Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Energy Recovery, Inc. | |
Entity Central Index Key | 1,421,517 | |
Trading Symbol | erii | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 53,985,199 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 58,691 | $ 61,364 |
Restricted cash | 3,323 | 2,297 |
Short-term investments | 38,668 | 39,073 |
Accounts receivable, net of allowance for doubtful accounts of $96 and $130 at March 31, 2017 and December 31, 2016, respectively | 9,184 | 11,759 |
Unbilled receivables, current | 2,216 | 190 |
Cost and estimated earnings in excess of billings | 3,371 | 1,825 |
Inventories | 4,824 | 4,550 |
Prepaid expenses and other current assets | 1,867 | 1,311 |
Total current assets | 122,144 | 122,369 |
Restricted cash, non-current | 1,521 | 2,087 |
Deferred tax assets, non-current | 1,427 | 1,270 |
Property and equipment, net of accumulated depreciation of $22,109 and $21,385 at March 31, 2017 and December 31, 2016, respectively | 8,610 | 8,643 |
Goodwill | 12,790 | 12,790 |
Other intangible assets, net | 1,743 | 1,900 |
Other assets, non-current | 2 | 4 |
Total assets | 148,237 | 149,063 |
Current liabilities: | ||
Accounts payable | 1,824 | 1,505 |
Accrued expenses and other current liabilities | 5,876 | 9,019 |
Income taxes payable | 16 | 16 |
Accrued warranty reserve | 398 | 406 |
Deferred revenue | 5,898 | 6,201 |
Current portion of long-term debt | 11 | 11 |
Total current liabilities | 14,023 | 17,158 |
Long-term debt, net of current portion | 25 | 27 |
Deferred tax liabilities, non-current | 2,297 | 2,233 |
Deferred revenue, non-current | 62,708 | 63,958 |
Other non-current liabilities | 507 | 554 |
Total liabilities | 79,560 | 83,930 |
Commitments and Contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value; 200,000,000 shares authorized; 57,651,383 shares issued and 53,929,727 shares outstanding at March 31, 2017, and 56,884,207 shares issued and 53,162,551, shares outstanding at December 31, 2016 | 58 | 57 |
Additional paid-in capital | 143,641 | 139,676 |
Accumulated other comprehensive loss | (107) | (118) |
Treasury stock at cost, 3,721,656 repurchased at March 31, 2017 and December 31, 2016 | (16,210) | (16,210) |
Accumulated deficit | (58,705) | (58,272) |
Total stockholders’ equity | 68,677 | 65,133 |
Total liabilities and stockholders’ equity | $ 148,237 | $ 149,063 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 96 | $ 130 |
Property and equipment, accumulated depreciation | $ 22,109 | $ 21,385 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 57,651,383 | 56,884,207 |
Common stock, shares outstanding (in shares) | 53,929,727 | 53,162,551 |
Treasury stock at cost, shares (in shares) | 3,721,656 | 3,721,656 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Product revenue | $ 12,261 | $ 10,051 |
Product cost of revenue | 4,610 | 3,674 |
Product gross profit | 7,651 | 6,377 |
License and development revenue | 1,250 | 1,250 |
Operating expenses: | ||
General and administrative | 4,408 | 4,884 |
Sales and marketing | 2,453 | 2,070 |
Research and development | 2,509 | 2,665 |
Amortization of intangible assets | 158 | 157 |
Total operating expenses | 9,528 | 9,776 |
Loss from operations | (627) | (2,149) |
Other expense: | ||
Interest expense | (1) | (1) |
Other non-operating income (expense) | 118 | (21) |
Loss before income taxes | (510) | (2,171) |
Benefit for income taxes | (77) | (205) |
Net loss | $ (433) | $ (1,966) |
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.04) |
Shares used in basic and diluted per share calculation (in shares) | 53,825 | 52,207 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net loss | $ (433) | $ (1,966) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 10 | (12) |
Unrealized gain on investments | 1 | 1 |
Other comprehensive income (loss) | 11 | (11) |
Comprehensive loss | $ (422) | $ (1,977) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows From Operating Activities | ||
Net loss | $ (433) | $ (1,966) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 1,113 | 1,188 |
Depreciation and amortization | 881 | 932 |
Amortization of premiums on investments | 113 | 3 |
Change in fair value of put options | 29 | |
Valuation adjustments for excess or obsolete inventory | 71 | 12 |
Provision for warranty claims | 55 | |
Provision for doubtful accounts | 4 | 4 |
Unrealized (gain) loss on foreign currency transactions | (15) | 53 |
Other non-cash adjustments | (31) | (44) |
Reversal of accruals related to expired warranties | (63) | (33) |
Deferred income taxes | (93) | (207) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,571 | 3,904 |
Accounts payable | 189 | 727 |
Income taxes payable | (1) | (4) |
Inventories | (345) | (234) |
Prepaid and other assets | (553) | (385) |
Cost and estimated earnings in excess of billings | (1,546) | |
Unbilled receivables | (2,026) | 81 |
Accrued expenses and other liabilities | (3,162) | (2,825) |
Net cash used in operating activities | (4,824) | (260) |
Cash Flows From Investing Activities | ||
Maturities of marketable securities | 9,646 | |
Purchases of marketable securities | (9,355) | |
Capital expenditures | (532) | (152) |
Restricted cash | (460) | (335) |
Net cash used in investing activities | (701) | (487) |
Cash Flows From Financing Activities | ||
Net proceeds from issuance of common stock | 2,992 | 1,515 |
Tax payment for employee shares withheld | (153) | |
Repayment of long-term debt | (2) | (2) |
Repurchase of common stock | (4,106) | |
Net cash provided by (used in) financing activities | 2,837 | (2,593) |
Effect of exchange rate differences on cash and cash equivalents | 15 | (64) |
Net change in cash and cash equivalents | (2,673) | (3,404) |
Cash and cash equivalents, beginning of period | 61,364 | 99,931 |
Cash and cash equivalents, end of period | 58,691 | 96,527 |
Portion of Revenue of Product Sales Agreement for Installation, Startup, and Training [Member] | ||
Changes in operating assets and liabilities: | ||
Deferred revenue | (303) | (245) |
Software License Arrangement [Member] | ||
Changes in operating assets and liabilities: | ||
Deferred revenue | $ (1,250) | $ (1,250) |
Note 1 - The Company and Summar
Note 1 - The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 — The Company and Summary of Significant Accounting Policies The Company Energy Recovery, Inc. (the “Company ,” “Energy Recovery,” “our,” “us,” and “we”) is an energy solutions provider to industrial fluid flow markets worldwide. Our core competencies are fluid dynamics and advanced material science. Our products make industrial processes more operating and capital expenditure efficient. Our solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Our solutions are marketed and sold in fluid flow markets, such as water, oil & gas, and chemical processing, under the trademarks ERI ® ® ® ® ® ® Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accept ed accounting principles (“GAAP”) requires our management to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The accounting policies that reflect our more significant estimates and judgments and that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are revenue recognition, including percentage-of-completion accounting for oil & gas projects; allowance for doubtful accounts; allowance for product warranty; valuation of stock options; valuation and impairment of goodwill and acquired intangible assets; useful lives for depreciation and amortization; valuation adjustments for excess and obsolete inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies. Those estimates could change, and as a result, actual results could differ materially from those estimates. For example, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. The Company’s estimate of undiscounted cash flows, at March 31, 2017 December 31, 2016 may Basis of Presentation The condensed consolidated financial statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The December 31, 2016 may March 31, 2017 December 31, 2016 10 March 10, 2017. In the opinion of management, all adjustments, consisting of on ly normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 ). 