Perma-Fix Reports Second Quarter 2026 Results, Award of Hanford Master IDIQ Subcontract and Commencement of DFLAW Waste Receipts
Rhea-AI Summary
Perma-Fix (NASDAQ: PESI) reported second quarter 2026 revenue of approximately $12.9 million, down from $14.6 million a year earlier, with a gross loss of $2.5 million and net loss of $6.2 million, or $(0.32) per basic share. Treatment Segment revenue fell to $8.3 million from $11.4 million, while Services Segment revenue rose to $4.6 million from $3.2 million.
The company highlighted key operational milestones, including a Master IDIQ Subcontract from Hanford Tank Waste Operations & Closure (H2C) for treatment and disposal of pretreated liquid mixed low-level waste, effective August 11, 2026, with task orders eligible January 1, 2027 through December 31, 2041. The multiple-award contract’s maximum ceiling of 50 million gallons and about $4.4 billion is shared among all holders, with no volumes committed to Perma-Fix. Perma-Fix Northwest began receiving liquid effluent waste from the DFLAW facility, helping drive a 29% increase in treatment backlog to roughly $15.7 million.
Services backlog exceeds $17 million over the next year. Perma-Fix’s Form 10-Q continues to disclose substantial doubt about its ability to continue as a going concern, though liquidity was bolstered by a May 2026 equity offering and an extension of its PNC credit facility maturity to May 2030.
Positive
- Hanford Master IDIQ Subcontract with shared $4.4 billion ceiling through 2041
- Treatment backlog up 29% to approximately $15.7 million at June 30, 2026
- Services Segment revenue up 44% year over year to $4.6 million
- Services backlog of over $17 million expected over the next year
- Perma-Fix Northwest begins receiving DFLAW liquid effluent and additional waste streams
- PNC credit facility maturity extended from May 2027 to May 2030
- May 2026 public equity offering strengthened company liquidity
Negative
- Quarterly revenue declined to $12.9 million from $14.6 million year over year
- Treatment Segment revenue fell to $8.3 million from $11.4 million
- Gross result swung to $2.5 million loss from $1.5 million profit
- Operating loss widened to approximately $6.5 million from $2.9 million
- Net loss increased to $6.2 million from $2.7 million; EPS $(0.32) vs $(0.15)
- Form 10-Q continues to disclose substantial doubt about going concern status
- EBITDA from continuing operations more negative at ($5.9) million vs ($2.3) million
- Customer-directed protocol changes delayed Hanford-related treatment, shifting revenue into the second half
News Explained
At March 31, cash equaled 158.5 days of the last reported operating cash use, while capacity expansion remained approval-dependent.
The effective Hanford master IDIQ is a framework for future task orders, but none had been issued by
PFNW’s capacity expansion is in final design and procurement for the third quarter of
At
Sources and calculations
- Perma-Fix second-quarter 2026 results and business update (2026-08-12)
- Perma-Fix first-quarter 2026 fundamentals (2026-03-31)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $6,664,000 / ($3,784,000 / 90) = [object Object]
Market reaction after 2Q26 earnings report: PESI +6.74%
Following this news, PESI has gained 6.74%, reflecting a notable positive market reaction. Our momentum scanner has triggered 24 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $20.74. Trading volume is exceptionally heavy at 5.1x the average, suggesting very strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 earnings results | Negative | -8.9% | Lower revenue, larger net loss, and continued going-concern uncertainty |
| Nov 10 | Q3 earnings results | Positive | +16.2% | Treatment growth, improved margins, and materially reduced net loss |
| Aug 07 | Q2 earnings results | Positive | +0.9% | Revenue growth, improved loss metrics, and increased waste receipts |
| May 08 | Q1 earnings results | Positive | +7.3% | Backlog growth, improved gross profit, and PFAS program progress |
| Mar 13 | Full-year earnings | Negative | +1.0% | Revenue decline, substantial annual loss, and negative EBITDA |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history showed alignment between summarized earnings direction and 24-hour price reactions across all five events; the average move was 3.31%.
Key Terms
idiq regulatory
ebitda financial
non-gaap financial
going concern financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company awarded Master IDIQ Subcontract by Hanford Tank Waste Operations & Closure, LLC for grouting and disposal of Hanford mixed low-level waste; task orders eligible to be issued beginning January 2027
Perma-Fix Northwest begins receiving liquid effluent waste from the Direct-Feed Low-Activity Waste (DFLAW) facility — a major milestone for the Company
Treatment backlog up
DOE’s recently announced Hanford Dual Glass-Plus-Grout Strategy creates what the Company believes could become the largest commercial opportunity in its history
ATLANTA, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the second quarter ended June 30, 2026.
