Perma-Fix Environmental Services, Inc.

Perma-Fix Environmental Services, Inc. (PESI) reported net revenues of $61.7 million for FY 2025, up modestly from $59.1 million in FY 2024, driven by a rebound in the Treatment Segment with higher waste volumes and pricing from international and commercial clients. Gross profit improved sharply to $6.0 million from near-zero in 2024, reflecting better margins in Treatment (73.1% of revenue at $45.1 million, +29% YoY) despite Services decline to $16.6 million (-31% YoY) due to project delays and government shutdown impacts. Operating loss narrowed to -$11.7 million from -$15.7 million, but net loss widened slightly to -$13.8 million from -$20.0 million, including -$3.1 million from discontinued operations. EPS basic was -$0.75 vs -$1.33 prior year. Balance sheet shows total assets $88.0 million, equity $50.1 million, cash $11.8 million. Cash used in operations was -$10.8 million amid investments in PFAS technology and Hanford DFLAW support. Management anticipates 2026 improvements from DFLAW ramp-up, permit expansions, and international growth, though government funding risks persist.

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