you, and you, us Thank today. Josh, thank joining for everyone,
objectives. I these in As begin reiterating I in will my calls, meeting then past commentary progress our will discuss objectives, by strategic our
business; of the of Our our reinvestment commercialization system; the two, of priorities the MTeq three, and focus the growth one, and the further system. near-term strategic and water in remain: VorTeq development
will efforts begin our addition, innovation in use the focus year over reprioritize halted something for core of earlier to MTeq product applications, you we development to will on VorTeq. note I continuous new long-term, and the technology this PX In
healthy discussion forward. of vibrant company to a key phenomenal water Let’s business, be a core of a focus strategic begin enterprise our and for is growth area continues our and which with and now moving
on to business. As extremely we look future, this the bullish I’m
we revenue a desalination position revenue For potentially putting generated instance, a our will our top level year have Year-to-date, last fourth us shaping year’s is million. million of be segment serve in to growth. and in the to XXXX likely record year business, for $XX Water potential past up $XX record represent consecutive line of from
averaging robust In addition, XX% we continue over year-to-date. margins to profit gross produce
division large-scale continues mega impressive results. Our projects deliver or to
and we in During lost while X% year. product corresponding increase full-year in year the year-to-date, this and $XX revenue. not has This the represents to strength period far generating nearly over Exchanger in XX% our luckily driven as project, This projects XXXX growth so compared mega last sales margin. revenue have same increase increase mega a gross in our mega project largely an Pressure single XXXX, million
as growth X% same In addition, our respectively, OEM wonderful XXXX, and compared for period performance. XX%, the remain strong, truly posting XXXX year-to-date of to aftermarket and businesses in
I’m we business. within at level activity Looking encouraged our further the forward, water see
XXXX As we XXXX. of growth projects as are continued robust, and carrying this to see is today, with still likely our backlog and into pipeline confidence look area the potentially for to in we within mega momentum that extremely
premier past, As the our efficiency providing is the Energy the cost, Exchanger with leading customers Pressure Recovery noted desalination greatest industry in in I’ve the today, reliability. and technology lowest lifecycle
advantage competitive PX stacked in that our so of user. the directly Pressure mega the compelling is Exchanger the end we by projects fact, In most are often
technology. are further this plant competing technologies Pressure chosen sought Exchangers existing replace underscoring Pressure our Exchangers, by have wonderful PX with PX owners, their who dominance Our also the to of
and Energy robust, for well our PX for pumps. and Recovery Pressure In namely Exchanger turbochargers, demand addition, as continued the the remains OEM suite backlog devices, a our segment our as pipeline of with whole
to grow capitalize of pointed aftermarket unmatched devices business, have to have In of continue water we an also VorTeq set when six-year discussed we the cyclicality on installed revenue We recurring XX,XXX-plus to the our a its stream globally. cycle. base past, and the historical
year of fifth up-cycle. currently We an the are in
However, change. call] scarcity, pollution from for continues today, driven I the current water of This infrastructure outpaces global world’s the an leading grow to where market growing issues, desalination Due supply. in do by sources, underlying problems. industrial significantly growth is we we fresh aging corresponding for in not is this supported to a activity to coupled or water plant these the significant activity. global to water the exploding demand [new the landscape, either [ph] see any with potable stand slowdown climate related and demand solve by desalination industry population water and believe
the the to and of continues X% world’s water available percentages fresh, as continue. this than in trends demand supply and less water decline, imbalance Importantly, is
will growth according If current dwindle. water Water Recovery XX% status core view demand quo, substantial the a great this grow have by most, contempt this to global XXXX increase brands our only are roughly Against slated overall supports on just opportunity expected world Energy in substantial OECD, in our area. reinvestment business, change, trends our bring are the as between opportunity further example, XX% business. remain of to not and the don’t to we to strong. where is and reserves the needed usage the to is our water we to it Energy further businesses Pressure capturing business XXXX. and focused it grow is the why For our share, needs this protect XXXX, market reinforce with rather water and while core maintain Exchanger Yet, ability backdrop, market and Recovery’s initiatives
represents the quarter, last Recovery mentioned which growth spend. capital only long-term market, potential, X% X% we I to diversify need to As desalination fully of Energy beyond to achieve our
growth, greater they team opportunities we generation. our and breadth Our exposure our desalination cash our water can mitigate overall within covered I as market to over the grow and offerings well to initiatives flow other cyclical expand applications, with provide business, a our under have share, these and across goal strategic challenged increase where avenues with our [SWRO] [sic] our as explore water is water for SWOR to desal current our customers proposition. value have of
