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Energy Recovery Reports Its Second Quarter 2024 Financial Results
SAN LEANDRO, Calif.--(BUSINESS WIRE)-- Energy Recovery, Inc. (Nasdaq:ERII) (“Energy Recovery” or the “Company”) today announced its financial results for the
About this update from Energy Recovery, Inc.
[{"type":"text","content":" SAN LEANDRO, Calif.--(BUSINESS WIRE)--\nEnergy Recovery, Inc. (Nasdaq:ERII) (“Energy Recovery” or the “Company”) today announced its financial results for the second quarter and six months ended June 30, 2024.\n\n\nSecond Quarter Highlights\n\n\n\nRevenue of $27.2 million, exceeding the upper end of our guidance of $20 - $25 million.\n\n\n\nGross margin of 64.6%, a decrease of 80 bps, as compared to Q2’2023, due primarily to higher manufacturing costs.\n\n\n\nOperating expenses of $19.6 million, an increase of 21.4%, as compared to Q2’2023, due primarily to the enhancement of our corporate growth strategy, increased investments within sales and marketing, and executive transition costs.\n\n\n\nLoss from operations of $2.0 million, mainly due to lower gross margin and higher operating expenses.\n\n\n\nNet loss of $0.6 million and adjusted EBITDA of $5.2 million.\n\n\n\nCash and investments of $138.0 million, which include cash, cash equivalents, and short- and long-term investments.\n\n\n\nDavid Moon, President and CEO, commented on the financial results: “Operationally, the second quarter played out as we expected and second quarter revenue of $27 million exceeded the top-end of our guidance of $20–$25 million. As we have stated since the beginning of the year, this year’s revenue cadence is heavily weighted to the third and fourth quarters, and we reaffirm our full-year revenue guidance of $140–$150 million.”\n\n\nMr. Moon added, “In our CO2 business, we commissioned nine second-generation PX G1300 deployments at both existing and new customer sites with a tenth site to be commissioned by the end of August. We believe the summer runtime data we are collecting now, and will be collecting over the next few months, is crucial to the commercial adoption of the PX G1300.”\n\n\nMr. Moon continued, “On the corporate side, my team and I have made excellent progress on the strategic work undertaken earlier this year and have completed the Where to Play phase and we are now in the How to Play phase. I look forward to presenting the strategy and roadmap for using our PX technology to drive growth and to create real value for our shareholders.”\n\n\n \n\n\n\n\nFinancial Highlights\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nQuarter-to-Date\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nYear to Date\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2’2024\n\n\n\n\n\n\n \n...