Enviri Corporation's stock plummeted over 12% in pre-market trading on Thursday, following the company's disappointing fourth-quarter 2024 results and tepid outlook for 2025.

The environmental services provider reported a 7% year-over-year decline in Q4 revenue to $559 million, impacted by business divestitures and unfavorable foreign currency impacts. Enviri posted a net loss of $82 million for the quarter, compared to a net loss of $53 million in the prior-year period. Adjusted EBITDA also declined 9% to $70 million.

For 2025, Enviri expects adjusted EBITDA to be in the range of $305 million to $325 million, higher year-over-year when adjusted for divestitures and currency impacts, but falling short of analyst expectations. The company projected adjusted free cash flow to improve significantly to $30 million to $50 million, driven by an anticipated recovery in its Harsco Rail segment. However, the company's overall outlook was impacted by weak fundamentals within the global steel market, which is expected to weigh on its Environmental segment.