$ERII
Energy Recovery, Inc.

2022 Q4 Form 10-Q Financial Statement

#000142151722000151 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $42.29M $30.46M
YoY Change 25.96% 46.59%
Cost Of Revenue $12.40M $9.417M
YoY Change 19.01% 54.66%
Gross Profit $29.89M $21.05M
YoY Change 29.08% 43.24%
Gross Profit Margin 70.68% 69.09%
Selling, General & Admin $11.55M $12.31M
YoY Change 10.46% 39.15%
% of Gross Profit 38.63% 58.5%
Research & Development $3.739M $3.828M
YoY Change -44.42% -13.32%
% of Gross Profit 12.51% 18.19%
Depreciation & Amortization $900.0K $1.297M
YoY Change -49.94% -7.88%
% of Gross Profit 3.01% 6.16%
Operating Expenses $15.29M $16.14M
YoY Change -11.05% 21.67%
Operating Profit $14.61M $4.906M
YoY Change 144.52% 243.8%
Interest Expense $422.0K $259.0K
YoY Change 1588.0% 619.44%
% of Operating Profit 2.89% 5.28%
Other Income/Expense, Net $343.0K $254.0K
YoY Change -3530.0% 586.49%
Pretax Income $15.37M $5.160M
YoY Change 156.68% 252.46%
Income Tax $1.645M $371.0K
% Of Pretax Income 10.7% 7.19%
Net Earnings $13.73M $4.789M
YoY Change 160.78% 347.15%
Net Earnings / Revenue 32.45% 15.72%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share $0.24 $0.08
COMMON SHARES
Basic Shares Outstanding 56.00M shares 55.79M shares
Diluted Shares Outstanding 57.37M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.83M $82.29M
YoY Change -15.0% -23.56%
Cash & Equivalents $56.35M $52.13M
Short-Term Investments $33.48M $30.16M
Other Short-Term Assets $3.886M $5.486M
YoY Change -23.43% -0.99%
Inventory $28.37M $32.13M
Prepaid Expenses
Receivables $34.06M $18.42M
Other Receivables $0.00 $0.00
Total Short-Term Assets $157.9M $139.2M
YoY Change 4.02% -5.17%
LONG-TERM ASSETS
Property, Plant & Equipment $19.58M $18.72M
YoY Change -3.84% -10.43%
Goodwill $12.79M $12.79M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $3.058M $4.271M
YoY Change 33.07% 458.3%
Other Assets $366.0K $365.0K
YoY Change -0.27% 0.0%
Total Long-Term Assets $59.17M $60.90M
YoY Change -4.45% -1.74%
TOTAL ASSETS
Total Short-Term Assets $157.9M $139.2M
Total Long-Term Assets $59.17M $60.90M
Total Assets $217.0M $200.1M
YoY Change 1.57% -4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $814.0K $1.931M
YoY Change -10.45% -47.28%
Accrued Expenses $15.33M $11.96M
YoY Change 4.4% 16.47%
Deferred Revenue $1.195M $2.157M
YoY Change -63.98% 48.55%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.30M $16.96M
YoY Change -7.5% 4.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $121.0K $127.0K
YoY Change -51.01% -76.91%
Total Long-Term Liabilities $121.0K $127.0K
YoY Change -51.01% -76.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.30M $16.96M
Total Long-Term Liabilities $121.0K $127.0K
Total Liabilities $31.70M $30.82M
YoY Change -9.19% -3.84%
SHAREHOLDERS EQUITY
Retained Earnings $61.15M $47.43M
YoY Change 64.82% 48.95%
Common Stock $64.00K $64.00K
YoY Change 0.0% 1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $185.3M $169.3M
YoY Change
Total Liabilities & Shareholders Equity $217.0M $200.1M
YoY Change 1.57% -4.15%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $13.73M $4.789M
YoY Change 160.78% 347.15%
Depreciation, Depletion And Amortization $900.0K $1.297M
YoY Change -49.94% -7.88%
Cash From Operating Activities $6.363M -$1.211M
YoY Change 2.1% -71.49%
INVESTING ACTIVITIES
Capital Expenditures $1.233M -$563.0K
YoY Change -169.27% -77.02%
Acquisitions
YoY Change
Other Investing Activities -$1.591M $9.420M
YoY Change -118.15% -136.97%
Cash From Investing Activities -$2.824M $8.857M
YoY Change -140.44% -131.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 742.0K 1.228M
YoY Change -116.22% -122.91%
NET CHANGE
Cash From Operating Activities 6.363M -1.211M
Cash From Investing Activities -2.824M 8.857M
Cash From Financing Activities 742.0K 1.228M
Net Change In Cash 4.281M 8.874M
YoY Change -50.46% -123.64%
FREE CASH FLOW
Cash From Operating Activities $6.363M -$1.211M
Capital Expenditures $1.233M -$563.0K
Free Cash Flow $5.130M -$648.0K
YoY Change -35.97% -63.94%

