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MISTRAS to Provide Critical NDT Services for Bechtel on the Department of Energy’s Hanford Vit Plant
Globenewswire· 2025-08-27 13:00
Core Insights - MISTRAS Group has partnered with Bechtel on the Hanford Vit Plant Project, providing non-destructive testing (NDT) services to support the U.S. Department of Energy's mission to treat and stabilize nuclear waste [1][2][3] Company Overview - MISTRAS Group, Inc. is a global leader in technology-enabled industrial asset integrity and testing solutions, serving critical industries such as oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure [5] - The company offers a diversified portfolio of products and services, including advanced non-destructive testing, pipeline inspections, real-time condition monitoring, maintenance planning, and specialized engineering [5] Project Details - The Hanford Vit Plant Project involves constructing a facility to process and vitrify high-level radioactive waste into a stable glass form for long-term storage, addressing environmental remediation challenges [2][4] - MISTRAS will provide various NDT services, including Radiography, Magnetic Particle Testing, Liquid Penetrant Testing, Positive Material Identification, Ultrasonic Thickness Testing, and Leak Testing, all performed by certified technicians [3][4] Strategic Importance - The partnership represents a key milestone in MISTRAS' diversification strategy, expanding its capabilities and market reach while maintaining high standards of quality and regulatory compliance [4] - Once completed, the Hanford Vit Plant will process millions of gallons of highly radioactive liquid waste, significantly contributing to the long-term health and safety of local communities and the environment [4]
Perma-Fix Environmental Services(PESI) - 2025 Q1 - Earnings Call Transcript
2025-05-08 15:00
Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $13.9 million, a slight increase of 2.2% from $13.6 million in Q1 2024 [16] - Gross profit for the quarter was $657,000, compared to a gross loss of $620,000 in Q1 2024 [17] - Net loss for the quarter remained consistent at $3.6 million, with a loss per share of $0.19 compared to $0.26 in the prior year [17] - EBITDA from continuing operations was a negative $3.3 million, an improvement from a negative $4.0 million last year [18] Business Segment Data and Key Metrics Changes - Treatment Segment revenue increased by $477,000 or 5.5% year over year, driven by higher waste volumes received and processed [16] - Services Segment revenue decreased by $175,000 due to delays in federal procurement activity [17] - Gross profit in the Treatment Segment increased by $302,000, while gross profit in the Services Segment increased by $975,000 due to lower variable costs [17] Market Data and Key Metrics Changes - Waste backlog grew to over $10 million by quarter end, up approximately 30% from 2024 [6] - International waste receipts improved, with approximately $7 million worth of waste received from Canada, Mexico, and Germany [11] Company Strategy and Development Direction - The company is focusing on expanding its PFAS program, with significant advancements and commercial shipments from the federal government [9] - Strategic partnerships are being developed to enhance capabilities in PFAS destruction technology [9] - The company aims to diversify revenue through international expansion and strategic partnerships, particularly in Europe and Latin America [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stronger performance in the second half of 2025, supported by key growth drivers including waste treatment backlog and federal procurement visibility [14] - The company is encouraged by the proposed federal budget, which is expected to favorably impact revenue from the DOE [22][23] - Management noted that the operational readiness for the DF Law program at Hanford is on track for an August 1 start, which could lead to significant high-margin recurring revenue [10] Other Important Information - The company is making targeted investments to support new waste receipt capabilities, including staffing and facility readiness [6] - The new EPA Administrator's focus on PFAS remediation is seen as a positive development for the company's future prospects [10] Q&A Session Summary Question: Impact of the 2026 federal budget on 2025 and 2026 - Management indicated that the proposed budget is favorable, with no reduction in Hanford funding and a significant increase in the NNSA side, which could lead to more remediation projects [22][23] Question: Current waste receipts from Hanford - Management confirmed receiving $2 million to $3 million a month from Hanford, significantly higher than in the past [25] Question: Margins from Hanford contracts - Management did not disclose specific margins but emphasized a focus on cost management and operational efficiency [26] Question: Update on grouting and near-term priorities - Management stated that DOE is expected to inform the state of their strategy by December 2025, with optimism about the company's role in the grouting program [34] Question: Contribution from the second-generation PFAS unit - Management expects initial revenue from the new unit to be around $1 million a month, with long-term goals of $20 million a year [39] Question: Update on services and project opportunities - Management noted an increase in project opportunities, particularly in the $20 million to $40 million range, and a positive outlook for upcoming bids [43] Question: CapEx priorities for the next quarters - Management anticipates CapEx in the range of $5 million to $6 million, focusing on sustaining operations and the second-generation reactor [47] Question: Commentary on competition and market dynamics - Management acknowledged competition but expressed confidence in securing a significant portion of the waste due to local operations and community ties [86]