2014 09 December 15, 2016, July 9, 2015, one 2014 09. December 15, 2016). In March April 2016, 2016 08, Revenue from Contracts with Customers (Topic 606 ) : Principal versus Agent Considerations (Reporting Revenue Gross versus Net) 2016 10, Revenue from Contracts with Customers (Topic 606) . two 606: 2016 08 2016 10 2014 09 We expect to adopt the guidance of ASU 2014 09 January 1, 2018. 2014 09 2014, We continue to evaluate the effect that ASU 2014 09 may 2017. In January 2016, ASB issued ASU No. 2016 01, Financial Instruments - Overall (Subtopic 825 10): s 2016 01 2016 01 December 15, 2017, In February 2016, 2016 02, Leases (Topic 842). 2016 02 840, 2016 02 December 15, 2018, In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718). 2016 09 2016 09 December 15, 2016, January 1, 2017. three March 31, 2017 $0.2 In August 2016, 2016 15, Statement of Cash Flows (Topic 230) : Classification of Certain Cash Receipts and Cash Payments. 2016 15 230. eight 2016 15 December 15, 2017 In October 2016, 2016 16, Income Taxes (Topic 740): 2016 16 2016 16 January 1, 2018, In November 2016, 2016 18, Statement of Cash Flows (Topic 230): 2016 18 2016 18 2016 18 January 1, 2018, In January 2017, 2017 04, Goodwill and Other (Topic 350): 2017 04 2 December 15, 2019. January 1, 2017. |
Note 2 - Goodwill and Other Int
Note 2 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 2 — Goodwill and Other Intangible Assets Goodwill was $12.8 March 31, 2017 December 31, 2016, December 2009. three March 31, 2017, no no The components of identifiable other intangible assets, all of which are finite-lived, as of the dates indicated were as follows (in thousands): March 31, 2017 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (4,473 ) $ — $ 1,627 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — P atents 585 (427 ) (42 ) 116 Total $ 11,485 $ (8,680 ) $ (1,062 ) $ 1,743 December 31, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (4,321 ) $ — $ 1,779 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — P atents 585 (422 ) (42 ) 121 Total $ 11,485 $ (8,523 ) $ (1,062 ) $ 1,900 Accumulated imp airment losses at March 31, 2017 December 31, 2016 2012 2007 2010. |
Note 3 - Loss Per Share
Note 3 - Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 — Loss per Share Basic and diluted net loss per share is based on the weighted average number of common shares outstanding during the period. Potential dilutive securities are excluded from the calculation of loss per share, as their inclusion would be anti-dilutive. The following table shows the c omputation of basic and diluted loss per share (in thousands, except per share data): Three Months Ended March 31, 2017 2016 N umerator: Net loss $ (433 ) $ (1,966 ) Denominator: Basic and diluted weighted average common shares outstanding 53,825 52,207 Basic and diluted net loss per share $ (0.01 ) $ (0.04 ) The following potential common shares were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive (in thousands): Three Months Ended March 31, 2017 2016 Stock Options 5,561 7,432 Restricted stock unit awards 313 205 |
Note 4 - Other Financial Inform
Note 4 - Other Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | Note 4 — Other Financial Information Restricted Cash We have pledged cash in connection with certain stand-by letters of credit and company credit cards. We have deposited corresponding amounts into accounts at several financial institutions for these items as follows (in thousands): March 31, 2017 December 31, 2016 Collateral for credit cards $ 702 $ — Collateral for stand-by letters of credit 2,621 2,297 Current restricted cash $ 3,323 $ 2,297 Collateral for credit cards $ 95 $ — Collateral for stand-by letters of credit 1,426 2,087 Non-current restricted cash $ 1,521 $ 2,087 Total restricted cash $ 4,844 $ 4,384 Inventories Our i nventories are stated at the lower of cost (using the first first March 31, 2017 December 31, 2016 Raw materials $ 1,581 $ 1,783 Work in process 1,538 1,146 Finished goods 1,705 1,621 Inventories, net $ 4,824 $ 4,550 Prepaid and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2017 December 31, 2016 Interest receivable $ 227 $ 272 Supplier advances 581 73 Other prepaid expenses and current assets 1,059 966 Total prepaid expenses and other current assets $ 1,867 $ 1,311 Accrued Expenses and Other Current Liabilities Accrued expense s and other current liabilities consisted of the following (in thousands): March 31, 2017 December 31, 2016 Payroll and commissions payable $ 2,684 $ 5,697 Accrued legal expenses , current 185 122 Unbilled project costs 1,474 1,069 Other accrued expenses and current liabilities 1,533 2,131 Total a ccrued expenses and other current liabilities $ 5,876 $ 9,019 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component for the three March 31, 2017, Foreign Currency Translation Adjustments Net of Tax Benefit Unrealized Gains (Losses) on Investments Total Accumulated Other Comprehensive Loss Balance, December 31, 201 6 $ (90 ) $ (28 ) $ (118 ) Net other comprehensive income 10 1 11 Balance, March 31, 2017 $ (80 ) $ (27 ) $ (107 ) There were no reclassifications of amounts out of accumulated other comprehensive loss, as there have been no sales of securities or translation adjustments that impacted other comprehensive loss during the quarter. The tax impact of the changes in accumulated other comprehensive loss were not material. |
Note 5 - Investments
Note 5 - Investments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5 — Investments Our short-term investments are all classified as available-for-sale. There were no March 31, 2017. Available-for-s ale securities as of the dates indicated consisted of the following (in thousands): March 31, 201 7 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 38,698 $ — $ (30 ) $ 38,668 Total short-term investments $ 38,698 $ — $ (30 ) $ 38,668 December 31 , 201 6 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 39,100 $ 6 $ (33 ) $ 39,073 Total short-term investments $ 39,100 $ 6 $ (33 ) $ 39,073 G ross unrealized losses and fair values of our investments in an unrealized loss position as of the dates indicated, aggregated by investment category and length of time that the security has been in a continuous loss position, were as follows (in thousands): March 31, 201 7 Less than 12 months 12 months or greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate notes and bonds $ 36,878 $ (30 ) $ — $ — $ 36,878 $ (30 ) Total $ 36,878 $ (30 ) $ — $ — $ 36,878 $ (30 ) December 31, 201 6 Less than 12 months 12 months or greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate notes and bonds $ 29,667 $ (33 ) $ — $ — $ 29,667 $ (33 ) Total $ 29,667 $ (33 ) $ — $ — $ 29,667 $ (33 ) Expected maturities can differ from contractual maturities because borrowers may March 31, 2017 March 31, 2017 Amortized Cost Fair Value Due in one year or less $ 38,698 $ 38,668 Total available-for-sale securities $ 38,698 $ 38,668 |
