Enviri Corporation Reports Fourth Quarter and Full Year 2025 Results

Core Insights - Enviri Corporation reported a consolidated loss from continuing operations of $86 million in Q4 2025, with revenues totaling $556 million, reflecting a slight decrease from $559 million in Q4 2024 [1][4][5] - The company experienced a full-year revenue of $2.24 billion in 2025, down from $2.34 billion in 2024, with a GAAP consolidated loss from continuing operations of $160 million [8][10][9] - The company is on track to complete the $3 billion sale of Clean Earth in mid-2026, which is expected to unlock significant value for shareholders [3][19] Financial Performance - Q4 2025 adjusted EBITDA was $70 million, consistent with Q4 2024, while the adjusted diluted loss per share from continuing operations was $0.17 compared to $0.04 in Q4 2024 [2][4][5] - For the full year 2025, adjusted EBITDA totaled $275 million, down from $318 million in 2024, with the adjusted diluted loss per share increasing to $0.60 from $0.09 [10][11][8] - The company’s operating income from continuing operations was a loss of $33 million in Q4 2025, an improvement from a loss of $62 million in Q4 2024 [4][7] Segment Performance - Harsco Environmental reported revenues of $257 million in Q4 2025, a 7% increase from Q4 2024, with an adjusted EBITDA margin of 18.7% [12][13] - Clean Earth generated $244 million in revenues in Q4 2025, a slight increase from $241 million in Q4 2024, with an adjusted EBITDA margin of 15.6% [14][13] - Harsco Rail saw a significant revenue decline of 28% to $56 million in Q4 2025, with an adjusted EBITDA loss of $4 million [15][13] Cash Flow and Outlook - Net cash provided by operating activities was $38 million in Q4 2025, slightly up from $36 million in Q4 2024, while adjusted free cash flow decreased to $6 million from $8 million [16][17] - The 2026 outlook anticipates adjusted EBITDA for New Enviri to be approximately $140 million, modestly below 2025 levels due to weaker demand in Harsco Rail [19][20] - Harsco Environmental's adjusted EBITDA is expected to improve slightly, while Harsco Rail's adjusted EBITDA is projected to be negative due to lower demand and manufacturing inefficiencies [21][20]