Perma-Fix Reports Financial Results and Provides Business Update for Full Year and Fourth Quarter of 2024

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].