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Sep 30, 2024
Energy Recovery Q3 2024 Earnings Report
Announced financial results for the third quarter and nine months ended September 30, 2024.
Key Takeaways
Energy Recovery reported strong third-quarter results, hitting the upper end of their revenue guidance. The core desalination business showed continued growth, the wastewater business expanded, and progress was made in the CO2 refrigeration business. The company also completed their strategic work on a five-year plan for growth.
Revenue reached $38.6 million, hitting the upper end of guidance of $35 - $39 million.
Gross margin was 65.1%, a decrease of 480 bps compared to Q3 2023.
Operating expenses were $18.1 million, an increase of 7.8% compared to Q3 2023.
Net income was $8.5 million, and adjusted EBITDA was $11.6 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company believes they are well-positioned in the fourth quarter to deliver on their guidance for the full year and that the Company’s Playbook is an achievable blueprint for growth.
Positive Outlook
- Company is well-positioned in the fourth quarter to deliver on our guidance for the full year
- Company is making real progress this year in its CO2 refrigeration business
- Company’s recently published white paper is an important next step to getting the PX G1300 integrated into original equipment manufacturers’ systems designs and ultimately specified by supermarkets
- Company’s Playbook is an achievable blueprint for growth
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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