Core Viewpoint - Perma-Fix Environmental Services, Inc. will host a conference call on May 8, 2025, to discuss company updates and performance [1]. Company Information - Perma-Fix Environmental Services, Inc. is a nuclear services company specializing in nuclear and mixed waste management services, catering to hospitals, research labs, federal agencies, and the commercial nuclear industry [4]. - The company provides a range of services including project management, waste management, environmental restoration, decontamination and decommissioning, and radiological protection [4]. - Perma-Fix operates four nuclear waste treatment facilities and offers services at various Department of Energy (DOE), Department of Defense (DOD), and commercial facilities across the United States [4]. Conference Call Details - The conference call will be accessible via telephone for U.S. callers at 888-506-0062 and for international callers at +1 973-528-0011, with an access code of 146674 [2]. - A webcast of the call can be accessed through the company's investor section on their website [2]. - An archived version of the webcast will be available on the company's website, and a telephone replay will be accessible until May 15, 2025, using the numbers 877-481-4010 for U.S. callers and +1 919-882-2331 for international callers, with access code 52435 [3].

Company Overview - Perma-Fix Environmental Services, Inc. is a nuclear services company specializing in environmental remediation and mixed waste management services [3] - The company provides management and treatment of radioactive and mixed waste for various clients, including hospitals, research labs, federal agencies, and the commercial nuclear industry [3] - Perma-Fix operates four nuclear waste treatment facilities and offers a range of services including project management, environmental remediation, decontamination, and radiological protection [3] Upcoming Event - The company will present at Gabelli Funds' 11th Annual Waste & Environmental Services Symposium on April 3rd, 2025, at the Harvard Club in New York City [1] - Mark Duff, CEO, and Ben Naccarato, CFO, are scheduled to present at 1:15 PM ET and will also engage in one-on-one meetings with qualified investors during the conference [1][2] - The symposium focuses on waste, water treatment, and environmental themes, featuring presentations from senior management of leading companies [2]

Core Insights - Perma-Fix Environmental Services, Inc. will present at Gabelli Funds' 11th Annual Waste & Environmental Services Symposium on April 3rd, 2025, at 1:15 PM ET [1] - The symposium focuses on waste, water treatment, and environmental themes, featuring presentations from senior management of leading companies [2] Company Overview - Perma-Fix Environmental Services is a nuclear services company specializing in environmental remediation and mixed waste management services [3] - The company provides management and treatment of radioactive and mixed waste for various clients, including hospitals, research labs, federal agencies, and the commercial nuclear industry [3] - Perma-Fix operates four nuclear waste treatment facilities and offers a range of services including project management, environmental remediation, and radiological protection [3]

Core Insights - Perma-Fix (NASDAQ: PESI) has experienced a significant decline in share price, losing half of its value since November 2024, which is partly attributed to adverse market conditions affecting small-cap companies [1] Company Analysis - The decline in Perma-Fix's share price may present an opportunity for investors who can identify discrepancies between the company's fundamental value and its current market price [1] - The company is being monitored for potential upcoming catalysts that could positively impact its valuation [1] Market Context - The overall market conditions, particularly for small-cap companies, have contributed to the recent downturn in Perma-Fix's stock price [1]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $14.7 million, a decrease of $8 million or 35.2% compared to Q4 2023's $22.7 million [25] - For the full year 2024, revenue was $59.1 million, down $30.6 million or 34.1% from $89.7 million in 2023 [27] - Net loss for Q4 2024 was $3.5 million compared to a net income of $81,000 in Q4 2023, and for the full year, the net loss was $20 million compared to a net income of $485,000 in 2023 [31][32] - EBITDA for Q4 2024 was a loss of $3 million compared to income of $434,000 in Q4 2023, and for the year, EBITDA loss was $13.8 million compared to income of $3.3 million in 2023 [32] Business Segment Data and Key Metrics Changes - Treatment segment revenue decreased by $1.4 million in Q4 and $8.5 million for the year, impacted by lower volumes and pricing [26][27] - Services segment revenue dropped by $6.6 million in Q4 and $22.1 million for the year, primarily due to a lack of large projects [26][27] - Gross profit for Q4 was $594,000, down from $4.3 million in Q4 2023, with both segments experiencing declines due to lower revenue and higher costs [28] Market Data and Key Metrics Changes - Treatment backlog as of December 2024 was $7.9 million, down from $10.7 million at the end of 2023 [35] - Cash on the balance sheet increased to $29 million from $7.5 million at year-end 2023, primarily due to equity raises [33] Company Strategy and Development Direction - The company aims to return to growth and profitability in 2025, driven by a solid backlog and improving project execution [22] - Expansion in the industrial waste market and pursuit of government contracts are key strategic focuses [13][14] - The company is diversifying revenue by expanding into international markets and developing PFAS destruction technology [18][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2024 due to project delays and federal budget issues but remains optimistic about long-term growth [8][9] - The DF Law program at Hanford is expected to begin operations in August 2025, which is seen as a significant growth driver [11][12] - Management expressed confidence in the company's positioning for upcoming projects despite ongoing federal budget uncertainties [16][17] Other Important Information - The company appointed Troy Echeman as Chief Operating Officer, effective January 23, 2025, to enhance operational efficiency [22] - The second-generation PermaFAST unit is expected to triple processing capacity and is scheduled for deployment in late Q3 2025 [20] Q&A Session Summary Question: Impact of federal budget delays - Management indicated that a government shutdown would have limited impact if it lasts less than two weeks due to a strong backlog [42][44] - They expect limited impact from continuing resolutions, with most projects still moving forward [45][46] Question: Update on DF Law program - The DF Law facility is undergoing an operational readiness review, and initial waste treatment operations are expected to start in mid-Q3 [55][56] Question: Costs associated with PFAS initiatives - The company spent approximately $3 million on PFAS initiatives in 2024, with projections of around $5 million for 2025 [67] Question: Core business profitability - Management acknowledged the need to return to a breakeven base business of $80 million annually and is focused on cost reduction and revenue growth [101][102]

