−326,000	−1	−862,000	680,000	570,000
Deferred income taxes	737,000	1	−61,000	1	−391,000
Impairment of long-lived assets	400,000	0	0	—	—
Reversal of accruals related to expired warranties	−1	−206,000	−334,000	—	—
Inventory reserve adjustment	479,000	−210,000	771,000	—	—
Other non-cash adjustments	318,000	499,000	589,000	−201,000	955,000
Accounts receivable, net	−13	−17	−13	−13	−9
Contract assets	1	−2	1	−1	1
Inventories, net	7,000	1	1	−8	−9
Prepaid and other assets	236,000	−756,000	−96,000	138,000	314,000
Accounts payable	−1	787,000	3	138,000	−155,000
Accrued expenses and other liabilities	−4	2	294,000	−1	396,000
Contract liabilities	468,000	−616,000	−129,000	−2	2
Net cash provided by operating activities	19	21	26	13	14
Sales of marketable securities	0	0	3	0	0
Maturities of marketable securities	67	77	65	40	35
Purchases of marketable securities	−31	−91	−85	−44	−49
Capital expenditures	−1	−1	−3	−4	−7
Proceeds from sales of fixed assets	10,000	133,000	87,000	1	5,000
Net cash provided by (used in) investing activities	34	−16	−19	−7	−21
Net proceeds from issuance of common stock	2	7	5	3	11
Repurchase of common stock	−36	−50	0	−27	−23
Payment of excise tax associated with repurchase of common stock	−707,000	0	0	—	—
Net cash (used in) provided by financing activities	−35	−43	5	−24	−13
Effect of exchange rate differences on cash and cash equivalents	98,000	−52,000	33,000	−20,000	−68,000
Net change in cash, cash equivalents and restricted cash	18	−38	12	−18	−20
Cash paid for income taxes	1	2	505,000	549,000	76,000
Purchases of property and equipment in trade accounts payable, and accrued expenses and other liabilities	463,000	70,000	647,000	740,000	421,000
Excise tax on share repurchases, accrued but not paid	34,000	387,000	0	0	—

Filings

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