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Energy Recovery (ERII) investor relations material
Energy Recovery Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue was $32.0 million, down 17% year-over-year, with net income of $3.9 million, a 54% decrease from the prior year quarter, but results aligned with internal expectations and reflected anticipated revenue cadence.
Gross margin for Q3 2025 was 64.2%, slightly lower than 65.1% in Q3 2024, and adjusted EBITDA for the quarter was $6.8 million.
Achieved strong sales execution in Q3 2025, with improved mega project shipments and a rebound in wastewater revenue, supporting reiterated full-year revenue guidance.
CO2 business saw successful summer testing, validating key value propositions, but commercialization remains in early stages with focus on gaining traction in 2026.
Nine-month revenue was $68.1 million, down 13% year-over-year, with a net loss of $4.0 million compared to a net loss of $0.4 million in the prior year.
Financial highlights
Q3 2025 revenue declined $6.6 million year-over-year, mainly due to lower megaproject shipments in Middle East, Africa, and Europe, but OEM channel revenue rose 82%.
Operating expenses for Q3 2025 decreased 8% year-over-year, driven by lower employee compensation and development costs.
Cash and cash equivalents at September 30, 2025 were $47.1 million, down from $63.4 million at the end of 2024, while cash and investments totaled $79.9 million at quarter end.
Share repurchases totaled $32.2 million in the first nine months of 2025.
Cost control measures resulted in reduced operating expenses for the year.
Outlook and guidance
Full-year revenue guidance reiterated based on current sales trends and project execution, with management expecting liquidity to remain sufficient for at least the next 12 months.
Full-year operating expense guidance reduced further due to successful cost management.
Growth in Q4 and 2026 expected with only modest increases in operating expenses.
Commercial agreements for CO2 business with large OEMs likely delayed until 2026, with broader commercialization expected in 2027.
Additional capital may be sought for acquisitions or rapid technology adoption.
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Next Energy Recovery earnings date
Q4 202526 Feb, 2026
Next Energy Recovery earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Energy Recovery, Inc. designs, develops and commercializes of energy recovery devices that help make industrial fluid flow more efficient. We believe our proprietary high-pressure, turbine-based PX Pressure Exchanger® devices deliver proven performance, robustness, durability and reliability in the most demanding applications. We also believe Energy Recovery is a leader in innovation with a large and growing intellectual property portfolio that spans developing markets for almost all of its key product lines. The company's products are used in several industries including water desalinization, oil and gas production, petrochemical processing and chemical processing. ERII sells its products globally to various corporations in the energy sector by direct sales force in the United States and through a combination of distributors/licensees in other regions.
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