UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File No. 1-11596 PERMA-FIX ENVIRONMENTAL SERVICES, INC. (Exact name of registrant as specified in its charter) Delaware 58-1954497 State or other ...

Perma-Fix Environmental Services (NasdaqCM:PESI) Q4 2025 Earnings call March 24, 2026 10:00 AM ET Company ParticipantsBen Naccarato - EVP and CFODavid Waldman - President and CEOHoward Brous - VP and Wealth AdvisorMark Duff - President and CEOWalter Schenker - FounderConference Call ParticipantsAaron Spychalla - Senior Research AnalystOperatorGood morning, everyone, and welcome to the Perma-Fix fourth quarter and fiscal 2025 business update conference call. At this time, all participants are in a listen-onl ...

Perma-Fix Environmental Services (NasdaqCM:PESI) Q4 2025 Earnings call March 24, 2026 10:00 AM ET Company ParticipantsBen Naccarato - EVP and CFODavid Waldman - President and CEOHoward Brous - VP and Wealth AdvisorMark Duff - President and CEOWalter Schenker - FounderConference Call ParticipantsAaron Spychalla - Senior Research AnalystOperatorGood morning, everyone, and welcome to the Perma-Fix fourth quarter and fiscal 2025 business update conference call. At this time, all participants are in a listen-onl ...

Perma-Fix Environmental Services (NasdaqCM:PESI) Q4 2025 Earnings call March 24, 2026 10:00 AM ET Speaker5Good morning, everyone, and welcome to the Perma-Fix fourth quarter and fiscal 2025 business update conference call. At this time, all participants are in a listen-only mode, and the floor will be open for questions following the presentation. If anyone should require operator assistance during this conference, please press star zero on your phone keypad. Please note this conference is being recorded. I ...

ATLANTA, March 24, 2026 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the fourth quarter and full year ended December 31, 2025. Mark Duff, President and Chief Executive Officer of the Company, commented, “During 2025, we focused on strengthening Perma-Fix’s operational foundation and positioning the Company for the next phase of growth tied to the U.S. Department of Energy’s (“DOE”) Hanford clean ...

ATLANTA, March 20, 2026 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced it will host a conference call at 10:00 AM Eastern Time on Tuesday, March 24, 2026. A webcast of the call may be accessed at https://www.webcaster5.com/Webcast/Page/2243/53791 or in the investor section of the Company’s website at https://ir.perma-fix.com/conference-calls. The conference call will be available via telephone by dialing toll free 888-506-0062 for U.S. callers or +1 ...

Core Insights - The renewal of the Dangerous Mixed Waste Permit for Perma-Fix Northwest (PFNW) significantly enhances the company's operational capacity and strategic positioning in the nuclear services market [1][2][10] Permit Renewal Details - The renewed permit updates PFNW's original 1999 permit to align with current treatment units, infrastructure, safety systems, and operating practices [2] - The permit became effective on January 1, 2026, following a comprehensive public comment period and a Final Supplemental Environmental Impact Statement [3] Capacity Expansion - The permit renewal approximately triples PFNW's permitted liquid mixed waste processing capacity, increasing annual throughput from about 400,000 gallons to approximately 1.2 million gallons [5] - Additionally, PFNW is authorized to process up to 175,000 tons of waste annually through macroencapsulation, enhancing operational flexibility [6] Strategic Positioning - The renewal secures a regulatory foundation for PFNW to pursue future permit modifications related to new technologies and expansion initiatives [7] - PFNW is positioned to support planned facility upgrades for upcoming West Area Tank retrieval milestones at the Hanford site, leveraging its proximity and specialized capabilities [8] Market Context - The complexity of the permitting process underscores the significant regulatory, technical, and operational barriers in the nuclear services market [9] - PFNW stands as the only permitted mixed waste treatment facility near the Hanford site, providing a competitive advantage that is challenging to replicate [9]

