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Side-by-side financial comparison of C3.ai, Inc. (AI) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $66.9M, roughly 1.1× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -139.3%, a 179.5% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -20.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-46.9M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
AI vs ERII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $66.9M |
| Net Profit | $-104.7M | $26.9M |
| Gross Margin | 40.4% | 67.2% |
| Operating Margin | -149.2% | 46.8% |
| Net Margin | -139.3% | 40.2% |
| Revenue YoY | -20.3% | -0.3% |
| Net Profit YoY | -58.7% | 14.7% |
| EPS (diluted) | $-0.75 | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $66.9M | ||
| Q3 25 | $70.3M | $32.0M | ||
| Q2 25 | $108.7M | $28.1M | ||
| Q1 25 | $98.8M | — | ||
| Q4 24 | $94.3M | $67.1M | ||
| Q3 24 | $87.2M | $38.6M | ||
| Q2 24 | $86.6M | $27.2M | ||
| Q1 24 | $78.4M | $12.1M |
| Q4 25 | $-104.7M | $26.9M | ||
| Q3 25 | $-116.8M | $3.9M | ||
| Q2 25 | $-79.7M | $2.1M | ||
| Q1 25 | $-80.2M | — | ||
| Q4 24 | $-66.0M | $23.5M | ||
| Q3 24 | $-62.8M | $8.5M | ||
| Q2 24 | $-72.9M | $-642.0K | ||
| Q1 24 | $-72.6M | $-8.3M |
| Q4 25 | 40.4% | 67.2% | ||
| Q3 25 | 37.6% | 64.2% | ||
| Q2 25 | 62.1% | 64.0% | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 61.3% | 70.2% | ||
| Q3 24 | 59.8% | 65.1% | ||
| Q2 24 | 59.6% | 64.6% | ||
| Q1 24 | 57.8% | 59.0% |
| Q4 25 | -149.2% | 46.8% | ||
| Q3 25 | -177.7% | 11.4% | ||
| Q2 25 | -81.8% | 5.3% | ||
| Q1 25 | -88.7% | — | ||
| Q4 24 | -79.8% | 38.2% | ||
| Q3 24 | -83.2% | 18.3% | ||
| Q2 24 | -95.1% | -7.4% | ||
| Q1 24 | -105.3% | -90.4% |
| Q4 25 | -139.3% | 40.2% | ||
| Q3 25 | -166.2% | 12.1% | ||
| Q2 25 | -73.3% | 7.3% | ||
| Q1 25 | -81.2% | — | ||
| Q4 24 | -69.9% | 35.0% | ||
| Q3 24 | -72.0% | 22.0% | ||
| Q2 24 | -84.2% | -2.4% | ||
| Q1 24 | -92.6% | -68.3% |
| Q4 25 | $-0.75 | $0.49 | ||
| Q3 25 | $-0.86 | $0.07 | ||
| Q2 25 | $-0.60 | $0.04 | ||
| Q1 25 | $-0.62 | — | ||
| Q4 24 | $-0.52 | $0.40 | ||
| Q3 24 | $-0.50 | $0.15 | ||
| Q2 24 | $-0.59 | $-0.01 | ||
| Q1 24 | $-0.60 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $75.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $206.2M |
| Total Assets | $961.3M | $231.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $75.2M | ||
| Q3 25 | $711.9M | $70.4M | ||
| Q2 25 | $742.7M | $79.5M | ||
| Q1 25 | $724.3M | — | ||
| Q4 24 | $730.4M | $78.0M | ||
| Q3 24 | $762.5M | $118.6M | ||
| Q2 24 | $750.4M | $101.0M | ||
| Q1 24 | $723.3M | $117.4M |
| Q4 25 | $771.9M | $206.2M | ||
| Q3 25 | $798.8M | $180.8M | ||
| Q2 25 | $838.3M | $185.2M | ||
| Q1 25 | $860.2M | — | ||
| Q4 24 | $859.0M | $210.0M | ||
| Q3 24 | $874.9M | $233.9M | ||
| Q2 24 | $873.4M | $218.5M | ||
| Q1 24 | $898.0M | $216.0M |
| Q4 25 | $961.3M | $231.5M | ||
| Q3 25 | $968.7M | $209.6M | ||
| Q2 25 | $1.0B | $212.3M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.0B | $242.8M | ||
| Q3 24 | $1.1B | $262.7M | ||
| Q2 24 | $1.0B | $249.0M | ||
| Q1 24 | $1.1B | $244.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $7.1M |
| Free Cash FlowOCF − Capex | $-46.9M | $6.4M |
| FCF MarginFCF / Revenue | -62.4% | 9.6% |
| Capex IntensityCapex / Revenue | 0.5% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $7.1M | ||
| Q3 25 | $-33.5M | $-3.1M | ||
| Q2 25 | $11.3M | $4.1M | ||
| Q1 25 | $-22.0M | — | ||
| Q4 24 | $-38.7M | $9.0M | ||
| Q3 24 | $8.0M | $-3.0M | ||
| Q2 24 | $21.3M | $8.1M | ||
| Q1 24 | $-39.1M | $6.5M |
| Q4 25 | $-46.9M | $6.4M | ||
| Q3 25 | $-34.3M | $-3.5M | ||
| Q2 25 | $10.3M | $4.0M | ||
| Q1 25 | $-22.4M | — | ||
| Q4 24 | $-39.5M | $8.9M | ||
| Q3 24 | $7.1M | $-3.2M | ||
| Q2 24 | $18.8M | $7.9M | ||
| Q1 24 | $-45.1M | $5.7M |
| Q4 25 | -62.4% | 9.6% | ||
| Q3 25 | -48.8% | -10.9% | ||
| Q2 25 | 9.5% | 14.3% | ||
| Q1 25 | -22.7% | — | ||
| Q4 24 | -41.9% | 13.2% | ||
| Q3 24 | 8.2% | -8.2% | ||
| Q2 24 | 21.7% | 28.9% | ||
| Q1 24 | -57.6% | 46.9% |
| Q4 25 | 0.5% | 1.0% | ||
| Q3 25 | 1.1% | 1.1% | ||
| Q2 25 | 0.9% | 0.5% | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.9% | 0.2% | ||
| Q3 24 | 1.1% | 0.4% | ||
| Q2 24 | 2.9% | 0.7% | ||
| Q1 24 | 7.8% | 6.8% |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | -0.81× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | -0.35× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
