🔴 Energy Recovery is trading 7.3% down in pre-market after revenue fell 65% year over year

Energy Recovery is trading at $6.65 (-7.25%) after November 4 results showed revenue fell 65% year over year to $11.2 million, below analyst expectations.

• The company reported a $0.12-per-share loss; geopolitical disruption hurt megaproject revenue.
• B. Riley cut its price target to $7 from $8, maintaining a Neutral rating. Management noted a backlog above $60 million and at least $50 million of potential 2027 megaproject revenue.