Perma-Fix Environmental Services, Inc. reported total revenue of $13.92 million for the first quarter of 2025, a 2.2% increase compared to $13.62 million in Q1 2024. The company recorded a net loss of $3.57 million, or $0.19 per share, for Q1 2025, compared to a net loss of $3.56 million, or $0.26 per share, in Q1 2024.
The Treatment Segment revenue increased by 5.5% to $9.19 million, driven by higher waste volume, though partially offset by lower average pricing from the waste mix and higher fixed costs. The Services Segment revenue decreased by 3.6% to $4.73 million due to delays in federal procurement actions and a lack of new projects.
Gross profit improved to $0.66 million in Q1 2025 from a gross loss of $0.62 million in Q1 2024, with Services Segment gross margin improving to 8.6% from -11.6%. Selling, General, and Administrative (SGA) expenses increased by 13.3% to $4.02 million, primarily due to higher labor costs and increased legal, consulting, and marketing expenses related to PFAS technology.
Waste receipts began improving in late Q1 2025, contributing to a backlog of approximately $10.24 million as of March 31, 2025, a 30.3% increase from December 31, 2024. Management noted significantly increased waste coming from Hanford in Q2 2025, with operational readiness steps taken to support anticipated higher throughput.
The Hanford DFLAW program remains on track to begin initial tank waste treatment operations in Q3 2025, with initial waste receipts expected six to eight weeks after an August 1 start. The first commercial Perma-FAS unit is expected to contribute approximately $300,000 in revenue in Q2 2025, treating around 50,000 gallons. The company anticipates being very close to profitable in Q2 2025 and cash positive by the end of Q3 2025, assuming production goals are met and waste generation continues as expected.
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