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Energy Recovery, Inc. (ERII) Annual Reports

Q: Where can I read Energy Recovery, Inc. (ERII) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Energy Recovery, Inc. is listed on Nasdaq, classified by the SEC under Special Industry Machinery, NEC (SIC 3559). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1421517 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$12.0M	$28.1M	-57.2%
Operating income	$-5.9M	$1.5M	-499.2%
Net income	$-3.2M	$2.1M	-255.7%
EPS (diluted)	$-0.06	$0.04	-250.0%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 12.0 mn Net income -3.20 mn

Show table：Income statement

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	47.0	13.3	6.92	13.0	10.4	6.63	4.93	6.12	4.76	12.3	10.5	15.1	6.37	8.57	4.87	23.2	3.90	6.41	5.34	14.8	5.86	10.5	12.1	15.2	10.1	12.0	11.0	16.7	14.5	13.9	17.1	21.1	13.8	20.8	22.2	17.7	19.8	22.8	24.9	19.5	21.5	43.6	27.4	26.4	28.9	20.6	20.8	33.6	32.5	20.3	30.5	42.3	13.4	20.7	37.0	57.2	12.1	27.2	38.6	67.1	8.07	28.1	32.0	66.9	9.71	12.0
Gross profit	29.4	6.63	2.38	5.70	4.66	2.33	0.72	0.09	1.25	6.66	5.80	6.50	3.02	5.28	2.90	14.5	2.25	3.08	2.34	9.06	3.33	5.65	7.16	8.41	6.38	7.74	7.06	10.7	7.65	7.39	9.58	14.5	7.74	11.4	—	—	—	—	—	—	—	—	—	—	20.0	13.4	14.7	23.2	23.1	13.4	21.1	29.9	8.15	13.5	25.9	39.5	7.14	17.6	25.1	47.1	4.46	17.9	20.6	45.0	2.70	8.96
Operating income	6.15	-0.72	-4.75	0.28	-2.84	-5.22	-6.68	-10.6	-4.68	0.08	-1.81	-2.24	-4.48	-1.32	-3.86	6.77	-3.74	-4.56	-5.44	-4.74	-8.07	-3.28	-0.25	-0.19	-2.15	0.48	-0.65	2.68	-0.63	-0.69	1.54	3.06	-1.33	4.24	5.65	1.42	2.71	4.00	4.57	-0.91	0.13	21.3	6.08	3.81	6.14	0.29	1.43	5.97	8.22	-2.90	4.91	14.6	-8.11	-2.59	9.13	20.6	-10.9	-2.01	7.06	25.6	-12.6	1.47	3.66	31.3	-14.9	-5.88
Net income	3.69	-0.32	-3.85	0.5	-1.76	-3.34	-11.3	-10.0	-4.68	0.44	-1.83	-2.18	-4.51	-1.46	-3.87	6.73	-3.68	-4.61	-5.51	-4.90	-8.28	-3.33	-0.34	0.31	-1.97	0.46	-0.58	3.12	-0.43	-0.55	1.71	11.6	-0.73	15.7	4.66	2.42	2.65	3.72	5.15	-0.61	0.62	16.9	5.39	3.45	6.87	1.07	1.07	5.26	7.89	-2.36	4.79	13.7	-6.30	-1.66	9.66	19.8	-8.26	-0.64	8.48	23.5	-9.88	2.05	3.87	26.9	-12.3	-3.20

Balance sheet

Quarterly · In mn (USD)

Total assets 198 mn Total liabilities 25.3 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Current assets	—	—	—	88.2	—	85.8	73.3	56.7	54.9	58.5	60.0	60.9	55.1	50.1	44.4	51.9	53.7	55.2	52.5	53.2	48.1	43.8	43.8	124	117	113	113	122	122	118	119	126	118	115	119	120	118	122	124	113	104	119	131	143	153	148	147	152	139	129	139	158	148	150	146	185	178	159	190	174	155	152	156	181	161	149
Total assets	—	—	—	134	—	129	118	111	104	104	105	105	97.7	95.6	93.0	102	96.6	93.8	86.0	85.9	79.3	74.0	73.2	152	145	141	142	149	148	146	149	162	156	174	182	180	180	183	191	189	191	186	195	204	215	209	209	214	212	191	200	217	208	210	223	253	244	249	263	243	225	212	210	232	209	198
Current liabilities	—	—	—	10.3	—	8.94	7.65	9.88	8.12	9.22	11.8	12.9	9.74	8.61	9.29	10.7	8.56	9.17	8.41	11.5	11.2	9.24	8.08	16.0	13.6	14.0	15.1	17.2	14.0	16.0	17.7	19.8	25.6	25.5	28.3	27.1	24.3	24.1	28.6	27.8	25.7	10.8	13.0	15.7	12.3	13.3	16.2	19.8	16.0	15.2	17.0	18.3	13.2	15.2	16.4	21.5	17.1	20.0	18.9	23.4	18.4	18.8	21.2	17.4	17.4	18.6
Total liabilities	—	—	—	13.1	—	11.6	11.6	13.8	12.0	13.3	15.8	17.2	13.9	12.8	13.4	15.0	12.8	13.4	11.6	16.0	16.2	12.3	11.1	88.1	84.5	83.3	83.1	83.9	79.6	80.3	80.8	79.2	64.4	71.9	72.0	66.5	60.1	56.0	55.8	52.8	52.4	28.6	30.6	32.7	28.9	29.5	32.0	34.9	30.8	29.6	30.8	31.7	26.5	27.9	28.6	33.2	28.2	30.5	28.8	32.8	27.3	27.1	28.8	25.3	24.7	25.3
Equity	121	—	—	121	—	117	106	97.0	92.3	90.3	89.0	87.4	83.8	82.8	79.6	86.9	83.8	80.4	74.4	69.9	63.1	61.7	62.1	63.7	60.2	58.1	58.4	65.1	68.7	65.5	68.3	82.5	91.5	102	110	113	120	127	135	136	138	157	164	172	186	180	177	179	181	162	169	185	182	182	194	220	216	219	234	210	198	185	181	206	184	172

Cash flow

Quarterly · In mn (USD)

Operating 16.3 mn Investing 4.63 mn Financing -9.61 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	12.8	-1.50	5.37	-2.17	-3.20	-2.08	0.78	-3.76	-3.74	1.88	-0.12	-2.45	-3.85	1.25	5.34	-0.65	-5.93	5.74	-1.45	-2.07	-0.98	-6.97	0.25	76.8	-0.26	1.11	1.48	2.64	-4.82	-1.16	3.81	5.07	-6.33	4.66	11.4	-2.18	-5.95	5.95	0.5	4.76	-5.87	5.58	10.6	6.52	0.05	11.5	-4.25	6.23	-1.60	9.08	-1.21	6.36	8.66	-4.13	7.75	13.8	6.50	8.07	-3.00	8.96	10.7	4.15	-3.13	7.08	21.0	16.3
Investing	-31.9	-5.61	-0.59	0.65	0.58	-0.08	-5.68	-23.1	1.87	4.45	-0.41	0.76	0.46	-3.33	-1.08	-0.9	2.97	-1.24	3.39	1.38	5.58	4.65	2.92	0.87	-0.49	-15.3	0	-24.3	-0.7	-20.6	-19.1	1.49	11.1	-15.1	3.87	-10.0	-1.16	-2.08	5.06	-8.70	11.9	23.9	6.38	4.43	5.09	-4.70	-27.9	6.98	-20.9	7.95	8.86	-2.82	1.17	-18.2	-1.34	-0.74	-4.99	-38.8	21.7	6.52	12.7	20.9	3.45	-3.03	-7.61	4.63
Financing	-1.06	0.14	-0.08	0.07	-0.13	-0.02	-0.06	-0.05	-0.87	-3.25	-0.03	0.04	0.19	0.03	0.2	0.08	-0.03	0.53	-0.97	-1.34	0.31	0.04	0.26	0.77	-2.59	-3.28	0.2	2.89	2.84	-3.63	0	1.74	-1.90	-5.79	1.44	0.36	2.16	2.36	0.82	0.63	0.42	0.69	0.13	3.14	6.06	-8.92	-5.36	-4.57	-7.29	-18.3	1.23	0.74	0.17	0.21	0.81	3.61	1.19	0.31	4.29	-49.1	-3.87	-17.1	-10.4	-3.12	-11.4	-9.61
Cash at period end	59.1	52.1	56.8	55.3	52.6	50.4	45.4	18.5	15.8	18.8	18.3	16.6	13.4	11.3	15.8	14.4	11.4	16.4	17.4	15.5	20.4	18.1	21.5	99.9	96.5	79.0	80.7	61.4	58.7	33.3	19.3	27.8	32.1	16.4	33.4	22.0	17.0	23.3	29.7	26.4	32.8	63.0	80.2	94.3	105	103	65.8	74.4	44.5	43.2	52.1	56.4	66.3	44.2	51.4	68.1	70.8	40.3	63.3	29.6	49.1	57.0	47.1	48.1	50.1	61.4

