Business
Energy Recovery Reports 47% Quarterly Product Revenue Growth in Third Quarter
SAN LEANDRO, CA / ACCESSWIRE / November 2, 2022 / Energy Recovery, Inc. (NASDAQ:ERII) ("Energy Recovery" or the "Company") today announced its financial
About this update from Energy Recovery, Inc.
[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / November 2, 2022 / Energy Recovery, Inc. (NASDAQ:ERII) (\"Energy Recovery\" or the \"Company\") today announced its financial results for the third quarter ended September 30, 2022.Third Quarter Highlights:Revenue of $30.5 million. Full year revenue guidance of $121-$125 million, or 16%-20% year-on-year growth, within gross margin expectations guided last year.Income from operations of $4.9 million and adjusted income from operations(1) of $6.8 million.Net income of $4.8 million, or $0.08 per share, and adjusted net income per share(1) of $0.12.Adjusted EBITDA(1) of $7.7 million.Cash and investments of $86.6 million, which include cash, cash equivalents, and short-term and long-term investments.We successfully installed and commissioned our PX G1300™ fully integrated with the CO2 refrigeration rack for Vallarta Supermarkets in California.We released our third annual Environmental, Social, and Governance (\"ESG\") report, which can be found on our website and using this link: https://ir.energyrecovery.com/websites/energyrecover/English/6500/esg-at-energy-recovery.html#.Robert Mao, Chairman, President and CEO, commented on the financial results, \"We continue to make important strides in all three of our businesses, and believe we have the right products and strategy to deliver on our goals despite the challenging macro-economic environment. In our CO2 refrigeration business, we have gone live with the installation of our PX G1300 with Vallarta Supermarkets in California. This is the second installation in a grocery store for the PX G1300, and we are collecting valuable data and proving the efficiency gains the PX G1300 delivers in CO2 refrigeration racks.\"Mr. Mao added, \"In addition, the reference designs published on our website have piqued the interest of additional commercial and industrial refrigeration manufacturers. As a result of this, we will be shipping PX G1300 units to various customers for installation in the later part of this year, or early 2023. These units will be used for initial deployments in both commercial and industrial refrigeration applications.\"\"Sales in our industrial wastewater business continue to grow and we should exceed our full-year guidance of $3.0 million. In our water business we launched the PX Q400 pressure exchanger, which is the next evolution of our PX® Pr...