2023 Q4 Form 10-Q Financial Statement
#000142151723000191 Filed on November 01, 2023
Income Statement
| Concept | 2023 Q4 | 2023 Q3 |
|---|---|---|
| Revenue | $57.19M | $37.04M |
| YoY Change | 35.23% | 21.58% |
| Cost Of Revenue | $17.69M | $11.15M |
| YoY Change | 42.66% | 18.45% |
| Gross Profit | $39.50M | $25.88M |
| YoY Change | 32.14% | 22.98% |
| Gross Profit Margin | 69.07% | 69.88% |
| Selling, General & Admin | $13.93M | $12.78M |
| YoY Change | 20.61% | 3.81% |
| % of Gross Profit | 35.26% | 49.38% |
| Research & Development | $4.958M | $3.969M |
| YoY Change | 32.6% | 3.68% |
| % of Gross Profit | 12.55% | 15.33% |
| Depreciation & Amortization | $1.027M | $1.056M |
| YoY Change | 14.11% | -18.58% |
| % of Gross Profit | 2.6% | 4.08% |
| Operating Expenses | $18.89M | $16.75M |
| YoY Change | 23.54% | 3.78% |
| Operating Profit | $20.61M | $9.133M |
| YoY Change | 41.14% | 86.16% |
| Interest Expense | $1.270M | $1.083M |
| YoY Change | 200.95% | 318.15% |
| % of Operating Profit | 6.16% | 11.86% |
| Other Income/Expense, Net | $28.00K | $1.045M |
| YoY Change | -91.84% | 311.42% |
| Pretax Income | $21.91M | $10.18M |
| YoY Change | 42.56% | 97.25% |
| Income Tax | $2.107M | $518.0K |
| % Of Pretax Income | 9.62% | 5.09% |
| Net Earnings | $19.81M | $9.660M |
| YoY Change | 44.3% | 101.71% |
| Net Earnings / Revenue | 34.63% | 26.08% |
| Basic Earnings Per Share | $0.17 | |
| Diluted Earnings Per Share | $0.34 | $0.17 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 56.52M shares | 56.41M shares |
| Diluted Shares Outstanding | 57.97M shares |
Balance Sheet
| Concept | 2023 Q4 | 2023 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $108.5M | $84.54M |
| YoY Change | 20.83% | 2.73% |
| Cash & Equivalents | $68.10M | $51.44M |
| Short-Term Investments | $40.45M | $33.10M |
| Other Short-Term Assets | $3.251M | $4.508M |
| YoY Change | -16.34% | -17.83% |
| Inventory | $26.15M | $33.89M |
| Prepaid Expenses | ||
| Receivables | $46.94M | $23.34M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $185.5M | $146.3M |
| YoY Change | 17.49% | 5.06% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $18.70M | $18.75M |
| YoY Change | -4.5% | 0.12% |
| Goodwill | $12.80M | $12.80M |
| YoY Change | 0.08% | 0.08% |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $13.83M | $21.39M |
| YoY Change | 352.32% | 400.91% |
| Other Assets | $388.0K | $387.0K |
| YoY Change | 6.01% | 6.03% |
| Total Long-Term Assets | $67.50M | $76.39M |
| YoY Change | 14.08% | 25.43% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $185.5M | $146.3M |
| Total Long-Term Assets | $67.50M | $76.39M |
| Total Assets | $253.0M | $222.7M |
| YoY Change | 16.56% | 11.26% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $3.000M | $1.809M |
| YoY Change | 268.55% | -6.32% |
| Accrued Expenses | $15.24M | $12.20M |
| YoY Change | -0.55% | 1.98% |
| Deferred Revenue | $1.097M | $1.467M |
| YoY Change | -8.2% | -31.99% |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $21.47M | $16.42M |
| YoY Change | 17.32% | -3.19% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $207.0K | $222.0K |
| YoY Change | 71.07% | 74.8% |
| Total Long-Term Liabilities | $207.0K | $222.0K |
| YoY Change | 71.07% | 74.8% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $21.47M | $16.42M |
| Total Long-Term Liabilities | $207.0K | $222.0K |
| Total Liabilities | $33.17M | $28.63M |
| YoY Change | 4.62% | -7.09% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $82.66M | $62.85M |
| YoY Change | 35.16% | 32.52% |
| Common Stock | $65.00K | $65.00K |
| YoY Change | 1.56% | 1.56% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $219.8M | $194.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $253.0M | $222.7M |
| YoY Change | 16.56% | 11.26% |
Cashflow Statement
| Concept | 2023 Q4 | 2023 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $19.81M | $9.660M |
| YoY Change | 44.3% | 101.71% |
| Depreciation, Depletion And Amortization | $1.027M | $1.056M |
| YoY Change | 14.11% | -18.58% |
| Cash From Operating Activities | $13.78M | $7.749M |
| YoY Change | 116.6% | -739.88% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $1.388M | $412.0K |
| YoY Change | 12.57% | -173.18% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $649.0K | -$927.0K |
| YoY Change | -140.79% | -109.84% |
| Cash From Investing Activities | -$739.0K | -$1.339M |
| YoY Change | -73.83% | -115.12% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 3.610M | 805.0K |
| YoY Change | 386.52% | -34.45% |
| NET CHANGE | ||
| Cash From Operating Activities | 13.78M | 7.749M |
| Cash From Investing Activities | -739.0K | -1.339M |
| Cash From Financing Activities | 3.610M | 805.0K |
| Net Change In Cash | 16.65M | 7.215M |
| YoY Change | 289.0% | -18.7% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $13.78M | $7.749M |
| Capital Expenditures | $1.388M | $412.0K |
| Free Cash Flow | $12.39M | $7.337M |
| YoY Change | 141.6% | -1232.25% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
55982976 | shares |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
10324000 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
5101000 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
3803000 | usd | |
| us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
1143000 | usd | |
| us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-647000 | usd | |
| us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
207000 | usd | |
| us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-235000 | usd | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-2208000 | usd | |
| erii |
Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1
IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1
|
-398000 | usd | |
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
11848000 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
461000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1121000 | usd | |
| us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-4617000 | usd | |
| erii |
Increase Decrease In Contract Liabilities
IncreaseDecreaseInContractLiabilities
|
-1197000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
6268000 | usd | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
0 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1184000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
27000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-4892000 | usd | |
| CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
74461000 | usd |
| CY2023Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
23337000 | usd |
| CY2023Q3 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
0 | usd |
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
1417000 | shares | |
| CY2023Q3 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
944000 | usd |
| CY2023Q3 | erii |
Other Accrued Expenses And Current Liabilities
OtherAccruedExpensesAndCurrentLiabilities
|
2197000 | usd |
| CY2023Q3 | erii |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
11402000 | usd |
| CY2023Q3 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
11624000 | usd |
| CY2023Q3 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
|
357000 | usd |
| CY2023Q3 | erii |
Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
|
875000 | usd |
| CY2023Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.051 | |
| CY2023Q3 | erii |
Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
|
0.086 | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2999000 | usd | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
734000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-4122000 | usd | |
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2244000 | usd | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