Facts In Submission

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EntityAddressStateOrProvince
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dei Entity Central Index Key
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dei Document Fiscal Year Focus
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dei Current Fiscal Year End Date
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dei Entity File Number
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dei Entity Registrant Name
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Energy Recovery, Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Security12b Title
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207000 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-1063000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-235000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-161000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2208000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1274000 usd
erii Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1
IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1
-398000 usd
erii Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1
IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1
1892000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
11848000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8874000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
461000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1097000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1121000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2739000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-4617000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3132000 usd
erii Increase Decrease In Contract Liabilities
IncreaseDecreaseInContractLiabilities
-1197000 usd
erii Increase Decrease In Contract Liabilities
IncreaseDecreaseInContractLiabilities
-119000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6268000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7294000 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
34107000 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
20686000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
35964000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
43339000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2999000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4899000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
734000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4122000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27547000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2244000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8939000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
26654000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17156000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-24410000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8217000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-40000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22226000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-28510000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74461000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94358000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52235000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65848000 usd
us-gaap Nature Of Operations
NatureOfOperations
Description of Business and Significant Accounting Policies<span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Energy Recovery, Inc. and its wholly-owned subsidiaries (the “Company” or “Energy Recovery”) designs and manufactures solutions that make industrial processes more efficient and sustainable. Leveraging the Company’s pressure exchanger technology, which generates little to no emissions when operating, the Company’s solutions lower costs, save energy, reduce waste and minimize emissions for companies across a variety of industrial processes. As the world coalesces around the urgent need to address climate change and its impacts, the Company is helping companies reduce their energy consumption in their industrial processes, which in turn, reduces their carbon footprint. The Company believes that its customers do not have to sacrifice quality and cost savings for sustainability and is committed to developing solutions that drive long-term value – both financial and environmental. The Company’s solutions are marketed, sold in, or developed for, the fluid-flow and gas markets, such as seawater and industrial wastewater desalination, natural gas, chemical processing and refrigeration systems, under the trademarks ERI</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, Pressure Exchanger</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pressure Exchanger</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“PX”), Ultra PX</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX G1300</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX G</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, PX PowerTrain</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, IsoBoost</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, AT</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and Aquabold</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company owns, manufactures and/or develops its solutions, in whole or in part, in the United States of America (the “U.S.”).</span><div style="text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Condensed Consolidated Financial Statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</span></div>The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified in the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows and certain notes to the Condensed Consolidated Financial Statements to conform to the current period presentation.</span></div><div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of Condensed Consolidated Financial Statements, in conformity with GAAP, requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting policies that reflect the Company’s more significant estimates and judgments and that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results are revenue recognition; valuation of stock options; useful life and valuation of equipment; valuation and impairment of goodwill; inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies. Those estimates could change, and as a result, actual results could differ materially from those estimates.</span></div>Although there has been uncertainty and disruption in the global economy, supply chain and financial markets, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of November 2, 2022, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any reason after the date of this Quarterly Report on Form 10-Q, except as required by law.Significant Accounting PoliciesThere have been no material changes to the Company’s significant accounting policies in Note 1, “Description of Business and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data,” in the 2021 Annual Report.Recently Adopted Accounting Pronouncement <div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform (Topic 848) </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“ASU 2020-04”), which provided optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The FASB later issued ASU No. 2021-01, </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform (Topic 848): Scope, to clarify the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASU 2021-01”). Entities may apply the provisions of the new standards as of the beginning of the reporting period when the election is made (i.e., as early as the first quarter of 2020). Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed. An entity may elect to apply amendments prospectively through December 31, 2022. </span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 15, 2022, the Company amended its existing credit agreement (as defined in Note 6, “Lines of Credit”) to change the reference rate for borrowings from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The Company applied ASU 2020-04 and the optional expedients at the time of this modification. The Company’s adoption of ASU 2020-04 and ASU 2021-01 on July 15, 2022, did not have a material impact on the Company’s financial condition, results of operations, and cash flows. Refer to Note 6, “Lines of Credit,” for more information.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified in the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows and certain notes to the Condensed Consolidated Financial Statements to conform to the current period presentation.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe accounting policies that reflect the Company’s more significant estimates and judgments and that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results are revenue recognition; valuation of stock options; useful life and valuation of equipment; valuation and impairment of goodwill; inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies.
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30462000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83300000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30462000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83300000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20781000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
70328000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20781000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
70328000 usd
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
18422000 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
20615000 usd
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
891000 usd
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
493000 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2157000 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3318000 usd
