NVRI Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-11T11:20:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3688217, pages 1-7 read of 11; pages 8-11 not read) | financials=earnings release statements only (no separate Quartr standardized financials attached to this event) | transcript=not available (call 2026-08-11 13:00Z / 9:00 a.m. Eastern, not yet held)

Consensus scorecard

• Consensus scorecard, bulleted equivalent:
  • Revenue / consolidated GAAP, continuing operations: Quartr actual $187.342m against API Ninjas consensus $370.967m - Miss −$183.625m, −49.6%.
  • EPS / adjusted diluted, continuing operations: Quartr actual $(0.63) against API Ninjas consensus $(0.3067) - Miss −$0.3233, −105.4%.

Reported results and guidance

• Q2 consolidated results, bulleted equivalent (Q2 2026 vs Q2 2025): service revenues $257,856k vs $258,959k; product revenues $65,985k vs $57,013k (+15.7%); a Rail contract exit-related revenue adjustment of $(136,499)k with no prior-year equivalent; total GAAP revenues $187,342k vs $315,972k (−40.7%), which the company presents as $324m of adjusted revenues, up 2% as stated. Cost of services sold $214,536k vs $214,903k; cost of products sold $60,139k vs $68,339k, plus $70,890k of Rail contract exit-related cost with no prior-year equivalent; SG&A $49,062k vs $53,773k (−8.8%); other expense, net $36,484k vs $2,379k. Operating loss from continuing operations $(244,423)k vs $(31,583)k; pre-tax loss $(256,318)k vs $(45,617)k; income tax expense of $(40,548)k against a prior-year benefit of $905k; loss from continuing operations attributable to Enviri $(298,301)k vs $(45,726)k; loss from discontinued operations $(97,694)k vs $(2,087)k; net loss attributable to Enviri $(395,995)k vs $(47,813)k. Adjusted EBITDA $34m vs $27m at a 10.4% margin against 8.7%. GAAP diluted EPS from continuing operations $(10.70) vs $(1.70), discontinued $(3.50) vs $(0.08), total $(14.21) vs $(1.78); adjusted diluted EPS from continuing operations $(0.63) vs $(0.84). Net cash used by operating activities $(296,938)k against $21,973k provided a year earlier; adjusted free cash flow $(9)m against $(39)m. Diluted weighted-average shares 27,877k vs 26,876k.

• Segment results, bulleted equivalent: Harsco Environmental revenues $266,160k against $258,009k a year earlier, up 3.2%, with GAAP operating income of $12,976k against $4,251k; segment Adjusted EBITDA of $46m against $40m at a 17.2% margin versus 15.5%. Harsco Rail GAAP revenues of $(78,818)k against $57,963k, which the company states is $58m and unchanged year over year excluding the contract exit impacts, with a GAAP operating loss of $(220,846)k against $(20,325)k and an Adjusted EBITDA loss of $(5)m against $(3)m, a margin of (8.0)% versus (5.7)%. Corporate operating loss $(36,553)k against $(15,509)k. The three lines sum exactly to consolidated revenues of $187,342k and a consolidated operating loss of $(244,423)k in 2026, and to $315,972k and $(31,583)k in 2025.

• Six-month results, bulleted equivalent: total revenues $511,390k vs $629,025k (−18.7%); operating loss from continuing operations $(250,308)k vs $(26,535)k; loss from continuing operations attributable to Enviri $(322,661)k vs $(52,300)k; net loss attributable to Enviri $(406,660)k vs $(56,825)k; GAAP diluted EPS from continuing operations $(11.67) vs $(1.95) and total $(14.70) vs $(2.12); Harsco Environmental revenues $522,877k vs $501,115k (+4.3%) with operating income of $23,005k vs $14,324k; Harsco Rail revenues $(11,487)k vs $127,910k with an operating loss of $(224,043)k vs $(13,187)k; Corporate operating loss $(49,270)k vs $(27,672)k; net cash used by operating activities $(275,402)k against $28,573k provided a year earlier.

• Balance sheet, bulleted equivalent: cash and cash equivalents $253,427k against $103,487k at year end, plus restricted cash of $49,915k against $21,677k. Total assets fell to $1,722,786k from $2,742,789k, reflecting the removal of the Clean Earth held-for-sale asset balance. Long-term debt fell to $380,539k from $1,480,072k. Total liabilities fell to $1,040,099k from $2,447,202k; Enviri Corporation stockholders' equity rose to $639,081k from $255,062k and total equity to $682,687k from $295,587k, including noncontrolling interests of $43,606k against $40,525k. The company states its credit agreement net leverage ratio is now 1.9x on the new capital structure.

