Enviri Corporation reported its financial results for the third quarter of 2025, revealing total revenues of $574.8 million, a slight increase from $573.6 million in the same period last year. However, for the nine months ended September 30, 2025, revenues decreased by 5.5% to $1.685 billion compared to $1.784 billion in 2024. The company's service revenues rose to $505.9 million, while product revenues fell to $68.9 million, reflecting a shift in demand and operational challenges. The company recorded a net loss of $21.4 million for the quarter, compared to a loss of $12.3 million in the prior year, and a cumulative loss of $80.1 million for the nine months, up from $40.2 million in 2024.
The financial performance was impacted by several factors, including divestitures and changes in contract volumes. The Harsco Environmental segment saw a revenue decline of $18 million due to lost contracts and divestitures, while Clean Earth reported a revenue increase of $13.3 million, primarily driven by higher pricing and volume in hazardous waste services. The Harsco Rail segment also experienced a revenue increase, but continued to face challenges with operating losses, reporting a loss of $8.6 million for the quarter.
In terms of operational developments, Enviri has been actively exploring strategic alternatives, including a potential separation of its Clean Earth business. This strategic review is aimed at enhancing shareholder value and optimizing the company's portfolio. The company amended its Credit Agreement in November 2025 to adjust its debt covenants, allowing for greater flexibility as it navigates these strategic options. The total Net Debt to Consolidated Adjusted EBITDA ratio covenant was set to 5.25x for the quarter ending December 31, 2025, reflecting the company's efforts to maintain compliance with its financial obligations.
Enviri's cash flow from operating activities improved to $63 million for the nine months ended September 30, 2025, compared to $41.8 million in the previous year, driven by favorable changes in working capital. However, cash used in investing activities increased significantly to $91 million, primarily due to the absence of proceeds from asset sales that occurred in 2024. The company continues to maintain a strong liquidity position, with cash and cash equivalents totaling $115.4 million as of September 30, 2025, up from $88.4 million at the end of 2024.
Looking ahead, Enviri remains focused on executing its strategic initiatives while managing the challenges posed by market conditions and operational performance. The company anticipates that its ongoing efforts to optimize its business segments and improve operational efficiencies will position it for future growth, despite the current economic uncertainties.
About ENVIRI Corp
Enviri Corporation is a global provider of environmental solutions, specializing in industrial and specialty waste management, resource recovery, and recycling services. Its core segments—Harsco Environmental, Clean Earth, and Harsco Rail—serve industries such as metals, construction, and transportation. The company offers waste treatment, recycling, and equipment solutions, focusing on sustainability, regulatory compliance, and innovative downstream products to support customer operational efficiencies and environmental goals.
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