0001493152-26-012314
SEC filingPerma-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.
Perma-Fix reported FY 2025 net revenues of $61.7M, a 4.3% increase from $59.1M in 2024, with gross profit surging to $6.0M from $2K due to Treatment Segment rebound. Operating loss improved to -$11.7M from -$15.7M, but net loss was -$13.8M including -$3.1M discontinued ops loss (vs -$20.0M total prior). EPS basic -$0.75 vs -$1.33. Total assets $88.0M (down from $97.2M), equity $50.1M. Federal govt revenue 63.6% at $39.2M.
Treatment Segment drove growth at $45.1M (73.1% of total, +29% YoY from $35.0M), benefiting from higher volumes, pricing, international ($6.4M or 10.4%, +163% YoY). Services fell to $16.6M (26.9%, -31% YoY from $24.2M) due to mobilization delays, policy changes, Oct 2025 shutdown. Foreign revenue $6.4M (10.4%). Backlog $11.9M (+51% YoY). Domestic govt $43.3M (70%).
Gross margin expanded to 9.7% from ~0%, driven by Treatment efficiency. SG&A $16.4M (26.6% of revenue, up from $14.5M), R&D $1.3M stable. Operating margin -19.0% vs -26.5%. Losses from fixed costs, investments in PFAS, Hanford capacity amid low Services contribution.
Operating cash use -$10.8M (continuing -$10.3M). Investing -$5.0M capex. Financing -$1.0M (stock sales $41.9M offset repayments). Cash $11.8M + restricted $13.2M; total liquidity ~$19.6M (down $16.7M). Debt $1.9M, current liabilities $22.6M, equity $50.1M. No revolver balance.
Positioned for 2026 improvement via Hanford DFLAW (ops 2026, PFNWR permit triples capacity), Treatment backlog conversion, PFAS commercialization (2nd unit 2026), international (Italy EUR50M contract late 2026). Risks: govt appropriations, shutdowns, competition. Near-term losses expected from investments.