Profitability

Quarterly · %

Gross margin 74.7% Operating margin -49.0% Net margin -26.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Gross margin	62.6%	49.8%	34.5%	43.8%	45.0%	35.1%	14.6%	1.4%	26.3%	54.2%	55.3%	43.1%	47.3%	61.6%	59.6%	62.5%	57.6%	48.0%	43.7%	61.3%	56.8%	53.9%	59.1%	55.3%	63.5%	64.6%	64.0%	64.2%	52.8%	53.1%	56.2%	68.5%	56.1%	55.0%	—	—	—	—	—	—	—	—	—	—	69.0%	65.2%	70.7%	69.0%	70.8%	65.9%	69.1%	70.7%	60.9%	65.3%	69.9%	69.1%	59.0%	64.6%	65.1%	70.3%	55.3%	64.0%	64.2%	67.2%	27.8%	74.7%
Operating margin	13.1%	-5.4%	-68.6%	2.2%	-27.4%	-78.7%	-135.5%	-172.5%	-98.5%	0.6%	-17.2%	-14.8%	-70.2%	-15.4%	-79.2%	29.1%	-95.9%	-71.2%	-101.8%	-32.1%	-137.6%	-31.3%	-2.1%	-1.3%	-21.4%	4.0%	-5.9%	16.1%	-4.3%	-5.0%	9.0%	14.5%	-9.6%	20.4%	25.4%	8.0%	13.7%	17.5%	18.4%	-4.7%	0.6%	48.8%	22.2%	14.4%	21.2%	1.4%	6.9%	17.8%	25.3%	-14.3%	16.1%	34.5%	-60.5%	-12.5%	24.7%	36.0%	-90.4%	-7.4%	18.3%	38.2%	-155.8%	5.3%	11.4%	46.8%	-153.1%	-49.0%
Net margin	7.8%	-2.4%	-55.6%	3.8%	-17.0%	-50.3%	-229.6%	-163.9%	-98.5%	3.6%	-17.4%	-14.5%	-70.8%	-17.0%	-79.4%	28.9%	-94.5%	-72.0%	-103.1%	-33.2%	-141.3%	-31.7%	-2.8%	2.0%	-19.6%	3.8%	-5.3%	18.7%	-3.0%	-3.9%	10.0%	55.0%	-5.3%	75.8%	20.9%	13.7%	13.4%	16.3%	20.7%	-3.1%	2.9%	38.8%	19.6%	13.1%	23.7%	5.2%	5.2%	15.7%	24.3%	-11.6%	15.7%	32.5%	-47.0%	-8.0%	26.1%	34.6%	-68.3%	-2.4%	22.0%	35.0%	-122.5%	7.3%	12.1%	40.3%	-126.2%	-26.7%

