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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and GRID DYNAMICS HOLDINGS, INC. (GDYN). Click either name above to swap in a different company.
GRID DYNAMICS HOLDINGS, INC. is the larger business by last-quarter revenue ($104.1M vs $66.9M, roughly 1.6× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -1.4%, a 41.7% gap on every dollar of revenue. On growth, GRID DYNAMICS HOLDINGS, INC. posted the faster year-over-year revenue change (3.7% vs -0.3%). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (12.0% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
ERII vs GDYN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $104.1M |
| Net Profit | $26.9M | $-1.5M |
| Gross Margin | 67.2% | 34.8% |
| Operating Margin | 46.8% | 61.7% |
| Net Margin | 40.2% | -1.4% |
| Revenue YoY | -0.3% | 3.7% |
| Net Profit YoY | 14.7% | -150.6% |
| EPS (diluted) | $0.49 | $-0.02 |
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.
| Q1 26 | — | $104.1M | ||
| Q4 25 | $66.9M | $106.2M | ||
| Q3 25 | $32.0M | $104.2M | ||
| Q2 25 | $28.1M | $101.1M | ||
| Q1 25 | — | $100.4M | ||
| Q4 24 | $67.1M | $100.3M | ||
| Q3 24 | $38.6M | $87.4M | ||
| Q2 24 | $27.2M | $83.0M |
| Q1 26 | — | $-1.5M | ||
| Q4 25 | $26.9M | $306.0K | ||
| Q3 25 | $3.9M | $1.2M | ||
| Q2 25 | $2.1M | $5.3M | ||
| Q1 25 | — | $2.9M | ||
| Q4 24 | $23.5M | $4.5M | ||
| Q3 24 | $8.5M | $4.3M | ||
| Q2 24 | $-642.0K | $-817.0K |
| Q1 26 | — | 34.8% | ||
| Q4 25 | 67.2% | 34.0% | ||
| Q3 25 | 64.2% | 33.3% | ||
| Q2 25 | 64.0% | 34.1% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | 70.2% | 36.9% | ||
| Q3 24 | 65.1% | 37.4% | ||
| Q2 24 | 64.6% | 35.6% |
| Q1 26 | — | 61.7% | ||
| Q4 25 | 46.8% | 0.5% | ||
| Q3 25 | 11.4% | -0.2% | ||
| Q2 25 | 5.3% | -0.1% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | 38.2% | 1.3% | ||
| Q3 24 | 18.3% | 2.4% | ||
| Q2 24 | -7.4% | 0.0% |
| Q1 26 | — | -1.4% | ||
| Q4 25 | 40.2% | 0.3% | ||
| Q3 25 | 12.1% | 1.1% | ||
| Q2 25 | 7.3% | 5.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 35.0% | 4.5% | ||
| Q3 24 | 22.0% | 4.9% | ||
| Q2 24 | -2.4% | -1.0% |
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.49 | $0.01 | ||
| Q3 25 | $0.07 | $0.01 | ||
| Q2 25 | $0.04 | $0.06 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | $0.40 | $0.06 | ||
| Q3 24 | $0.15 | $0.05 | ||
| Q2 24 | $-0.01 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $75.2M | $327.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $530.1M |
| Total Assets | $231.5M | $605.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $327.5M | ||
| Q4 25 | $75.2M | $342.1M | ||
| Q3 25 | $70.4M | $338.6M | ||
| Q2 25 | $79.5M | $336.8M | ||
| Q1 25 | — | $325.5M | ||
| Q4 24 | $78.0M | $334.7M | ||
| Q3 24 | $118.6M | $231.3M | ||
| Q2 24 | $101.0M | $256.0M |
| Q1 26 | — | $530.1M | ||
| Q4 25 | $206.2M | $542.1M | ||
| Q3 25 | $180.8M | $537.7M | ||
| Q2 25 | $185.2M | $532.2M | ||
| Q1 25 | — | $517.4M | ||
| Q4 24 | $210.0M | $517.8M | ||
| Q3 24 | $233.9M | $400.2M | ||
| Q2 24 | $218.5M | $388.4M |
| Q1 26 | — | $605.0M | ||
| Q4 25 | $231.5M | $612.9M | ||
| Q3 25 | $209.6M | $613.2M | ||
| Q2 25 | $212.3M | $608.9M | ||
| Q1 25 | — | $590.9M | ||
| Q4 24 | $242.8M | $592.2M | ||
| Q3 24 | $262.7M | $477.3M | ||
| Q2 24 | $249.0M | $443.6M |
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 | $7.1M | — |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 9.6% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $7.1M | $9.9M | ||
| Q3 25 | $-3.1M | $7.0M | ||
| Q2 25 | $4.1M | $14.4M | ||
| Q1 25 | — | $9.4M | ||
| Q4 24 | $9.0M | $7.1M | ||
| Q3 24 | $-3.0M | $9.2M | ||
| Q2 24 | $8.1M | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | $6.4M | $6.1M | ||
| Q3 25 | $-3.5M | $2.9M | ||
| Q2 25 | $4.0M | $10.2M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | $8.9M | $4.4M | ||
| Q3 24 | $-3.2M | $5.9M | ||
| Q2 24 | $7.9M | $8.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.6% | 5.7% | ||
| Q3 25 | -10.9% | 2.8% | ||
| Q2 25 | 14.3% | 10.1% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | 13.2% | 4.4% | ||
| Q3 24 | -8.2% | 6.8% | ||
| Q2 24 | 28.9% | 9.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 3.6% | ||
| Q3 25 | 1.1% | 3.9% | ||
| Q2 25 | 0.5% | 4.1% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | 0.2% | 2.6% | ||
| Q3 24 | 0.4% | 3.7% | ||
| Q2 24 | 0.7% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.26× | 32.34× | ||
| Q3 25 | -0.81× | 5.92× | ||
| Q2 25 | 2.02× | 2.73× | ||
| Q1 25 | — | 3.21× | ||
| Q4 24 | 0.38× | 1.56× | ||
| Q3 24 | -0.35× | 2.15× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
GDYN
Segment breakdown not available.
