Energy Recovery, Inc. - ERII STOCK NEWS

Energy Recovery (ERII) has announced a new share repurchase program authorizing the purchase of up to $50 million of its outstanding common stock over 12 months, starting November 2024. The company plans to fund the buyback using cash on hand, with purchases to be made through open market trades, block trades, and private negotiations. CEO David Moon stated this decision reflects their ability to maintain strong business growth while providing generous capital return to shareholders. The timing and amount of purchases will be based on market conditions, regulatory requirements, and other factors.

Energy Recovery (NASDAQ: ERII) has announced it will release its Q3 2024 financial results after market close on October 30, 2024. The company will host a conference call the same day at 2 p.m. PT / 5 p.m. ET to discuss the results. A conference call replay will be available until November 30, 2024. Additionally, the company will host an investor webinar on November 18, 2024, at 7 a.m. PT to present its strategic vision with senior management.

Energy Recovery (Nasdaq: ERII) announced its financial results for Q3 2024, with revenue reaching $38.6 million, at the upper end of its $35-39 million guidance. The gross margin was 65.1%, a decrease of 480 basis points compared to Q3 2023, due to higher manufacturing and product mix costs. Operating expenses rose by 7.8% to $18.1 million, primarily from increased consulting and employee costs. Consequently, income from operations fell by 22.7% to $7.1 million. Net income was $8.5 million, and adjusted EBITDA stood at $11.6 million. The company holds $139.9 million in cash and investments. CEO David Moon highlighted the company's progress in desalination, wastewater, and CO2 refrigeration businesses, along with a new five-year growth plan to be detailed in a webinar on November 18, 2024.

Energy Recovery (Nasdaq: ERII) has released new performance data for its PX G1300 pressure exchanger, showing successful integration into CO2 refrigeration systems. The technology improves energy efficiency with peaks up to 30% and projected annual energy savings of 15%. It also increases cooling capacity by up to 15% at 95°F, without requiring water usage.

The PX G1300 supports the transition from harmful hydrofluorocarbon (HFC) systems to CO2 refrigeration, which is non-toxic, non-flammable, and has significantly lower global warming potential. The solution addresses efficiency decline in hot weather and provides operational flexibility during heat waves, offering a water-free alternative to current solutions.

Energy Recovery, Inc. (NASDAQ: ERII) has announced an upcoming investor webinar scheduled for November 18th, 2024, from 10 a.m. to approximately noon Eastern Time. The event will feature presentations by key company executives, including:

• CEO David Moon
• CFO Mike Mancini
• Sr. VP of Water, Rodney Clemente
• VP of CO2, Ricardo Freitas

The presentations will focus on the company's strategic vision and will be followed by a live Q&A session for analysts and investors. Interested parties can access the webinar link through the IR Calendar section of Energy Recovery's Investor Relations website. A replay of the event will be made available on the same website after its conclusion.

Energy Recovery (NASDAQ: ERII) has secured contracts worth over $12 million for its PX® Pressure Exchanger® energy recovery devices for three seawater reverse osmosis (SWRO) desalination projects in the United Arab Emirates. The projects have a total capacity of nearly 1 million cubic meters per day, with orders expected to ship by Q4 2024. One contract includes PX installations on a floating desalination barge in the Arabian Gulf.

The contracts will utilize both PX Q400 and PX Q300 models, offering operational sound levels of just 79 decibels. Energy Recovery's PX technology can reduce energy use by up to 60% in SWRO facilities, providing the lowest lifecycle cost of any energy recovery device available. These projects are projected to save over 416 gigawatt hours of energy annually, avoiding 201,265 tons of CO2 emissions per year.

Energy Recovery, Inc. (NASDAQ: ERII) has announced key dates for its upcoming financial disclosures and investor communications. The company will release its third quarter 2024 financial results on October 30, 2024, after market close. This will be followed by a live conference call at 2 p.m. PT / 5 p.m. ET on the same day to discuss the results.

Additionally, Energy Recovery will host an investor webinar on November 18, 2024, at 7 a.m. PT / 10 a.m. ET to present its strategic vision with senior management. The company will provide a registration link and further details for this webinar prior to the third quarter results announcement.

For those unable to attend the live conference call, a replay will be available until November 30, 2024, with access codes provided for both US/Canada toll-free and international toll numbers.

Energy Recovery (Nasdaq: ERII) has secured $27.5 million in contracts to supply its PX® Pressure Exchanger® for seawater reverse osmosis (SWRO) desalination projects in Morocco. These orders are expected to be fulfilled in 2024. The projects will produce over one million cubic meters of potable water daily, serving more than 600,000 Moroccans for municipal and agricultural use.

Morocco aims to supply 50% of its drinking water from desalination by 2030, addressing a severe drought that has depleted reservoirs to 25% capacity. The PX technology can reduce energy consumption in desalination by up to 60% and is estimated to prevent over 475,000 tons of carbon emissions annually once these projects are operational.

Energy Recovery, Inc. (Nasdaq:ERII) reported its Q2 2024 financial results, exceeding revenue guidance with $27.2 million. Despite a 31% year-over-year revenue increase, the company faced challenges with a decreased gross margin of 64.6% and increased operating expenses of $19.6 million. The company reported a net loss of $0.6 million but maintained a strong cash position of $138 million. Energy Recovery reaffirmed its full-year revenue guidance of $140-$150 million, with expectations of higher revenue in Q3 and Q4. The company also highlighted progress in its CO2 business, commissioning nine second-generation PX G1300 deployments.