Perma-Fix Environmental Svcs Stock Price, News & Analysis

Perma-Fix Environmental Services (NASDAQ: PESI) has successfully launched its first commercial Perma-FAS system for PFAS destruction at its Florida facility. The system demonstrated over 99.99% effectiveness in breaking down PFAS 'forever chemicals' after 6 hours of treatment. Operating at 150°C and under 100 PSI, the system can process approximately 650 gallons of AFFF per cycle with zero air emissions. The company has secured 6,000 gallons of AFFF liquids and expects an additional 20,000 gallons in coming months. Perma-Fix plans to expand into soil, biosolids, and filter media applications by mid-2025.

Perma-Fix Environmental Services (NASDAQ: PESI) announced that Dr. Louis Centofanti, Executive VP of Strategic Initiatives, will present at the Gabelli Funds' 2nd Annual PFAS Symposium on September 26th at the Harvard Club in New York City. The presentation is scheduled for 1:30 PM ET.

The symposium focuses on PFAS uses, replacements, and remediation. It will feature presentations from leading companies in waste and disposal services, water utilities, testing, and remediation. Attendees will include industry experts, companies in the PFAS space, private wealth clients, RIAs, and institutional investors.

PFAS (Per/Polyfluoroalkyl substances) are compounds widely used in industrial and commercial applications but have become an environmental and public health concern due to their toxicity and inability to naturally degrade.

Perma-Fix Environmental Services (NASDAQ: PESI) reported weak Q2 2024 financial results due to government delays and equipment failure. Revenue decreased to $14.0 million from $25.0 million in Q2 2023. The company experienced a gross loss of $1.3 million and an operating loss of $5.0 million. Net loss was $4.0 million or ($0.27) per basic share.

Despite challenges, Perma-Fix is optimistic about future prospects, citing increasing backlog, bidding activities, and progress on long-term initiatives. The company completed critical DOE audits, secured new contracts in Canada and Mexico, and is advancing PFAS treatment technology. Management anticipates potential transformative opportunities beginning in 2025, including DOE projects at Hanford and Oak Ridge Reservation.

Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) has announced a conference call scheduled for Thursday, August 8, 2024, at 11:00 AM Eastern Time. The call will provide a business update for the second quarter of 2024. Investors can access the webcast through the company's website or via a direct link. For those preferring telephone access, toll-free numbers are provided for both U.S. and international callers.

The call will be led by key executives including Mark J. Duff (CEO), Dr. Louis F. Centofanti (EVP of Strategic Initiatives), and Ben Naccarato (EVP and CFO). A replay of the webcast will be archived on Perma-Fix's website, and a telephone replay will be available until August 15, 2024.

Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) has acquired the Environmental Waste Operations Center (EWOC) near Oak Ridge, Tennessee. The facility, previously leased by Perma-Fix, spans over 29,000 square feet of licensed storage and processing area for radioactive materials on an 8-acre site. Key features include:

- Strategic location near the DOE's Oak Ridge Reservation
- Rail spur for cost-effective transportation
- Plans for facility upgrades to capitalize on regional opportunities
- Potential for PFAS waste processing capabilities

CEO Mark Duff stated that this acquisition is a strategic milestone in Perma-Fix's growth strategy, allowing the company to offer enhanced value and a wider array of complex waste management solutions to clients.

Perma-Fix Environmental Services (NASDAQ: PESI) has been added to the Russell 3000 Index, effective July 1, 2024, as part of the annual Russell indexes reconstitution. This inclusion automatically integrates Perma-Fix into the Russell 2000 Index and relevant growth and value style indexes. FTSE Russell, a leading global index provider, determines membership based on market capitalization and style attributes, capturing the 4,000 largest US stocks as of April 30 each year. This milestone reflects Perma-Fix's strategic progress and its commitment to addressing significant environmental challenges. Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes, emphasizing their importance for investment managers and institutional investors.

Perma-Fix Environmental Services (NASDAQ: PESI) provided an update on its patent-pending Perma-FAS® process for destroying PFAS compounds. They've chosen ProcessBarron for the fabrication and assembly of a 1,000-gallon commercial unit, expected to begin accepting waste by Q4 2024. The system utilizes a proprietary hydrolytic destruction process operating between 100-150°C, achieving a 99.9999% destruction level. This unique system supports the EPA's new regulatory measures and addresses environmental risks associated with traditional disposal methods like deep well injection and landfilling. The partnership with ProcessBarron aims to expedite the deployment of additional units nationwide, enhancing efficiency and safety standards.

Perma-Fix Environmental Services (Nasdaq: PESI) announced a definitive agreement for a $20 million registered direct offering. The company will issue 2,051,282 shares at $9.75 each. The funds will support R&D and business development for PFAS destruction technology, cover capex and maintenance costs, and serve general corporate purposes. The offering, managed by Craig-Hallum Capital Group and Wellington Shields & Co., is set to close around May 24, 2024, pending customary conditions. The offering is pursuant to a registration statement declared effective by the SEC on June 1, 2023.

Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) reported financial results for Q1 2024, with a revenue of $13.6 million, down from $20.1 million in Q1 2023. The Services Segment revenue decreased due to project delays from Continuing Resolution impacts. Treatment Segment revenue also declined because of lower waste volume and prices. The company reported a gross loss of $620,000, operating loss of $4.5 million, and a net loss of $3.6 million. Despite challenges, the company is optimistic about strategic wins and investments in new technology.