• Cash flow, bulleted equivalent: operating activities used $(296,938)k against $21,973k provided a year earlier, driven by a $(153,786)k accounts receivable build and a $(36,652)k accounts payable outflow, partly offset by a $132,923k increase in the reserve for contracts and a $74,969k non-cash contract exit charge add-back. Investing provided $1,669,748k, almost entirely the $1,724,804k of proceeds from the CE Holdings Note, against capital expenditures of $(34,660)k and a $(25,000)k deposit for commercial commitments. Financing used $(1,191,650)k, comprising net revolver repayments of $(557,000)k, term loan repayments of $(105,556)k, senior notes repayments of $(475,000)k, a $(16,529)k settlement of stock appreciation rights, $(21,857)k of employee taxes paid on stock-based compensation and $(7,847)k of net short-term borrowing repayments. Cash including restricted cash ended the period at $303,342k against $113,535k a year earlier.

• Guidance, bulleted equivalent: the company reaffirms its 2026 Adjusted EBITDA outlook for both segments. Harsco Environmental is guided to $170m to $180m of Adjusted EBITDA, which the release describes as modestly above prior-year results at the midpoint, with higher services and products demand, new sites and improvement initiatives expected to be offset by site exits and 2025 items that are not expected to repeat, such as the recovery of certain sales tax expenses in Brazil. Harsco Rail is guided to $(26)m to $(19)m of Adjusted EBITDA, below 2025, on lower standard equipment and contracted services demand and related manufacturing inefficiencies, partly offset by cost-out activities. No consolidated revenue, earnings, cash flow or corporate-cost guidance is given, so a full-company Adjusted EBITDA range cannot be assembled from this release.

• Strategic actions stated in this release: the company made a strategic decision to exit two European Harsco Rail engineer-to-order contracts, which it says eliminates future execution risk, uncertainty and cash outflows related to performance of these contracts and is anticipated to conclude the company's exposure to its legacy ETO contract risks; a separate news release covers the exits. Historical Clean Earth results are now reported as Discontinued Operations. Central costs previously allocated to Clean Earth, stated at $1.9m per quarter, are now included in the Corporate segment. The company states it concluded the initial stage of a comprehensive business review and has recently begun implementing broad restructuring actions across the company.

Key bullish aspects

• Harsco Environmental, the larger and continuing core of the company, grew revenues 3.2% to $266,160k and more than tripled GAAP operating income to $12,976k from $4,251k. Segment Adjusted EBITDA rose to $46m from $40m and margin rose 1.7 points to 17.2% from 15.5%. The company attributes the revenue increase to higher services and ecoproducts volumes and higher services pricing.
• Consolidated Adjusted EBITDA rose 25.9% to $34m from $27m and margin rose to 10.4% from 8.7%, and the release states both segments delivered results above the high end of their guidance ranges.
• Adjusted diluted loss per share from continuing operations narrowed 25.0% to $(0.63) from $(0.84).
• The capital structure was transformed in the quarter. Long-term debt fell to $380,539k from $1,480,072k at year end, total equity rose to $682,687k from $295,587k, and the company states its credit agreement net leverage ratio is now 1.9x. Cash including restricted cash ended at $303,342k against $113,535k a year earlier.
• The Clean Earth monetization is complete and funded: investing activities provided $1,669,748k in the quarter, driven by $1,724,804k of proceeds from the CE Holdings Note, which paid down $557,000k of revolver, $475,000k of senior notes and $105,556k of term loan.
• Adjusted free cash flow improved to $(9)m from $(39)m, which the company attributes to higher cash earnings, working capital improvements and lower net capital expenditures in both segments. Capital expenditures fell to $34,660k from $39,035k.
• 2026 Adjusted EBITDA guidance was reaffirmed for both segments after a quarter in which management says both beat the high end of their ranges.
• The Rail ETO contract exits are presented as terminal: the release states the exits are anticipated to conclude the company's exposure to its legacy ETO contract risks, which have been the recurring source of charges. Excluding the exit adjustments, Rail revenue of $58m was unchanged year over year, with higher aftermarket volumes offsetting lower equipment and contracted services revenue.
• SG&A fell 8.8% to $49,062k from $53,773k and cost of products sold fell 12.0% to $60,139k, both ahead of the underlying revenue trend.
• The prior-year quarter carried a $7,386k property, plant and equipment impairment charge that did not repeat in 2026.