Core Viewpoint - Perma-Fix Environmental Services, Inc. has entered into a joint distribution agreement with Enforcer One, LLC to provide a comprehensive solution for replacing PFAS-based firefighting foams with fluorine-free alternatives, addressing both the destruction of legacy stocks and the supply of new products [1][2][3]. Group 1: Partnership Details - The collaboration aims to assist fire departments, industrial facilities, and other high-risk sites in transitioning from PFAS-based aqueous film forming foams (AFFF) to next-generation fluorine-free foams [2][7]. - Perma-Fix will distribute Enforcer One's FIREBULL® fluorine-free foams and Enforcer CAFS equipment, while Enforcer One will promote Perma-Fix's Perma-FAS™ PFAS destruction technology [3][5]. Group 2: Product Offerings - Enforcer One's FIREBULL® product line includes various fluorine-free foam concentrates and related firefighting agents designed to enhance environmental performance while maintaining firefighting effectiveness [4][6]. - The Enforcer CAFS equipment is available in various sizes, providing efficient firefighting solutions for areas with limited water access [4][6]. Group 3: Environmental and Regulatory Impact - The partnership aligns with increasing regulatory and Environmental, Social, and Governance (ESG) expectations, offering a sustainable solution for PFAS contamination [5]. - Perma-Fix's Perma-FAS™ technology is a non-incineration process that effectively destroys PFAS, providing a cost-effective alternative to traditional methods like incineration [5][10]. Group 4: Market Demand and Performance - There is significant demand across various sectors for safe alternatives to PFAS-based foams, indicating a strong market opportunity for the partnership [4]. - Perma-Fix's Perma-FAS™ technology has shown exceptional performance in commercial operations, with high destruction levels of PFAS across multiple carbon-fluorine chain types [5].

Group 1: Fund Performance - Long Cast Advisers reported a cumulative net return improvement of 4% in Q3 2025, with a total cumulative return of 266% net of fees since inception in November 2015, translating to a 14% CAGR [1] Group 2: Company Overview - Perma-Fix Environmental Services, Inc. - Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) is an environmental and technology company based in Atlanta, Georgia [2] - As of November 28, 2025, Perma-Fix's stock closed at $12.27 per share, with a market capitalization of $227.212 million [2] Group 3: Recent Performance and Projections - Perma-Fix's one-month return was -4.36%, and its shares decreased by 10.31% over the last 52 weeks [2] - In Q3 2025, Perma-Fix reported revenue of $17.5 million, an increase from $16.8 million in Q3 2024 [4] - The company anticipates generating up to $2 million in monthly revenues starting in 2026 from the newly operational vitrification plant at the Hanford nuclear site, which is expected to lead to increased processing volumes [3] Group 4: Hedge Fund Interest - Perma-Fix is not among the 30 most popular stocks among hedge funds, with 8 hedge fund portfolios holding the stock at the end of Q3 2025, up from 7 in the previous quarter [4]

