Companies

Perma-Fix Defers Hanford Treatment Into Third Quarter

The Tip Desk · July 28, 2026 · 3 min read

The company estimates a $6.0 million net loss on about $13 million of second-quarter revenue as treatment-related backlog reached $15.7 million.

Perma-Fix Environmental Services (PESI) said it received certain Hanford Site waste streams at its Perma-Fix Northwest facility in the second quarter of 2026, as it had forecast, and that treatment-related backlog rose to approximately $15.7 million as of June 30, 2026, up about 29% from $12.2 million at the end of the first quarter.

The environmental-services company currently estimates a net loss of approximately $6.0 million on revenue of approximately $13 million for the second quarter, subject to review by its independent registered public accounting firm. First-quarter revenue was $11.1 million.

The company said second-quarter financial results do not yet reflect the Hanford receipts. It was required to delay the start of treatment of certain Hanford-related waste streams due to customer-directed changes in treatment protocols. It said those delays are now largely behind it and that it expects to commence treatment of those wastes in the third quarter. Delays in several new project starts and the continued drawdown of stored waste inventories limited revenues in the quarter. The company also incurred increased personnel and other operating expenses in anticipation of the waste receipts. It said expected revenue has shifted to the second half of the year while associated costs were incurred in the second quarter, which contributed to the period loss.

Subsequent to quarter-end, in early July, PFNW began receiving liquid effluent wastes from the Direct-Feed Low-Activity Waste facility. The company said that, because Hanford-related receipts began in the second quarter and DFLAW receipts have now commenced, and because that progress is reflected in backlog growth, it believes investments in personnel, readiness, facility upgrades, and capacity ahead of those receipts are beginning to be realized.

The Services Segment is also strengthening, the company said. In addition to a first-quarter win at Lawrence Livermore National Laboratory, contract awards have been secured at multiple U.S. Department of Energy facilities and commercial sites, supporting services backlog of over $17 million over the next year.

Turning to Hanford, the company said DOE has announced a revised tank approach that includes adopting the “Hanford Dual Glass-Plus-Grout Strategy,” which has been presented to the public and stakeholders and specifically names the company. DOE is coordinating the strategy with Washington State regulators and is targeting the second half of 2026 to begin implementation. DOE presentations highlighted that grouting is already approved under the DOE Hanford Holistic Agreement, that the approach is expected to provide up to 300% more throughput and a reduction in disposal cost from approximately $1,200 per gallon to under $50 per gallon, and that the dual approach will accelerate the DOE timeline for tank closure with 400,000–600,000 gallons shipped out this year in the current DOE plan. Pretreated tank waste volumes are estimated to begin in 2026 at 100,000 gallons per month and reach 300,000 gallons per month in 2028, to be processed by grouting and DFLAW. DOE totals including East and West Side tank areas are targeted to reach 9 million gallons annually by 2030.

Although a formal award of the West Side tank program has not been made, PFNW has submitted a proposal to support DOE’s grouting objectives and is working with Washington State regulators to expand current grouting permits from existing annual capacity of 1.2 million gallons per year to levels that will meet DOE objectives for both the East and West tanks. The facility is in the final design and procurement phases for the upgrades needed to achieve that expanded capacity by the third quarter of 2027.

On May 18, 2026, the company closed an underwritten public offering that raised net proceeds of approximately $21 million, a portion of which is being used to fund costs relating to DFLAW and grouting upgrades at PFNW.

The preliminary figures are unaudited and may change. The company said final results may vary significantly from the preliminary estimates and that it undertakes no obligation to update the information until it releases financial statements for the three months ended June 30, 2026.