Key bearish aspects

• GAAP total revenue of $187.342m missed the API Ninjas consensus of $370.967m by $183.625m, or 49.6%, and adjusted diluted EPS from continuing operations of $(0.63) missed the $(0.3067) consensus by $0.3233, or 105.4%.
• The Rail contract exits are large and hit both sides of the income statement: a $(136,499)k reduction to product revenues and a $70,890k addition to cost of products sold, together $207,389k, which reconciles to the $207,390k "loss on contract exits" line in the release's adjusted-earnings reconciliation. Harsco Rail therefore reported negative GAAP revenue of $(78,818)k and a GAAP operating loss of $(220,846)k for the quarter.
• The loss from continuing operations attributable to Enviri widened to $(298,301)k from $(45,726)k, and the total net loss attributable to Enviri to $(395,995)k from $(47,813)k. GAAP diluted loss per share was $(14.21) against $(1.78).
• Operating cash flow swung to a $(296,938)k outflow from a $21,973k inflow, and the six-month figure to $(275,402)k from $28,573k. Accounts receivable consumed $(153,786)k in the quarter against $(763)k a year earlier.
• The company recorded an income tax expense of $(40,548)k on a pre-tax loss of $(256,318)k, against a $905k benefit on a pre-tax loss a year earlier, so the loss received no tax shield. The six-month figure is a $(45,694)k expense against a $4,325k prior-year benefit. The release does not explain the driver.
• Other expense (income), net rose to $36,484k from $2,379k, an increase of $34,105k that is larger than the entire quarter's Adjusted EBITDA of $34m. The release does not break this line down.
• Discontinued operations produced a $(97,694)k after-tax loss against $(2,087)k a year earlier, and a $(91,927)k pre-tax loss against $2,182k of income, so the Clean Earth exit carried a substantial cost in the period of disposal.
• Harsco Rail Adjusted EBITDA deteriorated to $(5)m from $(3)m and its margin to (8.0)% from (5.7)%, so the segment is guided to lose money for the full year at $(26)m to $(19)m of Adjusted EBITDA even after the ETO exits.
• Corporate operating loss more than doubled to $(36,553)k from $(15,509)k, and for the half to $(49,270)k from $(27,672)k. Part of this is the $1.9m per quarter of central cost formerly allocated to Clean Earth, but that reallocation explains only a small portion of a $21,044k quarterly increase.
• The current reserve for contracts rose to $189,525k from $61,037k at year end and the cash flow statement shows a $132,923k increase, so a large contract-related cash obligation sits ahead of the company even though the exits remove future execution risk.
• The release states broad restructuring actions have recently begun across the company, but neither cost nor expected benefit is quantified anywhere in the document.
• Service revenues, the largest and most stable line, were essentially flat at $257,856k against $258,959k.

Key uncertainties

• Comparability against the API Ninjas consensus is not established. Continuing operations now exclude Clean Earth, which is reported as discontinued, and the provider's own recorded actual revenue for this company was $436.9m for the 2026-06-08 event and $549.8m for the 2026-05-11 event, both far above the $187.342m and even the $324m adjusted figure reported here. Whether the $370.967m estimate was built on the post-spin continuing-operations perimeter cannot be determined from either source.
• The release gives Adjusted EBITDA guidance only by segment. With no Corporate guidance, no consolidated Adjusted EBITDA range can be assembled, so the segment-level reaffirmation cannot be translated into a company-level 2026 figure.
• The composition of the $36,484k "other expense (income), net" line is not disclosed. Given its size against $34m of quarterly Adjusted EBITDA, whether it is transaction-related and non-recurring or an ongoing cost is a material open question.
• The $(40,548)k income tax expense on a pre-tax loss is unexplained in the released text. Whether it reflects valuation allowances, jurisdictional mix or transaction-driven items determines whether it repeats.
• The cash cost of the two European Rail ETO contract exits is not stated. The income statement effect of $207,389k is disclosed, of which $74,969k was added back as a non-cash contract exit charge in the cash flow statement, and the current reserve for contracts rose $128,488k from year end. What remains to be paid in cash and over what period is not in this release.
• The company says the exits are "anticipated to conclude" its exposure to legacy ETO contract risk. That is a forward statement, not a completed event; the release refers to a separate news release for the contract exit details, which was not read here.
• The scale of the broad restructuring actions is unquantified. No charge, headcount, timing or savings figure appears.
• The $(25,000)k deposit for commercial commitments in investing activities is not explained.
• The $(16,529)k settlement of stock appreciation rights and $(21,857)k of employee taxes paid on stock-based compensation are both transaction-related outflows without stated forward run rates.
• No dividend, buyback, or capital return statement appears in this release.
• The remaining relationship with the divested Clean Earth business is not characterized beyond the $1,724,804k of CE Holdings Note proceeds and the $1.9m per quarter of central cost reallocation.