Revenue and Profitability - Revenue for Q3 2025 increased by $642,000 or 3.8% to $17,454,000 compared to Q3 2024, driven by a 44.7% increase in the Treatment Segment revenue [101]. - Gross profit for the nine months ended September 30, 2025, was $4,761,000, reflecting an increase of $5,353,000 or 904.2% compared to a gross loss of $592,000 in the same period of 2024 [102]. - Consolidated revenues increased by $642,000 or 3.8% for the three months ended September 30, 2025, compared to the same period in 2024, totaling $17,454,000 [110]. - Gross profit for the quarter ended September 30, 2025, increased by $1,223,000, totaling $2,557,000, with Treatment Segment gross profit increasing by $1,856,000 or 452.7% [116]. - For the nine months ended September 30, 2025, consolidated revenues increased by $1,544,000 or 3.5%, totaling $45,959,000 [112]. Segment Performance - Treatment Segment backlog reached approximately $15,396,000 as of September 30, 2025, an increase of $7,537,000 or 95.9% from December 31, 2024 [105]. - The Treatment Segment revenue for Q3 2025 was $13,114,000, up $4,050,000 or approximately 44.7% from Q3 2024 [101]. - Services Segment revenue decreased by $3,408,000 or 44.0% to $4,340,000 for Q3 2025, attributed to delays in project mobilizations and awards [101]. - International initiatives contributed approximately $798,000 or 310.5% increase in revenue from international customers in the Treatment Segment [111]. - Services Segment gross profit decreased by $633,000 or approximately 68.5%, with gross margin declining to 6.7% from 11.9% [116]. Expenses and Costs - SG&A expenses increased by $1,597,000 or 15.0% for the nine months ended September 30, 2025, compared to the same period in 2024 [102]. - SG&A expenses increased by $451,000 for the three months ended September 30, 2025, totaling $4,083,000, primarily due to higher salaries and payroll-related expenses [118]. - Cost of goods sold decreased by $581,000 for the quarter ended September 30, 2025, totaling $14,897,000, with Treatment Segment costs increasing by approximately $2,194,000 or 25.4% [114]. - SG&A expenses increased by $1,597,000 to $12,228,000 for the nine months ended September 30, 2025, representing 26.6% of revenue compared to 23.9% in 2024 [119]. Cash Flow and Liquidity - Cash used in operating activities of continuing operations was $(8,312,000) for the nine months ended September 30, 2025, compared to $(10,971,000) in 2024 [127]. - The company had working capital of $18,393,000 as of September 30, 2025, down from $28,283,000 as of December 31, 2024 [131]. - Cash used in investing activities of continuing operations totaled approximately $(2,683,000) for the nine months ended September 30, 2025 [127]. - As of September 30, 2025, the company had liquidity of approximately $23,844,000 and no outstanding borrowing under its Revolving Credit [125]. Future Outlook and Risks - The company expects revenue from the West Valley Development Project to ramp up in 2026 as the scope is further defined and approved [105]. - The federal government shutdown may impact operations, but the company believes its backlog and increased international receipts may mitigate the effects [106]. - The company is subject to significant uncertainties due to macroeconomic conditions, including government budget issues and trade uncertainties, which may impact revenue and profitability [151]. - The company is currently facing potential delays in waste shipments due to a partial government shutdown, which may impact operations and liquidity [150]. Research and Development - Research and development expenditures for the nine months ended September 30, 2025, were $1,037,000, up from $872,000 in the same period of 2024 [102]. - The company has filed patent applications for its PFAS destruction technology, which is expected to complement its core waste remediation services [152]. - The second-generation Perma-FAS system is anticipated to triple production capacity and is expected to be deployed in Q1 2026 [153]. Environmental and Regulatory - The company has accrued environmental remediation liabilities of $764,000 as of September 30, 2025, a decrease of $3,000 from the previous balance [156]. - Approximately $11,666,000 or 66.8% of total revenues for the three months ended September 30, 2025, were generated from federal government contracts, compared to $11,749,000 or 69.9% for the same period in 2024 [149]. - The Facility Fee has been revised from 0.375% to 0.500%, reverting back to 0.375% once the FCCR requirement is met [143]. Labor and Compensation - The Collective Bargaining Agreement (CBA) provides for annual base hourly wage increases of 1% plus the annual percentage change in the Consumer Price Index for Covered Employees [147]. - Administrative SG&A expenses rose primarily due to higher salaries and payroll-related expenses totaling approximately $352,000, influenced by the hiring of a COO and cost-of-living adjustments [120]. Interest and Tax - Interest income decreased by approximately $26,000 for Q3 2025 but increased by approximately $222,000 for the nine months ended September 30, 2025, compared to the same period in 2024 [121]. - Income tax expenses were $0 for Q3 2025 and $4,300,000 for the nine months ended September 30, 2024, resulting in effective tax rates of 0% and 36.6%, respectively [123].