Filing Flows › Energy Recovery (ERII) › Q2 2026 › vs Q2 2025
Energy Recovery (ERII) Q2 2026 vs Q2 2025 (year over year)
Energy Recovery's revenue fell $16.1M (-57%) from $28.1M in Q2 2025 to $12.0M in Q2 2026. The biggest changes: Desalination −$14.0M (-55%); Wastewater −$1.8M (-78%).
Energy Recovery, Q2 2026: revenue $12.0M (-57% year over year), operating margin -49.0%, net loss $3.2M, operating cash flow $16.3M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 128.4% | 14.4% | +114.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Desalination | $11.5M | $25.5M | −$14.0M | -55% |
| Wastewater | $513K | $2.3M | −$1.8M | -78% |
| Revenue | $12.0M | $28.1M | −$16.1M | -57% |
| Other income, net | $802K | $914K | −$112K | -12% |
| Income tax benefit | $1.9M | −$334K | $2.2M | — |
| Net loss | $3.2M | −$2.1M | $5.3M | — |
| Costs & expenses | $17.9M | $29.0M | −$11.1M | -38% |
| Operating costs | $17.9M | $26.6M | −$8.7M | -33% |
| Cost of revenue | $3.0M | $10.1M | −$7.1M | -70% |
| Research & development | $2.8M | $3.5M | −$602K | -17% |
| Sales & marketing | $4.3M | $5.4M | −$1.0M | -19% |
| General & admin | $6.8M | $7.7M | −$868K | -11% |
| Operating cash sources | $19.5M | $2.1M | $17.4M | +832% |
| Depreciation & amortization | $1.0M | $944K | $57K | +6% |
| Share-based compensation | $1.4M | $1.9M | −$550K | -28% |
| Working capital & other | $17.1M | −$788K | $17.9M | — |
| Net loss absorbed | $3.2M | −$2.1M | $5.3M | — |
| Operating cash flow | $16.3M | $4.1M | $12.2M | +293% |
| Free cash flow (company-reported) | $15.4M | $4.0M | $11.4M | +281% |
| Capital expenditures | $900K | $100K | $800K | +800% |
Questions
How much did Energy Recovery's revenue grow year over year in Q2 2026?
Energy Recovery's revenue fell $16.1M (-57%) from $28.1M in Q2 2025 to $12.0M in Q2 2026.
What drove Energy Recovery's revenue change in Q2 2026?
Desalination −$14.0M (-55%); Wastewater −$1.8M (-78%).