Energy Recovery ( (ERII) ) has realeased its Q3 earnings. Here is a breakdown of the information Energy Recovery presented to its investors.
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Energy Recovery, Inc. is a global leader in energy efficiency technology, specializing in the design and manufacturing of solutions that enhance energy efficiency across various industries, including desalination. The company is headquartered in San Leandro, California, with a strong presence in California and Texas.
In its third-quarter financial results for 2024, Energy Recovery reported revenue of $38.6 million, aligning with the upper end of its guidance. Despite challenges, the company demonstrated resilience in its core desalination business and reported progress in its wastewater and CO2 refrigeration sectors.
Key financial highlights include a gross margin of 65.1%, though this reflects a decrease compared to the previous year due to higher manufacturing and product mix costs. Operating expenses rose by 7.8%, primarily driven by increased consulting and employee costs. The company reported a net income of $8.5 million and adjusted EBITDA of $11.6 million, with cash and investments totaling $139.9 million.
Looking forward, Energy Recovery remains optimistic about its growth strategy, as outlined in its five-year “Playbook.” The company is confident in continuing to meet its full-year guidance, driven by ongoing advancements in its core businesses and strategic initiatives.