Returns & leverage

Quarterly · %

ROE 8.6% ROA 7.5% Debt ratio 12.8%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	0.0%	—	-7.2%	-15.0%	-24.3%	-31.8%	-24.7%	-16.5%	-9.0%	-9.2%	-11.5%	-14.3%	-3.6%	-2.7%	-6.7%	-9.2%	-23.9%	-31.7%	-31.0%	-24.7%	-17.4%	-8.6%	-2.6%	-3.0%	1.6%	4.0%	2.5%	6.1%	16.7%	15.1%	33.8%	35.2%	22.6%	24.1%	11.7%	11.4%	8.8%	6.9%	15.5%	14.9%	17.1%	20.1%	9.9%	7.3%	8.1%	8.3%	7.0%	9.0%	13.2%	5.4%	6.1%	8.5%	10.6%	9.8%	10.3%	9.1%	10.7%	10.3%	11.9%	9.4%	11.0%	10.8%	8.6%
ROA	—	—	—	0.0%	—	-6.6%	-13.5%	-21.6%	-28.2%	-22.0%	-14.4%	-7.7%	-8.0%	-10.0%	-12.2%	-3.0%	-2.4%	-5.7%	-7.9%	-19.9%	-26.5%	-26.3%	-21.2%	-9.8%	-4.8%	-1.4%	-1.6%	0.7%	1.8%	1.1%	2.6%	8.0%	7.9%	17.7%	18.9%	12.9%	15.2%	7.5%	7.5%	5.9%	4.8%	12.0%	11.6%	13.4%	16.1%	8.5%	6.2%	6.8%	7.2%	5.9%	7.6%	11.2%	4.7%	5.3%	7.3%	9.2%	8.6%	9.0%	8.0%	9.3%	9.1%	10.5%	8.3%	9.7%	9.5%	7.5%
Debt ratio	—	—	—	9.8%	—	9.0%	9.9%	12.4%	11.5%	12.9%	15.1%	16.4%	14.3%	13.4%	14.4%	14.7%	13.2%	14.3%	13.5%	18.6%	20.4%	16.6%	15.2%	58.1%	58.4%	58.9%	58.7%	56.3%	53.7%	55.1%	54.2%	49.0%	41.3%	41.3%	39.6%	37.0%	33.4%	30.5%	29.3%	27.9%	27.5%	15.3%	15.7%	16.0%	13.4%	14.1%	15.3%	16.3%	14.6%	15.5%	15.4%	14.6%	12.7%	13.3%	12.9%	13.1%	11.6%	12.3%	11.0%	13.5%	12.1%	12.8%	13.7%	10.9%	11.8%	12.8%

EPS

Quarterly · US$

EPS US$-0.06

Show table：EPS

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	0.07	—	—	-0.07	-0.03	-0.06	—	-0.40	-0.09	0.01	-0.04	-0.04	-0.09	-0.03	-0.08	0.13	—	—	—	-0.36	-0.16	-0.06	-0.01	0.01	-0.04	0.01	-0.01	0.06	-0.01	-0.01	0.03	0.21	-0.01	0.28	0.08	0.04	0.05	0.07	0.09	-0.01	0.01	0.30	0.10	0.06	0.12	0.02	0.02	0.09	0.14	-0.04	0.08	0.24	-0.11	-0.03	0.17	0.34	-0.14	-0.01	0.15	0.41	-0.18	0.04	0.07	0.49	-0.23	-0.06

Revenue & profit

Year-to-date · In mn (USD)

Revenue 21.7 mn Net income -15.4 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 198 mn Total liabilities 25.3 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 37.3 mn Investing -2.98 mn Financing -21.0 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 53.7% Operating margin -95.6% Net margin -71.2%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 8.6% ROA 7.5% Debt ratio 12.8%

EPS

Year-to-date · US$

EPS US$-0.29

Revenue & profit

Annual · In mn (USD)

