Enviri Corp SEC Filings

Enviri Corporation (NVRI) reported third‑quarter 2025 results. Revenue was $574.8 million, essentially flat year over year, while the company recorded a net loss attributable to Enviri of $22.3 million, or $0.28 per share. Service revenues rose to $505.9 million as product revenues declined to $68.9 million.

Operating income was $16.5 million, offset by interest expense of $28.4 million and pension expense, driving a loss from continuing operations of $20.2 million. Year to date, operating cash flow totaled $63.0 million, supported by receivables programs and tighter working capital management. Cash and cash equivalents were $115.4 million, with total assets of $2.79 billion and total liabilities of $2.39 billion.

Total debt obligations were $1.54 billion, including $489.0 million drawn on the revolving credit facility and $475.0 million of senior notes. On November 5, 2025, Enviri amended its credit agreement, resetting leverage covenants and permitting a potential distribution of its Clean Earth business; at September 30, 2025, net leverage was 4.82x and interest coverage 2.80x, within covenant levels.

Enviri Corporation (NVRI) furnished an 8‑K announcing Q3 2025 results. The company reported that it issued a press release covering earnings for the third quarter ended September 30, 2025, and attached it as Exhibit 99.1. The information is furnished, not filed, meaning it is not subject to Section 18 liabilities and is not incorporated by reference unless specifically stated. This is a routine disclosure providing access to the company’s latest quarterly results press release.

Fund 1 Investments, LLC reports beneficial ownership of 7,674,443 shares of ENVIRI Corp common stock, representing 9.53% of the outstanding shares. The filing states these shares are held for private investment vehicles advised by Pleasant Lake Partners LLC; Fund 1 Investments serves as managing member and Jonathan Lennon is its managing member. The filing shows shared voting and dispositive power for all reported shares and indicates PLP Funds Master Fund LP has rights to dividends or proceeds for more than 5% of the class. Percentages are calculated from 80,497,280 shares outstanding as of April 24, 2025, per the issuer's quarterly report.

Barrow Hanley Mewhinney & Strauss LLC disclosed beneficial ownership of 4,561,968 shares of Enviri Corp common stock, equal to 5.66% of the outstanding class. The filing reports the filer has sole voting and sole dispositive power over these shares and identifies the reporting person as an investment adviser (IA).

The statement includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. Items addressing group membership and parent/subsidiary reporting are marked Not Applicable, so the disclosure presents a single institutional, passive stake above the 5% threshold rather than a coordinated group or control claim.

Enviri Corp. (NVRI) Q2-25 10-Q highlights:

• Revenue pressure: Total Q2 sales fell 8% YoY to $562.3 m; service revenue was flat while product revenue plunged 46% to $57.0 m, driven by the Rail segment.
• Margin reversal: Gross margin contracted 280 bp to 17.2%; a $7.4 m PP&E impairment (France downstream business) pushed operating income from +$31.3 m to a $7.2 m loss.
• Bottom line: Net loss widened to $46.5 m (-$0.59 EPS) vs. $11.1 m loss (-$0.17 EPS) last year. Six-month loss reached $58.7 m.
• Cash & liquidity: Operating cash flow was $28.6 m (vs. $40.4 m); capex remained heavy at $60.7 m. Cash & equivalents rose to $97.8 m, aided by revolver draws (+$62 m) and higher restricted cash.
• Leverage: Net debt climbed to $1.48 b; net-debt/Adj. EBITDA is 4.75×, just below the amended 5.0× covenant (steps down begin Q4-25). Revolving credit maturity extended to 2029; AR facility upsized to $160 m.
• Equity erosion: Retained earnings fell $61 m YTD; book value dropped to $4.67 per share.
• Tax & one-offs: A $5.7 m out-of-period tax adjustment increased expense; translation gains partially offset pension OCI losses, trimming AOCI by $17.6 m YTD.

Outlook: Management asserts 12-month going-concern viability and expects covenant compliance; however, continued product weakness, cost inflation and rising interest expense remain key risks.

On 5 Aug 2025, Enviri Corporation (NYSE: NVRI) filed an 8-K disclosing two furnished press releases. Item 2.02 states that Exhibit 99.1 contains the company’s Q2-25 earnings release; the filing itself provides no financial metrics and expressly limits liability by treating the exhibit as “furnished,” not “filed.”

Item 7.01 may be more consequential: the Board has authorized management to initiate a formal review of strategic alternatives aimed at “unlocking shareholder value.” The company offers no timetable, no preferred outcome, and no guarantee of a transaction. Future updates will be provided only if deemed necessary. Because the review could encompass a sale, merger, divestiture, or other capital-structure actions, the 8-K signals potential corporate-level change but leaves all scenarios open.