ATLANTA, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") today announced it will host a conference call at 11:00 AM Eastern Time on Thursday, August 8, 2024. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2243/51027 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 ...

ATLANTA, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") today announced it will host a conference call at 11:00 AM Eastern Time on Thursday, August 8, 2024. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2243/51027 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 ...

ATLANTA, July 30, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") announces it has acquired the Environmental Waste Operations Center (EWOC) near Oak Ridge, Tennessee. The EWOC facility has been leased by the Company for several years and this purchase solidifies Perma-Fix's plans to invest in facility upgrades to capitalize on regional opportunities, including large-scale decontamination projects, waste processing, trans-loading from truck to rail, and the fut ...

ATLANTA, July 30, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") announces it has acquired the Environmental Waste Operations Center (EWOC) near Oak Ridge, Tennessee. The EWOC facility has been leased by the Company for several years and this purchase solidifies Perma-Fix's plans to invest in facility upgrades to capitalize on regional opportunities, including large-scale decontamination projects, waste processing, trans-loading from truck to rail, and the fut ...

ATLANTA, July 01, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") announces it has been added as a member of the Russell 3000 Index, effective after the US market opens today, July 1, as part of the 2024 Russell indexes reconstitution. The annual reconstitution of the Russell US indexes captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalization. Membership in the Russell 3000® Index, which remains in place for one year, mea ...

Core Viewpoint - Perma-Fix Environmental Services, Inc. is advancing its patent-pending Perma-FAS® process for the destruction of PFAS, with a new commercial unit expected to be operational by Q4 2024 [1][2]. Company Update - The company has selected ProcessBarron for the fabrication and assembly of its new Perma-FAS commercial unit, which is a 1,000-gallon system designed to accept and destroy PFAS waste [1][2]. - The unit is anticipated to achieve a destruction level of 99.9999%, making it the first known sealed chemical destruction unit operating in a fixed facility in the U.S. [2][3]. Technology and Process - The Perma-FAS system utilizes a proprietary hydrolytic destruction process that operates at temperatures between 100-150 degrees Celsius, effectively breaking down PFAS compounds into non-hazardous byproducts [2][3]. - The process results in the production of calcium fluoride, water, and other non-hazardous organic materials that can be recovered and reused or resold [2]. Market Context - Recent regulatory measures by the U.S. Environmental Protection Agency (EPA) have increased urgency among waste generators to address PFAS contamination, creating a favorable market environment for the company's new technology [2][3]. - The company is in communication with the EPA regarding the commercial operation of its treatment technology, aligning with the agency's goals to eliminate hazardous PFAS chemicals [2][3]. Company Background - Perma-Fix Environmental Services is a leading provider of nuclear and mixed waste management services, operating four nuclear waste treatment facilities and serving various federal agencies [4].

Core Viewpoint - Perma-Fix Environmental Services, Inc. has announced a definitive agreement to issue and sell 2,051,282 shares of common stock at an offering price of $9.75 per share, aiming to raise approximately $20 million in gross proceeds [1][2]. Group 1: Offering Details - The gross proceeds from the offering are expected to be around $20 million before deducting fees and expenses [2]. - The offering is set to close on or about May 24, 2024, pending customary closing conditions [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for continued R&D and business development related to a patent-pending process for PFAS destruction, installation of a commercial treatment unit, ongoing facility capital expenditures, maintenance costs, and general corporate working capital [2]. Group 3: Company Overview - Perma-Fix Environmental Services is a leading provider of nuclear and mixed waste management services, including management and treatment of radioactive waste for various federal agencies and the commercial nuclear industry [6]. - The company operates four nuclear waste treatment facilities and offers a range of services including project management, environmental restoration, and radiological protection [6].