CY2022Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
52000 usd
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
88000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2209000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3406000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7493000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
15605000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3406000 usd
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1640000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3049000 usd
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1415000 usd
erii Contract With Customer Liability Increase Decrease From Cash Receipts
ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts
1852000 usd
CY2021 erii Contract With Customer Liability Increase Decrease From Cash Receipts
ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts
3181000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2209000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3406000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3660000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4452000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
4789000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
1071000 usd
us-gaap Net Income Loss
NetIncomeLoss
10324000 usd
us-gaap Net Income Loss
NetIncomeLoss
9006000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55881000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57026000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56291000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57053000 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1491000 shares
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1683000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1417000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1732000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57372000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58709000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57708000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58785000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
387000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
522000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
456000 shares
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
52131000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74358000 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65745000 usd
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
104000 usd
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
103000 usd
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
103000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52235000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74461000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65848000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10274000 usd
CY2022Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
18522000 usd
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
20732000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
100000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
117000 usd
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
18422000 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
20615000 usd
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
12751000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
7352000 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
3266000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3406000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
16832000 usd
CY2022Q3 us-gaap Inventory Gross
InventoryGross
32849000 usd
CY2021Q4 us-gaap Inventory Gross
InventoryGross
21032000 usd
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
717000 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
649000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
32132000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
20383000 usd
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
891000 usd
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
493000 usd
CY2022Q3 erii Cloud Computing Arrangements Current
CloudComputingArrangementsCurrent
881000 usd
CY2021Q4 erii Cloud Computing Arrangements Current
CloudComputingArrangementsCurrent
1041000 usd
CY2022Q3 erii Supplier Advances Current
SupplierAdvancesCurrent
2079000 usd
CY2021Q4 erii Supplier Advances Current
SupplierAdvancesCurrent
1717000 usd
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2526000 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1824000 usd
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6377000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5075000 usd
CY2022Q3 us-gaap Goodwill
Goodwill
12790000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
12790000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
29000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
37000 usd
CY2022Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
12819000 usd
CY2021Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
12827000 usd
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7516000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10170000 usd
CY2022Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
910000 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
879000 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
583000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
317000 usd
CY2022Q3 erii Other Accrued Expenses And Current Liabilities
OtherAccruedExpensesAndCurrentLiabilities
2310000 usd
CY2021Q4 erii Other Accrued Expenses And Current Liabilities
OtherAccruedExpensesAndCurrentLiabilities
2628000 usd
CY2022Q3 erii Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
11319000 usd
CY2021Q4 erii Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
13994000 usd
CY2022Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
127000 usd
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
247000 usd
CY2022Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11446000 usd
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
14241000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
69757000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
555000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
69202000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
84543000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
48000 usd
CY2021Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
84495000 usd
CY2022Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
897000 usd
CY2021Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
809000 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
879000 usd
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
760000 usd
CY2022Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
109000 usd
CY2021Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
104000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
311000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
312000 usd
CY2022Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7000 usd
CY2021Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
31000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
14000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-89000 usd
CY2021Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-82000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-249000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-228000 usd
CY2022Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
910000 usd
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
830000 usd
CY2022Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
910000 usd
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
830000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
371000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
393000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
377000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-990000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
331000 usd
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
9000 usd
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
1134000 usd
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
2364000 usd
CY2022Q3 erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
702000 usd
CY2021Q3 erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
402000 usd
erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
1511000 usd
erii Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
1374000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.072
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.268
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.035
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.124
CY2022Q3 erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.136
CY2021Q3 erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.275
erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.141
erii Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
0.172
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4906000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
10224000 usd
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1427000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
7858000 usd
CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
8148512 shares
CY2022Q3 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
80500000 usd

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erii-20220930.htm Edgar Link pending
erii-20220930.xsd Edgar Link pending
erii-20220930_def.xml Edgar Link unprocessable
erii-20220930_cal.xml Edgar Link unprocessable
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erii-20220930_pre.xml Edgar Link unprocessable
erii-20220930_lab.xml Edgar Link unprocessable
erii-20220930_htm.xml Edgar Link completed
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