Revenue 135 mn Net income 23.0 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	28.1	42.6	43.0	30.4	43.7	49.7	66.6	74.5	86.9	119	104	126	128	145	135
Gross profit	7.80	20.2	25.7	16.7	24.6	31.9	39.1	—	—	—	71.2	87.4	87.1	96.9	87.9
Operating income	-25.3	-8.65	-2.89	-18.5	-11.8	0.36	3.28	9.98	10.4	31.3	13.8	24.8	19.1	19.7	23.9
Net income	-26.4	-8.25	-3.11	-18.7	-11.6	1.03	12.3	22.1	10.9	26.4	14.3	24.1	21.5	23.1	23.0

Balance sheet

Annual · In mn (USD)

Total assets 232 mn Total liabilities 25.3 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	56.7	60.9	51.9	53.2	124	122	126	120	113	143	152	158	185	174	181
Total assets	111	105	102	85.9	152	149	162	180	189	204	214	217	253	243	232
Current liabilities	9.88	12.9	10.7	11.5	16.0	17.2	19.8	27.1	27.8	15.7	19.8	18.3	21.5	23.4	17.4
Total liabilities	13.8	17.2	15.0	16.0	88.1	83.9	79.2	66.5	52.8	32.7	34.9	31.7	33.2	32.8	25.3
Equity	97.0	87.4	86.9	69.9	63.7	65.1	82.5	113	136	172	179	185	220	210	206

Cash flow

Annual · In mn (USD)

Operating 18.8 mn Investing 34.0 mn Financing -34.5 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	-8.26	-4.43	2.09	-3.71	69.1	4.97	2.90	7.57	5.27	16.9	13.5	12.6	26.1	20.5	18.8
Investing	-28.3	6.66	-4.85	6.50	14.0	-40.1	-38.9	-10.2	-6.88	46.6	-20.6	-6.95	-19.1	-15.7	34.0
Financing	-0.27	-4.11	0.49	-1.80	1.37	-2.78	0.95	-5.89	5.96	4.37	-12.8	-23.7	4.79	-43.3	-34.5
Cash at period end	18.5	16.6	14.4	15.5	99.9	61.4	27.8	22.0	26.4	94.3	74.4	56.4	68.1	29.6	48.1

Profitability

Annual · %

Gross margin 65.1% Operating margin 17.7% Net margin 17.0%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gross margin	27.8%	47.4%	59.8%	54.9%	56.2%	64.1%	58.7%	—	—	—	68.6%	69.6%	67.8%	66.9%	65.1%
Operating margin	-90.2%	-20.3%	-6.7%	-60.8%	-27.0%	0.7%	4.9%	13.4%	11.9%	26.3%	13.3%	19.8%	14.8%	13.6%	17.7%
Net margin	-94.3%	-19.4%	-7.2%	-61.5%	-26.6%	2.1%	18.5%	29.6%	12.6%	22.2%	13.7%	19.1%	16.8%	15.9%	17.0%

Returns & leverage

Annual · %

ROE 11.0% ROA 9.7% Debt ratio 10.9%

Show table：Returns & leverage

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	-27.3%	-9.0%	-3.6%	-23.9%	-17.4%	1.6%	16.7%	22.6%	8.8%	17.1%	8.1%	13.2%	10.6%	10.7%	11.0%
ROA	-23.9%	-7.7%	-3.0%	-19.9%	-9.8%	0.7%	8.0%	12.9%	5.9%	13.4%	6.8%	11.2%	9.2%	9.3%	9.7%
Debt ratio	12.4%	16.4%	14.7%	18.6%	58.1%	56.3%	49.0%	37.0%	27.9%	16.0%	16.3%	14.6%	13.1%	13.5%	10.9%

EPS

Annual · US$

EPS US$0.42

Show table：EPS

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	—	-0.16	-0.07	—	-0.22	0.02	0.22	0.39	0.20	0.47	0.25	0.42	0.37	0.41	0.42

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Energy Recovery, Inc. (ERII) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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