(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Page No. | ||
Condensed Consolidated Balance Sheets — June 30, 2025 and December 31, 2024 | ||
Condensed Consolidated Statements of Operations — Three and Six Months Ended June 30, 2025 and 2024 | ||
Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended June 30, 2025 and 2024 | ||
Condensed Consolidated Statements of Stockholders’ Equity — Three and Six Months Ended June 30, 2025 and 2024 | ||
Condensed Consolidated Statements of Cash Flows — Six Months Ended June 30, 2025 and 2024 | ||
Exhibit Index | ||
•our belief that our PX offers market-leading value with the highest technological and economic benefit; |
•our belief that leveraging our pressure exchanger technology will unlock new commercial opportunities in the future; |
•our belief that our PX G1300™ can contribute to help make CO2-based refrigeration more economically viable in a broader range of climates; |
•our belief that our technology helps our customer achieve environmentally sustainable operations; |
•our expectation that sales outside of the U.S. will remain a significant portion of our revenue; |
•the scale of the environmental impact from the use of our solutions; |
•the timing of our receipt of payment for products or services from our customers; |
•our belief that our existing cash and cash equivalents, our short and/or long-term investments, and the ongoing cash generated from our operations, will be sufficient to meet our anticipated liquidity needs for the foreseeable future, with the exception of a decision to enter into an acquisition and/or fund investments in our latest technology arising from rapid market adoption that could require us to seek additional equity or debt financing; |
•our expectations relating to the amount and timing of recognized revenue from our projects; |
•our expectation that we will continue to receive a tax benefit related to U.S. federal foreign-derived intangible income and research and development tax credit; |
•the outcome of proceedings, lawsuits, disputes and claims; |
•the impact of losses due to indemnification obligations; |
•other factors disclosed under the MD&A and Part I, Item 3, “Quantitative and Qualitative Disclosures about Market Risk,” and elsewhere in this Form 10-Q. |
June 30, 2025 | December 31, 2024 | ||
(In thousands) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ | $ | |
Short-term investments | |||
Accounts receivable, net | |||
Inventories, net | |||
Prepaid expenses and other assets | |||
Total current assets | |||
Long-term investments | |||
Deferred tax assets, net | |||
Property and equipment, net | |||
Operating lease, right of use asset | |||
Goodwill | |||
Other assets, non-current | |||
Total assets | $ | $ | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Current liabilities: | |||
Accounts payable | $ | $ | |
Accrued expenses and other liabilities | |||
Lease liabilities | |||
Contract liabilities | |||
Total current liabilities | |||
Lease liabilities, non-current | |||
Other liabilities, non-current | |||
Total liabilities | |||
Commitments and contingencies (Note 7) | |||
Stockholders’ equity: | |||
Common stock | |||
Additional paid-in capital | |||
Accumulated other comprehensive income | |||
Treasury stock | ( | ( | |
Retained earnings | |||
Total stockholders’ equity | |||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(In thousands, except per share data) | ||||||||
Revenue | $ | $ | $ | $ | ||||
Cost of revenue | ||||||||
Gross profit | ||||||||
Operating expenses: | ||||||||
General and administrative | ||||||||
Sales and marketing | ||||||||
Research and development | ||||||||
Restructuring charges | ||||||||
Total operating expenses | ||||||||
Income (loss) from operations | ( | ( | ( | |||||
Other income (expense): | ||||||||
Interest income | ||||||||
Other non-operating expense, net | ( | ( | ( | ( | ||||
Total other income, net | ||||||||
Income (loss) before income taxes | ( | ( | ( | |||||
Provision for (benefit from) income taxes | ( | ( | ||||||
Net income (loss) | $ | $( | $( | $( | ||||
Net income (loss) per share: | ||||||||
Basic | $ | $ ( | $ ( | $ ( | ||||
Diluted | $ | $ ( | $ ( | $ ( | ||||
Number of shares used in per share calculations: | ||||||||
