Enviri Corporation Reports Third Quarter 2025 Results

Core Insights - Enviri Corporation reported third quarter 2025 revenues of $575 million, with a GAAP loss from continuing operations of $20 million and an adjusted EBITDA of $74 million [1][6][7] Financial Performance - Revenues remained stable at $575 million compared to Q3 2024, with Clean Earth and Harsco Rail showing revenue increases, while Harsco Environmental experienced a decline [5][6] - The GAAP diluted loss per share from continuing operations was $0.26, compared to a loss of $0.15 in Q3 2024, while the adjusted diluted loss per share was $0.08, compared to $0.01 in the prior year [2][4] - Adjusted EBITDA decreased to $74 million from $85 million in Q3 2024, with Clean Earth contributing positively but offset by lower performance in other segments [7][8] Segment Performance - Harsco Environmental reported revenues of $261 million, down from $279 million in Q3 2024, with an adjusted EBITDA of $44 million compared to $53 million [8] - Clean Earth achieved revenues of $250 million, a 6% increase from $237 million in Q3 2024, with adjusted EBITDA of $43 million, slightly up from $42 million [9] - Harsco Rail's revenues increased to $64 million from $58 million, but it still reported an adjusted EBITDA loss of $4 million, worsening from a loss of $2 million in the prior year [10][11] Cash Flow and Outlook - Net cash provided by operating activities was $34 million, significantly up from $1 million in the prior year, while adjusted free cash flow improved to $6 million from a negative $34 million [12] - The company revised its full-year outlook for adjusted EBITDA to a range of $268 million to $278 million, down from previous estimates, and free cash flow is now expected to be negative [13][17] - The company amended its credit agreement to enhance financial flexibility, allowing for potential strategic alternatives [18] Strategic Initiatives - The company is focused on strategic improvement initiatives and exploring strategic alternatives to unlock portfolio value, with expectations to conclude this process by year-end [3][18]