Energy Recovery Inc (ERII) 2025 Q3 法說會逐字稿

Good day ladies and gentlemen, and welcome to Energy Recovery's third quarter 2025 earnings call. During today's call, Energy Recovery may make projections and other forward-looking statements under the Safe Harbor provisions contained in the Securities Litigation Reform Act of 1995 regarding future events or the future financial performance of the company.

各位女士、先生，大家好，歡迎參加 Energy Recovery 2025 年第三季財報電話會議。在今天的電話會議中，Energy Recovery 可能會根據 1995 年證券訴訟改革法案中的安全港條款，對未來事件或公司未來的財務表現做出預測和其他前瞻性聲明。

These statements may discuss our business, economic, and market outlook, growth expectations, new products, and other performance, cost structure, and business strategy.

這些聲明可能會討論我們的業務、經濟和市場前景、成長預期、新產品和其他業績、成本結構和業務策略。

Forward-looking statements are based on information currently available to the company and on Management's beliefs, assumptions, estimates, and projections. Forward looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors. We refer you to documents the company files from time to time with the SEC, specifically the company's annual Form 10-K and quarterly Form 10-Q.

前瞻性陳述是基於公司目前可獲得的資訊以及管理階層的信念、假設、估計和預測。前瞻性陳述並非對未來績效的保證，並且受到某些風險、不確定性和其他因素的影響。我們建議您查閱本公司不時向美國證券交易委員會提交的文件，特別是本公司的年度 10-K 表格和季度 10-Q 表格。

These documents identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. All statements made during this call are made only as of today, November 5, 2025, and the company expressly disclaims any intent or obligation to update any forward-looking statements made during this call to reflect subsequent events or circumstances unless otherwise required by law.

這些文件列出了可能導致實際結果與我們的預測或前瞻性聲明中包含的結果有重大差異的重要因素。本次電話會議中所做的所有聲明僅代表截至 2025 年 11 月 5 日的觀點，除非法律另有規定，否則本公司明確聲明不承擔任何更新本次電話會議中作出的任何前瞻性聲明以反映後續事件或情況的意圖或義務。

Our hosts for today's call are David Moon, President and Chief Executive Officer of Energy Recovery, and Mike Mancini, Chief Financial Officer. I would now like to turn the call over to Mr. Moon.

今天電話會議的主持人是 Energy Recovery 的總裁兼執行長 David Moon 和財務長 Mike Mancini。現在我想把電話交給穆恩先生。

Thank you and good day everyone. Earlier today we released a letter to shareholders on the Investor Relations section of our website that reviews business and financial performance during the quarter.

謝謝大家，祝大家今天愉快。今天早些時候，我們在公司網站的投資者關係版塊發布了一封給股東的信，回顧了本季度的業務和財務表現。

Prior to the opening the line for questions and answers, I'd like to highlight a few important takeaways from that letter.

在開放問答環節之前，我想先強調這封信中的幾個重要要點。

First, we had a strong quarter of sales execution. Megaproject shipments improved during the quarter and wastewater revenue continued to rebound such that we are reiterating our four-year revenue guidance.

首先，我們本季的銷售執行情況非常出色。本季大型專案出貨量有所改善，廢水處理收入持續反彈，因此我們重申了未來四年的收入預期。

Second, the team has done a nice job this year controlling costs, and we are reducing our 4-year OpEx guidance even further. We have made a number of decisions to drive efficiency and lower cost while still investing in our growing wastewater business. We expect growth in Q4 and next year to be achievable with only modest increases in operating expenses.

其次，團隊今年在控製成本方面做得很好，我們將進一步降低未來四年的營運支出預期。我們已做出多項決定，以提高效率並降低成本，同時繼續投資於我們不斷發展的廢水處理業務。我們預計，在營運費用僅小幅成長的情況下，第四季和明年的成長是可以實現的。

And finally, our CO2 business had a nice summer season of testing. While OEM engagement is strong, we remain in the very early days for commercialization. We are focused on gaining traction in 2026 and plan to provide clear updates on our progress.

