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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $9.4M, roughly 7.1× Velo3D, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -231.9%, a 272.2% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -25.2%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-8.3M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (135.2% CAGR vs -1.8%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
ERII vs VELO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $9.4M |
| Net Profit | $26.9M | $-21.9M |
| Gross Margin | 67.2% | -73.6% |
| Operating Margin | 46.8% | -231.0% |
| Net Margin | 40.2% | -231.9% |
| Revenue YoY | -0.3% | -25.2% |
| Net Profit YoY | 14.7% | -2.9% |
| EPS (diluted) | $0.49 | $-0.87 |
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 | $66.9M | $9.4M | ||
| Q3 25 | $32.0M | $13.6M | ||
| Q2 25 | $28.1M | $13.6M | ||
| Q1 25 | $8.1M | $9.3M | ||
| Q4 24 | $67.1M | $12.6M | ||
| Q3 24 | $38.6M | $8.2M | ||
| Q2 24 | $27.2M | $10.3M | ||
| Q1 24 | $12.1M | $9.8M |
| Q4 25 | $26.9M | $-21.9M | ||
| Q3 25 | $3.9M | $-11.2M | ||
| Q2 25 | $2.1M | $-13.3M | ||
| Q1 25 | $-9.9M | $-25.0M | ||
| Q4 24 | $23.5M | $-21.3M | ||
| Q3 24 | $8.5M | $-21.9M | ||
| Q2 24 | $-642.0K | $935.0K | ||
| Q1 24 | $-8.3M | $-27.5M |
| Q4 25 | 67.2% | -73.6% | ||
| Q3 25 | 64.2% | 3.2% | ||
| Q2 25 | 64.0% | -11.7% | ||
| Q1 25 | 55.3% | 7.5% | ||
| Q4 24 | 70.2% | -3.5% | ||
| Q3 24 | 65.1% | 49.4% | ||
| Q2 24 | 64.6% | -28.0% | ||
| Q1 24 | 59.0% | -28.8% |
| Q4 25 | 46.8% | -231.0% | ||
| Q3 25 | 11.4% | -73.3% | ||
| Q2 25 | 5.3% | -85.4% | ||
| Q1 25 | -155.8% | -123.6% | ||
| Q4 24 | 38.2% | -167.0% | ||
| Q3 24 | 18.3% | -213.8% | ||
| Q2 24 | -7.4% | -187.7% | ||
| Q1 24 | -90.4% | -211.1% |
| Q4 25 | 40.2% | -231.9% | ||
| Q3 25 | 12.1% | -82.0% | ||
| Q2 25 | 7.3% | -97.7% | ||
| Q1 25 | -122.5% | -268.4% | ||
| Q4 24 | 35.0% | -168.5% | ||
| Q3 24 | 22.0% | -265.3% | ||
| Q2 24 | -2.4% | 9.0% | ||
| Q1 24 | -68.3% | -281.2% |
| Q4 25 | $0.49 | $-0.87 | ||
| Q3 25 | $0.07 | $-0.65 | ||
| Q2 25 | $0.04 | $-0.94 | ||
| Q1 25 | $-0.18 | $-1.87 | ||
| Q4 24 | $0.40 | $7.06 | ||
| Q3 24 | $0.15 | $-35.52 | ||
| Q2 24 | $-0.01 | $1.65 | ||
| Q1 24 | $-0.14 | $-55.51 |
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 | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $206.2M | $38.2M |
| Total Assets | $231.5M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $39.0M | ||
| Q3 25 | $70.4M | $11.8M | ||
| Q2 25 | $79.5M | $854.0K | ||
| Q1 25 | $83.5M | $3.9M | ||
| Q4 24 | $78.0M | $1.2M | ||
| Q3 24 | $118.6M | $1.6M | ||
| Q2 24 | $101.0M | $3.2M | ||
| Q1 24 | $117.4M | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | $206.2M | $38.2M | ||
| Q3 25 | $180.8M | $29.9M | ||
| Q2 25 | $185.2M | $21.4M | ||
| Q1 25 | $198.1M | $32.8M | ||
| Q4 24 | $210.0M | $39.7M | ||
| Q3 24 | $233.9M | $34.4M | ||
| Q2 24 | $218.5M | $52.1M | ||
| Q1 24 | $216.0M | $45.5M |
| Q4 25 | $231.5M | $105.3M | ||
| Q3 25 | $209.6M | $93.7M | ||
| Q2 25 | $212.3M | $78.4M | ||
| Q1 25 | $225.4M | $91.3M | ||
| Q4 24 | $242.8M | $89.2M | ||
| Q3 24 | $262.7M | $110.8M | ||
| Q2 24 | $249.0M | $116.7M | ||
| Q1 24 | $244.3M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | $6.4M | $-8.3M |
| FCF MarginFCF / Revenue | 9.6% | -88.3% |
| Capex IntensityCapex / Revenue | 1.0% | 6.4% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $17.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-7.7M | ||
| Q3 25 | $-3.1M | $-6.0M | ||
| Q2 25 | $4.1M | $-1.2M | ||
| Q1 25 | $10.7M | $-12.3M | ||
| Q4 24 | $9.0M | $-2.2M | ||
| Q3 24 | $-3.0M | $-2.0M | ||
| Q2 24 | $8.1M | $-8.0M | ||
| Q1 24 | $6.5M | $-20.5M |
| Q4 25 | $6.4M | $-8.3M | ||
| Q3 25 | $-3.5M | $-6.3M | ||
| Q2 25 | $4.0M | $-3.0M | ||
| Q1 25 | $10.5M | — | ||
| Q4 24 | $8.9M | $-2.2M | ||
| Q3 24 | $-3.2M | $-2.0M | ||
| Q2 24 | $7.9M | $-8.0M | ||
| Q1 24 | $5.7M | $-20.5M |
| Q4 25 | 9.6% | -88.3% | ||
| Q3 25 | -10.9% | -46.5% | ||
| Q2 25 | 14.3% | -22.2% | ||
| Q1 25 | 130.0% | — | ||
| Q4 24 | 13.2% | -17.7% | ||
| Q3 24 | -8.2% | -24.2% | ||
| Q2 24 | 28.9% | -77.1% | ||
| Q1 24 | 46.9% | -209.8% |
| Q4 25 | 1.0% | 6.4% | ||
| Q3 25 | 1.1% | 2.3% | ||
| Q2 25 | 0.5% | 13.3% | ||
| Q1 25 | 2.4% | 0.0% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 0.7% | 0.0% | ||
| Q1 24 | 6.8% | 0.1% |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 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% |
VELO
Segment breakdown not available.
