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Sep 30, 2021
Energy Recovery Q3 2021 Earnings Report
Reported financial results for the third quarter ended September 30, 2021.
Key Takeaways
Energy Recovery reported a net income of $1.1 million, or $0.02 per diluted share, for the third quarter ended September 30, 2021, compared to a net income of $5.4 million, or $0.10 per diluted share, for the third quarter ended September 30, 2020. Product revenue was $20.8 million, in line with management's guidance.
Product revenue of $20.8 million was in-line with management’s guidance.
A sixth purchase order was received in our industrial wastewater business, further strengthening our first full year in this market.
Gross margin increased to 70.6% from our low in the second quarter.
Outreach efforts in the commercial refrigeration space have generated a positive response from industry leaders and an agreement to deploy the PX G1300 in a grocery store in California.
Revenue by Segment
Forward Guidance
The Company expects the fourth quarter to be a historic revenue quarter and that the Company will meet its revenue guidance. The Company also expects to be able to manufacture and deliver products to its customers in 2022 and deploy its PX G1300 in the first half of 2022.
Positive Outlook
- Company’s PX G1300 has the potential to maximize the savings offered by the next generation CO2 system
- Company’s technology can transform the multi-billion dollar refrigeration market by making CO2 refrigeration systems more financially attractive versus incumbent CO2 solutions
- Company will meet its revenue guidance
- Company will be able to manufacture and deliver products to its customers in 2022
- Company will deploy its PX G1300 in the first half of 2022
Challenges Ahead
- Ongoing global supply chain crisis
- Inflationary pressures
- Risk Factors in the Company’s Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) for the year ended December 31, 2020
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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