Perma-Fix Environmental Services, Inc. reported a significant decline in financial performance for the first quarter of 2026, with revenues totaling $11.1 million, a decrease of approximately 20.1% from $13.9 million in the same period of 2025. The company experienced a gross loss of $2.9 million, compared to a gross profit of $657,000 in the prior year. This downturn was attributed to lower waste volumes from government-related customers and a less favorable waste mix, which negatively impacted both the Treatment and Services segments. The overall cost of goods sold increased by 5.6% to $14 million, further exacerbating the financial losses.
The company's net loss for the quarter was $7.5 million, or $0.40 per share, compared to a net loss of $3.6 million, or $0.19 per share, in the first quarter of 2025. The increase in losses was driven by a combination of reduced revenues and higher fixed costs, including payroll and regulatory expenses. Selling, general, and administrative expenses also rose by 7.1% to $4.3 million, reflecting increased operational costs associated with the company's ongoing initiatives.
In terms of operational developments, Perma-Fix has been focusing on expanding its treatment capacity and workforce in anticipation of increased waste treatment volumes, particularly related to the Department of Energy's Direct-Feed Low-Activity Waste (DFLAW) program. The company received a permit renewal for its PFNWR facility, which triples its permitted liquid mixed waste processing capacity, enhancing its operational flexibility. However, the company also reported a backlog of approximately $12.2 million in stored waste, indicating challenges in processing due to the timing and complexity of waste management.
Looking ahead, Perma-Fix is optimistic about potential improvements in financial results for the remainder of 2026, driven by anticipated increases in waste treatment volumes and ongoing investments in new technologies, including its PFAS destruction technology. The company is also exploring opportunities for expansion into commercial and international markets. However, it faces significant uncertainties related to federal funding, government budget approvals, and the overall economic environment, which could impact its operations and financial stability. The company has indicated that it may need to consider various strategies to supplement its funding sources, including equity financing and asset disposals, to ensure continued operations.
About PERMA FIX ENVIRONMENTAL SERVICES INC
Perma-Fix Environmental Services, Inc. specializes in waste management and environmental technology, focusing on treatment, disposal, and remediation of radioactive, hazardous, and non-hazardous wastes. Serving government, commercial, and international markets, it develops innovative solutions like PFAS destruction technology. The company operates licensed facilities, relies heavily on government contracts, and emphasizes expanding its treatment capabilities and international presence within a highly regulated industry.
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