Note 6 - Long-term Debt and Lin
Note 6 - Long-term Debt and Lines of Credit | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 — Long-Term Debt and Line of Credit Debt In March 2015 , we entered into a loan agreement with a financial institution for a $55,000 6.35%. April 2, 2020. Long-term debt consisted of the following (in thousands) : March 31, 2017 December 31, 2016 Loan payable $ 36 $ 38 Less: current portion (11 ) (11 ) Total long-term debt $ 25 $ 27 Future minimum principal payments due under long-term debt arrangements consist of the following (in thousands): March 31, 2017 2017 (remaining 9 months) $ 9 2018 11 2019 12 2020 4 Total long-term debt $ 36 Line of Credit In June 2012, June 2015, $16.0 $16 1.25%. 0.25% 101% January 24, 2017. 105% At March 31, 2017 December 31, 2016, $2.9 $3.1 March 31, 2017 December 31, 2016, $3.1 $3.1 March 31, 2017 December 31, 2016, On January 27, 2017, $16.0 $4.0 0.7% 1.5%. 2%. 0.2% $16.0 The Loan and Pledge Agreement was amended on March 17, 2017 $4.1 $5.1 March 31, 2017 December 31, 2016, $3.0 $0.3 $0 $0.3 March 31, 2017 December 31, 2016, At March 31, 2017 December 31, 2016, collateralized by restricted cash at another financial institution totaling $1.0 $1.0 $1.0 $1.0 March 31, 2017 December 31, 2016, Restricted cash related to all stand-by letters of credit at March 31, 2017 December 31, 2016 $4.1 $4.4 |
Note 7 - Equity
Note 7 - Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7 — Equity Stock Repurchase Program In March 2017, $15.0 tanding common stock through September 30, 2017. March 31, 2017 no In January 2016, $6.0 June 30, 2016 “January May 2016, January $10.0 October 31, 2016 “May December 31, 2016, 673,700 $4.1 January 568,500 $5.3 May May October 2016 December 31, 2016. S hare-B ased Compensation Expense For the three March 31, 2017 2016, Three Months Ended March 31, 2017 2016 Cost of revenue $ 49 $ 38 General and administrative 567 884 Sales and marketing 237 159 Research and development 260 107 Total share-based compensation expense $ 1,113 $ 1,188 Stock Option Plan In June 2016, 2016 s”), restricted stock (“RS” or “RSA”), stock units (“RSUs”), performance units, performance shares, and other stock-based awards to employees, officers, directors, and consultants. Prior to the approval of the Plan, we maintained the Amended and Restated 2008 four ten 4,441,083 3,830,000 611,083 7,635,410 may Stock Option Activity The following table summarizes the stock option activity under the Plan and includes options granted under all previous plans. Options Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (2) Balance December 31, 2016 5,882,861 $ 4.81 6.3 $ 32,683,000 Granted 519,986 $ 10.12 — — Exercised (733,826 ) $ 4.08 — — Forfeited (108,230 ) $ 5.09 — — Balance March 31, 2017 5,560,791 $ 5.39 6.9 $ 17,588,000 Vested and exercisable as of March 31, 2017 3,307,584 $ 4.59 5.8 $ 12,413,000 Vested and exercisable as of March 31, 2017 and expected to vest thereafter (1) 5,127,558 $ 5.24 6.8 $ 16,787,000 (1) Options that are expect ed to vest are net of estimated future option forfeitures in accordance with the provisions of ASC 718. Compensation – Stock Compensation.” (2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of March 31, 2017 December 31, 2016 $8.32 $10.35 As of March 31, 2017, option awards, net of estimated forfeitures, was $6.1 3.0 Restricted Stock Unit Activity The following table summarizes the restricted stock unit activity under the Plan and includes restricted stock units granted under all previous plans. Units Weighted Average Grant-Date Fair Value Per Unit Unvested at December 31, 2016 213,514 $ 8.65 Awarded 161,415 $ 10.15 Vested (51,122 ) $ 8.52 Forfeited (10,681 ) $ 8.52 Unvested at March 31, 2017 313,126 $ 9.45 As of March 31, 2017, was $2.1 3.4 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 — Income Taxes The effective tax rate for the three March 31, 2017 2016 14.6% 9.4%, December 31, 2016, $21.1 three March 31, 2017, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 — Commitments and Contingencies Operating Lease Obligations We lease facilities under fixed non-cancellable operating leases that expire on various dates through July 2021. March 31, 2017 2017 (remaining 9 months) $ 1,294 2018 1,662 2019 1,460 2020 59 2021 34 Total future minimum lease payments $ 4,509 Product Warranty The following table summarizes the activity related to the product warranty liability d uring the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Balance, beginning of period $ 406 $ 461 Warranty costs charged to cost of revenue 55 — Release of accrual for expired warranties (63 ) (33 ) Balance, end of period $ 398 $ 428 Purchase Obligations We enter into purchase order arrangements with our vendors. As of March 31, 2017, March 31, 2017, $7.3 Guarantees We enter into indemnification provisions under our agreements with other companies in the ordinary course of business, typically with customers. Under these provisions, we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities, generally limited to personal injury and property damage caused by our employees at a customer’s desalination plant in proportion to the employee’s percentage of fault for the accident. Damages incurred for these indemnifications would be covered by our general liability insurance to the extent provided by the policy limitations. We have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements is not material. Accordingly, we have no March 31, 2017 December 31, 2016. In certain cases, we issue warranty and product performance guarantees to our customers for amounts generally equal to 10% twenty four (24) sixty eight (68) March 31, 2017 December 31, 2016, $6.9 $4.4 Litigation The Company is named in and subject to various proceedings and claims in connection with our business. We are contesting the allegations in these claims, and we believe that there are meritorious defenses in each of these matters. The outcome of matters we have been and currently are involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no assurance that these matters will not have a material adverse effect on our results of operations in any future period and a significant judgment could have a material adverse impact on our financial condition, results of operations and cash flows. We may On September 10, 2014, October 24, 2014, 1”). November 13, 2015, may On November 24, 2014, second 1, 2, 1. the Company has determined that an award to Mr. Blanco is not probable. While a loss may O n January 20 27, 2015, two Joseph Sabatino v. Energy Recovery, Inc. et al . 3:15 00265 , Thomas C. Mowdy v. Energy Recovery, Inc , et al 3:15 00374 In Re Energy Recovery Inc. Securities Litigation 3:15 00265 . 10(b), 10b 5, 20(a) 1934 October 12, 2016, April 11, 2017, August 24, 2017. On February 18, 2016, Goldberg v . Rooney, et al 16804359, may On July 27, 2016, G erald McManiman v . Gay , et al 16824960, (“Individual Defendants”) and naming the Company as a nominal defendant. The complaint is styled as a derivative action being brought on behalf of the Company and generally alleges breach of fiduciary duties and violations of laws against the Individual Defendants. Based on currently available information and review with outside counsel, the Company is not able to estimate a potential loss, if any, due to the early stage of the matter. While a loss may |
Note 10 - Business Segment and
