Perma-Fix Environmental Services, Inc. reported its financial results for the first quarter of 2025, revealing a revenue increase of approximately $302,000, or 2.2%, to $13.9 million compared to $13.6 million in the same period of 2024. The growth was primarily driven by the Treatment Segment, which saw revenues rise to $9.2 million, a 5.5% increase from $8.7 million. In contrast, the Services Segment experienced a decline, with revenues falling to $4.7 million, down 3.6% from the previous year. The company reported a gross profit of $657,000, a significant improvement from a gross loss of $620,000 in the prior year.
The financial performance also highlighted a net loss of $3.6 million for the quarter, slightly higher than the $3.5 million loss reported in the same quarter of 2024. The loss per share from continuing operations was $0.19, compared to $0.25 in the previous year. The increase in losses was attributed to higher selling, general, and administrative expenses, which rose by 13.3% to $4.0 million, driven by increased payroll and stock option compensation costs associated with the hiring of new executives.
Operationally, Perma-Fix has been focusing on strategic initiatives, including the development of its PFAS technology, which is aimed at addressing environmental contamination. The company has begun processing commercial quantities of PFAS-containing waste and anticipates deploying a second-generation unit for this technology by the fourth quarter of 2025. Additionally, Perma-Fix's waste backlog increased by approximately 30.3% to $10.2 million as of March 31, 2025, indicating a positive trend in waste receipts and project visibility.
The company also reported a decrease in total current assets to $45.4 million from $50.2 million at the end of 2024, primarily due to a reduction in accounts receivable. Total liabilities decreased slightly to $33.7 million from $34.9 million, reflecting improved management of operational costs. Perma-Fix's liquidity position remains strong, with no outstanding borrowings under its revolving credit facility and cash on hand of approximately $25.7 million.
Looking ahead, Perma-Fix expressed optimism about its growth prospects, particularly with expected revenue contributions from the West Valley Development Project and the Direct-Feed Low-Activity Waste program at Hanford, which is set to begin operations in the third quarter of 2025. The company is committed to aligning its operational costs with revenue levels and continues to monitor market conditions that may impact its financial performance.
About PERMA FIX ENVIRONMENTAL SERVICES INC
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