Core Viewpoint - Perma-Fix Environmental Services, Inc. has announced a definitive agreement to issue and sell 2,051,282 shares of common stock at an offering price of $9.75 per share, aiming to raise approximately $20 million in gross proceeds [1][2]. Group 1: Offering Details - The gross proceeds from the offering are expected to be around $20 million before deducting fees and expenses [2]. - The offering is set to close on or about May 24, 2024, pending customary closing conditions [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for continued R&D and business development related to a patent-pending process for PFAS destruction, installation of a commercial treatment unit, ongoing facility capital expenditures, maintenance costs, and general corporate working capital [2]. Group 3: Company Overview - Perma-Fix Environmental Services is a leading provider of nuclear and mixed waste management services, including management and treatment of radioactive waste for various federal agencies and the commercial nuclear industry [6]. - The company operates four nuclear waste treatment facilities and offers services such as project management, environmental restoration, and decontamination [6].

Financial Data and Key Metrics Changes - Total revenue from continuing operations for Q1 2024 was $13.6 million, a decrease of $6.5 million or 32% compared to $20.1 million in Q1 2023 [45] - Gross profit for the quarter was a negative $620,000, down from a gross profit of $3 million in Q1 2023 [45] - Net loss for the quarter was $3.6 million compared to a net loss of $411,000 in the prior year, with a loss per share of $0.26 compared to $0.03 [45] - EBITDA from continuing operations was negative $4 million compared to EBITDA of $171,000 in the previous year [45] Business Line Data and Key Metrics Changes - In the Services segment, revenue decreased by $5.6 million primarily due to the completion of two large projects at the end of 2023, which were not replaced in time [45] - The Treatment segment saw a revenue decrease of $885,000 due to lower volumes of waste treated and lower average prices related to the waste mix [45] - The backlog for waste treatment has been growing, resulting in increasing revenues through the second quarter of 2024, with an estimated backlog generating approximately $10 million in incremental annual revenue beginning in Q4 [40][45] Market Data and Key Metrics Changes - The company anticipates starting to see a reasonable increase in German waste treatment revenues of about $5 million to $6 million a year in late 2024, potentially doubling with a new plant in the UK [6] - The market for PFAS treatment is estimated to exceed $100 billion over the next 10 years, with significant interest from potential customers and regulatory agencies [54] Company Strategy and Development Direction - The company is focused on expanding its waste treatment offerings within commercial and international markets, including Europe, Mexico, and Canada, with a significant contract awarded in Italy [42] - The company plans to increase its grouting capacity from 300,000 gallons per year to around 3 million gallons per year as the Hanford cleanup program progresses [53] - Investments are being made in new technology to treat PFAS contamination, with pilot plant testing exceeding regulatory requirements [50][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining momentum with improving Q2 performance and a strong second half of 2024, despite challenges faced in Q1 [49] - The company is optimistic about the outlook for the business, with expectations for significant growth beginning in late 2024 and into 2025 [44][49] - Management highlighted the importance of the recent EPA announcements in setting the foundation for the market and the urgency for treatment solutions [10] Other Important Information - The company has filed several patents related to its PFAS treatment technology, with pending reviews expected to take one to two years [25] - The DFLAW affluent will be processed by Perma-Fix Northwest, with operations expected to start by 2025 and continue until 2060 [41][53] Q&A Session Summary Question: Is the Hanford settlement a legally binding agreement? - Yes, it is a legally binding document that has taken nearly five years to finalize, with commitments written in stone [47] Question: What is the expected timeline for the DFLAW operations? - The DFLAW hot commissioning program is expected to be completed no later than August 2025 [52] Question: What is the competition in the PFAS treatment market? - The company has not seen any competitors with a process that economically destroys PFAS as effectively as theirs, which relies on lower temperature processing and simplicity [9][10]

