Energy Recovery, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
ERII$7.33-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $22,962 | $23,050 | $21,504 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Stock-based compensation | 7,719 | 10,322 | 8,038 |
| Depreciation and amortization | 3,760 | 4,046 | 4,102 |
| Accretion (amortization) of discounts (premiums) on investments | (326) | (1,331) | (862) |
| Deferred income taxes | 737 | 1,320 | (61) |
| Impairment of long-lived assets | 353 | — | — |
| Reversal of accruals related to expired warranties | (1,095) | (206) | (334) |
| Inventory reserve adjustment | 479 | (210) | 771 |
| Other non-cash adjustments | 318 | 499 | 589 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (12,687) | (17,212) | (12,873) |
| Contract assets | 1,129 | (2,184) | 1,128 |
| Inventories, net | 7 | 1,202 | 1,354 |
| Prepaid and other assets | 236 | (756) | (96) |
| Accounts payable | (1,462) | 787 | 2,629 |
| Accrued expenses and other liabilities | (3,828) | 1,811 | 294 |
| Contract liabilities | 468 | (616) | (129) |
| Net cash provided by operating activities | 18,770 | 20,522 | 26,054 |
| Cash flows from investing activities: | |||
| Sales of marketable securities | — | — | 2,966 |
| Maturities of marketable securities | 66,675 | 76,508 | 64,955 |
| Purchases of marketable securities | (31,370) | (90,997) | (84,555) |
| Capital expenditures | (1,330) | (1,298) | (2,567) |
| Proceeds from sales of fixed assets | 10 | 133 | 87 |
| Net cash provided by (used in) investing activities | 33,985 | (15,654) | (19,114) |
| Cash flows from financing activities: | |||
| Net proceeds from issuance of common stock | 1,796 | 7,100 | 4,794 |
| Repurchase of common stock | (35,623) | (50,384) | — |
| Payment of excise tax associated with repurchase of common stock | (707) | — | — |
| Net cash (used in) provided by financing activities | (34,534) | (43,284) | 4,794 |
| Effect of exchange rate differences on cash and cash equivalents | 98 | (52) | 33 |
| Net change in cash, cash equivalents and restricted cash | 18,319 | (38,468) | 11,767 |
| Cash, cash equivalents and restricted cash, beginning of year | 29,757 | 68,225 | 56,458 |
| Cash, cash equivalents and restricted cash, end of year | $48,076 | $29,757 | $68,225 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | 1,398 | 1,553 | 505 |
| Supplemental disclosure on non-cash investing and financing transactions: | |||
| Purchases of property and equipment in trade accounts payable, and accrued expenses and other liabilities | $463 | $70 | $647 |
| Excise tax on share repurchases, accrued but not paid | 34 | 387 | — |
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