Note 10 - Business Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 10 — Business Segment and Geographic Information We manufacture and sell high-efficiency energy recovery devices and pumps as well as related products and services. Our chief operating decision-maker (“CODM”) is the chief executive officer (“CEO”). Our reportable operating segments consist of the Water Segment and the Oil & Gas Segment. These segments are based on the industries in which the products are sold, the type of energy recovery device sold, and the related products and services. The Water Segment consists of revenue associated with products sold for use in reverse osmosis water desalination, as well as the related identifiable expenses. The Oil & Gas Segment consists of product revenue associated with products sold for use in gas processing, chemical processing, and hydraulic fracturing and license and development revenue associated with hydraulic fracturing, as well as related identifiable expenses. Operating income for each segment excludes other income and expenses and certain expenses managed outside the operating segment. Costs excluded from operating income include various corporate expenses such as income taxes and other separately managed general and administrative expenses not related to the identified segments. Assets and liabilities are reviewed at the consolidated level by the CODM and are not accounted for by segment. The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss). The following summari zes financial information by segment for the periods presented (in thousands): Three Months Ended March 31, 201 7 Three Months Ended March 31, 201 6 Water Oil &Gas Total Water Oil &Gas Total Product revenue $ 10,716 $ 1,545 $ 12,261 $ 10,051 $ — $ 10,051 Product c ost of revenue 3,522 1,088 4,610 3,674 — 3,674 Product g ross profit 7,194 457 7,651 6,377 — 6,377 License and development revenue — 1,250 1,250 — 1,250 1,250 Operating expenses: General and administrative 318 349 667 219 188 407 Sales and marketing 1,499 641 2,140 1,129 807 1,936 Research and development 262 2,246 2,508 359 2,297 2,656 Amortization of intangibles 158 — 158 157 — 157 Total o perating expenses 2,237 3,236 5,473 1,864 3,292 5,156 Operating income (loss) $ 4,957 $ (1,529 ) 3,428 $ 4,513 $ (2,042 ) 2,471 Less: Corporate operating expenses 4,055 4,620 Consolidated operating loss (627 ) (2,149 ) Non-operating income (expenses) 117 (22 ) Loss before income taxes $ (510 ) $ (2,171 ) The following geographic information includes net revenue to our domestic and international customers based on the customers’ requested delivery locations, except for certain cases in which the customer directed us to deliver our products to a location that differs from the known ultimate location of use. In such cases, the ultimate location of use, rather than the delivery location, is reflected in the table below (in thousands, except percentages): Three Months Ended March 31, 2017 2016 Domestic product revenue $ 287 $ 185 International product revenue 11,974 9,866 Total product revenue $ 12,261 $ 10,051 Product revenue by country: Oman 34 % * % India 13 % * % Saudi Arabia 13 % 1 % Egypt 11 % 1 % United States 2 % 2 % Qatar * % 39 % Spain 4 % 11 % Others** 23 % 46 % Total 100 % 100 % * Less than 1% ** Includes remaining countries not separately disclosed. No country in this line item accounted for more than 10% A ll of our long-lived assets were located in the United States at March 31, 2017 December 31, 2016. |
Note 11 - Concentrations
Note 11 - Concentrations | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 1 1 — Concentrations Customers accounting for 10% or more of our accounts receivable and unbilled receivables were as follows: March 31, 2017 December 31, 2016 Customer A 27 % * % Customer B 23 % 16 % Customer C 10 % 6 % Customer D * % 13 % * Less than 1% Revenue from customers representing 10% product revenue varies from period to period. For the periods indicated, customers representing 10% Three Months Ended March 31, 2017 2016 Customer A 34 % * % Customer B 13 % * % Customer E * % 41 % * Less than 1% No other customer accounted for more than 10% One 100% three March 31, 2017 2016. Vendors accounting for 10% March 31, 2017 December 31, 2016 Vendor A * % 18 % * Less than 1% |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 2 — Fair Value Measurements The authoritative guidance for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used in measuring fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 — Inputs other than quoted prices included within Level 1 Level 3 The carrying values of cash and cash equivalents, restricted cash, accounts receivable, unbilled receivables, accounts payable, and other accrued expenses approximate fair value due to the short-term maturity of those instruments. For our investments in available-for-sale securities, if quoted prices in active markets for identical investments are not available to determine fair value (Level 1), 2). 2 The fair value of financial assets and liabilities measured on a recurring basis for the indicated periods was as follows (in thousands): March 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: A vailable-for-sale securities $ 38,668 $ — $ 38,668 $ — Total assets $ 38,668 $ — $ 38,668 $ — December 31, 201 6 Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: A vailable-for-sale securities $ 39,073 $ — $ 39,073 $ — Total assets $ 39,073 $ — $ 39,073 $ — |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 13 — Related Party Transactions In the first 2017 , the Company extended an employee loan to one $21,786. six March 31, 2017 $21,786. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 S ubsequent Events On April 5, 2017, nnounced a licensing agreement with Alderley plc. The 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accept ed accounting principles (“GAAP”) requires our management to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The accounting policies that reflect our more significant estimates and judgments and that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are revenue recognition, including percentage-of-completion accounting for oil & gas projects; allowance for doubtful accounts; allowance for product warranty; valuation of stock options; valuation and impairment of goodwill and acquired intangible assets; useful lives for depreciation and amortization; valuation adjustments for excess and obsolete inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies. Those estimates could change, and as a result, actual results could differ materially from those estimates. For example, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. The Company’s estimate of undiscounted cash flows, at March 31, 2017 December 31, 2016 may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The December 31, 2016 may March 31, 2017 December 31, 2016 10 March 10, 2017. In the opinion of management, all adjustments, consisting of on ly normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 ). 2014 09 December 15, 2016, July 9, 2015, one 2014 09. December 15, 2016). In March April 2016, 2016 08, Revenue from Contracts with Customers (Topic 606 ) : Principal versus Agent Considerations (Reporting Revenue Gross versus Net) 2016 10, Revenue from Contracts with Customers (Topic 606) . two 606: 2016 08 2016 10 2014 09 We expect to adopt the guidance of ASU 2014 09 January 1, 2018. 2014 09 2014, We continue to evaluate the effect that ASU 2014 09 may 2017. In January 2016, ASB issued ASU No. 2016 01, Financial Instruments - Overall (Subtopic 825 10): s 2016 01 2016 01 December 15, 2017, In February 2016, 2016 02, Leases (Topic 842). 2016 02 840, 2016 02 December 15, 2018, In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718). 2016 09 2016 09 December 15, 2016, January 1, 2017. three March 31, 2017 $0.2 In August 2016, 2016 15, Statement of Cash Flows (Topic 230) : Classification of Certain Cash Receipts and Cash Payments. 2016 15 230. eight 2016 15 December 15, 2017 In October 2016, 2016 16, Income Taxes (Topic 740): 2016 16 2016 16 January 1, 2018, In November 2016, 2016 18, Statement of Cash Flows (Topic 230): 2016 18 2016 18 2016 18 January 1, 2018, In January 2017, 2017 04, Goodwill and Other (Topic 350): 2017 04 2 December 15, 2019. January 1, 2017. |