Revenue Performance - Overall revenue decreased by $30,618,000 or 34.1% to $59,117,000 for the twelve months ended December 31, 2024, from $89,735,000 for the corresponding period of 2023[139] - Treatment Segment revenue decreased by $8,524,000 or 19.6% to $34,953,000, while Services Segment revenue decreased by $22,094,000 or 47.8% to $24,164,000[139] - Total gross profit for the twelve months ended December 31, 2024, decreased by $16,367,000 or 100.0% due to decreased revenue generated in both segments[139] - Gross profit for the year ended December 31, 2024, was $16,367,000 lower than 2023, with a gross margin decrease from 18.2% to 0.0%[151] - The Services Segment gross margin decreased from 20.5% to 4.6% due to lower margin projects following the completion of two high-margin projects in late 2023[151] - The Treatment Segment backlog decreased to approximately $7,859,000 in 2024 from $8,702,000 in 2023[158] - The company reported that approximately $40,551,000, or 68.6%, of total revenue in 2024 was generated from federal government contracts, down from $68,595,000, or 76.4%, in 2023[200] Financial Position and Cash Flow - Cash used in operating activities of continuing operations was $(14,146,000) in 2024, compared to $7,069,000 in 2023[163] - Working capital improved to $28,283,000 in 2024 from $4,613,000 in 2023, primarily due to cash from stock sales[165] - Cash provided by financing activities totaled $40,955,000 in 2024, mainly from common stock sales[169] - The company expects to meet its quarterly financial covenant requirements for the next twelve months[173] - Future cash flow assumptions may be impacted by economic slowdowns, inability to scale operations, and significant declines in share price, potentially leading to asset impairment charges[194] - The company has no impairment charges related to its Treatment reporting unit as of October 1 for both 2023 and 2024[192] - The company is preparing for cash flow requirements and ensuring sufficient liquidity for operations over the next twelve months[207] Expenses and Cost Management - Cost of goods sold decreased by $14,251,000 for the year ended December 31, 2024, compared to the year ended December 31, 2023[150] - SG&A expenses decreased by $484,000 to $14,491,000 in 2024, representing 24.5% of revenue, compared to $14,975,000 in 2023, which was 16.7% of revenue[152] - R&D expenses increased by $611,000 in 2024, primarily due to costs associated with new PFAS technology[153] - The company is committed to reducing operating costs and non-essential expenditures[207] Financing Activities - The company completed two public equity raises, selling an aggregate of 4,581,282 shares of Common Stock in May 2024 and December 2024[140] - The company raised approximately $20,000,000 from the sale of 2,051,282 shares of Common Stock at $9.75 per share, with net proceeds used for R&D and business development[176] - The company incurred costs of approximately $1,544,000 related to the stock offering, resulting in net cash proceeds of approximately $18,456,000[178] - In December 2024, the company sold 2,200,000 shares of Common Stock at $10.00 per share, raising total gross proceeds of $25,300,000, including an over-allotment option[179] - The company paid approximately $1,771,000 in fees to the underwriter for the December offering, which represented 7.00% of the gross proceeds[181] - The company paid a total of $37,500 in fees related to the Loan Agreement amendments, which will be amortized as interest expense[171] Contracts and Projects - A contract for the cleanup operations at the West Valley Development Project was awarded, with a maximum value of up to $3 billion over a 10-year ordering period[141] - Revenue from the multi-year contract for the treatment of radioactive waste in Italy is expected to increase starting in 2026 when waste treatment phases begin[141] - The company has completed the fabrication and startup of its first full-scale commercial Perma-FAS system for PFAS destruction, successfully processing approximately 6,000 gallons of AFFF liquids[202] - The company anticipates deploying a second-generation unit of its PFAS technology in Q3 2025, aiming for revenue generation in Q4 2025[203] - The company is positioned for opportunities in Germany and aims to successfully bid on international contracts[207] Regulatory and Compliance Issues - The company is focused on compliance with environmental regulations and managing potential violations[209] - The company faces increased competitive pressures and the need to maintain required permits and approvals[209] - The company is addressing risks related to the non-acceptance of new technology and the expansion of service offerings[209] - Accrued closure costs represent estimated environmental liabilities, with costs calculated based on site-specific evaluations and regulatory requirements[195] Strategic Outlook - The company anticipates improvement in operational results in 2025 due to ongoing initiatives and project transitions[141] - The company anticipates improvements in its base business and operational results by 2025[207] - The company is focused on advancing its PFAS technology, which is expected to exceed current treatment options available[207] - The company is addressing potential reductions in government funding and changes in federal budgeting priorities[207] - The company faces uncertainties regarding future federal government budget decisions, which could negatively impact financial results and contract performance[201] - The company regularly reviews deferred tax assets to assess their potential realization, which could materially impact results if assumptions change[197]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $14.7 million, a decrease of 35.2% from $22.7 million in Q4 2023 [17] - For the full year 2024, revenue was $59.1 million, down 34.1% from $89.7 million in 2023 [18] - Net loss for Q4 2024 was $3.5 million compared to a net income of $81,000 in Q4 2023 [20] - For the year ended 2024, net loss was $20 million compared to a net income of $485,000 in 2023 [20] - EBITDA loss for Q4 2024 was $3 million compared to income of $434,000 in Q4 2023 [21] Business Segment Data and Key Metrics Changes - Treatment segment revenue decreased by $1.4 million, while Services segment revenue dropped by $6.6 million in Q4 2024 [17] - For the year, Treatment segment revenue was down $8.5 million and Services revenue decreased by $22.1 million [18] - Gross profit for Q4 2024 was $594,000, down from $4.3 million in Q4 2023 [19] - Gross profit for the year was down $16.4 million, impacted by lower revenue and higher costs [19] Market Data and Key Metrics Changes - Treatment backlog as of December 2024 was $7.9 million, down from $10.7 million at the end of 2023 [23] - Cash on the balance sheet increased to $29 million from $7.5 million at year-end 2023, primarily due to equity raises [22] Company Strategy and Development Direction - The company aims for a return to growth and profitability in 2025, driven by a solid backlog and improving project execution [16] - Key initiatives include the Direct Feed Low Activity Waste Program at Hanford, expected to begin operations in summer 2025 [8] - Expansion in the industrial waste market and pursuit of government contracts are part of the growth strategy [10][11] - The company is diversifying revenue by expanding into international markets, particularly in Canada, Mexico, and Europe [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2024 due to delays in project starts and federal budget resolutions but remains optimistic about long-term growth [7] - The company expects limited impact from potential government shutdowns due to a strong backlog [28] - Management is confident in the commitment from the DOE to maintain milestones for the DFLAW program, which is crucial for future operations [32] Other Important Information - The company has strengthened its executive leadership team with the appointment of a new COO [15] - Significant investments have been made in PFAS destruction technology, which is seen as a promising growth area [13] Q&A Session Summary Question: Impact of federal budget delays on near-term operations - Management indicated that a government shutdown of less than two weeks would have limited impact due to a strong backlog, while longer shutdowns could affect procurement [27][29] Question: Update on DFLAW program and operational readiness - The DFL facility is undergoing an operational readiness review, and management expects to start operations on track for August [35][36] Question: Costs associated with PFAS initiatives - In 2024, the company spent approximately $3 million on PFAS initiatives, with projections for 2025 to be around $5 million [42] Question: Economics of Gen 2 PFAS unit - The goal for Gen 2 is to achieve $5 million in revenue per quarter with a target operating margin of 70% [53] Question: Cash flow breakeven from DFLAW operations - Management expects to be close to cash positive once DFLAW operations ramp up, with additional waste streams contributing to revenue [64] Question: Core business performance and future outlook - Management is focused on returning the core business to breakeven or better, with optimism for improved revenue in the second half of 2025 [71]

