Enviri 2025 Q3 Earnings Widening Net Loss Amid Strategic Review

Enviri (NVRI) reported mixed third-quarter 2025 results, with flat revenue and a significantly wider net loss. The company lowered full-year guidance due to persistent challenges in its Rail and Harsco Environmental segments, while Clean Earth delivered record performance.

Revenue

Enviri’s total revenue increased marginally by 0.2% to $574.82 million in Q3 2025, driven by stable performance across its segments. Harsco Environmental contributed the largest share at $261.13 million, followed by Clean Earth at $250.05 million. Harsco Rail generated $63.63 million, while corporate activities and operating income from continuing operations aligned with the total revenue figure.

Earnings/Net Income

The company’s financial performance deteriorated sharply, with a net loss of $21.36 million, a 74.1% year-over-year increase, and an adjusted loss per share of $0.28, marking a 75.0% wider loss compared to the prior year. This reflects ongoing operational headwinds and elevated costs.

Post-Earnings Price Action Review

The stock experienced a surge of 6.96% on the day of the report, 14.18% for the week, and 17.75% month-to-date. Despite the widening loss, investors appeared optimistic about the potential sale of the Clean Earth division, which delivered record results.

CEO Commentary

F. Nicholas Grasberger, Chairman and CEO, highlighted operational progress in Clean Earth, which achieved 17% margins and record cash flow, while acknowledging challenges in Harsco Rail and Harsco Environmental. He emphasized strategic actions to unlock value, including a potential Clean Earth sale, and expressed cautious optimism about 2026 recovery in key segments.

Guidance

Enviri reduced full-year adjusted EBITDA guidance to $273 million (from $297 million) and cut free cash flow expectations by $50 million. The company anticipates Q4 adjusted EBITDA of $62–$72 million, with Clean Earth projected to grow year-over-year while Harsco Environmental and Rail face continued pressure.

Additional News

Enviri initiated a strategic review of its Clean Earth division, attracting strong interest from strategic and financial buyers. The company amended its credit agreement to facilitate a potential transaction, including a taxable spin of Harsco Environmental and Rail. Additionally, Harsco Environmental secured a 15-year contract with Jindal Stainless, signaling long-term growth potential.

Financial Highlights

• Revenue: $574.82M (+0.2% YoY)

• Net Loss: $21.36M (+74.1% YoY)

• Adjusted EPS: -$0.28 (wider by 75.0% YoY)

• Clean Earth Performance: 6% revenue growth, 17.3% EBITDA margin

• Guidance Cut: Full-year EBITDA to $273M (from $297M)

Enviri’s mixed results underscore the urgency of its strategic initiatives to address underperforming segments and unlock shareholder value. The company’s focus on Clean Earth and operational efficiency will be critical for reversing its earnings trajectory.