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Energy Recovery
Energy Recovery (ERII) investor relations material
Energy Recovery Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Focus has shifted fully to the water business, a large and profitable market with strong technology and market position.
Q4 2025 revenue was $66.9 million, down $0.2 million from Q4 2024, mainly due to timing of contracted project revenue.
CO2 retail grocery business is being wound down due to lack of scalable adoption and high risk, resulting in $7 million annual savings.
Management is prioritizing performance optimization, cost control, and shareholder value.
Operating expenses dropped 36.5% to $13.6 million in Q4 2025, driven by lower employee, consulting, and restructuring costs.
Outlook and guidance
Revenue guidance for 2026 is $45 million at the midpoint, with three major projects expected to slip into 2027.
Additional $15–$25 million in projects are considered at risk of delay, setting the lower end of guidance.
Growth is expected to resume in 2027 based on pipeline and demand trends.
Revenue cadence for 2026 is expected to be heavily back-end weighted, similar to 2025.
Management released a shareholder letter discussing business and financial updates and the outlook for 2026.
Segment performance
Water business remains the core focus, with continued investment in innovation and wastewater growth.
Water segment generated $134.7 million in revenue for 2025, with Emerging Technologies contributing $285,000.
Wastewater segment expected to grow, with recent sales hires and a focus on building reference cases in key regions.
CO2 business wind-down includes a reduction of about 20 employees and is expected to yield cost savings.
Water segment operating income was $67.4 million for 2025, while Emerging Technologies and Corporate segments posted operating losses.
Impact of fewer EPCs on project timelines
Q650 pricing strategy and margin impact
Wastewater business: Key milestones for growth
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Next Energy Recovery earnings date
Q1 20266 May, 2026
Energy Recovery
Next Energy Recovery earnings date
Q1 20266 May, 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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