最後，我們的二氧化碳業務在夏季測試期間取得了不錯的成績。雖然 OEM 廠商的參與度很高，但我們仍處於商業化的早期階段。我們的目標是在 2026 年取得進展，並計劃就我們的進展提供明確的更新資訊。

As always, I want to thank our employees here at Energy Recovery. Our sales execution and cost control were strong this quarter, and this could not have been done without a lot of great teamwork.

和往常一樣，我要感謝能源回收公司全體員工。本季我們的銷售執行和成本控製表現強勁，離不開團隊的精誠合作。

With that, we'll now move to the question-and-answer portion of our conference call.

接下來，我們將進入電話會議的問答環節。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Hey guys, thanks for, hey David, thanks for taking my questions. I'll start where you left off there on CO2. Just curious, what were some of the main takeaways, from the recent white paper that you think customers and investors should must be aware of?

大家好，謝謝，大衛，謝謝你回答我的問題。關於二氧化碳，我接著你剛才講的內容繼續講。我很好奇，您認為最近發布的白皮書中有哪些主要要點是客戶和投資者必須了解的？

Yeah, so I think there are 3. So the first, similar to the white paper from last year we just validated the fact that we save energy and up to 15% at peak at peak times and so strong energy savings performance. So that's number one.

是的，我想應該有3個。首先，與去年的白皮書類似，我們證實了我們在高峰時段可以節省高達 15% 的能源，節能效果顯著。這是第一點。

Second is to the extent that a store is located in a part of the country or in Europe in Southern Europe where adiabatic coolers are required, we can save tremendous amounts of water. So that's number two, and we and we validated that as part of our summer season of testing here in California.

其次，如果商店位於需要絕熱冷卻器的地區，或位於歐洲南部，那麼我們可以節省大量的水。這是第二點，我們在加州夏季測試期間驗證了這一點。

And then I think the 3rd and a really important part of our value proposition that we didn't talk about. We should have talked about more last year was the fact that we provide an increase performance during high heat load days.

然後，我認為我們價值主張的第三個也是非常重要的一部分，我們沒有談到。去年我們應該多談談的一點是，我們在高溫負載日能夠提高性能。

So, when the system is working its hardest, the PXG allows for additional capacity during those high heat load days. And so those are the three critical parts of the value proposition that we proved out over the course of this summer.

因此，當系統全力運轉時，PXG 可以在高溫負載日提供額外的容量。因此，以上就是我們在今年夏天驗證的價值主張的三個關鍵部分。

Appreciate that. And then you touched on this and maybe you want to save it for your next update, but I was wondering if you could tell us about your progress with OEMs and your confidence in signing a commercial agreement with an OEM partner over the next few months.

謝謝。然後您提到了這一點，也許您想把它留到下次更新中再談，但我很想知道您能否告訴我們您在與 OEM 合作方面取得的進展，以及您對在未來幾個月內與 OEM 合作夥伴簽署商業協議的信心。

Yeah, so I think, so, look, this summer season of testing was about working closely with OEMs to prove our value proposition in the field, and I think we checked the box on that.

是的，所以我覺得，你看，這個夏季測試季的目的是與 OEM 廠商緊密合作，以證明我們在實際應用中的價值主張，我認為我們在這方面已經做到了。

So where -- so what's the next step? So, what is happening now is that OEMs are now beginning to have conversations with some of their largest end users about the PXG and to the extent that they already haven't done so. And what's going to happen, Ryan, is that most likely those customers are going to want to test the PXG themselves over the course of next summer.

