Perma-Fix Q3 revenue rises 2% but net loss widens
PESI•Perma-Fix reported a 2% increase in third-quarter revenue, a wider net loss and negative EBITDA of $3.10 million. Its treatment backlog grew 25% during the quarter, while the company cited substantial doubt about its ability to continue as a going concern.
1. Quarterly results
Perma-Fix’s third-quarter revenue rose 2%, while its net loss widened and EBITDA was negative $3.10 million. The company said there was substantial doubt about its ability to continue as a going concern.
2. Segment trends
Services Segment revenue increased 46% year over year, mainly due to increased project activity and new project awards. Treatment Segment revenue fell as customer-directed protocol changes delayed Hanford-related processing until late in the quarter; temporary thermal-system upgrade downtime at Florida and Kingston facilities also reduced processing.
3. Backlog and outlook
The treatment backlog grew 25% during the quarter. Perma-Fix expects DFLAW-related waste volumes to increase as the facility ramps up production and anticipates continued demand for PFAS destruction following new Florida legislation. The company expects improved results in the coming year, citing its growing backlog and new pricing initiatives.