Note 2 - Goodwill and Other I22
Note 2 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2017 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (4,473 ) $ — $ 1,627 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — P atents 585 (427 ) (42 ) 116 Total $ 11,485 $ (8,680 ) $ (1,062 ) $ 1,743 December 31, 2016 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Losses Net Carrying Amount Developed technology $ 6,100 $ (4,321 ) $ — $ 1,779 Non-compete agreements 1,310 (1,310 ) — — Backlog 1,300 (1,300 ) — — Trademarks 1,200 (180 ) (1,020 ) — Customer relationships 990 (990 ) — — P atents 585 (422 ) (42 ) 121 Total $ 11,485 $ (8,523 ) $ (1,062 ) $ 1,900 |
Note 3 - Loss Per Share (Tables
Note 3 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 N umerator: Net loss $ (433 ) $ (1,966 ) Denominator: Basic and diluted weighted average common shares outstanding 53,825 52,207 Basic and diluted net loss per share $ (0.01 ) $ (0.04 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2017 2016 Stock Options 5,561 7,432 Restricted stock unit awards 313 205 |
Note 4 - Other Financial Info24
Note 4 - Other Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | March 31, 2017 December 31, 2016 Collateral for credit cards $ 702 $ — Collateral for stand-by letters of credit 2,621 2,297 Current restricted cash $ 3,323 $ 2,297 Collateral for credit cards $ 95 $ — Collateral for stand-by letters of credit 1,426 2,087 Non-current restricted cash $ 1,521 $ 2,087 Total restricted cash $ 4,844 $ 4,384 |
Schedule of Inventory, Current [Table Text Block] | March 31, 2017 December 31, 2016 Raw materials $ 1,581 $ 1,783 Work in process 1,538 1,146 Finished goods 1,705 1,621 Inventories, net $ 4,824 $ 4,550 |
Schedule of Other Current Assets [Table Text Block] | March 31, 2017 December 31, 2016 Interest receivable $ 227 $ 272 Supplier advances 581 73 Other prepaid expenses and current assets 1,059 966 Total prepaid expenses and other current assets $ 1,867 $ 1,311 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2017 December 31, 2016 Payroll and commissions payable $ 2,684 $ 5,697 Accrued legal expenses , current 185 122 Unbilled project costs 1,474 1,069 Other accrued expenses and current liabilities 1,533 2,131 Total a ccrued expenses and other current liabilities $ 5,876 $ 9,019 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Net of Tax Benefit Unrealized Gains (Losses) on Investments Total Accumulated Other Comprehensive Loss Balance, December 31, 201 6 $ (90 ) $ (28 ) $ (118 ) Net other comprehensive income 10 1 11 Balance, March 31, 2017 $ (80 ) $ (27 ) $ (107 ) |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 201 7 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 38,698 $ — $ (30 ) $ 38,668 Total short-term investments $ 38,698 $ — $ (30 ) $ 38,668 December 31 , 201 6 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate notes and bonds $ 39,100 $ 6 $ (33 ) $ 39,073 Total short-term investments $ 39,100 $ 6 $ (33 ) $ 39,073 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | March 31, 201 7 Less than 12 months 12 months or greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate notes and bonds $ 36,878 $ (30 ) $ — $ — $ 36,878 $ (30 ) Total $ 36,878 $ (30 ) $ — $ — $ 36,878 $ (30 ) December 31, 201 6 Less than 12 months 12 months or greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate notes and bonds $ 29,667 $ (33 ) $ — $ — $ 29,667 $ (33 ) Total $ 29,667 $ (33 ) $ — $ — $ 29,667 $ (33 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2017 Amortized Cost Fair Value Due in one year or less $ 38,698 $ 38,668 Total available-for-sale securities $ 38,698 $ 38,668 |
Note 6 - Long-term Debt and L26
Note 6 - Long-term Debt and Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2017 December 31, 2016 Loan payable $ 36 $ 38 Less: current portion (11 ) (11 ) Total long-term debt $ 25 $ 27 |
Schedule of Maturities of Long-term Debt [Table Text Block] | March 31, 2017 2017 (remaining 9 months) $ 9 2018 11 2019 12 2020 4 Total long-term debt $ 36 |
Note 7 - Equity (Tables)
Note 7 - Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2017 2016 Cost of revenue $ 49 $ 38 General and administrative 567 884 Sales and marketing 237 159 Research and development 260 107 Total share-based compensation expense $ 1,113 $ 1,188 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (2) Balance December 31, 2016 5,882,861 $ 4.81 6.3 $ 32,683,000 Granted 519,986 $ 10.12 — — Exercised (733,826 ) $ 4.08 — — Forfeited (108,230 ) $ 5.09 — — Balance March 31, 2017 5,560,791 $ 5.39 6.9 $ 17,588,000 Vested and exercisable as of March 31, 2017 3,307,584 $ 4.59 5.8 $ 12,413,000 Vested and exercisable as of March 31, 2017 and expected to vest thereafter (1) 5,127,558 $ 5.24 6.8 $ 16,787,000 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Units Weighted Average Grant-Date Fair Value Per Unit Unvested at December 31, 2016 213,514 $ 8.65 Awarded 161,415 $ 10.15 Vested (51,122 ) $ 8.52 Forfeited (10,681 ) $ 8.52 Unvested at March 31, 2017 313,126 $ 9.45 |
Note 9 - Commitments and Cont28
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | March 31, 2017 2017 (remaining 9 months) $ 1,294 2018 1,662 2019 1,460 2020 59 2021 34 Total future minimum lease payments $ 4,509 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2017 2016 Balance, beginning of period $ 406 $ 461 Warranty costs charged to cost of revenue 55 — Release of accrual for expired warranties (63 ) (33 ) Balance, end of period $ 398 $ 428 |
Note 10 - Business Segment an29
Note 10 - Business Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 201 7 Three Months Ended March 31, 201 6 Water Oil &Gas Total Water Oil &Gas Total Product revenue $ 10,716 $ 1,545 $ 12,261 $ 10,051 $ — $ 10,051 Product c ost of revenue 3,522 1,088 4,610 3,674 — 3,674 Product g ross profit 7,194 457 7,651 6,377 — 6,377 License and development revenue — 1,250 1,250 — 1,250 1,250 Operating expenses: General and administrative 318 349 667 219 188 407 Sales and marketing 1,499 641 2,140 1,129 807 1,936 Research and development 262 2,246 2,508 359 2,297 2,656 Amortization of intangibles 158 — 158 157 — 157 Total o perating expenses 2,237 3,236 5,473 1,864 3,292 5,156 Operating income (loss) $ 4,957 $ (1,529 ) 3,428 $ 4,513 $ (2,042 ) 2,471 Less: Corporate operating expenses 4,055 4,620 Consolidated operating loss (627 ) (2,149 ) Non-operating income (expenses) 117 (22 ) Loss before income taxes $ (510 ) $ (2,171 ) |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, 2017 2016 Domestic product revenue $ 287 $ 185 International product revenue 11,974 9,866 Total product revenue $ 12,261 $ 10,051 Product revenue by country: Oman 34 % * % India 13 % * % Saudi Arabia 13 % 1 % Egypt 11 % 1 % United States 2 % 2 % Qatar * % 39 % Spain 4 % 11 % Others** 23 % 46 % Total 100 % 100 % |
