Energy Recovery, Inc. - ERII STOCK NEWS

Energy Recovery, listed on Nasdaq as ERII, has announced strategic hires to support its growth. Ricardo Freitas has been appointed Vice President and General Manager for the CO2 refrigeration business, and Matt Hostetler has been named Chief Human Resources Officer (CHRO). Freitas, with three decades of experience in the heating and cooling industry, will lead the expansion into commercial and industrial refrigeration markets starting June 3. Hostetler, joining on June 19, will focus on talent strategies to drive business performance. These appointments aim to optimize products, processes, and talent to fuel future growth.

Energy Recovery, Inc. (NASDAQ: ERII) has secured $15 million in contracts to supply its PX® Pressure Exchanger® energy recovery devices to seawater reverse osmosis (SWRO) desalination plants in India. These projects are set to provide over 670,000 cubic meters of clean drinking water daily to Indian communities in 2024. This initiative aims to address India's severe water scarcity issues due to climate change, groundwater depletion, and rising water demands. The implementation of Energy Recovery's technology is expected to significantly enhance operational efficiency and reduce carbon emissions, contributing to sustainable water supply solutions in India.

Energy Recovery, Inc. (ERII) reported its Q1 2024 financial results, with revenue of $12.1 million in line with guidance. The company saw a decrease in gross margin due to higher manufacturing costs and increased operating expenses. Loss from operations was $10.9 million, with a net loss of $8.3 million and adjusted EBITDA loss of $6.2 million. Cash and investments stood at $129.5 million. CEO David Moon highlighted signed contracts representing 60% of full-year revenue guidance and progress in the CO2 business.

Energy Recovery, Inc. (ERII) announced its upcoming financial results release for the quarterly period ending March 31, 2024, with a conference call scheduled for May 1, 2024, after market close. The live call will be at 2 p.m. PT / 5 p.m. ET, with a replay available until May 31, 2024. Investors can access the call and replay via phone or webcast.

Energy Recovery, Inc. (ERII) announces the resignation of Joshua Ballard as Chief Financial Officer by June 2024. A search for a new CFO is ongoing with Korn Ferry. Ballard's departure follows years of revenue and profit growth, strengthening the company's financial position. CEO David Moon expresses gratitude for Ballard's leadership and anticipates a smooth transition.

Energy Recovery, Inc. (ERII) announces record annual revenue of $128.3 million for 2023, with a 79% growth in wastewater. The company achieved a record quarterly revenue of $57.2 million, a 35% year-on-year increase. Despite a delay in a project shipment affecting water revenue, Energy Recovery's gross margin was 67.8%, exceeding expectations. Operating expenses were $68.0 million, with income from operations at $19.1 million. Net income reached $21.5 million, and adjusted EBITDA was $31.2 million. Cash and investments totaled $122.4 million. CEO David Moon highlighted growth in desalination and wastewater sectors, aiming for market diversification and shareholder value in 2024.

Energy Recovery, Inc. (ERII) has secured contracts worth over $28 million to supply its latest PX Q400 energy recovery device to mega desalination projects in the Gulf region. The PX Q400 is praised for its top-of-the-line performance and cost-effectiveness, making it the preferred choice for seawater desalination. The contracts highlight Energy Recovery's commitment to innovation and sustainability, with projected carbon emission savings equivalent to removing 130,000 cars from the road annually.

Energy Recovery, Inc. (ERII) will release its financial results for the year and quarterly period ending December 31, 2023, and will host a conference call to discuss the results and related matters on February 21, 2024, after market close. The live conference call will take place on the same day at 2 p.m. PT / 5 p.m. ET. Investors can access the call and replay over the internet via webcast.

Energy Recovery, Inc. (ERII) has appointed David Moon as President and CEO, who has extensive experience in commercial and industrial technologies. Moon will continue to serve on the Board of Directors and is focused on commercializing new applications of the PX technology platform. His previous work includes leadership roles at Carrier Commercial Refrigeration and Heatcraft Worldwide Refrigeration, with a track record of achieving double-digit earnings improvement. Moon's appointment is expected to drive the company's long-term growth and capitalize on growth opportunities in refrigeration and wastewater treatment.