Mark Duff, President and Chief Executive Officer of Perma-Fix, commented, “The second quarter did not deliver the financial results we expected, but it did deliver several key operational milestones we have been working toward for years. Our Perma-Fix Northwest (PFNW) facility began receiving Hanford-related waste streams as forecast, driving a
“Separately, as announced today, H2C has awarded the Company a Master Indefinite Delivery/Indefinite Quantity (IDIQ) Subcontract for the treatment and disposal of pretreated liquid mixed low-level waste from the Hanford Site, effective August 11, 2026, with task orders eligible to be issued from January 1, 2027 through December 31, 2041. The procurement is a multiple- IDIQ award arrangement, and its maximum ceiling quantity of 50 million gallons and maximum value of approximately
“Our second quarter financial results do not reflect these developments. Customer-directed changes in treatment protocols required us to delay processing of certain Hanford-related waste streams received during the quarter, shifting the associated revenue into the second half of the year while the personnel and operating costs we had added in anticipation of those receipts were incurred in the quarter. We expect to commence treatment of these wastes during the third quarter. During the second quarter, we also substantially completed the processing of previously stored, lower-margin waste inventories, which will free up capacity ahead of anticipated tank waste receipts.
"We are highly encouraged by the outlook for the second half of 2026 — an outlook further strengthened by the U.S. Department of Energy's (DOE) recently announced Hanford Dual Glass-Plus-Grout Strategy. As presented publicly by DOE, grouting is a proven technology already approved under the Hanford Holistic Agreement and is expected to provide up to
“Separately, DOE’s West Area tank program represents a substantially larger opportunity, and DOE totals across both the East and West tank areas are targeted to reach 9 million gallons annually by 2030. No task orders have been issued under the Master Subcontract to date. PFNW is working with Washington State regulators to expand our grouting permit from an existing annual capacity of 1.2 million gallons per year to levels that meet DOE’s objectives for both the East and West tanks. The facility is in final design and procurement for the upgrades needed to achieve that expanded capacity by the third quarter of 2027. Implementation requires continued coordination with Washington State regulators, and DOE’s proposed permit modifications remain subject to public review — a process we actively support and are engaged in. Based on the volumes contemplated in DOE’s current plan, we believe the Hanford tank waste grouting program could represent the largest commercial opportunity in the Company’s history.
“Our Services Segment provides a second engine of growth, with revenue up
Financial Results
Revenue for the second quarter of 2026 was approximately
Gross loss for the second quarter of 2026 was
Operating loss for the second quarter of 2026 was approximately
Our Quarterly Report on Form 10-Q for the period ended June 30, 2026 continues to disclose that our recurring operating losses and negative operating cash flows have raised substantial doubt about our ability to continue as a going concern. Our May 2026 public equity offering strengthened our liquidity, and subsequent to quarter-end we extended the maturity of our PNC credit facility from May 2027 to May 2030, among other things. We expect our existing liquidity, anticipated operating cash flows, and borrowing availability to be sufficient to fund our operations over the next twelve months. However, management concluded that the substantial doubt was not alleviated because a significant portion of the revenues and cash flows underlying our forecast depends on the timing and volume of waste shipments and project activity directed by U.S. government customers, and such activity is subject to factors outside our control.
The Company reported EBITDA of (
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Loss from continuing operations | $ | (6,262 | ) | $ | (2,583 | ) | $ | (13,637 | ) | $ | (6,083 | ) | |||||
| Adjustments: | |||||||||||||||||
| Depreciation & amortization | 484 | 437 | 974 | 873 | |||||||||||||
| Interest income | (203 | ) | (301 | ) | (384 | ) | (636 | ) | |||||||||
| Interest expense | 73 | 124 | 133 | 236 | |||||||||||||
| Interest expense - financing fees | 21 | 21 | 43 | 41 | |||||||||||||
| Income tax benefit | — | — | — | — | |||||||||||||
| EBITDA | $ | (5,887 | ) | $ | (2,302 | ) | $ | (12,871 | ) | $ | (5,569 | ) | |||||
The tables below present certain financial information for the business segments, which excludes allocation of corporate expenses.