Note 11 - Concentrations (Table
Note 11 - Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Payable, Major Suppliers [Member] | Supplier Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 2017 December 31, 2016 Vendor A * % 18 % |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, 2017 2016 Customer A 34 % * % Customer B 13 % * % Customer E * % 41 % |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 2017 December 31, 2016 Customer A 27 % * % Customer B 23 % 16 % Customer C 10 % 6 % Customer D * % 13 % |
Note 12 - Fair Value Measurem31
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: A vailable-for-sale securities $ 38,668 $ — $ 38,668 $ — Total assets $ 38,668 $ — $ 38,668 $ — December 31, 201 6 Level 1 Inputs Level 2 Inputs Level 3 Inputs Assets: A vailable-for-sale securities $ 39,073 $ — $ 39,073 $ — Total assets $ 39,073 $ — $ 39,073 $ — |
Note 1 - The Company and Summ32
Note 1 - The Company and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 153 |
Note 2 - Goodwill and Other I33
Note 2 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill | $ 12,790 | $ 12,790 |
Goodwill, Period Increase (Decrease) | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 |
Note 2 - Goodwill and Other I34
Note 2 - Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Gross carrying amount | $ 11,485 | $ 11,485 |
Accumulated amortization | (8,680) | (8,523) |
Accumulated impairment losses | (1,062) | (1,062) |
Net carrying amount | 1,743 | 1,900 |
Developed Technology Rights [Member] | ||
Gross carrying amount | 6,100 | 6,100 |
Accumulated amortization | (4,473) | (4,321) |
Accumulated impairment losses | ||
Net carrying amount | 1,627 | 1,779 |
Noncompete Agreements [Member] | ||
Gross carrying amount | 1,310 | 1,310 |
Accumulated amortization | (1,310) | (1,310) |
Accumulated impairment losses | ||
Net carrying amount | ||
Order or Production Backlog [Member] | ||
Gross carrying amount | 1,300 | 1,300 |
Accumulated amortization | (1,300) | (1,300) |
Accumulated impairment losses | ||
Net carrying amount | ||
Trademarks [Member] | ||
Gross carrying amount | 1,200 | 1,200 |
Accumulated amortization | (180) | (180) |
Accumulated impairment losses | (1,020) | (1,020) |
Net carrying amount | ||
Customer Relationships [Member] | ||
Gross carrying amount | 990 | 990 |
Accumulated amortization | (990) | (990) |
Accumulated impairment losses | ||
Net carrying amount | ||
Patents [Member] | ||
Gross carrying amount | 585 | 585 |
Accumulated amortization | (427) | (422) |
Accumulated impairment losses | (42) | (42) |
Net carrying amount | $ 116 | $ 121 |
Note 3 - Loss Per Share - Compu
Note 3 - Loss Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net loss | $ (433) | $ (1,966) |
Denominator: | ||
Basic and diluted weighted average common shares outstanding (in shares) | 53,825 | 52,207 |
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.04) |
Note 3 - Loss Per Share - Antid
Note 3 - Loss Per Share - Antidilutive Securities Excluded From Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,561 | 7,432 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 313 | 205 |
Note 4 - Other Financial Info37
Note 4 - Other Financial Information - Restricted Cash (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current restricted cash | $ 3,323,000 | $ 2,297,000 |
Non-current restricted cash | 1,521,000 | 2,087,000 |
Total restricted cash | 4,844,000 | 4,384,000 |
Collateral for Credit Cards [Member] | ||
Current restricted cash | 702,000 | |
Non-current restricted cash | 95,000 | |
Collateral for Standby Letters of Credit [Member] | ||
Current restricted cash | 2,621,000 | 2,297,000 |
Non-current restricted cash | 1,426,000 | 2,087,000 |
Total restricted cash | $ 4,100,000 | $ 4,400,000 |
Note 4 - Other Financial Info38
Note 4 - Other Financial Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 1,581 | $ 1,783 |
Work in process | 1,538 | 1,146 |
Finished goods | 1,705 | 1,621 |
Inventories, net | $ 4,824 | $ 4,550 |
Note 4 - Other Financial Info39
Note 4 - Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Interest receivable | $ 227 | $ 272 |
Supplier advances | 581 | 73 |
Other prepaid expenses and current assets | 1,059 | 966 |
Total prepaid expenses and other current assets | $ 1,867 | $ 1,311 |
Note 4 - Other Financial Info40
Note 4 - Other Financial Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payroll and commissions payable | $ 2,684 | $ 5,697 |
Accrued legal expenses, current | 185 | 122 |
Unbilled project costs | 1,474 | 1,069 |
Other accrued expenses and current liabilities | 1,533 | 2,131 |
Total accrued expenses and other current liabilities | $ 5,876 | $ 9,019 |
Note 4 - Other Financial Info41
Note 4 - Other Financial Information - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 65,133 | |
Net other comprehensive income | 11 | $ (11) |
Balance | 68,677 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (90) | |
Net other comprehensive income | 10 | |
Balance | (80) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | (28) | |
Net other comprehensive income | 1 | |
Balance | (27) | |
AOCI Attributable to Parent [Member] | ||
Balance | (118) | |
Net other comprehensive income | 11 | |
Balance | $ (107) |
Note 5 - Investments (Details T
Note 5 - Investments (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Proceeds from Sale of Available-for-sale Securities | $ 0 |
Note 5 - Investments - Availabl
Note 5 - Investments - Available-for-sale Securities (Details) - Short-term Investments [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized cost | $ 38,698 | $ 39,100 |
Gross unrealized holding gains | 6 | |
Gross unrealized holding losses | (30) | (33) |
Fair value | 38,668 | 39,073 |
Corporate Debt Securities [Member] | ||
Amortized cost | 38,698 | 39,100 |
Gross unrealized holding gains | 6 | |
Gross unrealized holding losses | (30) | (33) |
Fair value | $ 38,668 | $ 39,073 |
Note 5 - Investments - Gross Un
Note 5 - Investments - Gross Unrealized Losses and Fair Values of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair value, less than 12 month | $ 36,878 | $ 29,667 |
Gross unrealized losses, less than 12 months | (30) | (33) |
Fair value, 12 months or greater | ||
Gross unrealized losses, 12 months or greater | ||
Fair value, total | 36,878 | 29,667 |
Gross unrealized losses, total | (30) | (33) |
Corporate Debt Securities [Member] | ||
Fair value, less than 12 month | 36,878 | 29,667 |
Gross unrealized losses, less than 12 months | (30) | (33) |
Fair value, 12 months or greater | ||
Gross unrealized losses, 12 months or greater | ||
Fair value, total | 36,878 | 29,667 |
Gross unrealized losses, total | $ (30) | $ (33) |
Note 5 - Investments - Maturity
Note 5 - Investments - Maturity of Available-for-sale Securities (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Due in one year or less, amortized cost | $ 38,698 |
Due in one year or less, fair value | 38,668 |
Total available-for-sale securities, amortized cost | 38,698 |
Total available-for-sale securities, fair value | $ 38,668 |
Note 6 - Long-term Debt and L46
Note 6 - Long-term Debt and Lines of Credit (Details Textual) - USD ($) | Jan. 27, 2017 | Jun. 30, 2012 | Mar. 31, 2017 | Mar. 17, 2017 | Mar. 16, 2017 | Jan. 24, 2017 | Dec. 31, 2016 | Mar. 31, 2015 |
Long-term Debt | $ 36,000 | |||||||
Restricted Cash and Cash Equivalents | 4,844,000 | $ 4,384,000 | ||||||
Collateral for Standby Letters of Credit [Member] | ||||||||
