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Enviri (NVRI) investor relations material
Enviri Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues were $562M, down 8% year-over-year, with a GAAP loss from continuing operations of $46M and Adjusted EBITDA of $65M; Clean Earth outperformed, Harsco Environmental was stable, and Rail underperformed due to weak demand and higher costs.
Management initiated a formal evaluation of strategic alternatives, including a potential sale or separation of Clean Earth, to address undervaluation and reinforce value creation.
Net loss attributable to common stockholders was $47.6M for Q2 2025, compared to $13.6M loss in Q2 2024.
Operating loss from continuing operations was $7.2M for Q2 2025, compared to $31.3M operating income in Q2 2024.
Management remains optimistic about long-term earnings and cash flow potential, with expectations for segment improvement in coming quarters.
Financial highlights
Q2 2025 revenues were $562M, down 8% year-over-year; Adjusted EBITDA was $65M (11.5% margin), down from $86M (14.1%) in Q2 2024.
Adjusted diluted loss per share was $0.22, excluding unusual items mainly from Rail contract costs; GAAP diluted loss per share from continuing operations was $0.58.
Adjusted free cash flow for Q2 2025 was negative $14M, expected to improve in Q3 and Q4.
Cash and cash equivalents at June 30, 2025 were $97.8M, up from $88.4M at year-end 2024.
Q2 2025 interest expense was $27.6M, down slightly from $27.9M in Q2 2024.
Outlook and guidance
2025 Adjusted EBITDA guidance revised to $290M–$310M (from $305M–$325M); free cash flow guidance lowered to $15M–$35M (from $30M–$50M), reflecting a weaker outlook for Harsco Rail.
Q3 2025 Adjusted EBITDA expected between $76M–$86M, with sequential improvement anticipated in all segments.
2025 GAAP loss from continuing operations expected at $(74)M to $(56)M; adjusted diluted EPS for 2025 now forecast at $(0.52) to $(0.30).
Management expects sufficient liquidity and borrowing capacity to support operations and debt service needs.
Company expects to maintain compliance with amended debt covenants based on current outlook.
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