10-Q Filing

ENERGY RECOVERY, INC. CIK: 1421517 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001421517-23-000083`
Period End Date	20230331
Filing Date	20230503
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	erii-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 36 Cash Flow Statement 56 Stockholders Equity 14 Comprehensive Income 10

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$66.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.52M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$33.48M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$32.34M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$11.58M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$34.06M	USD	Point-in-time
Inventories, net	`InventoryNet`	$33.12M	USD	Point-in-time
Inventories, net	`InventoryNet`	$28.37M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.57M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$157.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$147.94M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$3.06M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$3.02M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$10.26M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$11.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.58M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.70M	USD	Point-in-time
Operating lease, right of use asset	`OperatingLeaseRightOfUseAsset`	$13.12M	USD	Point-in-time
Operating lease, right of use asset	`OperatingLeaseRightOfUseAsset`	$12.71M	USD	Point-in-time
Goodwill	`Goodwill`	$12.79M	USD	Point-in-time
Goodwill	`Goodwill`	$12.79M	USD	Point-in-time
Other assets, non-current	`OtherAssetsNoncurrent`	$385.00K	USD	Point-in-time
Other assets, non-current	`OtherAssetsNoncurrent`	$366.00K	USD	Point-in-time
Total assets	`Assets`	$207.97M	USD	Point-in-time
Total assets	`Assets`	$217.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$814.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.96M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$14.69M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$8.19M	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.60M	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.65M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.20M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.24M	USD	Point-in-time
Lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$13.28M	USD	Point-in-time
Lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$12.97M	USD	Point-in-time
Other liabilities, non-current	`OtherLiabilitiesNoncurrent`	$254.00K	USD	Point-in-time
Other liabilities, non-current	`OtherLiabilitiesNoncurrent`	$121.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$26.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$31.70M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$64.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$64.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$204.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$207.34M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-271.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-349.00K	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$80.49M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$80.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$54.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$61.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$185.34M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$180.97M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$181.50M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$207.97M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$217.04M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$13.40M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$32.55M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$5.25M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$9.50M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$23.05M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$8.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.55M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.07M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.89M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.36M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.31M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.91M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$14.83M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-8.11M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$8.22M	USD	1 Quarter
Interest income	`InterestIncomeSecuritiesTaxable`	$61.00K	USD	1 Quarter
Interest income	`InterestIncomeSecuritiesTaxable`	$621.00K	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$35.00K	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$56.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$656.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$117.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.46M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.34M	USD	1 Quarter
(Benefit from) provision for income taxes	`IncomeTaxExpenseBenefit`	$-1.16M	USD	1 Quarter
(Benefit from) provision for income taxes	`IncomeTaxExpenseBenefit`	$445.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$7.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.30M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.23M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.78M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	58.18M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.23M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$7.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.30M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.88M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.30M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$983.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.01M	USD	1 Quarter
Right of use asset depreciation	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$374.00K	USD	1 Quarter
Right of use asset depreciation	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$402.00K	USD	1 Quarter
(Accretion) amortization of premiums and discounts on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$89.00K	USD	1 Quarter
(Accretion) amortization of premiums and discounts on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-288.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$351.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-1.15M	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-93.00K	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-57.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$6.04M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-22.51M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1`	$593.00K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1`	$-299.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$3.12M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$4.86M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$721.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-187.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.62M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$920.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-6.61M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.16M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-1.28M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$216.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.66M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.60M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$10.42M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$15.25M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$13.89M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$29.38M	USD	1 Quarter
Capital expenditures and proceeds from sales of fixed assets	`CapitalExpendituresNetOfProceedsFromSaleOfFixedAssets`	$197.00K	USD	1 Quarter
Capital expenditures and proceeds from sales of fixed assets	`CapitalExpendituresNetOfProceedsFromSaleOfFixedAssets`	$1.98M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.93M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.17M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$763.00K	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$165.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$8.06M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.29M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$165.00K	USD	1 Quarter
Effect of exchange rate differences on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-11.00K	USD	1 Quarter
Effect of exchange rate differences on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.00K	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-29.84M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.46M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.62M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.46M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$66.45M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.46M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.62M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.46M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$66.45M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$185.34M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$180.97M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$181.50M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	56.70M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	56.34M	shares	Point-in-time
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$78.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-269.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$7.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.30M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$185.34M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$180.97M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$181.50M	USD	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	56.70M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	56.34M	shares	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$7.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.30M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-11.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-17.00K	USD	1 Quarter
Unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-258.00K	USD	1 Quarter
Unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$95.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$78.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-269.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$7.62M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-6.22M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.