Restricted Cash and Cash Equivalents | 4,100,000 | 4,400,000 | ||||||
March Two Thousand Fifteen Installment Loan [Member] | ||||||||
Long-term Debt | 36,000 | 38,000 | $ 55,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |||||||
The 2012 Agreement [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,000,000 | |||||||
Cash Collateral Balance Required by Credit Agreement | 101.00% | 105.00% | ||||||
The 2012 Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||
The 2012 Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
The 2009 Agreement [Member] | Collateral for Standby Letters of Credit [Member] | ||||||||
Restricted Cash and Cash Equivalents | 3,100,000 | 3,100,000 | ||||||
The 2009 Agreement [Member] | Standby Letters of Credit [Member] | ||||||||
Long-term Line of Credit | 2,900,000 | 3,100,000 | ||||||
Loan and Pledge Agreement [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||||
Standby Letters of Credit, Fee Percentage | 0.70% | |||||||
Debt Instrument, Default, Additional Interest Rate | 2.00% | |||||||
Loan and Pledge Agreement [Member] | Collateral for Standby Letters of Credit [Member] | ||||||||
Restricted Cash and Cash Equivalents | 0 | 300,000 | ||||||
Loan and Pledge Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
Loan and Pledge Agreement [Member] | Standby Letters of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,100,000 | $ 4,100,000 | ||||||
Long-term Line of Credit | 3,000,000 | 300,000 | ||||||
Loan and Pledge Agreement [Member] | Committed Revolving Credit Line [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,000,000 | |||||||
Loan and Pledge Agreement [Member] | Uncommitted Revolving Credit Line [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | |||||||
Agreement with Unspecified Financial Institution [Member] | Collateral for Standby Letters of Credit [Member] | ||||||||
Restricted Cash and Cash Equivalents | 1,000,000 | 1,000,000 | ||||||
Agreement with Unspecified Financial Institution [Member] | Standby Letters of Credit [Member] | ||||||||
Long-term Line of Credit | $ 1,000,000 | $ 1,000,000 |
Note 6 - Long-term Debt and L47
Note 6 - Long-term Debt and Lines of Credit - Long-term Debt (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 |
Loan payable | $ 36,000 | ||
Less: current portion | (11,000) | $ (11,000) | |
Total long-term debt | 25,000 | 27,000 | |
March Two Thousand Fifteen Installment Loan [Member] | |||
Loan payable | 36,000 | 38,000 | $ 55,000 |
Less: current portion | (11,000) | (11,000) | |
Total long-term debt | $ 25,000 | $ 27,000 |
Note 6 - Long-term Debt and L48
Note 6 - Long-term Debt and Lines of Credit - Future Minimum Principal Payments Due Under Long-term Debt Arrangements (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2017 (remaining 9 months) | $ 9 |
2,018 | 11 |
2,019 | 12 |
2,020 | 4 |
Loan payable | $ 36 |
Note 7 - Equity (Details Textua
Note 7 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Oct. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Jan. 30, 2016 | |
Stock Repurchase Program, Authorized Amount | $ 15 | $ 15 | $ 10 | $ 6 | ||
Treasury Stock, Shares, Acquired | 0 | 568,500 | 673,700 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 5.3 | $ 4.1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,441,083 | 4,441,083 | ||||
Share Price | $ 8.32 | $ 8.32 | $ 10.35 | |||
Employee Stock Option [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6.1 | $ 6.1 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2.1 | $ 2.1 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||||
The 2016 Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,830,000 | 3,830,000 | ||||
The 2016 Incentive Plan [Member] | Employee Stock Options Created under New Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 611,083 | 611,083 | ||||
The 2016 Incentive Plan [Member] | Employee Stock Options Unissued under Prior Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,635,410 | 7,635,410 |
Note 7 - Equity - Share-based C
Note 7 - Equity - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based compensation expense | $ 1,113 | $ 1,188 |
Cost of Sales [Member] | ||
Share-based compensation expense | 49 | 38 |
General and Administrative Expense [Member] | ||
Share-based compensation expense | 567 | 884 |
Selling and Marketing Expense [Member] | ||
Share-based compensation expense | 237 | 159 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 260 | $ 107 |
Note 7 - Equity - Stock Option
Note 7 - Equity - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Shares (in shares) | 5,882,861 | ||
Weighted Average Exercise Price (in dollars per share) | $ 4.81 | ||
Weighted Average Remaining Contractual Life (Year) | 6 years 328 days | 6 years 109 days | |
Aggregate Intrinsic Value | [1] | $ 17,588,000 | $ 32,683,000 |
Shares, Granted (in shares) | 519,986 | ||
Weighted Average Exercise Price, Granted (in dollars per share) | $ 10.12 | ||
Shares, Exercised (in shares) | (733,826) | ||
Weighted Average Exercise Price, Exercised (in dollars per share) | $ 4.08 | ||
Shares, Forfeited (in shares) | (108,230) | ||
Weighted Average Exercise Price, Forfeited (in dollars per share) | $ 5.09 | ||
Shares (in shares) | 5,560,791 | 5,882,861 | |
Weighted Average Exercise Price (in dollars per share) | $ 5.39 | $ 4.81 | |
Vested and exercisable as of March 31, 2017 (in shares) | 3,307,584 | ||
Vested and exercisable as of March 31, 2017 (in dollars per share) | $ 4.59 | ||
Vested and exercisable as of March 31, 2017 (Year) | 5 years 292 days | ||
Vested and exercisable as of March 31, 2017 | [1] | $ 12,413,000 | |
Vested and exercisable as of March 31, 2017 and expected to vest thereafter (in shares) | [2] | 5,127,558 | |
Vested and exercisable as of March 31, 2017 and expected to vest thereafter (in dollars per share) | [2] | $ 5.24 | |
Vested and exercisable as of March 31, 2017 and expected to vest thereafter (Year) | [2] | 6 years 292 days | |
Vested and exercisable as of March 31, 2017 and expected to vest thereafter | [1],[2] | $ 16,787,000 | |
[1] | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of March 31, 2017 and December 31, 2016 of $8.32 and $10.35 per share respectively. | ||
[2] | Options that are expected to vest are net of estimated future option forfeitures in accordance with the provisions of ASC 718. "Compensation - Stock Compensation." |
Note 7 - Equity - Restricted St
Note 7 - Equity - Restricted Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Unvested (in shares) | shares | 213,514 |
Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares | $ 8.65 |
Shares, Awarded (in shares) | shares | 161,415 |
Weighted Average Grant-Date Fair Value, Awarded (in dollars per share) | $ / shares | $ 10.15 |
Shares, Vested (in shares) | shares | (51,122) |
Weighted Average Grant-Date Fair Value, Vested (in dollars per share) | $ / shares | $ 8.52 |
Shares, Forfeited (in shares) | shares | (10,681) |
Weighted Average Grant-Date Fair Value, Forfeited (in dollars per share) | $ / shares | $ 8.52 |
Unvested (in shares) | shares | 313,126 |
Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares | $ 9.45 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 14.60% | 9.40% | |
Deferred Tax Assets, Valuation Allowance | $ 21.1 |
Note 9 - Commitments and Cont54
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Long-term Purchase Commitment, Amount | $ 7,300 | |
Warranty and Product Performance Guarantees as Percentage of Total Sales Agreement | 10.00% | |
