The following is a summary of the Energy Recovery, Inc. (ERII) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Energy Recovery Inc. generated a Q1 2024 revenue of $12.1 million, aligning with the company's quarterly guidance.

• The company maintains its annual revenue guidance at $140 million - $150 million.

• Q1 2024 gross margin was 59%, reflecting a decline from Q1 2023 due to rising manufacturing costs and increased scrap.

Business Progress:

• The company commenced strategic planning for penetration into the wastewater and CO2 refrigeration markets, expecting these to drive significant revenue growth.

• Progress is ongoing for the CFO transition, with a likely candidate to be in place before June 30.

• The company has accounted for approximately 60% of its 2024 revenue guidance ($87million) in current contracted projects.

• Energy Recovery signed its first major project deal in Brazil, expected to ship in 2025.

• The company increased its wastewater contracts by 40% from last year and aims to grow its wastewater business revenue to $12-15 million this year.

• The second-generation PX product was successfully tested and installed for beta testing in supermarkets in California and Belgium, earning it the Refrigeration Product of the Year award from ACR News London.

• The company forecasts a steady growth in the desalination industry data with no new delays in their pipeline. For 2025 and beyond, more specific forecasts will be provided during the November Q3 call.

More details: Energy Recovery IR

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