Basic | ||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(In thousands) | ||||||||
Net income (loss) | $ | $( | $( | $( | ||||
Other comprehensive loss, net of tax | ||||||||
Foreign currency translation adjustments | ||||||||
Unrealized loss on investments | ( | ( | ( | ( | ||||
Total other comprehensive loss, net of tax | ( | ( | ( | ( | ||||
Comprehensive income (loss) | $ | $( | $( | $( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(In thousands, except shares) | ||||||||
Common stock | ||||||||
Beginning balance | $ | $ | $ | $ | ||||
Issuance of common stock, net | — | |||||||
Ending balance | ||||||||
Additional paid-in capital | ||||||||
Beginning balance | ||||||||
Issuance of common stock, net | ||||||||
Stock-based compensation | ||||||||
Ending balance | ||||||||
Accumulated other comprehensive income (loss) | ||||||||
Beginning balance | ( | ( | ||||||
Other comprehensive loss | ||||||||
Foreign currency translation adjustments | ||||||||
Unrealized loss on investments | ( | ( | ( | ( | ||||
Total other comprehensive loss, net | ( | ( | ( | ( | ||||
Ending balance | ( | ( | ||||||
Treasury stock | ||||||||
Beginning balance | ( | ( | ( | ( | ||||
Common stock repurchased | ( | — | ( | — | ||||
Ending balance | ( | ( | ( | ( | ||||
Retained earnings | ||||||||
Beginning balance | ||||||||
Net (loss) income | ( | ( | ( | |||||
Ending balance | ||||||||
Total stockholders’ equity | $ | $ | $ | $ | ||||
Common stock issued (shares) | ||||||||
Beginning balance | ||||||||
Issuance of common stock, net | ||||||||
Ending balance | ||||||||
Treasury stock (shares) | ||||||||
Beginning balance | ||||||||
Common stock repurchased | — | — | ||||||
Ending balance | ||||||||
Total common stock outstanding (shares) |
Six Months Ended June 30, | ||||
2025 | 2024 | |||
(In thousands) | ||||
Cash flows from operating activities: | ||||
Net loss | $( | $( | ||
Adjustments to reconcile net loss to cash provided by operating activities | ||||
Stock-based compensation | ||||
Depreciation and amortization | ||||
Right of use asset amortization | ||||
Accretion (amortization) of discounts (premiums) on investments | ( | ( | ||
Deferred income taxes | ( | ( | ||
Impairment of long-lived assets | ||||
Other non-cash adjustments | ||||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | ||||
Contract assets | ( | |||
Inventories, net | ( | ( | ||
Prepaid and other assets | ( | ( | ||
Accounts payable | ||||
Accrued expenses and other liabilities | ( | ( | ||
Contract liabilities | ||||
Net cash provided by operating activities | ||||
Cash flows from investing activities: | ||||
Maturities of marketable securities | ||||
Purchases of marketable securities | ( | ( | ||
Capital expenditures | ( | ( | ||
Proceeds from sales of fixed assets | ||||
Net cash provided by (used in) investing activities | ( | |||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock | ||||
Repurchase of common stock | ( | |||
Payment of excise tax associated with repurchase of common stock | ( | |||
Net cash (used in) provided by financing activities | ( | |||
Effect of exchange rate differences on cash and cash equivalents | ( | |||
Net change in cash, cash equivalents and restricted cash | ( | |||
Cash, cash equivalents and restricted cash, beginning of year | ||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||
(In thousands) | |||||||||||
Geographical market | |||||||||||
Middle East and Africa1 | $ | $ | $ | $ | $ | $ | |||||
Asia2 | |||||||||||
Europe3 | |||||||||||
Americas | |||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | |||||
Channel | |||||||||||
Megaproject | $ | $ | $ | $ | $ | $ | |||||
Original equipment manufacturer | |||||||||||
Aftermarket | |||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | |||||||
(In thousands) | ||||||||||||
Geographical market | ||||||||||||
Middle East and Africa1 | $ | $ | $ | $ | $ | $ | ||||||
Asia2 | ||||||||||||
Europe | ||||||||||||
Americas | ||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | ||||||
Channel | ||||||||||||
Megaproject | $ | $ | $ | $ | $ | $ | ||||||
Original equipment manufacturer | ||||||||||||
Aftermarket | ||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
June 30, 2025 | December 31, 2024 | |||
(In thousands) | ||||