Indemnification Agreement [Member] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 6,900 | $ 4,400 |
Minimum [Member] | ||
Warranty and Product Performance Guarantees, Period | 2 years | |
Maximum [Member] | ||
Warranty and Product Performance Guarantees, Period | 5 years 240 days |
Note 9 - Commitments and Cont55
Note 9 - Commitments and Contingencies - Operating Lease Obligations (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2017 (remaining 9 months) | $ 1,294 |
2,018 | 1,662 |
2,019 | 1,460 |
2,020 | 59 |
2,021 | 34 |
Total future minimum lease payments | $ 4,509 |
Note 9 - Commitments and Cont56
Note 9 - Commitments and Contingencies - Product Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance, beginning of period | $ 406 | $ 461 |
Warranty costs charged to cost of revenue | 55 | |
Release of accrual for expired warranties | (63) | (33) |
Balance, end of period | $ 398 | $ 428 |
Note 10 - Business Segment an57
Note 10 - Business Segment and Geographic Information - Summary of Financial Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Product revenue | $ 12,261 | $ 10,051 |
Product cost of revenue | 4,610 | 3,674 |
Product gross profit | 7,651 | 6,377 |
License and development revenue | 1,250 | 1,250 |
General and administrative | 4,408 | 4,884 |
Sales and marketing | 2,453 | 2,070 |
Research and development | 2,509 | 2,665 |
Amortization of intangible assets | 158 | 157 |
Total operating expenses | 9,528 | 9,776 |
Loss from operations | (627) | (2,149) |
Non-operating income (expenses) | 117 | (22) |
Loss before income taxes | (510) | (2,171) |
Operating Segments [Member] | ||
Product revenue | 12,261 | 10,051 |
Product cost of revenue | 4,610 | 3,674 |
Product gross profit | 7,651 | 6,377 |
License and development revenue | 1,250 | 1,250 |
General and administrative | 667 | 407 |
Sales and marketing | 2,140 | 1,936 |
Research and development | 2,508 | 2,656 |
Amortization of intangible assets | 158 | 157 |
Total operating expenses | 5,473 | 5,156 |
Loss from operations | 3,428 | 2,471 |
Corporate, Non-Segment [Member] | ||
Total operating expenses | 4,055 | 4,620 |
Water [Member] | ||
Loss from operations | ||
Non-operating income (expenses) | ||
Loss before income taxes | ||
Water [Member] | Operating Segments [Member] | ||
Product revenue | 10,716 | 10,051 |
Product cost of revenue | 3,522 | 3,674 |
Product gross profit | 7,194 | 6,377 |
License and development revenue | ||
General and administrative | 318 | 219 |
Sales and marketing | 1,499 | 1,129 |
Research and development | 262 | 359 |
Amortization of intangible assets | 158 | 157 |
Total operating expenses | 2,237 | 1,864 |
Loss from operations | 4,957 | 4,513 |
Water [Member] | Corporate, Non-Segment [Member] | ||
Total operating expenses | ||
Oil and Gas [Member] | ||
Loss from operations | ||
Non-operating income (expenses) | ||
Loss before income taxes | ||
Oil and Gas [Member] | Operating Segments [Member] | ||
Product revenue | 1,545 | |
Product cost of revenue | 1,088 | |
Product gross profit | 457 | |
License and development revenue | 1,250 | 1,250 |
General and administrative | 349 | 188 |
Sales and marketing | 641 | 807 |
Research and development | 2,246 | 2,297 |
Amortization of intangible assets | ||
Total operating expenses | 3,236 | 3,292 |
Loss from operations | (1,529) | (2,042) |
Oil and Gas [Member] | Corporate, Non-Segment [Member] | ||
Total operating expenses |
Note 10 - Business Segment an58
Note 10 - Business Segment and Geographic Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | ||||
Product revenue | $ 12,261 | $ 10,051 | |||
Product revenue, percentage | 100.00% | 100.00% | |||
Domestic [Member] | |||||
Product revenue | $ 287 | $ 185 | |||
International [Member] | |||||
Product revenue | $ 11,974 | $ 9,866 | |||
OMAN | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | 34.00% | [1] | |||
INDIA | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | 13.00% | [1] | |||
SAUDI ARABIA | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | 13.00% | 1.00% | |||
EGYPT | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | 11.00% | 1.00% | |||
UNITED STATES | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | 2.00% | 2.00% | |||
QATAR | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | [1] | 39.00% | |||
SPAIN | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | 4.00% | 11.00% | |||
Others [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||
Product revenue, percentage | [2] | 23.00% | 46.00% | ||
[1] | Less than 1% or none. | ||||
[2] | Includes remaining countries not separately disclosed. No country in this line item accounted for more than 10% of our product revenue during the periods presented. |
Note 11 - Concentrations (Detai
Note 11 - Concentrations (Details Textual) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Concentration Risk, Percentage | 100.00% | 100.00% |
License and Development Revenue [Member] | Customer Concentration Risk [Member] | Customer F [Member] | ||
Number of Major Customers | 1 | 1 |
Concentration Risk, Percentage | 100.00% | 100.00% |
Note 11 - Concentrations - Acco
Note 11 - Concentrations - Accounts Receivable Concentrations (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |||
Percentage of accounts receivable | 100.00% | 100.00% | |||
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Percentage of accounts receivable | 27.00% | [1] | |||
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Percentage of accounts receivable | 23.00% | 16.00% | |||
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Percentage of accounts receivable | 10.00% | 6.00% | |||
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Percentage of accounts receivable | [1] | 13.00% | |||
[1] | Less than 1% or none. |
Note 11 - Concentrations - Reve
Note 11 - Concentrations - Revenue Concentrations (Details) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | |||
Product revenue, percentage | 100.00% | 100.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Product revenue, percentage | 34.00% | [1] | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Product revenue, percentage | 13.00% | [1] | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||
Product revenue, percentage | [1] | 41.00% | ||
[1] | Less than 1% or none. |
Note 11 - Concentrations - Supp
Note 11 - Concentrations - Supplier Concentrations (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Vendor A | 100.00% | 100.00% | ||
Accounts Payable, Major Suppliers [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||
Vendor A | [1] | 18.00% | ||
[1] | Less than 1% or none. |
Note 12 - Fair Value Measurem63
Note 12 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair value | $ 38,668 | $ 39,073 |
Total assets | 38,668 | 39,073 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value | ||
Total assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 38,668 | 39,073 |
Total assets | 38,668 | 39,073 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value | ||
Total assets |
Note 13 - Related Party Trans64
Note 13 - Related Party Transactions (Details Textual) - Unspecified Employee [Member] - Non-interest Bearing Loan [Member] | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Related Party Transaction, Due from (to) Related Party, Current | $ 21,786 |
Related Party Transaction, Due from Related Parties, Repayment Term | 180 days |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) | Apr. 05, 2017 |
Subsequent Event [Member] | Alderley plc [Member] | |
Licensing Agreement, Term | 10 years |