26654000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-24410000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-22226000 | usd | |
| CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
51566000 | usd |
| CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
52235000 | 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 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 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 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 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%">, 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><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 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. The December 31, 2022 Condensed Consolidated Balance Sheet was derived from audited financial statements and may not include all disclosures required by GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. </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 September 30, 2023 unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 23, 2023 (the “2022 Annual Report”).</span></div>All adjustments consisting of normal recurring adjustments that are necessary to present fairly the financial position, results of operations and cash flows for the interim periods have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods<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 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 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; 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><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%">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 1, 2023, 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.</span></div>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 2022 Annual Report. | ||
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Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
Certain prior period amounts have been reclassified in the Condensed Consolidated Statements of Cash Flows and certain notes to the Condensed Consolidated Financial Statements to conform to the current period presentation. | ||
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Use Of Estimates
UseOfEstimates
|
<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 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; 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><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%">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 1, 2023, 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.</span></div> | ||
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
71160000 | usd | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
71160000 | usd | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
83300000 | usd | |
| CY2022Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
34062000 | usd |
| CY2022Q4 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
1720000 | usd |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
522000 | shares | |
| CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
9660000 | usd |
| CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
4789000 | usd |
| CY2023Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
56443000 | shares |
| CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
55881000 | shares |
| CY2023Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
1526000 | shares |
| CY2022Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
1491000 | shares |
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
1415000 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
57761000 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
57708000 | shares | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.18 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.18 | ||
| CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
52131000 | usd |
| CY2022Q3 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
104000 | usd |
| CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
52235000 | usd |
| CY2022Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
34210000 | usd |
| CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
148000 | usd |
| CY2022Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
34062000 | usd |
| CY2022Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
11178000 | usd |
| CY2022Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
2628000 | usd |
| CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
15062000 | usd |
| CY2022Q4 | us-gaap |
Inventory Gross
InventoryGross
|
28868000 | usd |
| CY2022Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
502000 | usd |
| CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
28366000 | usd |
| CY2023Q3 | us-gaap |
Goodwill
Goodwill
|
12800000 | usd |
| CY2022Q4 | us-gaap |
Goodwill
Goodwill
|
12800000 | usd |
| CY2023Q3 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
0 | usd |
| CY2023Q3 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
8261000 | usd |
| CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
10479000 | usd |
| CY2022Q4 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
968000 | usd |
| CY2022Q4 | erii |
Other Accrued Expenses And Current Liabilities
OtherAccruedExpensesAndCurrentLiabilities
|
3246000 | usd |
| CY2022Q4 | erii |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
14693000 | usd |
| CY2023Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
222000 | usd |
| CY2022Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
121000 | usd |
| CY2022Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
14814000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
72129000 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | usd |
| CY2023Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
232000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
|
71897000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
70127000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
6000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
328000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
|
69805000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
52989000 | usd |
| CY2023Q3 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
232000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
28911000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
328000 | usd |
| CY2023Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
518000 | usd |
| CY2022Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
371000 | usd |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-906000 | usd | |
| CY2022Q3 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
|
331000 | usd |
| us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
|
986000 | usd | |
| CY2022Q3 | erii |
Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
|
702000 | usd |
| erii |
Income Tax Expense Benefit Excluding Discrete Items
IncomeTaxExpenseBenefitExcludingDiscreteItems
|
80000 | usd | |
| CY2022Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.072 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-1.142 | ||
| CY2022Q3 | erii |
Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
|
0.136 | |
| erii |
Effective Income Tax Rate Reconciliation Excluding Discrete Tax Income Tax Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteTaxIncomeTaxItemsPercent
|
0.100 | ||
| CY2023Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
9133000 | usd |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1564000 | usd | |
| CY2022Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
4906000 | usd |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
10224000 | usd |
