Energy Recovery, Inc.

Energy Recovery, Inc. announced its second quarter 2026 financial results, reporting a significant decline in revenue to $12.0 million, a 57% decrease year-over-year. The company posted a net loss of $3.2 million and a diluted loss per share of $0.06. This downturn was primarily attributed to lower revenue and a loss from operations of $5.9 million, largely due to the war in Iran, despite an improvement in gross margin to 74.7% and a 10% reduction in operating expenses.

Energy Recovery, Inc. announced the appointment of John Mitchell to its Board of Directors, effective July 9, 2026. This addition expands the company's board to six directors. Mr. Mitchell brings extensive global leadership experience from technology-driven businesses, including senior roles at TE Connectivity, where he led the Sensor Solutions business and TE SubCom. His background is expected to be a significant asset as the company navigates transformations in the water industry.

Energy Recovery, Inc. disclosed the compensation arrangements for its Interim President and Chief Executive Officer, Alex Buehler. Mr. Buehler, whose appointment was previously announced on May 28, 2026, will receive an annual salary of $645,000. Additionally, he will be eligible for a success bonus, payable 30 days after the start date of the next permanent CEO, and standard company benefits.

Energy Recovery, Inc. announced that President and CEO David Moon accelerated his retirement and resigned from all positions, effective May 26, 2026. The Board appointed current director Alex Buehler as Interim President and CEO. Mr. Buehler, who previously served as the company's CFO from 2011 to 2014, will retain his board seat but step down from the Compensation and Audit Committees, with Arve Hanstveit becoming the new Audit Committee Chair. Mr. Moon's departure was not due to any disagreements.

Energy Recovery, Inc. reported a net loss of $(12.25) million for Q1 2026, widening from $(9.88) million in Q1 2025, despite a revenue increase to $9.71 million. This was primarily driven by a significant restructuring plan, including the wind-down of its CO2 retail grocery business within the Emerging Technologies segment. The restructuring resulted in $1.5 million in charges, a $1.6 million inventory reserve, and a $1.7 million goodwill impairment.

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.