Accounts receivable, net | $ | $ | ||
Contract assets, current (included in prepaid expenses and other assets) | $ | $ | ||
Contract liabilities: | ||||
Contract liabilities, current | $ | $ | ||
Total contract liabilities | $ | $ |
June 30, 2025 | December 31, 2024 | ||
(In thousands) | |||
Contract liabilities, beginning of year | $ | $ | |
Revenue recognized | ( | ( | |
Cash received, excluding amounts recognized as revenue during the period | |||
Contract liabilities, end of period | $ | $ |
Period | Remaining Performance Obligations | ||
(In thousands) | |||
2025 (remaining six months) | $ | ||
Total | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(In thousands, except per share amounts) | ||||||||
Numerator | ||||||||
Net income (loss) | $ | $( | $( | $( | ||||
Denominator (weighted average shares) | ||||||||
Basic common shares outstanding | ||||||||
Stock options | ||||||||
RSUs | ||||||||
Diluted common shares outstanding | ||||||||
Net income (loss) per share | ||||||||
Basic | $ | $ ( | $ ( | $ ( | ||||
Diluted | $ | $ ( | $ ( | $ ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands) | |||||||
Anti-dilutive equity award shares |
June 30, 2025 | December 31, 2024 | June 30, 2024 | |||
(In thousands) | |||||
Cash and cash equivalents | $ | $ | $ | ||
Restricted cash, non-current (included in other assets, non-current) | |||||
Total cash, cash equivalents and restricted cash | $ | $ | $ |
June 30, 2025 | December 31, 2024 | ||
(In thousands) | |||
Accounts receivable, gross | $ | $ | |
Allowance for doubtful accounts | ( | ( | |
Accounts receivable, net | $ | $ |
June 30, 2025 | December 31, 2024 | ||
(In thousands) | |||
Raw materials | $ | $ | |
Work in process | |||
Finished goods | |||
Inventories, gross | |||
Valuation adjustments for excess and obsolete inventory | ( | ( | |
Inventories, net | $ | $ |
June 30, 2025 | December 31, 2024 | ||
(In thousands) | |||
Accrued expenses and other liabilities, current | |||
Payroll, benefits, incentives and commissions payable | $ | $ | |
Warranty reserve | |||
Restructuring accrual | |||
Income taxes payable | |||
Other accrued expenses and other liabilities | |||
Total accrued expenses and other liabilities | |||
Other liabilities, non-current | |||
Total accrued expenses, and current and non-current other liabilities | $ | $ |
Segment | Corporate | Total Expense | |||||
Water | Emerging Technology | ||||||
(In thousands) | |||||||
Amount recognized in 2024 | |||||||
Amount recognized in Q1 2025 | |||||||
Amount recognized in Q2 2025 | |||||||
Total restructuring expenses recognized | $ | $ | $ | $ |
Severance and Benefits | ||
(In thousands) | ||
Balance, as of December 31, 2024 | $ | |
Restructuring provision | ||
Cash paid | ( | |
Balance, as of June 30, 2025 | $ |
June 30, 2025 | December 31, 2024 | ||||||||||||||||
Pricing Category | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market securities | Level 1 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||
U.S. treasury securities | Level 2 | ||||||||||||||||
Total cash equivalents | |||||||||||||||||
Short-term investments | |||||||||||||||||
U.S. treasury securities | Level 2 | ( | |||||||||||||||
Corporate notes and bonds | Level 2 | ( | |||||||||||||||
Total short-term investments | ( | ||||||||||||||||
Long-term investments | |||||||||||||||||
U.S. treasury securities | Level 2 | ||||||||||||||||
Corporate notes and bonds | Level 2 | ( | |||||||||||||||
Municipal and agency notes and bonds | Level 2 | ( | |||||||||||||||
Total long-term investments | ( | ||||||||||||||||
Total short and long-term investments | ( | ( | |||||||||||||||
Total | $ | $ | $( | $ | $ | $ | $( | $ |
June 30, 2025 | December 31, 2024 | ||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||
(In thousands) | |||||||
U.S. treasury securities | $ | $( | $ | $ | |||
Corporate notes and bonds | ( | ( | |||||
Municipal and agency notes and bonds | ( | ||||||
Total available-for-sale investments with unrealized loss positions | $ | $( | $ | $( |
June 30, 2025 | December 31, 2024 | ||
(In thousands) | |||
Outstanding letters of credit | $ | $ | |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands, except percentages) | |||||||
Provision for (benefit from) income taxes | $ | $ | $( | $( | |||
Discrete items | ( | ||||||