那麼，下一步該怎麼做？所以，現在的情況是，OEM廠商開始與一些最大的終端用戶討論PXG，而在此之前，他們還沒有這樣做過。Ryan，接下來很可能的情況是，這些客戶會在明年夏天親自測試 PXG。

So I think we have another summer season of testing in front of us, and I think because of that we're probably a year away from being able to sign a commercial agreement with a large OEM. I think the large OEMs are going to want to see that summer season of testing, a successful testing season with some of their larger customers before they're going to sign a commercial agreement.

所以我認為我們還要再經歷一個夏季的測試季，而且我認為正因為如此，我們可能還需要一年的時間才能與大型 OEM 簽署商業協議。我認為大型汽車製造商在簽署商業協議之前，會希望看到夏季測試季，希望看到與一些大客戶的成功測試季。

Now we've signed an MOU with Hill Phoenix already and so we're on a path to being able to sign a commercial agreement with them, but it's likely going to be 2026.

現在我們已經與 Hill Phoenix 簽署了諒解備忘錄，所以我們正在朝著與他們簽署商業協議的方向前進，但這可能要到 2026 年才能實現。

Got it. I appreciate that. And then turning to the water side, we've seen that the US administration kickstart efforts across different industries, such as nuclear energy or critical minerals. Do you think there's a possibility that we could see something like that on the waterfront maybe for desalination?

知道了。我很感激。然後，再來看看水資源方面，我們看到美國政府在核能或關鍵礦產等不同產業啟動了相關措施。你認為我們有可能在海濱看到類似的設施，例如用於海水淡化的設施嗎？

Yeah Ryan, this is Mike. Look, I think that all of the AI and the energy that's going to serve it only goes to improve our long-term water trends, right? There's a long-term desalination trend already, and I think it does help the long-term trends. I think what we're really cautious about is translating that to near term.

瑞恩，我是麥克。我認為，所有人工智慧及其相關能源最終都會改善我們的長期水資源趨勢，對吧？海水淡化已經形成了一種長期趨勢，我認為這確實有助於推動這種長期趨勢。我認為我們真正謹慎的是將其轉化為近期成果。

Near term results for us as this infrastructure takes a long time to build, so I think we're highly encouraged with the long-term trends and some additive stuff there. We want to be cautious about near term expectations on it.

對我們來說，短期內取得成果並不容易，因為這項基礎設施的建設需要很長時間，所以我認為我們對長期趨勢和一些新增項目感到非常鼓舞。我們對近期預期持謹慎態度。

Appreciate that Mike, and then I'll just sneak in one more somewhat related to your comments there on the data center opportunity. Curious if there's anything new to report there either on the wastewater front or Refrigeration.

謝謝你，麥克。然後我再補充一點，這與你剛才關於資料中心機會的評論有些關聯。想知道在廢水處理或冷凍方面是否有任何新的進展可以報告。

No, look, Ryan, we continue to monitor it closely. So, and I think we said on the last call that that because CO2 is still a very small part of the Refrigeration portion of data centers that there likely wasn't going to be any near-term opportunity for us. I should CO2 jump to the front of the Refrigeration line, then that could change. And so I think as it relates to Refrigeration, still nothing near term that we see.

不，瑞安，我們會繼續密切關注此事。所以，我想我們在上次電話會議上說過，由於二氧化碳在資料中心的冷凍部分所佔比例仍然很小，因此我們近期可能不會有任何機會。如果二氧化碳能夠優先進入冷凍生產線，那麼情況可能會有所改變。所以我覺得，就冷凍技術而言，近期內我們仍然看不到任何進展。

I think it relates to water reuse and water treatment for data centers. That's something that we're just starting to better understand, and I think we'll have a better view of that over the next couple of quarters.

我認為這與資料中心的水資源再利用和水處理有關。這是我們才剛開始更了解的事情，我認為在接下來的幾個季度裡，我們會對此有更清晰的認識。

Great. I appreciate it guys. Thank you.

偉大的。非常感謝各位。

Larry Solow, CJS.