customers. water within industry. our tactical distribution offer others with our the our these explore multiple the initiatives We growth to existing a to Importantly, market to desalination. product initiatives To occur we to seek provide leverage to Eventually, gaps our in in increasing through portfolio market and springboard into in we will avenues. and fill products broader expect favor. scope of We by of seek trends with we products summarize, appear and and SWRO channel anticipate – the activity outside sales can world-class water
We’re and foundation will identify hopefully beginning that serve opportunities, as future a both to organic our plans. growth inorganic of
of even excited more the about We’re performance business date the and ahead. water see growth the to we clear opportunities incredibly our proud and of
and now business. to gas oil our Turning
full-scale the the commercialization remains focus collective VorTeq of system. Our
runtime our independently, are working licensee the system-level well product full-scale increased commercialization as partner, the and through to component, path and development. product to technology and advance shorten both and with testing as We
make to progress call. design we continue We on earnings discussed last enhancements during our system-level the
parties all following technical always were These enhancements required licensee in remains objective we collectively which As review technical involved. full-scale accelerate quarter, a to to milestone in us our decided the our commercialization, key one. second of for the reminder, with certain product advance achieve
impact we these initial while timing expect of most will shorten efficient which market, they believe the enhancements the So milestone have to the one, delaying of path. is we time the overall
a process the before product as finish Now cycles, licensee enhancements, once we our scheduling milestone we with meet past development one. with standpoint, will from review progress again to system-level
when such, updates As appropriate. will we provide
enable With full-scale the the not firmly ability you invaluable and issues of iterations proud design further shortening more enhance I us hopefully rather probably the this allow CEO in organizations to and us year, in-house to to solutions, satisfy our cadence rapidly to design ability been the have of at path and obsessed at since and to in VorTeq our frequently system with probably at challenge and the have bit our many ability our test conditions. the development. in continually we But solve test frequently individual our and need date. have innovate to my the for effectively further have – focused been capabilities that to timeline real-world company’s is This we engineer VorTeq been our have today facility, our all believe technology of learnings test real-world and our and capability test we to to at and to challenges of As full-scale obsession with noticed on mind, our conditions. to I the internal proven enhance To face of I but this a to to schedule became earlier the I this shortening while should rapidly have testing system design system cartridges date, results commercialization. which faced continuously commercialization. able design and
been and has of test Our the dependence at the licensees our our ability to VorTeq on product full-scale missile and facilities. partners’ product limited equipment, by availability resources
such Given licensee the the resources the equipment, over our to revenue-generating two course, activities. we, product for and market partners conditions last allocate need product to and appreciate years, of facilities
of our the handicap testing at any product all delays the dependence upon resources acquiring facility we innovation resources to rapidly until have clear, including our begun an and We’ve and to in ancillary In as disruptive innovate. end design full-scale autonomy this barrier I over or we’ve already To put down as parallel match enhancements, our incredibly made we’ll to expedited on both times continue build be goal forward we to high in more needed continue licensee decision partners our our ability in invest test supportive, internal on business. progress disruptions them quickly development this testing with while beginning this that ability technology. partner. independently. However, necessary the accept to process, licensee not to all commercializing focused and product result product pace. With and timing pressure been begin other and our move here capabilities, a aspect our to made have summary, to proactively product in design in increasing our great equipment the is for testing I paths work necessary the Again, of own full-scale in this while system-level our of the conduct mind, the to will
the ensure focused VorTeq at are efficient just real-world and path are that. to independently our design we at and in the test maximizing system do to I’m Again, ability schedule full-scale on iterations our way, consistent runtime conditions. confident to most we commercializing system cadence, test this entirely Additionally, we on will our have VorTeq
operating recent now to system we the our a and it since of report, progress last Moving activities. round our run through validated made where MTeq, drilling real-world excited fluid most testing of to simulating under call, ability completed I’m also to variety earnings our successfully conditions drilling
confidence in the and application. forward We within technology have step taken our fluid an the validating to drilling important ability building in manage
of we development on our cycle our closing, our Following remain of a I more analysis provide In updates a company anticipated. call the water – system will the incredible team’s proud towards growth test round extensive and core comprehensive MTeq and further in that, strong system, I’m I our next MTeq on of is I’m questions. unit. VorTeq intend continued the in advancing and our during business We being progress earnings made our results, confident call. most endurance testing. tremendously for here. as With recent VorTeq to in turn track commercialization will over
