Perma-fix Environmental Services ( (PESI) ) has released its Q4 earnings. Here is a breakdown of the information Perma-fix Environmental Services presented to its investors.
Perma-Fix Environmental Services, Inc. is a nuclear services company specializing in environmental remediation and mixed waste management, serving federal agencies and the commercial nuclear industry with a focus on radiological protection and waste management solutions.
Perma-Fix Environmental Services recently released its financial results for the fourth quarter and full year of 2024, highlighting a challenging period marked by temporary delays in project starts and waste receipts. Despite these setbacks, the company remains optimistic about future growth, driven by improving waste volume receipts and a strong project backlog.
The company’s revenue for the fourth quarter of 2024 was $14.7 million, a significant decrease from $22.7 million in the same period of 2023. This decline was primarily due to the completion of large projects in 2023 that were not replaced with similar value projects. The gross profit also fell sharply to $594,000 from $4.3 million in the previous year, resulting in an operating loss of $3.6 million for the quarter. For the full year, revenue dropped to $59.1 million from $89.7 million in 2023, with a net loss of $20.0 million compared to a net income of $485,000 in 2023.
Despite the financial challenges, Perma-Fix is advancing its Perma-FAS technology for PFAS destruction, aiming to triple processing capacity and incorporate chemical recycling capabilities. The company is also part of the team for the DOE’s West Valley Demonstration Project and is preparing for the DOE’s DFLAW program at Hanford, expected to begin operations in the summer of 2025.
Looking ahead, Perma-Fix anticipates a return to growth and profitability in 2025, particularly in the second half of the year, supported by a solid backlog, expanding project pipeline, and strategic advancements in PFAS treatment and nuclear services. The company is well-positioned to execute its long-term growth strategy, despite current economic and industry challenges.