Larry Solow，CJS。

Great, thank you. Hey, good afternoon. I guess just to follow-up on the CO2 question first, so it sounds like the white paper takeaways in the data, were in line or with your expectations and good. So your -- maybe your confidence in the adoption hasn't changed or maybe even better, but timing sounds less certain.

太好了，謝謝。嘿，下午好。我想先跟進二氧化碳排放的問題，聽起來白皮書的數據結論與您的預期相符，這很好。所以，您對推廣應用程式的信心或許沒有改變，甚至可能更強了，但時間安排似乎不太確定。

I'm just curious that, and I know it's more that you change your strategy more to a top down OEM to customer versus vice versa, but I guess at the end of the day some of these larger customers still do they normally make the decision or is it in conjunction with the OEM, or do the OEMs, since there -- their reputation is on the line on a big switch like this, do they, is it just taking them more time and they just need to, they want their customers to be on board as well, or is it just anything that's holding up the adoption or pushing out a little bit?

我只是好奇這一點，我知道你們的策略更多是從OEM廠商自上而下地向客戶調整，而不是反過來，但我想最終，這些大客戶通常是自己做決定，還是和OEM廠商一起做決定？或是OEM廠商會做決定嗎？因為像這樣的重大轉變關係到他們的聲譽，他們只是需要更多時間，他們也希望他們的客戶能夠接受，或者只是有什麼其他因素阻礙了採用或推遲了一段時間？

No, it's a good question. Look, large retailers both in the US and Europe, rely on OEMs not only for the design of the equipment design, but the install and in some cases the service. And so, they really want to pull along their OEMs, especially when it comes to new technology. And so, as we and so that's what we're, we knew that was going to be the case, and that's certainly what we're finding.

不，這是個好問題。你看，無論是美國還是歐洲的大型零售商，都依賴原始設備製造商 (OEM) 來設計設備，也依賴他們進行安裝，在某些情況下，甚至依賴他們提供服務。因此，他們非常希望能夠帶動他們的原始設備製造商（OEM），尤其是在新技術方面。所以，正如我們所知，我們知道情況會是這樣，而我們確實發現了這一點。

And so our path to a large retailer like a Walmart is going to go through a large OEM like Hill Phoenix and so the two are going to have to be in lockstep. And so, what we expect to happen is the next step now that we've gotten to a successful summer season of testing is that we expect Hill Phoenix will now start promoting us to the likes of a Walmart and we'll get test stores in the first half of the year with them.

因此，我們通往沃爾瑪這樣的大型零售商的道路，將要經過像 Hill Phoenix 這樣的大型原始設備製造商，所以這兩者必須步調一致。因此，我們預計，在成功完成夏季測試之後，下一步將是 Hill Phoenix 開始向沃爾瑪等零售商推廣我們，我們將在今年上半年與他們合作開設測試店。

And so, we'll start that process with confirming the technology with a couple of these larger retailers over the course of next year, but it's going to be with these large retailers pulling the OEMs along in lockstep. That's just the way it's going to work.

因此，我們將從明年與幾家大型零售商確認技術開始，但最終將由這些大型零售商牽著原始設備製造商一步一步地推進。事情就是這樣運作的。

Okay, so it doesn't sound like your confidence has changed at all, right? Or the inevitable, listen, the ROI I guess goes down a little bit because it's pushed out one year, but it doesn't feel like, right, that's kind of the one change, I guess. I know you're not ready to make any major decisions today, but it sounds like you're not going to get to that sort of 4 or 5 customer adoption next year, but that doesn't necessarily mean your confidence in the overall program has changed that affair.

