Energy Recovery, Inc. (ERII) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — ERII

Balance Sheet

(in millions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	50.12	47.10	57.05	49.14	63.26	40.31	70.78	51.44	44.24	66.33	52.13	43.22	44.52	65.75	103.30	105.43
Short-term Investments	36.03	23.28	22.47	34.41	55.36	60.70	46.58	33.10	50.83	32.34	30.16	38.48	37.70	41.90	17.39	14.62
Accounts Receivable	38.94	44.02	32.59	32.39	31.85	20.67	25.06	23.34	15.36	11.58	18.42	13.93	26.67	13.07	7.60	16.40
Inventory	30.89	33.57	32.66	32.41	33.46	33.66	31.67	33.89	36.32	33.12	32.13	28.24	23.48	20.56	15.29	11.93
Total Current Assets	161.06	155.62	152.15	154.59	189.91	159.03	178.37	146.27	150.29	147.94	139.22	129.08	138.97	146.81	147.85	152.84
Property, Plant & Equipment	12.76	13.34	13.63	14.59	16.35	17.25	17.89	18.75	19.39	19.70	18.72	18.96	19.93	20.91	20.44	20.73
Goodwill	11.13	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79	12.79
Intangible Assets	--	--	--	--	--	--	--	--	--	--	0.03	0.03	0.03	0.04	0.04	0.05
Total Non-current Assets*	47.93	54.02	60.13	70.80	72.79	90.01	65.89	76.39	59.38	60.03	60.90	62.40	72.80	61.98	61.50	62.38
Total Assets	208.99	209.65	212.28	225.39	262.71	249.04	244.27	222.66	209.67	207.97	200.12	191.48	211.78	208.79	209.34	215.22
Accounts Payable	2.79	4.74	3.44	3.40	3.41	4.75	3.49	1.81	1.74	1.96	1.93	2.72	4.36	3.66	2.28	1.96
Total Current Liabilities	17.35	21.22	18.84	18.43	18.87	20.03	17.14	16.42	15.19	13.24	16.96	15.21	15.97	16.22	13.27	12.28
Total Non-current Liabilities*	7.35	7.60	8.23	8.85	9.96	10.50	11.09	12.21	12.70	13.22	13.86	14.40	14.84	15.83	16.25	16.60
Total Liabilities	24.70	28.81	27.07	27.28	28.83	30.53	28.23	28.63	27.89	26.46	30.82	29.62	30.81	32.05	29.52	28.88
Retained Earnings	116.42	101.75	97.88	95.83	82.24	73.75	74.40	62.85	53.19	54.86	47.43	42.64	45.00	31.84	30.77	29.70
Total Stockholder Equity	184.29	180.83	185.21	198.11	233.87	218.51	216.04	194.03	181.78	181.50	169.30	161.86	180.97	176.74	179.83	186.34

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	9.71	66.87	32.00	28.05	8.07	67.08	38.58	27.20	12.09	57.19	37.04	20.72	13.40	42.29	30.46	20.29	32.55	33.58	20.78	20.61
Cost of Revenue*	7.00	21.91	11.44	10.10	3.61	19.95	13.47	9.63	4.96	17.69	11.15	7.18	5.25	--	9.42	6.92	9.50	--	--	--
Gross Profit	2.70	44.96	20.56	17.95	4.46	47.12	25.11	17.57	7.14	39.50	25.88	13.54	8.15	--	21.05	13.37	23.05	--	--	--
Research & Development	2.79	2.91	3.67	3.45	3.00	3.97	3.97	3.94	4.35	4.96	3.97	3.77	4.31	3.74	3.83	5.43	4.91	6.73	4.42	4.42
Selling, General & Admin	6.46	6.01	7.51	7.67	8.57	8.30	7.67	9.53	7.57	7.16	7.37	7.27	7.07	7.19	7.61	7.00	6.55	6.53	5.85	6.18
Total Operating Expenses	17.56	13.65	16.90	16.48	17.02	21.51	18.06	19.58	18.07	18.89	16.75	16.13	16.27	15.29	16.14	16.28	14.83	17.18	13.27	13.14
Operating Income	(14.86)	31.32	3.66	1.47	(12.56)	25.62	7.06	(2.01)	(10.93)	20.61	9.13	(2.59)	(8.11)	14.61	4.91	(2.90)	8.22	5.97	1.43	0.29
Pretax Income	(14.03)	32.14	4.55	2.39	(11.48)	26.86	8.82	(0.40)	(9.54)	21.91	10.18	(1.93)	(7.45)	15.37	5.16	(2.80)	8.34	5.99	1.46	0.33
Tax Provision	(1.77)	5.22	0.68	0.33	(1.60)	3.38	0.34	0.24	(1.28)	2.11	0.52	(0.26)	(1.16)	1.65	0.37	(0.44)	0.45	0.73	0.39	(0.74)
Net Income	(12.25)	26.91	3.87	2.05	(9.88)	23.47	8.48	(0.64)	(8.26)	19.81	9.66	(1.66)	(6.30)	13.73	4.79	(2.36)	7.89	5.26	1.07	1.07
Basic EPS	(0.23)	0.50	0.07	0.04	(0.18)	0.40	0.15	(0.01)	(0.14)	0.35	0.17	(0.03)	(0.11)	0.24	0.09	(0.04)	0.14	0.09	0.02	0.02
Diluted EPS	(0.23)	0.49	0.07	0.04	(0.18)	0.40	0.15	(0.01)	(0.14)	0.34	0.17	(0.03)	(0.11)	0.24	0.08	(0.04)	0.14	0.08	0.02	0.02

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	21.04	7.08	(3.13)	4.15	10.68	8.96	(3.00)	8.07	6.50	13.78	7.75	(4.13)	8.66	6.36	(1.21)	9.08	(1.60)	6.23	(4.25)	11.49
Capital Expenditures	0.81	0.66	0.34	0.14	0.19	0.10	0.17	0.20	0.82	1.39	1.18	--	--	1.23	0.56	0.46	1.98	1.78	2.45	1.82
Free Cash Flow*	20.22	6.42	(3.47)	4.01	10.49	8.85	(3.17)	7.87	5.67	12.39	6.57	--	--	5.13	(1.77)	8.62	(3.58)	4.45	(6.70)	9.66
Investing Cash Flow	(7.61)	(3.03)	3.45	20.89	12.67	6.52	21.66	(38.84)	(4.99)	(0.74)	(1.34)	(18.20)	1.17	(2.82)	8.86	7.95	(20.93)	6.98	(27.93)	(4.70)
Financing Cash Flow	(11.38)	(3.12)	(10.39)	(17.15)	(3.87)	(49.08)	4.29	0.31	1.19	3.61	0.81	0.21	0.17	0.74	1.23	(18.34)	(7.29)	(4.57)	(5.36)	(8.92)

* Derived from reported values