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2026 | June 30, 2026 | |||||||||||||||
| (In thousands) | Treatment | Services | Treatment | Services | ||||||||||||
| Net revenues | $ | 8,289 | $ | 4,596 | $ | 16,168 | $ | 7,843 | ||||||||
| Gross (loss) profit | (2,652 | ) | 149 | (5,485 | ) | 101 | ||||||||||
| Loss from operations | (4,127 | ) | (262 | ) | (8,629 | ) | (1,127 | ) | ||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2025 | June 30, 2025 | |||||||||||||||
| (In thousands) | Treatment | Services | Treatment | Services | ||||||||||||
| Net revenues | $ | 11,397 | $ | 3,189 | $ | 20,583 | $ | 7,922 | ||||||||
| Gross profit (loss) | 1,566 | (19 | ) | 1,816 | 388 | |||||||||||
| Loss from operations | (15 | ) | (846 | ) | (1,412 | ) | (1,193 | ) | ||||||||
Conference Call
Perma-Fix will host a conference call at 4:30 PM Eastern Time on Wednesday, August 12, 2026. The call will be available on the Company’s website at https://ir.perma-fix.com/conference-calls, or by calling toll-free: 877-545-0523 for U.S. callers or +1 973-528-0016 for international callers, and by entering access code: 180833. The conference call will be led by Mark J. Duff, Chief Executive Officer, Dr. Louis F. Centofanti, Executive Vice President of Strategic Initiatives, and Ben Naccarato, Executive Vice President and Chief Financial Officer of Perma-Fix Environmental Services, Inc.
A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately one hour following the call, through Wednesday, August 26, 2026, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code: 54338.
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the DOE, U.S. Department of War (DOW), and the commercial nuclear industry. The Company’s nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, demolition, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four nuclear waste treatment facilities and provides nuclear services at DOE, DOW, and commercial facilities nationwide.
Please visit us at http://www.perma-fix.com.
This press release contains “forward-looking statements” which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Forward-looking statements generally are identifiable by use of the words such as “believe”, “expects”, “intends”, “anticipate”, “plans to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include, but are not limited to: outlook for the second half of 2026; commencement and timing of treatment of Hanford-related waste streams received during the second quarter; continued and increasing receipts of DFLAW-related waste streams; anticipated tank waste receipts; implementation, timing and volumes contemplated under DOE’s Hanford Dual Glass-Plus-Grout Strategy, including estimated monthly and annual tank waste volumes through 2030 and anticipated throughput and disposal cost benefits; DOE’s identification of Perma-Fix Northwest in its publicly presented dual-path materials; the West Area tank program representing a substantially larger opportunity; the potential incremental revenue opportunity associated with the grouting of Hanford tank waste and our characterization of that opportunity, including as the largest commercial opportunity in the Company’s history; the issuance of task orders for East Area or West Area tank waste; expansion of our grouting permit capacity and completion of related facility upgrades by the third quarter of 2027; realization of Services Segment backlog and additional waste receipts resulting therefrom; anticipated benefits of the strategic partnership with Mirion Technologies; the Master IDIQ Subcontract awarded by H2C; the issuance, number, size and timing of task orders under the Master IDIQ Subcontract, if any; the maximum quantity and maximum value of the Master IDIQ Subcontract, which are ceilings shared among all Master IDIQ Subcontract holders and are not indicative of revenue to the Company; continued coordination with Washington State regulators and other stakeholders and the outcome of public review of DOE’s proposed permit modifications; and the Company being better positioned than at any point in its history. These forward-looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, future economic conditions; industry conditions; competitive pressures; our ability to apply and market our new technologies; acceptance of our PFAS technology by the public; the government or such other party to a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract or terminates existing contracts; Congress fails to provide funding for the DOW’s and DOE’s remediation projects; inability to obtain new foreign and domestic remediation contracts; the failure of H2C or DOE to issue task orders to the Company under the Master IDIQ Subcontract, or to issue them in the quantities or on the timing anticipated; competition from the other holders of Master IDIQ Subcontracts under the same procurement; the fact that identification of our facility in DOE planning or public materials does not constitute a contract, an award, or a commitment of any waste volumes; inability to be awarded any portion of DOE’s East Side or West Side tank waste grouting programs; failure or delay in obtaining approval from the Washington State Department of Ecology to expand our grouting permit capacity; delays or increased costs in completing the facility upgrades required to achieve expanded capacity; the fact that DOE’s proposed permit modifications remain in draft form and subject to public comment and regulatory approval; opposition from state or regional regulators, governmental bodies, tribes or other stakeholders to the grouting or offsite transport and disposal of Hanford tank waste; litigation or administrative challenges to DOE’s tank waste treatment approach; changes in DOE’s treatment strategy, priorities or plans, or in the volumes, timing, composition or pricing of waste actually shipped to our facilities; and the additional factors referred to under “Risk Factors” and "Special Note Regarding Forward-Looking Statements" of our 2025 Form 10-K and Form 10-Qs for quarters ended March 31, 2026 and June 30, 2026. The Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.
