PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) reported a first-quarter loss from continuing operations as the company moves toward the planned sale of its Clean Earth business and the spin-off of Harsco Environmental and Harsco Rail into a standalone company expected to launch in June.
The company posted first-quarter revenue of $550 million, roughly unchanged from a year earlier, and a GAAP loss from continuing operations of $8 million, or $0.12 per diluted share.
Adjusted EBITDA totaled $65 million, down from $71 million in the prior-year quarter.
Enviri expects to complete the Clean Earth sale and separation of Harsco Environmental and Harsco Rail on June 1, 2026, while reaffirming its full-year adjusted EBITDA outlook for the remaining businesses that will form “New Enviri.”
Chief Executive Officer Nick Grasberger characterized the planned separation as a major restructuring milestone for the company.
“We remain on track to complete the sale of Clean Earth and the separation of Harsco Environmental and Harsco Rail in the second quarter,” Grasberger said.
Harsco Environmental generated first-quarter revenue of $257 million, up 6% from the prior year, helped by foreign exchange impacts and stronger services demand at existing sites. Adjusted EBITDA for the segment was $38 million, compared with $39 million a year earlier.
Clean Earth revenue fell 4% to $226 million as weather-related disruptions and lower industrial project work weighed on volumes. Adjusted EBITDA declined to $33 million from $38 million in the prior-year quarter.
Harsco Rail reported revenue of $67 million, down 4% year over year due to weaker equipment sales and lower demand. The segment posted an adjusted EBITDA loss of $1 million.
Russell Hochman, who is expected to become chief executive of New Enviri following the separation, noted that the company continues to evaluate additional operational changes at Harsco Environmental and Harsco Rail.
“We are focused on reducing complexity, and we expect to identify additional opportunities to expand margins, enhance earnings potential and improve cash flow,” Hochman said.
Enviri reported net cash provided by operating activities of $22 million during the quarter, compared with $7 million a year earlier. Adjusted free cash flow improved to negative $6 million from negative $13 million in the prior-year period.
The company reaffirmed its 2026 adjusted EBITDA guidance of $170 million to $180 million for Harsco Environmental and projected Harsco Rail adjusted EBITDA between negative $26 million and negative $19 million.
Enviri also disclosed that it revised prior-period financial statements, referencing details previously included in its 2025 annual report and latest quarterly filing.
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