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

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]