好的，所以聽起來你的自信一點都沒變，對吧？或者不可避免的是，聽著，我想投資回報率會稍微下降一點，因為它推遲了一年，但感覺上，對，我想這就是唯一的變化。我知道你今天還沒準備好做出任何重大決定，但聽起來你明年不太可能達到 4 或 5 個客戶採用的目標，但這並不一定意味著你對整個專案的信心已經改變了這種情況。

No, I think, look, I think we had a good summer season of testing. That's what we know, and we know that if we know that OEMs are now starting to talk to some of their larger customers, which is a good thing. We know that we're going to have another season of testing in front of us in 2026 and that real commercialization is likely going to happen in 2027. So, our view on OEMs is still very interested in the product, still very interested in the product. We're getting pulled and so it's just a question of speed.

不，我認為，你看，我認為我們度過了一個不錯的夏季測試季。我們知道這一點，我們也知道，如果我們知道 OEM 廠商現在開始與一些大客戶溝通，那是一件好事。我們知道，2026 年我們將迎來另一個測試季，真正的商業化很可能會在 2027 年發生。所以，我們對OEM廠商的看法仍然是對產品非常感興趣，對產品非常感興趣。我們被拉著走，所以現在就看速度了。

Okay. That's fair. No, I appreciate that. Just quickly on the on the detail, it sounds like, I know the longer-term fundamentals don't change much. Just so fast that is just curious, where someone new as a name. Your visibility, I know, always could move around a little bit from quarter to quarter, but this time of year, as you look out to the next year, the 26th without giving us numbers, but does your visibility start to fill in, as we look out on a 12 month rolling basis, even though I know quarters could slip a little bit.

好的。這很合理。不，我很感激。簡單來說，就細節而言，聽起來，我知道長期基本面不會有太大變化。速度太快了，真讓人好奇，這是新名字嗎？我知道，你們的業績預期總是會隨著季度而略有波動，但在這個時節，展望來年，雖然你們在26號沒有給出具體數字，但你們的業績預期是否會開始逐漸明朗，尤其是在我們以12個月滾動週期進行展望的情況下？即使我知道季度業績可能會略有下滑。

Yeah, we should start to see backlog building now for 2026. So now it'll be relatively small because if you think about our last now what's going on in year three, the sort of the pattern of backlog built for us has been sort of slow first half, very heavy second half, and that's not going to change for 2026. We expect the same sort of pattern. So, we should enter the year with some backlog. It's likely not going to be significant but the second half is where the story will be told, and it's, that's been the BMO for the last 3 years.

是的，我們現在應該開始看到2026年的訂單積壓了。所以現在規模會相對較小，因為如果你想想我們去年的情況，再看看第三年發生了什麼，我們積壓訂單的模式是上半年比較慢，下半年非常多，這種情況在 2026 年不會改變。我們預計會出現同樣的模式。所以，我們今年年初可能會有一些積壓的工作。雖然可能不會產生重大影響，但故事的後半段將會揭曉，而這正是過去三年BMO的寫照。

Great, thank you for all the color. I appreciate it.

太棒了，謝謝你帶來的繽紛色彩。謝謝。

Jeffrey Campbell, Seaport Research Partners

Jeffrey Campbell，Seaport Research Partners

Hey Jeff.

嘿，傑夫。

Good afternoon and congratulations on the solid results. I wondered, David, I wondered if the impressive operating cost reduction that, you have highlighted, did it benefit in some way from your efforts to establish an international footprint or did they occur in spite of those changes or were they just completely unrelated to each other?

下午好，祝賀你們取得如此優異的成績。大衛，我想知道，你提到的令人印象深刻的營運成本降低，是否在某種程度上得益於你為建立國際影響力所做的努力，還是儘管發生了這些變化，但運營成本仍然降低了，或者它們之間完全沒有關係？

Yeah, they're unrelated, to each other, Jeff, we were able we were able to reduce cost, and we've been very mindful of cost, since, starting last year. And so, we've been able to really watch our costs over the course of the year, especially when tariffs hit us so hard in the first quarter, so we took action very quickly. That's why we've been able to be so successful this year to be able to drive OpEx down, but it hasn't stopped us from investing in growing wastewater, nor did it stop us from investing in this manufacturing option to be able to [circum] forgo the tariffs in China. So we've been able to do both.

