Energy Recovery Reports Third Quarter Financial Results

About this update from Energy Recovery, Inc.

[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / November 4, 2021 / Energy Recovery, Inc. (NASDAQ:ERII) today announced its financial results for the third quarter ended September 30, 2021.\"2021 is playing out as expected, and we are well positioned to end the year in record fashion. Our desalination business continues to demonstrate strength, and we are building our pipeline of new industrial wastewater orders, two sides of our commitment to helping to address the growing global need for freshwater. We believe the solution to the rapidly increasing freshwater gap requires both increasing supply and better stewardship of water we already have,\" said Robert Mao, Chairman of the Board, President and Chief Executive Officer of Energy Recovery.Mr. Mao continued, \"Beyond water, our growth initiative in refrigeration is gaining strong momentum. We have had many fruitful conversations with U.S. and international grocery chains, and have recently signed an agreement to install our PX G1300 energy recovery device in a Vallarta Supermarkets grocery store in California, and signed a letter of intent with another chain in Europe. In addition, we are in discussions with multiple refrigeration manufacturers to help design the next generation of CO 2 refrigeration systems featuring our PX G1300 technology at its core. We believe our PX G1300 has the potential to maximize the savings offered by this next generation system, thus transforming the multi-billion dollar refrigeration market by making CO 2 refrigeration systems more financially attractive versus incumbent CO2 solutions.\"Financial Results Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 Variance 2021 2020 Variance (In millions, except net income per share, percentages and basis points)Product revenue$20.8 $27.4 (24%) $70.3 $65.7 7%License and development revenue (1) - - -% - 26.9 (100%)Total revenue$20.8 $27.4 (24%) $70.3 $92.6 (24%) Product gross profit$14.7 $19.6 (25%) $48.1 $45.6 5%Product gross margin 70.6% 71.5% (90) bps 68.4% 69.5% (110) bps Operating expense$13.3 $13.5 (2%) $40.2 $45.0 (11%)Operating income$1.4 $6.1 (77%) $7.9 $27.5 (71%) Net income$1.1 $5.4 (80%) $9.0 $22.9 (61%)Diluted net income per share$0.02 $0.10 $(0.08) $0.15 $0.41 $(0.26) Operating cash flow$(4.2) $10.6 $(14.9) $7.3 $10.4 $(3.1)Cash and investments$108.4 $105.9 2% $108.4 $105.9 2%(1) In June...

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