Energy Recovery, Inc. (ERII) 10-Q Quarterly Report Fri Aug 06 2021

- Energy Recovery, Inc. (Nasdaq: ERII) today announced its financial results for the second quarter ended June 30, 2021, achieving seven percent growth in product revenue, compared to the second quarter of 2020.

“Our desalination business continues to thrive, driven in part by returning demand in segments and regions hard-hit by COVID-19,” said Robert Mao, Chairman of the Board, President and Chief Executive Officer of Energy Recovery.

Mr. Mao continued, “We continue to make material progress in diversification efforts of our pressure exchanger technology. We have been awarded projects in the chemical manufacturing, landfill leachate and lithium-ion battery manufacturing facilities in China for our new Ultra PX™ energy recovery device, a testament to our efforts to educate the industrial wastewater treatment market on the Ultra PX’s energy-saving benefits. Furthermore, our confidence in our PX G1300™ energy recovery device for CO2 refrigeration has grown stronger through successful tests that underscore the significant financial and sustainability benefits we can bring end customers such as supermarkets. We are already seeking our first commercial deployment and believe our technology can make the transition from climate-damaging hydrofluorocarbons to sustainable natural refrigeration alternatives attractive for retailers. We are excited by these new opportunities and believe our strategy of pressure exchanger diversification will continue to drive long-term value creation for Energy Recovery shareholders.”

Financial Results


	Three Months Ended June 30,								Six Months Ended June 30,
	2021			2020			Variance		2021			2020			Variance
	(In millions, except net income per share, percentages and basis points)
Product revenue	$	20.6		$	19.3		7%		$	49.5		$	38.3		30%
License and development revenue (1)	—			24.4			(100%)		—			26.9			(100%)
Total revenue	$	20.6		$	43.6		(53%)		$	49.5		$	65.2		(24%)

Product gross profit	$	13.4		$	12.7		6%		$	33.4		$	26.0		28%
Product gross margin	65.1		%	66.0		%	(90) bps		67.4		%	68.0		%	(60) bps

Operating expense	$	13.1		$	15.8		(17%)		$	27.0		$	31.5		(14%)
Operating income	$	0.3		$	21.3		(99%)		$	6.4		$	21.4		(70%)

Net income	$	1.1		$	16.9		(94%)		$	7.9		$	17.5		(55%)
Diluted net income per share	$	0.02		$	0.30		$	(0.28)	$	0.13		$	0.31		$	(0.18)

Operating cash flow	$	11.5		$	5.6		$	5.9	$	11.5		$	(0.3)		$	11.8
Cash and investments	$	120.7		$	96.9		25%		$	120.7		$	96.9		25%

(1)In June 2020, the Company terminated the VorTeq License Agreement with Schlumberger Technology Corporation. As there were no future performance obligations to be recognized under the VorTeq License Agreement after the effective date, the Company recognized in full the remaining deferred revenue balance of $24.4 million in the second quarter of fiscal year 2020. In addition, no future license and development revenue was recognized under the VorTeq License Agreement after the second quarter of fiscal year 2020.

The following information was filed by Energy Recovery, Inc. (ERII) on Thursday, August 5, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Energy Recovery, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Articles Of Incorporation

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ERII
CIK: 1421517
Form Type: 10-Q Quarterly Report
Accession Number: 0001421517-21-000110
Submitted to the SEC: Fri Aug 06 2021 4:04:03 PM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Special Industry Machinery

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Energy Recovery, Inc. (ERII) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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