Provision for (benefit from) income taxes, excluding discrete items | $ | $ | $( | $( | |||
Effective tax rate | ( | ||||||
Effective tax rate, excluding discrete items | ( |
Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||
Water | Emerging Technologies | Corporate | Total | Water | Emerging Technologies | Corporate | Total | ||||||||
(In thousands) | |||||||||||||||
Revenue | $ | $ | $ | $ | $ | $ | $ | $ | |||||||
Cost of revenue | |||||||||||||||
Gross profit (loss) | ( | ||||||||||||||
Operating expenses | |||||||||||||||
General and administrative | |||||||||||||||
Sales and marketing | |||||||||||||||
Research and development | |||||||||||||||
Restructuring charges | |||||||||||||||
Total operating expenses | |||||||||||||||
Operating income (loss) | $ | $( | $( | $ | $ | $( | $( | $( |
Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | ||||||||||||||
Water | Emerging Technologies | Corporate | Total | Water | Emerging Technologies | Corporate | Total | ||||||||
(In thousands) | |||||||||||||||
Revenue | $ | $ | $ | $ | $ | $ | $ | $ | |||||||
Cost of revenue | |||||||||||||||
Gross profit (loss) | ( | ( | |||||||||||||
Operating expenses | |||||||||||||||
General and administrative | |||||||||||||||
Sales and marketing | |||||||||||||||
Research and development | |||||||||||||||
Total operating expenses | |||||||||||||||
Operating income (loss) | $ | $( | $( | $( | $ | $( | $( | $( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
Segment | 2025 | 2024 | 2025 | 2024 | ||||||
Customer A | Water | ** | ** | |||||||
Customer B | Water | ** | ** | |||||||
Customer C | Water | ** | ** | |||||||
Customer D | Water | ** | ** | |||||||
Customer E | Water | ** | ** |
Number of Shares Purchased | Average Price Paid per Share(1) | Plan Activity | |||||
(In millions) | |||||||
February 2025 Authorization | $ | ||||||
Repurchases under February 2025 Authorization | $ | ( | |||||
Remaining amount under February 2025 Authorization | $ |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | Change | |||||||
(In thousands, except percentages) | |||||||||||
Megaproject | $14,802 | 53% | $15,815 | 58% | $(1,013) | (6%) | |||||
Original equipment manufacturer | 8,357 | 30% | 6,945 | 26% | 1,412 | 20% | |||||
Aftermarket | 4,892 | 17% | 4,439 | 16% | 453 | 10% | |||||
Total revenue | $28,051 | 100% | $27,199 | 100% | $852 | 3% |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | Change | |||||||
(In thousands, except percentages) | |||||||||||
Megaproject | $14,838 | 41% | $19,915 | 51% | $(5,077) | (25%) | |||||
Original equipment manufacturer | 12,358 | 34% | 10,291 | 26% | 2,067 | 20% | |||||
Aftermarket | 8,920 | 25% | 9,083 | 23% | (163) | (2%) | |||||
Total revenue | $36,116 | 100% | $39,289 | 100% | $(3,173) | (8%) |
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||
(In thousands) | |||||||||||
Middle East and Africa1 | $9,324 | $92 | $9,416 | $14,467 | $245 | $14,712 | |||||
Asia2 | 8,008 | 65 | 8,073 | 7,962 | 36 | 7,998 | |||||
Europe3 | 9,056 | 55 | 9,111 | 2,522 | — | 2,522 | |||||
Americas | 1,451 | — | 1,451 | 1,967 | — | 1,967 | |||||
Total revenue | $27,839 | $212 | $28,051 | $26,918 | $281 | $27,199 |
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Segment | Revenue | Percentage | Revenue | Percentage | ||||
(In thousands) | ||||||||
Oman | Water | $5,994 | 21% | ** | ** | |||
United Arab Emirates | Water | ** | ** | $5,424 | 20% | |||
Morocco | Water | ** | ** | $4,831 | 18% |
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Segment | Revenue | Percentage | Revenue | Percentage | ||||
(In thousands) | ||||||||
China | Water | $3,484 | 12% | ** | ** | |||
India | Water | ** | ** | $4,456 | 16% |
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Segment | Revenue | Percentage | Revenue | Percentage | ||||
(In thousands) | ||||||||
Spain | Water | $8,013 | 29% | ** | ** |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | ||||||
(In thousands) | |||||||||||
Middle East and Africa1 | $12,204 | $93 | $12,297 | $19,252 | $246 | $19,498 | |||||
Asia2 | 11,446 | 65 | 11,511 | 9,941 | 36 | 9,977 | |||||
Europe3 | 10,131 | 55 | 10,186 | 3,908 | — | 3,908 | |||||
Americas | 2,122 | — | 2,122 | 5,906 | — | 5,906 | |||||
Total revenue | $35,903 | $213 | $36,116 | $39,007 | $282 | $39,289 |
