Quarterly ResultMay 6, 2026, 04:13 PM
Energy Recovery Q1 Revenue $9.7M; CEO to Retire; $25M Buyback
AI Summary
Energy Recovery, Inc. reported Q1 2026 financial results with revenue increasing 20% to $9.7 million, though gross margin decreased significantly to 27.8% due to restructuring charges. The company announced that CEO David Moon plans to retire following the appointment of his successor, and CFO Mike Mancini resigned, with Aidan Ryan named Interim CFO. Additionally, the Board authorized a new $25.0 million share repurchase program over the next 12 months.
Key Highlights
- CEO David Moon announced intention to retire after successor is appointed.
- CFO Mike Mancini resigned; Aidan Ryan appointed Interim CFO.
- Board authorized new $25.0 million share repurchase program.
- Q1 2026 Revenue increased 20% to $9.7 million.
- Gross margin decreased to 27.8% from 55.3% in Q1 2025.
- Net loss was $12.3 million, compared to $9.9 million in Q1 2025.
- Cash and investments totaled $92.1 million as of March 31, 2026.
- Desalination revenue was $8.9 million, up from $7.8 million in Q1 2025.