Revenue Performance - Revenue for Q1 2024 decreased by approximately $6,490,000 or 32.3% to $13,617,000 compared to $20,107,000 in Q1 2023[105] - Services Segment revenue fell by $5,605,000 or 53.3% to $4,908,000 from $10,513,000, while Treatment Segment revenue decreased by $885,000 or 9.2% to $8,709,000 from $9,594,000[105][112] - Revenue from government clients in the Treatment Segment decreased primarily due to lower waste volumes and delays in waste shipments attributed to poor weather and federal budget issues[112] - Revenue from government clients represented approximately $10,143,000 or 74.5% of total revenue for the three months ended March 31, 2024, compared to $17,247,000 or 85.8% in the same period of 2023[138] Financial Losses - Gross loss for Q1 2024 was approximately $620,000, a decrease of $3,629,000 or 120.6% compared to a gross profit of $3,009,000 in Q1 2023[105] - The company incurred a loss from continuing operations of $3,458,000 in Q1 2024, compared to a loss of $318,000 in Q1 2023[110] Expenses and Costs - SG&A expenses increased by $58,000 or 1.7% for Q1 2024 compared to Q1 2023, reflecting ongoing operational costs[105] - Cost of goods sold decreased by $2,861,000 or 16.7% for the quarter ended March 31, 2024, compared to the same quarter in 2023, with total revenue of $14,237,000 in 2024 versus $17,098,000 in 2023[113] - Gross profit decreased by $3,629,000 for the quarter ended March 31, 2024, resulting in a gross margin of (0.6)% compared to 13.0% in 2023, primarily due to lower revenue and the completion of high-margin projects[114] - SG&A expenses increased by $58,000 to $3,544,000 for the three months ended March 31, 2024, driven by higher administrative and Treatment Segment expenses[115] - R&D expenses rose by approximately $197,000 in Q1 2024, mainly due to costs associated with PFAS technology development[116] Cash Flow and Working Capital - Cash used in operating activities totaled $4,432,000 for continuing operations in Q1 2024, with cash on hand of approximately $2,374,000[122] - Working capital decreased to $255,000 as of March 31, 2024, from $4,613,000 at the end of 2023, primarily due to reduced cash and revenue declines[125] Investments and Future Expectations - Accelerated investments in R&D for new PFAS treatment technology impacted financial performance, with expectations for positive effects beginning in the second half of 2024[102][104] - The company expects to generate increased revenue under a multi-year contract valued at approximately EUR 50 million starting in 2026, related to radioactive waste treatment in Italy[104] - The company is positioned for large procurements from the U.S. Department of Energy and U.S. Navy, with plans for broader waste treatment capabilities[104] - The company expects to install additional units for PFAS treatment at each existing treatment plant in 2025 following the first operational unit[140] Regulatory and Environmental Liabilities - The company is subject to rigorous federal, state, and local regulations, which may result in fines or remediation costs[141] - Total accrued environmental remediation liabilities as of March 31, 2024, were $800,000, a decrease of approximately $45,000 from the previous balance[144] - As of March 31, 2024, $16,000 of the total accrued environmental liabilities was recorded as current[144] Debt and Interest - Interest income increased by approximately $47,000 in Q1 2024, attributed to higher interest from a sinking fund and a money market account[118] - Interest expense increased by approximately $63,000 in Q1 2024, primarily due to interest on a $2,500,000 term loan[119] - The company is required to maintain a daily minimum borrowing availability of $2,250,000 under the revolving credit through June 29, 2024, increasing to $3,000,000 starting June 30, 2024[136] Backlog and Receivables - Waste treatment backlog increased to approximately $10,580,000 as of March 31, 2024, up by approximately $1,878,000 from $8,702,000 on December 31, 2023[103] - As of March 31, 2024, PF Canada had approximately $1,612,000 in outstanding receivables due from CNL, expected to be settled by the end of 2024[139] Operational Impact - The company performed services related to waste generated by government clients, which could have a material adverse impact on operations if contracts are terminated or funding is reduced[138] - The company has successfully completed pilot plant testing on a new process for the destruction of PFAS, with plans to be operational by the end of 2024[140]