Market context

• API Ninjas price snapshot for NVRI: $21.93 on NYSE with volume of 361,164, timestamped 2026-08-11T11:12:28Z. That is roughly 07:12 Eastern, before the regular session opens, so this is a pre-market snapshot and not a complete intraday reaction to the release. No reaction is characterized here.
• The release was published pre-market on 2026-08-11, ahead of the 9:00 a.m. Eastern (13:00Z) conference call. The Quartr source PDF for earnings release 3688217 carries a 2026-08-11 11:07:39Z file stamp. The event therefore qualified on the document-availability arm of the due-event window rather than the call clock.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3688217. Pages 1 through 7 were read, covering the highlights, the consolidated statements of operations, the balance sheet, the cash flow statement, the segment review and the opening of the adjusted-earnings reconciliation. Pages 8 through 11, which contain the remainder of the non-GAAP reconciliations including the Adjusted EBITDA and adjusted free cash flow bridges, were not read. No separate Quartr standardized financials document is attached to this event.
• The consolidated summary table on page 1 renders with its labels and values in separate blocks and out of column order. Every figure taken from it was independently confirmed elsewhere in the document: total revenues, operating loss, loss from continuing operations, GAAP diluted EPS and weighted-average shares all appear again in the consolidated statements of operations on page 4, and the segment revenues and operating results appear again in the segment review on page 7. The $324m adjusted revenue, $34m Adjusted EBITDA, 10.4% margin and $(0.63) adjusted diluted EPS figures are stated in the narrative text as well as in that table.
• Adjusted revenue of $324m was cross-checked by footing: GAAP total revenues of $187,342k plus the $136,499k Rail contract exit-related revenue adjustment equals $323,841k, which rounds to the stated $324m and is 2.5% above the prior-year $315,972k, consistent with the company's stated 2% increase.
• The contract exit charge was cross-checked by footing: the $136,499k revenue adjustment plus the $70,890k cost of products sold adjustment equals $207,389k, against the $207,390k "loss on contract exits" line in the adjusted-earnings reconciliation on page 7, a $1k rounding difference.
• The release highlights state a GAAP consolidated loss from continuing operations of $297m. The consolidated statements of operations report $(296,816)k of loss from continuing operations before the noncontrolling interest allocation and $(298,301)k attributable to Enviri Corporation common stockholders. The $(298,301)k attributable figure is used above because it is the basis on which per-share amounts are calculated.
• Balance sheet detail below the totals could not be fully placed. The current asset lines foot exactly to the reported $790,869k and $720,866k totals and were used; the current liability lines as read foot to $554,219k against a reported $551,198k total, a $3,021k discrepancy in the text layer, so individual current liability lines other than the reserve for contracts are not reproduced. Total liabilities plus total equity foot exactly to total assets in both columns, so the balance sheet totals shown above are verified.
• Individual lines of the adjusted-earnings reconciliation other than the loss on contract exits could not be reliably assigned to their four columns in the source text layer and are not reproduced. The reconciliation continues onto page 8, which was not read.
• The API Ninjas row for NVRI dated 2026-08-11 carried no fiscal_year or fiscal_quarter, so the exact ticker-and-date match path in build_api_metadata was used and returned period_match_method: exact_ticker_and_event_date against the Quartr event date of 2026-08-11. No fiscal-period conflict exists. The provider supplied no actual revenue or actual EPS for this event, so no reconciliation diagnostic was available; under maximal mode that does not suppress the comparison.
• API Ninjas supplied only the consensus estimates. Provider difference and difference-percentage fields were not used; both scorecard variances were calculated locally as the Quartr actual less the API Ninjas estimate, divided by the absolute estimate.
• No transcript exists for this event yet, so nothing in this report reflects management commentary beyond the release text. The call is scheduled for 2026-08-11 at 13:00Z.