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- **Revenue Guidance Maintained**: Despite macro challenges, reaffirmed full-year targets with cost control driving OpEx reduction.
- **CO2 Momentum**: PX G validation in 2025 testing; 2026-2027 commercialization path with OEMs like Hillphoenix.
- **Lithium Expansion**: Secured $350k Argentina project, signaling wastewater growth potential.
- **Data Center & Desalination**: Long-term optimism, but no near-term impact from U.S. infrastructure efforts.

**【CEO Opening Remarks】**
- Reaffirmed full-year revenue guidance, citing strong mega-project shipments and wastewater revenue recovery.
- Reduced full-year OpEx guidance due to cost control measures, with modest expense increases expected for 2026 growth.
- CO2 business progress: successful summer testing validating energy savings (up to 15%), water conservation, and capacity during high heat loads.

**【Q&A Highlights】**
**CO2 Business & OEM Progress**
- White paper results confirmed PX G's value proposition, including 15% energy savings and water conservation in adiabatic regions.
- OEM engagement with Hillphoenix progressing; expects 2026 testing with large retailers (e.g., Walmart) and commercialization in 2027.

**Desalination & Data Centers**
- Long-term positive trends for desalination, but cautious on near-term infrastructure timelines.
- Data center opportunities (wastewater treatment, CO2 refrigeration) under evaluation; no near-term opportunities identified.

**Cost Management & Growth**
- Reduced OpEx through tariffs mitigation and manufacturing investments, despite wastewater business growth.
- Secured $350k lithium extraction project in Argentina, part of expanding wastewater portfolio.
- Hiring focused on experienced wastewater professionals with OEM/end-user relationships.

**CO2 Testing Strategy**
- 2026 skid installations planned for existing CO2 locations to validate performance at scale.

Energy Recovery, Inc. (ERII) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ERII

ERII fundamentals

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