Earnings

Perma-Fix Third-Quarter Revenue Rebounds as Net Loss Narrows Sequentially

The Tip Desk · November 5, 2026 · 4 min read

Third-quarter revenue was $17.9 million, up 39% from the second quarter, as treatment backlog reached $19.6 million and Services turned to operating income.

Perma-Fix Environmental Services (PESI), a nuclear waste management company, reported third-quarter 2026 revenue of approximately $17.9 million, a 39% sequential increase from the second quarter, as treatment backlog reached $19.6 million and the Services Segment returned to operating profit.

President and Chief Executive Officer Mark Duff said results reflected meaningful improvement over the first half of the year, with consolidated gross profit back in positive territory and a smaller net loss than in the second quarter. He said customer-directed changes in treatment protocols on a Hanford-related waste stream required performance testing and final approvals that were not provided until late August, delaying processing until September and pushing revenue out of the quarter. Temporary downtime to upgrade thermal treatment systems at the Florida and Kingston facilities also reduced throughput; those upgrades were completed in September, the company said.

Treatment backlog grew approximately 25% during the quarter to $19.6 million, up about 65% from year-end 2025. The company said price increases begun in August are starting to be reflected in new backlog.

Revenue of $17.9 million compared with $17.5 million for the three months ended September 30, 2025. The year-over-year increase came entirely from Services, which rose to approximately $6.3 million from $4.4 million a year earlier, up 46%, primarily from increased project activity including awards since the start of 2026. Services gross margin improved to 12.2% from 6.7%, and the segment generated operating income of $201,000 versus a $457,000 operating loss a year earlier.

Treatment revenue decreased to approximately $11.6 million from $13.1 million a year earlier. The company attributed the decline primarily to lower waste volumes, including delayed processing of a Hanford-related stream received beginning in the second quarter under the DOE Hanford program. Treatment posted a gross loss of $225,000 versus gross profit of about $2.3 million, with gross margin of (1.9%) versus 17.3%, as higher fixed costs spread over a smaller revenue base.

Consolidated gross profit was $552,000 versus $2.6 million a year earlier. Loss from operations widened to approximately $3.7 million from $1.9 million. Net loss from continuing operations was approximately $3.5 million, or ($0.16) a share, versus $1.8 million, or ($0.10) a share, a year earlier. EBITDA from continuing operations was ($3.1) million versus ($1.5) million.

At Perma-Fix Northwest, the company said it now receives both liquid effluent and dry waste from the DOE Direct-Feed Low-Activity Waste facility, after first-quarter commentary that the site had begun receiving Hanford ETF waste and was working toward additional DFLAW streams. Duff said both streams are expected to increase as DFLAW ramps up. DOE’s 2023 amended Record of Decision identified Perma-Fix Northwest to treat DFLAW effluent on an interim basis expected to last approximately 10 years.

The company also disclosed a Master IDIQ subcontract with Hanford Tank Waste Operations & Closure for treatment of certain Hanford waste streams, contemplating potential treatment of up to approximately 50 million gallons through 2041 with an aggregate procurement ceiling of approximately $4.4 billion shared among three holders. Those ceilings are not amounts awarded to Perma-Fix; the company will compete for individual task orders. It said it is advancing grouting-capacity upgrades and is the only of the three IDIQ holders with a facility adjacent to the Hanford Site.

PFAS destruction sales and receipts increased versus the first half of 2026. The Gen 2.0 PFAS unit is expected to begin commissioning in the fourth quarter of 2026, with operations anticipated in the first half of 2027. Florida enacted legislation this year phasing out PFAS-containing firefighting foam, subject to exceptions, which the company said it expects to support continued demand.

PNC Liquidity was approximately $19.9 million at September 30, 2026, consisting of about $5.5 million of revolving-credit availability and about $14.3 million in cash. The company extended the PNC credit-facility maturity from May 2027 to May 2030 and continued to report substantial doubt about its ability to continue as a going concern.

With a growing backlog, new pricing taking effect and DFLAW volumes increasing, the company said it believes Perma-Fix is positioned for improved results in the coming year.

More on PESI

July 28, 2026 Earnings Perma-Fix Defers Hanford Treatment Into Third Quarter

PERMA FIX ENVIRONMENTAL SERVICES INC — all coverage and financials