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Jun 30, 2023
Energy Recovery Q2 2023 Earnings Report
Announced financial results for the second quarter and six months ended June 30, 2023.
Key Takeaways
Energy Recovery reported Q2 2023 revenue of $20.7 million, a net loss of $1.7 million, and an adjusted EBITDA of $0.2 million. The revenue was within the lower end of guidance due to a timing delay of a $5.7 million megaproject shipment. The company reaffirmed its FY 2023 guidance and continues investments in wastewater and CO2 business growth.
Revenue of $20.7 million, within the lower end of guidance, impacted by a $5.7 million megaproject shipment delay.
Gross margin of 65.4% for Water, within the upper range of guidance.
Operating expenses of $16.1 million, including investments in sales and marketing, and research and development.
Net loss of $1.7 million and adjusted EBITDA of $0.2 million.
Revenue by Geographic Location
Forward Guidance
Energy Recovery expects its outlook for the remainder of the year to be unchanged. As of today, our desalination and wastewater businesses are on track, and the significant increases in megaproject shipments expected in the second half of 2023, give us confidence in our ability to achieve our full-year revenue guidance.
Positive Outlook
- Desalination and wastewater businesses are on track.
- Significant increases in megaproject shipments expected in the second half of 2023.
- Confidence in achieving full-year revenue guidance.
- Awarded the Refrigeration Innovation of the Year Award by ATMO for PX G1300™ in June.
- Partnering with a major U.S. refrigeration manufacturer on a new training center in California that will incorporate our PX G1300.
Challenges Ahead
- Risks relating to the future demand for our products.
- Risks relating to performance by our customers and third-party partners.
- Risks relating to the timing of revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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