| FINANCIAL TABLES FOLLOW |
Contacts:
David K. Waldman-US Investor Relations
Crescendo Communications, LLC
(212) 671-1021
Herbert Strauss-European Investor Relations
herbert@eu-ir.com
+43 316 296 316
| PERMA-FIX ENVIRONMENTAL SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| (Amounts in Thousands, Except for Per Share Amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net revenues | $ | 12,885 | $ | 14,586 | $ | 24,011 | $ | 28,505 | |||||||
| Cost of goods sold | 15,388 | 13,039 | 29,395 | 26,301 | |||||||||||
| Gross (loss) profit | (2,503 | ) | 1,547 | (5,384 | ) | 2,204 | |||||||||
| Selling, general and administrative expenses | 3,751 | 4,130 | 8,049 | 8,145 | |||||||||||
| Research and development | 253 | 312 | 556 | 695 | |||||||||||
| Gain on disposal of property and equipment | — | (1 | ) | — | (6 | ) | |||||||||
| Loss from operations | (6,507 | ) | (2,894 | ) | (13,989 | ) | (6,630 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 203 | 301 | 384 | 636 | |||||||||||
| Interest expense | (73 | ) | (124 | ) | (133 | ) | (236 | ) | |||||||
| Interest expense-financing fees | (21 | ) | (21 | ) | (43 | ) | (41 | ) | |||||||
| Other | 136 | 155 | 144 | 188 | |||||||||||
| Loss from continuing operations before taxes | (6,262 | ) | (2,583 | ) | (13,637 | ) | (6,083 | ) | |||||||
| Income tax expense | — | — | — | — | |||||||||||
| Loss from continuing operations, net of taxes | (6,262 | ) | (2,583 | ) | (13,637 | ) | (6,083 | ) | |||||||
| Income (loss) from discontinued operations, net of taxes | 62 | (133 | ) | (50 | ) | (206 | ) | ||||||||
| Net loss | $ | (6,200 | ) | $ | (2,716 | ) | $ | (13,687 | ) | $ | (6,289 | ) | |||
| Net loss per common share - basic and diluted: | |||||||||||||||
| Continuing operations | $ | (.32 | ) | $ | (.14 | ) | $ | (.71 | ) | $ | (.33 | ) | |||
| Discontinued operations | — | (.01 | ) | — | (.01 | ) | |||||||||
| Net loss per common share | $ | (.32 | ) | $ | (.15 | ) | $ | (.71 | ) | $ | (.34 | ) | |||
| Weighted average number of common shares used in computing net loss per share: | |||||||||||||||
| Basic | 19,840 | 18,448 | 19,195 | 18,436 | |||||||||||
| Diluted | 19,840 | 18,448 | 19,195 | 18,436 | |||||||||||
| PERMA-FIX ENVIRONMENTAL SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
| June 30, | December 31, | ||||||
| (Amounts in Thousands, Except for Share and Per Share Amounts) | 2026 | 2025 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash | $ | 20,497 | $ | 11,768 | |||
| Account receivable, net of allowance for credit losses of | 10,040 | 11,228 | |||||
| Unbilled receivables | 9,578 | 8,781 | |||||
| Other current assets | 5,410 | 4,534 | |||||
| Assets of discontinued operations included in current assets | 242 | 60 | |||||
| Total current assets | 45,767 | 36,371 | |||||
| Net property and equipment | 28,653 | 24,600 | |||||
| Property and equipment of discontinued operations | 146 | 146 | |||||
| Operating lease right-of-use assets | 1,296 | 1,445 | |||||
| Intangibles and other assets | 25,976 | 25,472 | |||||
| Total assets | $ | 101,838 | $ | 88,034 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | $ | 27,076 | $ | 22,298 | |||
| Current liabilities related to discontinued operations | 301 | 270 | |||||
| Total current liabilities | 27,377 | 22,568 | |||||
| Long-term liabilities | 12,570 | 11,729 | |||||
| Long-term liabilities related to discontinued operations | 3,561 | 3,598 | |||||
| Total liabilities | 43,508 | 37,895 | |||||
| Commitments and Contingencies | |||||||
| Stockholders’ equity: | |||||||
| Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding | — | — | |||||
| Common Stock, $.001 par value; 30,000,000 shares authorized, 21,215,194 and 18,525,823 shares issued, respectively; 21,207,552 and 18,518,181 shares outstanding, respectively | 21 | 18 | |||||
| Additional paid-in capital | 182,957 | 161,057 | |||||
| Accumulated deficit | (124,401 | ) | (110,714 | ) | |||
| Accumulated other comprehensive loss | (159 | ) | (134 | ) | |||
| Less Common Stock held in treasury, at cost: 7,642 shares | (88 | ) | (88 | ) | |||
| Total stockholders' equity | 58,330 | 50,139 | |||||
| Total liabilities and stockholders' equity | $ | 101,838 | $ | 88,034 | |||
