What move does the options market price into Energy Recovery's report?

Implied ±14.6%, either direction.

How often does Energy Recovery move more than the options market prices?

3 of the last 8 reports moved at least as far as the implied move.

ERIINasdaqSpecial Industry Machinery, NEC

Energy Recovery, Inc. (ERII) earnings date, market-implied expected move, and options open interest by expiry

7.17

−0.01 · −0.21%

post 7.17 0.00%

Closed16:00 ET

Open7.18Volume725,228Mkt cap$366.5MP/E25.59EPS0.28

Day7.08 – 7.2355%52-wk6.55 – 17.366%

ERII

Energy Recovery, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±14.6%implied · report alone

8Q avg ±12.5%·×1.16·rich

6.128.22

straddle ±14.8%

spot 7.17exp Nov 20ATM strike 7.5ATM straddle 1.25IV 97%

Nov 3 closereport share · term structure

Expected move

Inputs

Next report

Nov 4

after close · in 1 day

est.Q3 FY26

Calendar

Next report

Last report

−1.47%

vs ±18.9% implied · ×0.08

shaded = implied · ▲▼ = realized

Aug 5 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+6.01%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

198 managers

Top fund weight

0.01%

ERII weight · IWM

N-PORTJun 30 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Energy Recovery (ERII) is expected to report on Nov 4 after close (estimated date).

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±13.0%
avg realized: ±12.5%

Oct 30 '24Oct 30 '24confirmed±7.5%0.00%×0.00

Feb 26 '25Feb 26 '25confirmed±11.1%▲+2.52%×0.23

May 7 '25May 7 '25confirmed±9.2%▼−18.55%×2.02

Aug 6 '25Aug 6 '25confirmed±10.3%▲+7.56%×0.74

Nov 5 '25Nov 5 '25confirmed±7.9%▼−16.05%×2.04

Q1 FY26Feb 25 '26confirmed±19.2%▼−35.30%×1.84

May 6 '26May 6 '26confirmed±20.1%▼−18.78%×0.93

Q2 FY26Aug 5 '26confirmed±18.9%▼−1.47%×0.08

quarterimplied−40%0+40%realized×

Q2 FY26±18.9%▼−1.47%×0.08

May '26±20.1%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 2 expiries · Nov 3 close

4.67OI · 2 expiries · Nov 3 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

22,8050%Nov 2017d4,8830%

10,4300%Feb 19108d8.661,2040%8.66

ExpiryPutsCallsP/C

Nov 2017d22,8050%4,8830%4.67

Feb 19108d10,4300%1,2040%8.66

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±14.8%

Funds 3

IWM±0.0%

UWM±0.0%

VTI±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

−26.66%as filednet margin · revenue +23.59% QoQ · −57.24% YoY

Revenue$12M+23.59%

Gross profit$9M74.67%+231.50%

Operating income−$6M−49.05%+60.40%

Pre-tax income−$5M+63.77%

Net income−$3M−26.66%+73.90%

Cost of revenue$3M−56.61%

Operating expenses$15M−15.49%

Tax−$2M−6.14%

Other income$802,000−3.72%

Source: SEC filings · standardized · QE Jun 30 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

FOMC ×1.05· ±2.1% vs ±2.0% · 24 releases

eventrelease day|move|up · n×base

FOMCrate decision±2.1%13 of 24×1.05

PPIproducer prices±1.7%2 of 10×0.83

NFPjobs report±1.4%1 of 10×0.67

GDPgross domestic product±1.4%10 of 19×0.67

PCEpersonal income & outlays±1.4%11 of 19×0.66

CPIconsumer prices±1.3%7 of 10×0.64

CPROFcorporate profits±1.2%5 of 12×0.61

Bar = avg |move| to ±3% · tick = ±2.0% avg day · ×base = |move| ÷ ±2.0% · min 6 releases

Earnings history

EPS -0.06 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 5 '26 · confirmed	-0.06	—
Q1 FY26	Feb 25 '26 · confirmed	-0.23	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod