ERII — what changed in the latest 10-Q
A section-by-section comparison of ERII's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-04 vs the prior 10-Q · 2026-08-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +20 | −30 | ~67 | 87 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | ~7 | 44 |
| Controls & procedures | Text added/removed | +1 | −1 | ~7 | 44 |
| Legal proceedings | Text added/removed | +1 | −1 | ~7 | 44 |
| Risk factors | Some risk factors updated | +27 | −22 | ~28 | 33 |
| Other information | Text added/removed | +1 | −1 | ~7 | 44 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-04
The decrease in Megaproject (“MPD”) revenue of $17.5 million was due primarily to lower shipments of products to the Africa, Asia,
Nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025
The decrease in OEM revenue of $3.3 million was due primarily to:
•Desalination: The increase in revenue of $0.5 million was due primarily to higher shipments of products to the Europe and Middle
East markets, partially offset by lower shipments of products to the Asia and Africa markets.
Text removed vs the prior filing · source: 10-Q · 2026-08-05
markets, partially offset by higher shipments of products to the Middle East market.
The decrease in Megaproject (“MPD”) revenue of $12.1 million was primarily due to lower shipments of products to the Europe,
Six months ended June 30, 2026, as compared to the six months ended June 30, 2025
The decrease in OEM revenue of $0.6 million was due primarily to:
•Desalination: The increase in revenue of $0.8 million was due primarily to higher shipments of products to the Europe, Middle
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-04
Energy Recovery, Inc. | Q3'2026 Quarterly Report (Form 10-Q) | FLS 2
Text removed vs the prior filing · source: 10-Q · 2026-08-05
Energy Recovery, Inc. | Q2'2026 Quarterly Report (Form 10-Q) | FLS 2
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-04
Energy Recovery, Inc. | Q3'2026 Quarterly Report (Form 10-Q) | FLS 2
Text removed vs the prior filing · source: 10-Q · 2026-08-05
Energy Recovery, Inc. | Q2'2026 Quarterly Report (Form 10-Q) | FLS 2
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-11-04
Energy Recovery, Inc. | Q3'2026 Quarterly Report (Form 10-Q) | FLS 2
Text removed vs the prior filing · source: 10-Q · 2026-08-05
Energy Recovery, Inc. | Q2'2026 Quarterly Report (Form 10-Q) | FLS 2
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-11-04
characterized by the supply chain environment, inflationary pressure, interest rate volatility, and labor shortages. These global
macroeconomic factors, coupled with the U.S. political climate, political unrest internationally, and conflicts in Europe and the Middle East,
such as the continuing 2026 conflict in Iran and Iran’s response to attacks by the United States and Israel, have created global economic and
political uncertainty, and have impacted demand for certain of our products. Further escalation of the conflict could heighten inflationary
pressures on our input costs, adversely affect global financial markets, increase currency exchange rate volatility, and elevate interest rates,
Text removed vs the prior filing · source: 10-Q · 2026-08-05
environment, inflationary pressure, rising interest rates, and labor shortages. These global macroeconomic factors, coupled with the U.S.
political climate, political unrest internationally, and conflicts in Europe and the Middle East, such as the continuing 2026 conflict in Iran and
Iran’s response to attacks by the United States and Israel, have created global economic and political uncertainty, and have impacted
demand for certain of our products. Further escalation of the conflict could heighten inflationary pressures on our input costs, adversely affect
global financial markets, increase currency exchange rate volatility, and elevate interest rates, which could increase the cost of future
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-04
Energy Recovery, Inc. | Q3'2026 Quarterly Report (Form 10-Q) | FLS 2
Text removed vs the prior filing · source: 10-Q · 2026-08-05
Energy Recovery, Inc. | Q2'2026 Quarterly Report (Form 10-Q) | FLS 2
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice