Enviri Corp 10-Q, filed Aug 5, 2025

Enviri Corp (NVRI)

10-Q 2025-08-05 For: 2025-06-30

Added on June 09, 2026

About this 10-Q

Enviri Corp filed this 10-Q on August 5, 2025, covering the quarter ended June 30, 2025.

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $562.25M; down 7.8% from $609.99M a year earlier
Net loss: $47.61M; compared with a net loss of $13.6M a year earlier
Diluted EPS: -$0.59; compared with -$0.17 a year earlier

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Class						Outstanding at July 31, 2025
Common stock, par value $1.25 per share						80,647,978


		Page
PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Operations (Unaudited)	5
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	7
	Condensed Consolidated Statements of Equity (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

Item 4.	Controls and Procedures	39


PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	39

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40





Item 5.	Other Information	40



Item 6.	Exhibits	41


SIGNATURES		42


Term						Description
AOCI						Accumulated Other Comprehensive Income (Loss)
AR Facility						Revolving trade receivables securitization facility
ASU						Financial Accounting Standards Board Accounting Standards Update
CE						Clean Earth reportable business segment
CERCLA						Comprehensive Environmental Response, Compensation, and Liability Act of 1980
Consolidated Adjusted EBITDA						EBITDA as calculated in accordance with the Company's Credit Agreement
Credit Agreement						Credit Agreement governing the Senior Secured Credit Facilities
DEA						United States Drug Enforcement Administration
Deutsche Bahn						National railway company in Germany
DTSC						California Department of Toxic Substances Control
EBITDA						Earnings before interest, tax, depreciation and amortization
EPA						U.S. Environmental Protection Agency
ESOL						Stericycle Environmental Solutions business
FASB						Financial Accounting Standards Board
HE						Harsco Environmental reportable business segment


ISDA						International Swaps and Derivatives Association
Network Rail						Infrastructure manager for most of the railway in the U.K.
OCI						Other Comprehensive Income (Loss)


Performix						Performix Metallurgical Additives, LLC, a former subsidiary of HE
Rail						Harsco Rail reportable business segment
Reed						Reed Minerals, LLC, a former subsidiary of HE
Revolving Credit Facility						Revolving credit facility under the Senior Secured Credit Facilities containing $50.0 million maturing on March 10, 2026 and $625.0 million maturing on September 5, 2029
SBB						Federal railway system of Switzerland
SCE						Kingdom of Bahrain's Supreme Council for Environment
SEC						U.S. Securities and Exchange Commission
Senior Notes						5.75% Notes due July 31, 2027
Senior Secured Credit Facilities						Primary source of borrowings comprised of the Term Loan and the Revolving Credit Facility
SOFR						Secured Overnight Financing Rate
SPE						The Company's wholly-owned bankruptcy-remote special purpose entity, which is used in connection with the AR Facility
Term Loan						$500 million term loan raised in March 2021 under the Senior Secured Credit Facilities, maturing on March 10, 2028

U.S. GAAP						Accounting principles generally accepted in the U.S.


(In thousands)	June 30 2025		December 31 2024
ASSETS
Current assets:
Cash and cash equivalents	$	97,796	$	88,359
Restricted cash	15,739		1,799
Trade accounts receivable, net	287,251		260,690

Other receivables	46,789		40,439
Inventories	195,777		182,042
Current portion of contract assets	44,439		59,881
Prepaid expenses	50,688		62,435

Other current assets	9,402		14,880
Total current assets	747,881		710,525

Property, plant and equipment, net	694,553		664,292
Right-of-use assets, net	124,668		92,153
Goodwill	760,082		739,758
Intangible assets, net	286,512		298,438


Retirement plan assets	79,218		73,745
Deferred income tax assets	20,882		17,578

Other assets	56,515		53,744
Total assets	$	2,770,311	$	2,650,233
LIABILITIES
Current liabilities:
Short-term borrowings	$	10,575	$	8,144
Current maturities of long-term debt	25,227		21,004
Accounts payable	240,747		214,689

Accrued compensation	55,490		63,686
Income taxes payable	4,744		5,747


Reserve for forward losses on contracts	52,187		54,320
Current portion of advances on contracts	6,315		13,265

Derivative liabilities	38,104		1,284
Current portion of operating lease liabilities	29,753		26,049

Other current liabilities	162,922		158,194
Total current liabilities	626,064		566,382
Long-term debt	1,482,138		1,410,718


Retirement plan liabilities	28,651		27,019



Operating lease liabilities	97,198		67,998

Environmental liabilities	43,157		46,585
Deferred tax liabilities	24,090		26,796
Other liabilities	51,182		55,136
Total liabilities	2,352,480		2,200,634
COMMITMENTS AND CONTINGENCIES
ENVIRI CORPORATION STOCKHOLDERS’ EQUITY

Common stock	147,706		146,844
Additional paid-in capital	264,000		255,102
Accumulated other comprehensive loss	(521,368)		(538,964)
Retained earnings	1,339,344		1,400,347
Treasury stock	(853,416)		(851,881)
Total Enviri Corporation stockholders’ equity	376,266		411,448
Noncontrolling interests	41,565		38,151
Total equity	417,831		449,599
Total liabilities and equity	$	2,770,311	$	2,650,233


	Three Months Ended				Six Months Ended
	June 30				June 30
(In thousands, except per share amounts)	2025		2024		2025		2024
Revenues from continuing operations:
Service revenues	$	505,241	$	505,283	$	982,081	$	1,004,437
Product revenues	57,013		104,710		128,457		205,873
Total revenues	562,254		609,993		1,110,538		1,210,310
Costs and expenses from continuing operations:
Cost of services sold	394,811		388,222		767,213		781,074
Cost of products sold	68,339		91,996		119,700		177,406

Selling, general and administrative expenses	95,503		90,454		184,611		177,580
Research and development expenses	995		943		1,462		1,804
Intangible asset impairment charge	—		2,840		—		2,840
Property, plant and equipment impairment charge	7,386		—		7,386		—
Remeasurement of long-lived assets	—		—		—		10,695
Gain on sale of businesses, net	—		(1,877)		—		(1,877)
Other expense (income), net	2,411		6,160		6,702		3,720
Total costs and expenses	569,445		578,738		1,087,074		1,153,242
Operating income (loss) from continuing operations	(7,191)		31,255		23,464		57,068
Interest income	470		3,435		924		5,132
Interest expense	(27,600)		(27,934)		(54,174)		(56,056)
Facility fees and debt-related income (expense)	(2,619)		(2,920)		(5,231)		(5,709)

Defined benefit pension income (expense)	(5,387)		(4,166)		(10,420)		(8,342)
Income (loss) from continuing operations before income taxes and equity in income	(42,327)		(330)		(45,437)		(7,907)
Income tax benefit (expense) from continuing operations	(3,609)		(10,020)		(11,555)		(17,935)
Equity in income (loss) of unconsolidated entities, net	44		127		72		(122)
Income (loss) from continuing operations	(45,892)		(10,223)		(56,920)		(25,964)
Discontinued operations:

Income (loss) from discontinued businesses	(889)		(1,211)		(2,468)		(2,703)
Income tax benefit (expense) from discontinued businesses	232		314		644		701
Income (loss) from discontinued operations, net of tax	(657)		(897)		(1,824)		(2,002)
Net income (loss)	(46,549)		(11,120)		(58,744)		(27,966)
Less: Net loss (income) attributable to noncontrolling interests	(1,058)		(2,481)		(2,259)		(3,597)
Net income (loss) attributable to Enviri Corporation	$	(47,607)	$	(13,601)	$	(61,003)	$	(31,563)
Amounts attributable to Enviri Corporation common stockholders:
Income (loss) from continuing operations, net of tax	$	(46,950)	$	(12,704)	$	(59,179)	$	(29,561)
Income (loss) from discontinued operations, net of tax	(657)		(897)		(1,824)		(2,002)
Net income (loss) attributable to Enviri Corporation common stockholders	$	(47,607)	$	(13,601)	$	(61,003)	$	(31,563)

Weighted-average shares of common stock outstanding	80,629		80,146		80,481		80,045
Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations	$	(0.58)	$	(0.16)	$	(0.74)	$	(0.37)
Discontinued operations	(0.01)		(0.01)		(0.02)		(0.03)
Basic earnings (loss) per share attributable to Enviri Corporation common stockholders	$	(0.59)	$	(0.17)	$	(0.76)	$	(0.39)	(a)

Diluted weighted-average shares of common stock outstanding	80,629		80,146		80,481		80,045
Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations	$	(0.58)	$	(0.16)	$	(0.74)	$	(0.37)
Discontinued operations	(0.01)		(0.01)		(0.02)		(0.03)
Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders	$	(0.59)	$	(0.17)	$	(0.76)	$	(0.39)	(a)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Six Months Ended June 30
(In thousands)	2025		2024
Cash flows from operating activities:
Net income (loss)	$	(58,744)	$	(27,966)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	74,343		73,946
Amortization	14,964		16,180
Deferred income tax (benefit) expense	(2,387)		5,771
Equity in (income) loss of unconsolidated entities, net	(72)		122

Right-of-use assets	15,127		16,194
Property, plant and equipment impairment charge	7,386		—

Intangible asset impairment charge	—		2,840
Remeasurement of long-lived assets	—		10,695
Gain on sale of businesses, net	—		(1,877)
Stock-based compensation	9,760		8,262
Other, net	(3,149)		(8,257)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:
Accounts receivable	(14,314)		17,633

Inventories	(8,300)		(3,985)
Contract assets	12,413		(12,887)
Accounts payable	10,716		(5,786)
Accrued interest payable	539		(15)
Accrued compensation	(11,433)		(22,544)
Advances on contracts and other customer advances	(18,324)		(7,121)


Operating lease liabilities	(15,078)		(15,876)
Retirement plan liabilities, net	9,381		(938)

Other assets and liabilities	5,745		(4,007)
Net cash (used) provided by operating activities	28,573		40,384
Cash flows from investing activities:
Purchases of property, plant and equipment	(60,659)		(60,520)

Proceeds from sale of business, net	—		16,588
Proceeds from sales of assets	3,764		7,584
Expenditures for intangible assets	(51)		(484)
Proceeds from notes receivable	—		17,023
Net proceeds (payments) from settlement of foreign currency forward exchange contracts	(4,296)		584


Net cash used by investing activities	(61,242)		(19,225)
Cash flows from financing activities:
Short-term borrowings, net	5,831		(3,138)
Borrowings and repayments under Revolving Credit Facility, net	62,000		(3,000)


Repayments of Term Loan	(2,500)		(2,500)
Cash paid for finance leases and other long-term debt	(9,669)		(6,803)

Dividends paid to noncontrolling interests	—		(12,551)
Contributions from noncontrolling interests	—		874



Stock-based compensation - Employee taxes paid	(1,534)		(1,332)





Net cash (used) provided by financing activities	54,128		(28,450)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	1,918		(9,817)
Net increase (decrease) in cash and cash equivalents, including restricted cash	23,377		(17,108)
Cash and cash equivalents, including restricted cash, at beginning of period	90,158		124,614
Cash and cash equivalents, including restricted cash, at end of period	$	113,535	$	107,506


	Enviri Corporation Stockholders’ Equity
(In thousands, except share amounts)	Common Stock				Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Issued		Treasury										Total
Balances, December 31, 2024	$	146,844	$	(851,881)	$	255,102	$	1,400,347	$	(538,964)	$	38,151	$	449,599

Net income (loss)	—		—		—		(13,396)		—		1,201		(12,195)




Total other comprehensive income (loss), net of deferred income taxes of $2,487	—		—		—		—		8,351		367		8,718










Vesting of restricted stock units, net 284,643 shares	636		(1,357)		(636)		—		—		—		(1,357)
Vesting of performance share units, net 14,860 shares	35		(122)		(35)		—		—		—		(122)

Amortization of unearned portion of stock-based compensation, net of forfeitures	—		—		4,044		—		—		—		4,044
Balances, March 31, 2025	$	147,515	$	(853,360)	$	258,475	$	1,386,951	$	(530,613)	$	39,719	$	448,687
Net income (loss)	—		—		—		(47,607)		—		1,058		(46,549)




Total other comprehensive income (loss), net of deferred income taxes of $3,934	—		—		—		—		9,245		788		10,033










Vesting of restricted stock units and other stock grants, net 144,761 shares	191		(56)		(191)		—		—		—		(56)


Amortization of unearned portion of stock-based compensation, net of forfeitures	—		—		5,716		—		—		—		5,716
Balances, June 30, 2025	$	147,706	$	(853,416)	$	264,000	$	1,339,344	$	(521,368)	$	41,565	$	417,831


(In millions)	June 30 2025		December 31 2024
Net amounts sold under factoring arrangements	$	15.1	$	13.3
Program capacities	21.1		18.6



	Three Months Ended
	June 30
Defined Benefit Pension Plan Net Periodic Pension Cost (Benefit)	U.S. Plans				International Plans
(In thousands)	2025		2024		2025		2024
Service costs	$	—	$	—	$	324	$	335
Interest costs	2,313		2,419		7,689		7,434
Expected return on plan assets	(2,561)		(2,236)		(6,940)		(8,344)
Recognized prior service costs	—		—		123		117
Recognized actuarial losses	785		1,045		4,021		3,794

Defined benefit pension plan net periodic pension cost (benefit)	$	537	$	1,228	$	5,217	$	3,336



	Six Months Ended
	June 30
Defined Benefit Pension Plans Net Periodic Pension Cost (Benefit)	U.S. Plans				International Plans
(In thousands)	2025		2024		2025		2024
Service costs	$	—	$	—	$	627	$	673
Interest costs	4,626		4,838		14,862		14,894
Expected return on plan assets	(5,123)		(4,472)		(13,439)		(16,714)
Recognized prior service costs	—		—		237		235
Recognized actuarial losses	1,570		2,090		7,771		7,595


Defined benefit pension plans net periodic pension cost (benefit)	$	1,073	$	2,456	$	10,058	$	6,683


(In thousands)	Balance Sheet Location	Fair Value of Derivatives Designated as Hedging Instruments		Fair Value of Derivatives Not Designated as Hedging Instruments		Total Fair Value
June 30, 2025
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	—	$	1,413	$	1,413
Interest rate swaps	Other current assets	604		—		604
Interest rate swaps	Other assets	226		—		226
Total		$	830	$	1,413	$	2,243

Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Derivative liabilities	$	1,348	$	36,650	$	37,998
Interest rate swaps	Derivative liabilities	106		—		106

Total		$	1,454	$	36,650	$	38,104

December 31, 2024
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	347	$	7,590	$	7,937



Interest rate swaps	Other assets	5,250		—		$	5,250
Total		$	5,597	$	7,590	$	13,187

Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Derivative liabilities	$	80	$	987	$	1,067
Interest rate swaps	Derivative liabilities	217		—		217

Total		$	297	$	987	$	1,284



	Gain (Loss) Recognized in OCI on Derivatives				Loss (Gain) Reclassified from AOCI into Income - Effective Portion or Equity
	Three Months Ended				Three Months Ended
	June 30				June 30
(In thousands)	2025		2024		2025		2024

Foreign currency exchange forward contracts	$	(1,440)	$	27	$	697	$	(93)


Interest rate swaps	(1,296)		1,097		(113)		(871)

	$	(2,736)	$	1,124	$	584	$	(964)


	Location of Gain (Loss) Recognized in Income on Derivatives (a)	Amount of Gain (Loss) Recognized in Income on Derivatives (a)
		Three Months Ended				Six Months Ended
		June 30				June 30
(In thousands)		2025		2024		2025		2024

Foreign currency exchange forward contracts	Cost of services and products sold	$	(30,981)	$	2,311	$	(46,137)	$	12,225


FORM			10-Q


(In thousands)	June 30 2025		December 31 2024
Finished goods	$	18,683	$	14,344
Work-in-process	15,207		15,629

Raw materials and purchased parts	114,598		107,364
Stores and supplies	47,289		44,705
Total inventories	$	195,777	$	182,042


	Three Months Ended				Six Months Ended
	June 30				June 30
(In thousands)	2025		2024		2025		2024
Finance leases:
Depreciation expense	$	4,384	$	3,023	$	8,343	$	5,601
Interest on lease liabilities	1,568		1,085		2,960		1,900
Operating leases	9,744		9,961		19,382		19,793
Variable and short-term lease expense	13,718		13,755		26,232		27,799
Sublease income	(1)		(2)		(3)		(4)
Total lease expense	$	29,413	$	27,822	$	56,914	$	55,089



	Three Months Ended June 30, 2025
(in thousands)	Harsco Environmental	Clean Earth	Harsco Rail	Total Reportable Segments		Corporate	Total
Segment Profit and Loss:
Total revenues	258,009	246,282	57,963	$	562,254	—	$	562,254
Less:
Cost of services and products sold	220,194	179,934	65,563	465,691		—	465,691
Selling, general and administrative expenses	25,494	41,512	11,323	78,329		17,174	95,503

Property, plant and equipment impairment charge	7,386	—	—	7,386		—	7,386


Other segment activities (a)	684	226	1,402	2,312		(1,447)	865

Operating income (loss) from continuing operations	4,251	24,610	(20,325)	$	8,536	(15,727)	$	(7,191)
Plus:
Interest income							470
Interest expense							(27,600)
Facility fees and debt-related income (expense)							(2,619)
Defined benefit pension income (expense)							(5,387)
Income (loss) from continuing operations before income taxes and equity in income							$	(42,327)

Other Segment Information:
Depreciation	27,046	9,549	1,051	$	37,646	255	$	37,901
Amortization (b)	571	5,926	106	$	6,603	958	$	7,561
Capital expenditures	25,257	12,140	1,630	$	39,027	8	$	39,035



	Three Months Ended June 30, 2024
(in thousands)	Harsco Environmental	Clean Earth	Harsco Rail	Total Reportable Segments		Corporate	Total
Segment Profit and Loss:
Total revenues	292,929	236,105	80,959	$	609,993	—	$	609,993
Less:
Cost of services and products sold	239,563	173,497	70,361	483,421		—	483,421
Selling, general and administrative expenses	29,173	38,881	12,785	80,839		9,615	90,454
Intangible asset impairment charge	2,840	—	—	2,840		—	2,840


Gain on sale of businesses, net	(1,877)	—	—	(1,877)		—	(1,877)
Other segment activities (a)	2,944	(155)	902	3,691		209	3,900

Operating income (loss) from continuing operations	20,286	23,882	(3,089)	$	41,079	(9,824)	$	31,255
Plus:
Interest income							3,435
Interest expense							(27,934)
Facility fees and debt-related income (expense)							(2,920)
Defined benefit pension income (expense)							(4,166)
Income (loss) from continuing operations before income taxes and equity in income							$	(330)

Other Segment Information:
Depreciation	27,450	8,249	1,023	$	36,722	304	$	37,026
Amortization (b)	975	5,989	67	$	7,031	975	$	8,006
Capital expenditures	24,216	8,730	622	$	33,568	71	$	33,639



	Six Months Ended June 30, 2025
(in thousands)	Harsco Environmental	Clean Earth	Harsco Rail	Total Reportable Segments		Corporate	Total
Segment Profit and Loss:
Total revenues	501,115	481,513	127,910	$	1,110,538	—	$	1,110,538
Less:
Cost of services and products sold	422,211	353,553	113,963	889,727		—	889,727
Selling, general and administrative expenses	52,122	80,474	22,905	155,501		29,110	184,611

Property, plant and equipment impairment charge	7,386	—	—	7,386		—	7,386


Other segment activities (a)	5,072	211	3,212	8,495		(3,145)	5,350
Operating income (loss) from continuing operations	14,324	47,275	(12,170)	$	49,429	(25,965)	$	23,464
Plus:
Interest income							924
Interest expense							(54,174)
Facility fees and debt-related income (expense)							(5,231)
Defined benefit pension income (expense)							(10,420)
Income (loss) from continuing operations before income taxes and equity in income							$	(45,437)

Other Segment Information:
Depreciation	52,555	19,169	2,083	$	73,807	536	$	74,343
Amortization (b)	1,111	11,771	173	$	13,055	1,909	$	14,964
Capital expenditures	39,351	18,792	2,410	$	60,553	106	$	60,659



	Six Months Ended June 30, 2024
(in thousands)	Harsco Environmental	Clean Earth	Harsco Rail	Total Reportable Segments		Corporate	Total
Segment Profit and Loss:
Total revenues	592,048	462,135	156,127	$	1,210,310	—	$	1,210,310
Less:
Cost of services and products sold	488,355	341,945	130,286	960,586		—	960,586
Selling, general and administrative expenses	58,075	75,810	24,883	158,768		18,812	177,580
Intangible asset impairment charge	2,840	—	—	2,840		—	2,840

Remeasurement of long-lived assets	—	—	10,695	10,695		—	10,695
Gain on sale of businesses, net	(1,877)	—	—	(1,877)		—	(1,877)
Other segment activities (a)	4,781	(95)	2,413	7,099		(3,681)	3,418
Operating income (loss) from continuing operations	39,874	44,475	(12,150)	$	72,199	(15,131)	$	57,068
Plus:
Interest income							5,132
Interest expense							(56,056)
Facility fees and debt-related income (expense)							(5,709)
Defined benefit pension income (expense)							(8,342)
Income (loss) from continuing operations before income taxes and equity in income							$	(7,907)

Other Segment Information:
Depreciation	56,239	15,662	1,384	$	73,285	661	$	73,946
Amortization (b)	1,993	12,156	89	$	14,238	1,942	$	16,180
Capital expenditures	44,769	14,064	1,587	$	60,420	100	$	60,520



	Three Months Ended
	June 30, 2024
(In thousands)	Harsco Environmental Segment		Clean Earth Segment		Harsco Rail Segment		Consolidated Totals
Primary Geographical Markets (a):
North America	$	84,027	$	236,105	$	53,044	$	373,176
Western Europe	109,620		—		18,652		128,272
Latin America (b)	41,280		—		1,918		43,198
Asia-Pacific	28,345		—		7,345		35,690
Middle East and Africa	25,182		—		—		25,182
Eastern Europe	4,475		—		—		4,475
Total Revenues	$	292,929	$	236,105	$	80,959	$	609,993


(In thousands)	Harsco Environmental		Harsco Rail
2026	$	17,985	$	46,156
2027	17,082		29,639
2028	14,097		15,837
2029	9,386		3,845
2030	4,143		2,512
Thereafter	4,866		—
Total remaining performance obligations	$	67,559	$	97,989


	Components of AOCI, Net of Tax
(In thousands)	Cumulative Foreign Exchange Translation Adjustments		Effective Portion of Derivatives Designated as Hedging Instruments		Cumulative Unrecognized Actuarial Losses on Pension Obligations		Unrealized Gain (Loss) on Marketable Securities		Total
Balance at December 31, 2024	$	(228,698)	$	3,769	$	(314,057)	$	22	$	(538,964)

OCI before reclassifications (a)(b)	38,670		(5,019)		(24,499)		6		9,158
Amounts reclassified from AOCI, net of tax	—		422		9,171		—		9,593



Total OCI	38,670		(4,597)		(15,328)		6		18,751
Less: OCI attributable to noncontrolling interests	(1,155)		—		—		—		(1,155)
OCI attributable to Enviri Corporation	37,515		(4,597)		(15,328)		6		17,596
Balance at June 30, 2025	$	(191,183)	$	(828)	$	(329,385)	$	28	$	(521,368)


Significant Effects on Revenues (in millions)	Three Months Ended		Six Months Ended
Revenues — June 30, 2024	$	292.9	$	592.0
Impact of divestitures	(21.6)		(47.0)
Net impact of new and lost contracts	(16.9)		(35.0)
Impact of foreign currency translation	3.6		(9.4)
Net effects of price/volume changes, primarily attributable to volume changes and services mix	—		0.5

Revenues — June 30, 2025	$	258.0	$	501.1



Significant Effects on Revenue (in millions)	Three Months Ended		Six Months Ended
Revenues — June 30, 2024	$	81.0	$	156.1
Net effect of price/volume changes, primarily attributable to volume changes	(27.2)		(44.1)
Change in revenue adjustments as a result of certain estimated forward loss provisions (a)	3.2		15.4
Impact of foreign currency translation	1.1		0.5

Revenues — June 30, 2025	$	58.0	$	127.9


(in millions)	Three Months Ended		Six Months Ended
Cost of services and products sold — June 30, 2024	$	480.2	$	958.5
Change in costs due to changes in revenue volume and mix (a)	(13.4)		(37.5)

Changes in costs from divestitures	(17.3)		(38.4)
Impact of foreign currency translation	5.2		(5.4)
Changes from cost adjustments as a result of certain estimated forward loss provisions in Rail (b)	8.8		9.9
Other	(0.4)		(0.2)


Cost of services and products sold — June 30, 2025	$	463.2	$	886.9


Summary of Senior Secured Credit Facilities and Notes: (in millions)	June 30 2025		December 31 2024
By type:
Term Loan	$	480.0	$	482.5
Revolving Credit Facility	469.0		407.0
5.75% Senior Notes	475.0		475.0
Total	$	1,424.0	$	1,364.5
By classification:
Current	$	5.0	$	5.0
Long-term	1,419.0		1,359.5
Total	$	1,424.0	$	1,364.5


	June 30, 2025
(In millions)	Facility Limit	Outstanding Balance		Outstanding Letters of Credit		Available Credit


Revolving credit facility (a)	675.0	$	469.0	$	24.5	$	181.5


Exhibit Number						Description
10.1						Form of RSU Award Agreement (for awards granted on or after March 1, 2025).*
10.2						Form of PSU Award Agreement (for awards granted on or after March 1, 2025).*
10.3						Form of SAR Award Agreement (for awards granted on or after March 1, 2025).*
10.4						Amendment No. 5 to the 2013 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 28, 2025, Commission File Number 001-03970).
10.5						Amendment No. 3 to the 2016 Non-Employee Directors’ Long-Term Equity Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 28, 2025, Commission File Number 001-03970).
10.6						Form of Amended & Restated Change in Control Severance Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 23, 2024, Commission File Number 001-03970).
31.1						Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chairman, President and Chief Executive Officer).*
31.2						Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).*
32						Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chairman, President and Chief Executive Officer and Chief Financial Officer).**
101.Def						Definition Linkbase Document
101.Pre						Presentation Linkbase Document
101.Lab						Labels Linkbase Document
101.Cal						Calculation Linkbase Document
101.Sch						Schema Document
101.Ins						Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



DATE	August 5, 2025	/s/ TOM VADAKETH
		Tom Vadaketh
		Senior Vice President and Chief Financial Officer
		(On behalf of the registrant and as Principal Financial Officer)

DATE	August 5, 2025	/s/ SAMUEL C. FENICE
		Samuel C. Fenice
		Vice President and Corporate Controller
		(Principal Accounting Officer)