Perma-fix Environmental reports Q2 EPS (27c) vs. 4c last year

Reports Q2 revenue $14M vs. $25M last year. Mark Duff, President and CEO of the Company, commented, “Our second quarter performance remained weak due to ongoing government delays in waste shipments, awarding new task orders and procuring other projects. We also experienced an extended equipment failure at one of our facilities that adversely impacted our revenue and overall performance. Nevertheless, we believe that these are temporary issues. We are encouraged by the trends heading into Q3, driven by our increasing backlog and bidding activities along with progress we believe is being made on our long-term growth initiatives.” “In the past few months we successfully completed two critical Department of Energy (DOE) audits at our PFNW and DSSI facilities. These audits are vital to our participation in key missions at the Hanford and Oak Ridge Reservation cleanup programs. We remain committed to supporting the DOE’s priorities at Hanford, including the treatment of effluent following the commissioning of the Direct Feed Low-Activity Waste (DFLAW) facility, currently anticipated in mid-2025, as well as grouting Hanford tank waste, which could potentially save taxpayers billions of dollars. We believe these programs may be transformative for the Company beginning in 2025.” “Perma-Fix also continues to pursue several large procurements within the U.S. government, while advancing our international waste programs, particularly with the Joint Research Center (JRC) in Italy, where the first shipment is anticipated in late 2025. Additionally, we have secured new waste treatment contracts in Canada and Mexico of approximately $5 million, helping further diversify our revenue streams.” “Lastly, we have made significant progress advancing our technology to treat Per- and Polyfluorinated Substances (PFAS) contamination, including engineering and fabrication of our first commercial unit, which is expected to commence operations in Q4. In anticipation of this milestone, we have already received PFAS liquid samples from over a dozen clients and the Federal Government. We look forward to beginning treatment of this waste later this year.”