Financial Information

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.