Latest Financial Results
Quarter Ended Mar 31, 2023
Revenue of $13.4 million, and within February 2023 guidance
Lower gross margin of 60.9%, as compared to Q1’2022, driven mainly by an increase in pump and hydraulic turbocharger revenue in the original equipment manufacturer and aftermarket channels, and a decrease PX® Pressure Exchanger® revenue in the megaproject channel.
Operating expenses grew 6% in the first quarter, as compared to Q4’2022, from growing sales and marketing expenditures in support of new businesses, and some variability in the timing of research and development expenses.
Loss from operations of $8.1 million primarily attributable to lower revenue and gross margin due to expected timing of megaproject shipments.
For complete information regarding our financials, see our periodic filings
Latest Annual Filing
For Fiscal Year Ending Dec 31, 2022