Six Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Segment | Revenue | Percentage | Revenue | Percentage | ||||
(In thousands) | ||||||||
Oman | Water | $6,009 | 17% | ** | ** | |||
United Arab Emirates | Water | ** | ** | $5,654 | 14% | |||
Morocco | Water | ** | ** | $6,236 | 16% |
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Segment | Revenue | Percentage | Revenue | Percentage | ||||
(In thousands) | ||||||||
China | Water | $4,052 | 11% | ** | ** | |||
India | Water | ** | ** | $4,633 | 12% |
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Segment | Revenue | Percentage | Revenue | Percentage | ||||
(In thousands) | ||||||||
Spain | Water | $8,734 | 24% | ** | ** |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
(In thousands, except percentage and basis point) | |||||||||||
Gross profit | $17,954 | $17,566 | $388 | $22,412 | $24,701 | $(2,289) | |||||
Gross margin | 64.0% | 64.6% | (60) bps | 62.1% | 62.9% | (80) bps |
Three Months Ended June 30, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
Water | Emerging Technologies | Corporate | Total | Water | Emerging Technologies | Corporate | Total | |||||||||
(In thousands) | ||||||||||||||||
Operating expenses | ||||||||||||||||
General and administrative | $1,323 | $571 | $5,775 | $7,669 | $1,912 | $984 | $6,636 | $9,532 | ||||||||
Sales and marketing | 3,280 | 1,569 | 511 | 5,360 | 3,837 | 1,700 | 567 | 6,104 | ||||||||
Research and development | 1,604 | 1,847 | — | 3,451 | 1,073 | 2,871 | — | 3,944 | ||||||||
Total operating expenses | $6,207 | $3,987 | $6,286 | $16,480 | $6,822 | $5,555 | $7,203 | $19,580 |
Six Months Ended June 30, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
Water | Emerging Technologies | Corporate | Total | Water | Emerging Technologies | Corporate | Total | |||||||||
(In thousands) | ||||||||||||||||
General and administrative | $2,896 | $1,326 | $12,021 | $16,243 | $3,834 | $2,002 | $11,262 | $17,098 | ||||||||
Sales and marketing | 6,425 | 2,839 | 1,002 | 10,266 | 7,582 | 3,507 | 1,167 | 12,256 | ||||||||
Research and development | 2,782 | 3,670 | — | 6,452 | 2,173 | 6,122 | — | 8,295 | ||||||||
Restructuring charges | 210 | 123 | 206 | 539 | — | — | — | — | ||||||||
Total operating expenses | $12,313 | $7,958 | $13,229 | $33,500 | $13,589 | $11,631 | $12,429 | $37,649 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(In thousands) | ||||||||
Interest income | $940 | $1,663 | $2,013 | $3,105 | ||||
Other non-operating expense, net | (26) | (49) | (20) | (102) | ||||
Total other income, net | $914 | $1,614 | $1,993 | $3,003 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(In thousands, except percentages) | |||||||
(Benefit from) provision for income taxes | $334 | $242 | $(1,269) | $(1,043) | |||
Discrete items | (22) | 64 | 30 | 140 | |||
(Benefit from) provision for income taxes, excluding discrete items | $312 | $306 | $(1,239) | $(903) | |||
Effective tax rate | 14.0% | (60.5%) | 14.0% | 10.5% | |||
Effective tax rate, excluding discrete items | 13.0% | (76.2%) | 13.7% | 9.1% |
Six Months Ended June 30, | |||||
2025 | 2024 | Change | |||
(In thousands) | |||||
Net cash provided by operating activities | $14,824 | $14,570 | $254 | ||
Net cash provided by (used in) investing activities | 33,566 | (43,830) | 77,396 | ||
Net cash (used in) provided by financing activities | (21,026) | 1,502 | (22,528) | ||
Effect of exchange rate differences on cash and cash equivalents | 60 | (24) | 84 | ||
Net change in cash, cash equivalents and restricted cash | $27,424 | $(27,782) | $55,206 |
Name | Title | Date of Adoption or Termination (1) | Status (2) | Plan Type | ||||
Rule 10b5-1 trading arrangement |
Exhibit Number | Exhibit Description | |
31.1* | ||
31.2* | ||
32.1** | ||
101 | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part I, “Financial Information” of this Quarterly Report on Form 10-Q. | |
104 | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. |
ENERGY RECOVERY, INC. | |||||
Date: | August 6, 2025 | By: | /s/ DAVID W. MOON | ||
David W. Moon | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
Date: | August 6, 2025 | By: | /s/ MICHAEL S. MANCINI | ||
Michael S. Mancini | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||