Energy Recovery Inc
For the period ended Mar 31, 2024. Filed May 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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Note
Note 9 —Segment Reporting
The Company’s Chief Operating Decision-Maker (“CODM”) is its chief executive officer. The Company continues tomonitor and
review itssegment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would
impact itsreportable segments.
The following table presents a summary of the Company’s financial information by segment and corporate operating expenses.
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Water | Emerging Technologies | Total | Water | Emerging Technologies | Total | |
| (In thousands) | ||||||
| Revenue | $12,089 | $1 | $12,090 | $13,296 | $105 | $13,401 |
| Cost of revenue | 4,954 | 1 | 4,955 | 5,101 | 145 | 5,246 |
| Gross profit (loss) | 7,135 | — | 7,135 | 8,195 | (40) | 8,155 |
| Operating expenses | ||||||
| General and administrative | 1,922 | 1,018 | 2,940 | 1,938 | 968 | 2,906 |
| Sales and marketing | 3,745 | 1,807 | 5,552 | 3,175 | 1,170 | 4,345 |
| Research and development | 1,100 | 3,251 | 4,351 | 1,180 | 3,126 | 4,306 |
| Total operating expenses | 6,767 | 6,076 | 12,843 | 6,293 | 5,264 | 11,557 |
| Operating income (loss) | $368 | $(6,076) | (5,708) | $1,902 | $(5,304) | (3,402) |
| Less: Corporate operating expenses | 5,226 | 4,709 | ||||
| Loss from operations | $(10,934) | $(8,111) | ||||
Note 10 —Concentrations
Customer Revenue Concentration
The following table presents the customers that account for 10% or more of the Company’srevenue and their related segment for
each of the periods presented. Although certain customers might account for greater than 10% of the Company’srevenue at any one point in
time, the concentration ofrevenue between a limited number of customers shifts regularly, depending on when revenue is recognized. The
percentages by customer reflect specific relationships or contracts that would concentrate revenue for the periods presented and do not
indicate a trend specific to any one customer.
| Three Months Ended March 31, | |||
|---|---|---|---|
| Segment | 2024 | 2023 | |
| Customer A | Water | ** | 27% |
| Customer B | Water | 18% | ** |
| Customer C | Water | 13% | ** |
| Customer D | Water | ** | 11% |
**Zero or less than 10%.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.