Energy Recovery Announces Second Quarter 2022 Financial Results and Commissioning of the First PX G1300(TM) for CO2 Refrigeration

About this update from Energy Recovery, Inc.

[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / August 3, 2022 / Energy Recovery, Inc. (NASDAQ:ERII) (\"Energy Recovery\" or the \"Company\") today announced its financial results for the second quarter ended June 30, 2022.Second Quarter Highlights:Revenue of $20.3 million, as guided in the first quarter. Full year revenue guidance of $130 million, or 25% year-on-year growth, reaffirmed within gross margin expectations guided last year.Loss from operations of $2.9 million and adjusted loss from operations (1) of $41 thousand driven by lower revenue during the quarter due to the expected timing of mega project shipments and one-time expenses of $1.3 million related to the cessation of the VorTeq ™ commercialization efforts.Adjusted EBITDA (1) of $1.0 million.Net loss per share of $0.04, adjusted net income per share (1) of less than $0.01.Share repurchases of $18.6 million, or 1.0 million shares, pursuant to the Company's March 2021 share buyback program. The program was completed on July 1, 2022.Cash and investments of $86.5 million, which include cash, cash equivalents, and short-term and long-term investments.IR Magazine awarded Energy Recovery as the winner of the \"Best ESG Reporting (small to mid-cap company)\" and \"Best ESG Communications\" for our 2020 ESG Report and proactive and transparent investor engagement on the topic.Our MSCI ESG rating was upgraded for the second year in a row to \"AA\" in April.\"Our desalination and industrial wastewater businesses remain on track for the year, and in fact we are seeing a long-awaited resurgence in OEM desalination sales. We expect significant increases in sales in the second half of fiscal 2022 to achieve our target revenue of $130 million for the year,\" said Robert Mao, Chairman, President and Chief Executive Officer of Energy Recovery.\"In a key milestone for our CO 2 business, we successfully commissioned our PX G1300 with our partner in a new supermarket in southern Europe in late June and are very encouraged by its strong initial performance. We also entered into a second joint-development agreement with a U.S. refrigeration rack manufacturer in early July and are continuing discussions with several others. This new partnership should lead to a second supermarket installation in the U.S. and is another important milestone as we prove the value of our PX technology to help the refrigerat...

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