Perma-Fix Environmental Svcs Stock Price, News & Analysis

Perma-Fix Environmental Services (PESI) announced the award of eight new contracts, enhancing its backlog in the Services and Treatment Segments. These contracts, primarily focused on reactor decommissioning and waste processing for the Department of Energy (DOE) and the Department of Defense (DOD), are projected to generate approximately $15 million in revenue in 2023, with potential additional phases valued over $14 million extending into 2024.

Despite this growth, the Company reported it was not awarded the Integrated Tank Disposition Contract (ITDC), although it will continue its role in the Hanford closure mission. CEO Mark Duff emphasized the importance of diversification efforts post-COVID-19 and remains optimistic about the Company's outlook.

Perma-Fix Environmental Services reported its Q4 2022 and full-year financial results on March 23, 2023, revealing a revenue decrease to $16.8 million in Q4 from $17.1 million year-over-year and a net loss of $1.7 million. The Treatment Segment saw revenues drop to $8.6 million, impacted by lower averaged prices, inclement weather, and skilled labor shortages. Despite these challenges, the company noted an increase in backlog to $9.2 million and anticipated growth from new government contracts beginning in Q2 2023. Overall, 2022 revenue totaled $70.6 million, down from $72.2 million in 2021, primarily due to delays related to COVID-19.

Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) will hold a conference call on March 23, 2023, at 11:00 AM ET. The call will feature Mark J. Duff, CEO, along with executives Dr. Louis F. Centofanti and Ben Naccarato. Investors can access the call via telephone at 888-506-0062 for U.S. callers or +1 973-528-0011 internationally, using access code: 692717. The event will also be streamed online and archived on the company's website. Perma-Fix specializes in nuclear waste management and operates four treatment facilities, serving federal and commercial sectors nationwide.

Perma-Fix Environmental Services (NASDAQ: PESI) announced the U.S. Department of Energy's (DOE) amendment to the Record of Decision (ROD) for the Hanford Site's waste management. The amendment allows for interim transportation and treatment of secondary wastes at commercial facilities until onsite treatment capabilities are available, expected in about 10 years. This presents a significant growth opportunity for Perma-Fix in managing the complex waste streams at Hanford. The company aims to leverage its facilities in Richland, WA, and Kingston, TN, to support this initiative.

Perma-Fix Environmental Services (NASDAQ: PESI) reported a 17% revenue increase to $18.5 million in Q3 2022, alongside a robust 38% rise in gross profit to $3.1 million compared to Q3 2021. The Treatment Segment saw a 46% rise in waste receipts, totaling $9.1 million. Despite operational challenges due to Hurricane Ian, the company is optimistic about increased federal procurements and new contracts in the pipeline. However, net income fell to approximately $664,000, down from $1.4 million in Q3 2021, influenced by reductions in tax benefits under the ERC program.