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

Energy Recovery, Inc.

CIK: 1421517 Ticker: ERII

Exhibit 99.1

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Energy Recovery Posts Strong Quarterly Product Revenue Growth in Second Quarter

SAN LEANDRO, Calif. - August 5, 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,
20212020Variance20212020Variance
(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 margin65.1 %66.0 %(90) bps67.4 %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

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Lease Cost (Details)
Commitments And Contingencies - Maturities Of Lease Liabilities (Details)
Commitments And Contingencies - Operating Lease Obligations (Details)
Commitments And Contingencies - Product Warranty Liability (Details)
Commitments And Contingencies - Purchase Obligations (Details)
Commitments And Contingencies - Right Of Use Asset And Lease Liability (Details)
Commitments And Contingencies - Weighted Average Lease Term And Discount Rate (Details)
Concentrations
Concentrations (Tables)
Concentrations - License And Development (Detail)
Concentrations - Product Revenue Concentrations (Details)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Policies)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Investments And Fair Value Measurements
Investments And Fair Value Measurements (Tables)
Investments And Fair Value Measurements - Financial Assets Measured On Recurring Basis (Details)
Investments And Fair Value Measurements - Gross Unrealized Losses And Fair Values Of Investments (Details)
Investments And Fair Value Measurements - Sales Of Available-For-Sale Investments (Details)
Lines Of Credit
Lines Of Credit - Loan Agreements And Stand-By Letters Of Credit (Details)
Net Income Per Share
Net Income Per Share - (Tables)
Net Income Per Share - Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share (Details)
Net Income Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Other Financial Information
Other Financial Information (Tables)
Other Financial Information - Accounts Receivable (Details)
Other Financial Information - Accrued Expenses And Other Current Liabilities (Details)
Other Financial Information - Cash, Cash Equivalents And Restricted Cash (Details)
Other Financial Information - Goodwill And Other Intangible Assets (Details)
Other Financial Information - Inventories (Details)
Other Financial Information - Inventory Valuation Reserves - Narrative (Details)
Other Financial Information - Prepaid And Other Current Assets (Details)
Other Financial Information - Reserved Amounts Write-Off (Details)
Revenue
Revenue (Tables)
Revenue - Contract Assets And Liabilities (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Remaining Performance Obligation (Details)
Revenue - Schlumberger Technology Corporation - Narrative (Details)
Revenue - Significant Changes In Contract Liabilities (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Summary Of Financial Information By Segment (Details)
Stockholders' Equity
Stockholders' Equity - Stock Repurchase Program (Details)

Material Contracts, Statements, Certifications & more

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

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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