enviri(US:NVRI)2025-11-10 13:02Financial Performance - Third quarter 2025 revenues totaled $575 million, unchanged from the prior-year quarter[8]. - GAAP consolidated loss from continuing operations was $20 million in Q3 2025, compared to a loss of $11 million in Q3 2024[10]. - Adjusted EBITDA for Q3 2025 was $74 million, down from $85 million in Q3 2024, with a margin of 12.9%[7][10]. - Total revenues for Q3 2025 were $574.8 million, slightly up from $573.6 million in Q3 2024, while total revenues for the nine months ended September 30, 2025, were $1.685 billion, down from $1.784 billion in the same period of 2024[40]. - Operating income from continuing operations for Q3 2025 was $16.5 million, down from $37.4 million in Q3 2024, and for the nine months ended September 30, 2025, it was $39.9 million compared to $94.4 million in 2024[40]. - Net loss attributable to Enviri Corporation for Q3 2025 was $22.3 million, compared to a net loss of $13.2 million in Q3 2024, and for the nine months ended September 30, 2025, the net loss was $83.3 million versus $44.7 million in 2024[40]. - Basic earnings per share from continuing operations for Q3 2025 was $(0.26), compared to $(0.15) in Q3 2024, and for the nine months ended September 30, 2025, it was $(1.00) versus $(0.52) in 2024[40]. - The net loss for the three months ended September 30, 2025, was $21.4 million, compared to a net loss of $12.3 million for the same period in 2024[44]. - The consolidated income (loss) from continuing operations for the three months ended September 30, 2025, was $(20.178) million, compared to $(11.094) million in 2024, reflecting a worsening of approximately 81%[55]. Revenue Breakdown - Clean Earth revenues increased by 6% year-over-year to $250 million, driven by higher volumes and services pricing[14]. - Harsco Environmental revenues decreased to $261 million, impacted by business divestitures and lower eco-product sales[11]. - Harsco Rail revenues rose by 10% to $64 million, reflecting higher aftermarket parts volumes[15]. - Service revenues increased to $505.9 million in Q3 2025 from $488.1 million in Q3 2024, while product revenues decreased to $68.9 million from $85.5 million in the same period[40]. - The operating income for the Harsco Environmental segment for the three months ended September 30, 2025, was $13.2 million, while the Clean Earth segment reported $26.8 million[51]. - For the nine months ended September 30, 2025, Enviri Corporation reported consolidated revenues of $1,685.353 million, a decrease from $1,783.937 million in the same period of 2024, representing a decline of approximately 5.5%[53]. Cash Flow and Expenses - Free cash flow for 2025 is now expected to be between $(30) million and $(20) million[4]. - Total cash provided by operating activities for the nine months ended September 30, 2025, was $63.0 million, up from $41.8 million in the same period of 2024[44]. - The adjusted free cash flow for the three months ended September 30, 2025, was $5.609 million, a significant improvement from $(34.224) million in the same period of 2024[61]. - The company incurred employee termination benefits and related costs of $6.0 million for the three months ended September 30, 2025[51]. - Strategic costs for the three months ended September 30, 2025, amounted to $5.3 million, up from $1.2 million in the same period in 2024[51]. - Strategic costs, including employee termination and related costs, totaled $10.258 million for the nine months ended September 30, 2025[57]. - The company reported a net interest expense of $28.353 million for the three months ended September 30, 2025, slightly down from $28.813 million in 2024[55]. - Capital expenditures for the nine months ended September 30, 2025, were $92.416 million, compared to $102.094 million in the same period of 2024[61]. Balance Sheet and Assets - Total assets increased to $2,793,602 thousand in September 2025, up from $2,650,233 thousand in December 2024, representing a growth of approximately 5.4%[42]. - Current liabilities rose to $639,422 thousand in September 2025, compared to $566,382 thousand in December 2024, indicating an increase of about 12.9%[42]. - Long-term debt increased to $1,500,042 thousand in September 2025, up from $1,410,718 thousand in December 2024, reflecting a growth of approximately 6.3%[42]. - Total liabilities reached $2,389,797 thousand in September 2025, compared to $2,200,634 thousand in December 2024, marking an increase of around 8.6%[42]. - Cash and cash equivalents stood at $115,357 thousand in September 2025, up from $88,359 thousand in December 2024, showing a growth of approximately 30.5%[42]. - Inventories increased to $195,417 thousand in September 2025, compared to $182,042 thousand in December 2024, representing a rise of about 7.4%[42]. - Goodwill decreased to $757,504 thousand in September 2025 from $758,958 thousand in December 2024, indicating a slight decline of approximately 0.2%[42]. - Intangible assets, net decreased to $279,728 thousand in September 2025 from $298,438 thousand in December 2024, reflecting a decline of about 6.3%[42]. - Current portion of operating lease liabilities increased to $30,207 thousand in September 2025 from $26,049 thousand in December 2024, showing a growth of approximately 16.5%[42]. - Total current assets rose to $769,240 thousand in September 2025, compared to $710,525 thousand in December 2024, indicating an increase of about 8.2%[42]. Future Projections - The company revised its full-year 2025 Adjusted EBITDA outlook to a range of $268 million to $278 million[4]. - Projected adjusted income from continuing operations for the twelve months ending December 31, 2025, is estimated to be between a loss of $61 million and a loss of $51 million[49]. - The projected consolidated adjusted EBITDA for the three months ending December 31, 2025, is estimated to be between $62 million and $72 million[59]. - The projected consolidated loss from continuing operations for the twelve months ending December 31, 2025, is expected to range from $(103) million to $(93) million[59]. - Enviri Corporation's projected acquisition amortization expense for the twelve months ending December 31, 2025, is estimated at $20 million[49].