Core Insights - Perma-Fix Environmental Services, Inc. reported a significant decline in financial performance for the fourth quarter and full year of 2024, with total revenue dropping to $14.7 million in Q4 2024 from $22.7 million in Q4 2023, and annual revenue decreasing to $59.1 million from $89.7 million in 2023 [3][7][11] - The company is optimistic about a return to growth and profitability in 2025, driven by improving waste volume receipts, a solid backlog, and advancements in PFAS treatment and nuclear services [2][10] Financial Performance - Q4 2024 revenue was $14.7 million, down from $22.7 million in Q4 2023, with a notable decrease in the Services Segment by approximately $6.6 million and in the Treatment Segment by approximately $1.4 million [3][4] - Gross profit for Q4 2024 was $594,000, a decrease from $4.3 million in Q4 2023, with gross margin dropping to 14.7% from 21.3% [4][6] - The company reported an operating loss of approximately $3.6 million in Q4 2024 compared to a loss of $9,000 in Q4 2023, and a net loss of approximately $3.5 million compared to net income of $81,000 in the same period last year [5][6] Annual Results - For the full year 2024, revenue was $59.1 million, down from $89.7 million in 2023, attributed to various factors including poor weather, delays in government procurement, and significant investment in PFAS technology [7][8] - Gross profit for 2024 was $2,000, a sharp decline from $16.4 million in 2023, with gross margin decreasing to approximately (3.2)% from 15.8% [9][11] - The company experienced an operating loss of $15.7 million in 2024, compared to operating income of $756,000 in 2023, and a net loss of approximately $20.0 million compared to net income of $485,000 in 2023 [10][11] Strategic Outlook - The company is focusing on the development of its Perma-FAS technology for PFAS destruction, with expectations to triple processing capacity and incorporate chemical recycling capabilities [2] - Perma-Fix has been awarded a role in the DOE's West Valley Demonstration Project, which aligns with its expertise in radiological protection and waste management [2] - International expansion efforts, particularly in Italy, are on track, with waste treatment operations expected to commence in 2026 [2]