是的，它們之間沒有關聯，傑夫，我們能夠降低成本，而且從去年開始，我們就一直非常注意成本。因此，我們得以在這一年中嚴格控製成本，尤其是在第一季關稅對我們造成沉重打擊的情況下，我們迅速採取了行動。正因如此，我們今年才能取得如此巨大的成功，降低營運成本，但這並沒有阻止我們投資發展廢水處理，也沒有阻止我們投資這種製造方式，從而規避中國的關稅。所以我們兩件事都做到了。

Okay, the announced lithium project, is an application of PX that I was excited to see progressing from a pilot to a project. I just wondered, is there enough potential work in this area to make it a meaningful niche and wastewater treatment?

好的，已公佈的鋰項目是 PX 的一個應用，我很高興看到它從試點項目發展成為一個正式項目。我只是想知道，這個領域是否有足夠的潛在工作，使其成為一個有意義的細分市場，並發展成為廢水處理產業？

Yeah, I mean this lithium attraction project that we just won, which is in Argentina, that's a USD350,000 project and that that should hit us this quarter. And so, we think this is the first and we've had several projects in China already where we've been able to win lithium extraction projects and so we think there are more to come here.

是的，我是說我們剛剛中標的這個鋰礦開採項目，它在阿根廷，這是一個價值 35 萬美元的項目，應該會在本季度為我們帶來收益。因此，我們認為這是第一個，我們在中國已經成功中標了幾個鋰提取項目，所以我們認為未來還會有更多項目在這裡啟動。

I was just curious; you've talked intermittently about hiring new people for the wastewater effort as your confidence in its growth is increased. I just wonder what do you look for in these kind of hires are you looking for existing relationships or industrial knowledge or something else?

我只是好奇；隨著您對污水處理工作的信心增強，您曾斷斷續續地談到要招募新人來負責這項工作。我只是想知道，在招募這類人才時，你們看重的是什麼？是現有的人脈關係、產業知識，還是其他？

Yeah, so we're looking for people that have a track record in the wastewater space that's number one. Number two a track record within at least one or two of the five verticals that we're focusing on.

是的，所以我們正在尋找在廢水處理領域有成功經驗的人，這是最重要的。第二，在我們所關注的五個垂直領域中的至少一個或兩個領域擁有良好的業績記錄。

So that they bring experience, they bring relationships with OEMs within users, and so those are the two primary attributes that we're looking for when we're hiring these, hiring new salespeople and technical support people.

這樣一來，他們就能帶來經驗，就能與使用者中的 OEM 建立關係，因此，這是我們在招募新銷售人員和技術支援人員時主要考慮的兩個特質。

And I, the last question regarding this retailer test, for next year that you kind of laid out for us and CO2, are these likely to be skid installations as you, as you've done in the past?

最後一個問題是關於您為我們規劃的明年零售商測試以及二氧化碳排放情況，這些測試是否會像您過去所做的那樣採用撬裝式安裝？

Yeah, more than likely, Jeff, there'll be, I would say majority will be skids. Existing CO2 locations with the skid with the skid installed.

是的，傑夫，很有可能，我估計大部分都會是滑板車。已安裝撬裝設備的現有二氧化碳儲存點。

Okay. Great, thank you.

好的。太好了，謝謝。

You're welcome.

不客氣。

Thank you. There are no further questions at this time, and I'd like to turn the call back to David Moon for closing remarks.

謝謝。目前沒有其他問題了，我想把電話轉回大衛·穆恩，請他做總結發言。

So, thank you operator. So, thank you to all of our stakeholders for your continued support and we look forward to updating you on our next call. Enjoy the rest of your day.

謝謝接線生。因此，感謝所有利害關係人的持續支持，我們期待在下次電話會議上向大家報告最新情況。祝您今天餘下的時間愉快。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。

Goodbye.

再見。