Core Viewpoint - Perma-Fix Environmental Services, Inc. reported a significant decline in financial performance for the fourth quarter and full year of 2024, primarily due to project delays and lower waste volumes, but anticipates a return to growth and profitability in 2025 driven by improving waste volume receipts and strategic advancements in technology and services [2][3][7]. Financial Results - Fourth-quarter 2024 revenue was $14.7 million, down from $22.7 million in the same period of 2023, with a notable decrease in the Services Segment by approximately $6.6 million and in the Treatment Segment by approximately $1.4 million [3][4]. - Gross profit for the fourth quarter of 2024 was $594,000, a decrease from $4.3 million in the fourth quarter of 2023, with gross margin dropping to 14.7% from 21.3% [4][6]. - The operating loss for the fourth quarter of 2024 was approximately $3.6 million, compared to a loss of $9,000 in the fourth quarter of 2023 [5][10]. - The net loss for the fourth quarter of 2024 was approximately $3.5 million, contrasting with a net income of $81,000 in the fourth quarter of 2023, resulting in a loss per share of $0.22 [6][11]. - For the full year 2024, total revenue was $59.1 million, down from $89.7 million in 2023, attributed to various factors including poor weather and delays in government procurement [7][8]. - The gross profit for 2024 was $2,000, a significant decline from $16.4 million in 2023, with gross margins in both segments decreasing substantially [9][10]. - The net loss for 2024 was approximately $20.0 million, compared to a net income of $485,000 in 2023, leading to a loss per share of $1.33 [11][12]. Business Update - The company is experiencing improving waste volume receipts and backlog in early 2025, which is expected to support revenue growth [2]. - Waste treatment operations have ramped up in February 2025, with expanded shifts at key facilities to meet increasing demand [2]. - The company is advancing its Perma-FAS technology for PFAS destruction, with expectations to triple processing capacity and incorporate chemical recycling capabilities in the next-generation system [2]. - Perma-Fix has been awarded a role in the DOE's West Valley Demonstration Project, a 10-year initiative, and is pursuing new opportunities across multiple DOE and DOD sites [2]. - International expansion efforts, particularly in Italy, are on track, with waste treatment operations expected to begin in 2026 [2].

Core Viewpoint - Perma-Fix Environmental Services, Inc. will host a conference call on March 13, 2025, to discuss company updates and performance [1]. Company Overview - Perma-Fix Environmental Services, Inc. is a nuclear services company specializing in nuclear and mixed waste management services, including the management and treatment of radioactive waste for various sectors such as hospitals, research labs, and federal agencies [4]. - The company operates four nuclear waste treatment facilities and provides a range of services including project management, environmental restoration, and radiological protection [4]. Conference Call Details - The conference call will be led by key executives including the CEO, Executive Vice President of Strategic Initiatives, and Chief Financial Officer [2]. - Access to the call will be available via telephone and webcast, with a replay option provided for a limited time after the call [3].