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Perma-Fix Environmental Services
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Latest analysis
Updated Nov 5, 2026
Perma-Fix Q3 2026: Treatment backlog surges 65% YoY as Hanford effluent ramps and pricing gains traction.
Perma-Fix delivered Q3 2026 revenue of $17.9 million, up 2.8% YoY, with treatment segment backlog reaching $19.6 million—a 65% increase from year-end 2025. The company returned to positive gross profit after H1 weakness, driven by resolution of Hanford customer protocol approvals in late August and completion of thermal system upgrades at Florida and Kingston facilities. Management implemented price increases beginning August across commercial and government waste streams, citing labor and equipment cost inflation; customer acceptance has been strong. Hanford remains the dominant near-term driver: DFLAW effluent volumes doubled from 8,000 to 16,000 gallons per month since October with further ramps projected as vitrification plant production approaches 20% by year-end 2026, and the company secured 1 of 3 Master IDIQ subcontracts (worth up to $4.4 billion shared) for low-level mixed waste treatment through 2041. East area tank waste grouting faces permit delays from Washington State Ecology, pushing initial receipts from Q4 2026 into Q1-Q2 2027. Services segment revenue grew 46% YoY to $6.3 million, with gross margin expanding to 12.6% from 7%, driven by new Lawrence Livermore National Laboratory work and Los Alamos mobilization. PFAS segment sales increased Q3 vs. H1; the Gen 2.0 processing system is being commissioned with full operations expected H1 2027, projected to triple capacity. The company ended Q3 with $14.7 million cash (up from $11.8 million at year-end) and reported a net loss of $3.5 million vs. $1.8 million in Q3 2025, primarily due to lower Treatment segment gross profit from processing delays and higher facility fixed costs.
Tone: cautiousRevenue
$61.7M
PESI 10-K · FY 2025
Employees
307
Revenue growth YoY
+4.3%
Founded
1990
Profile
PESI 10-K Item 1 · Mar 24, 2026Perma-Fix Environmental Services is a Delaware-incorporated nuclear services company providing treatment and management of radioactive, mixed, and hazardous waste through four licensed treatment facilities in the southeastern, mid-Atlantic, and Pacific Northwest United States. The company also offers nuclear services including decontamination and decommissioning, environmental restoration, and radiological protection to government and commercial clients. A growing international presence and a patent-pending PFAS destruction technology represent the company's primary growth initiatives.
Read filing description ↓ Collapse description ↑
Perma-Fix Environmental Services, Inc., a Delaware corporation incorporated in December 1990, is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include treatment and management of radioactive and mixed waste (waste containing both hazardous and low-level radioactive waste). The Company's nuclear services group provides project management, environmental restoration, decontamination and decommissioning ('D&D'), new build construction, and radiological protection, safety, and industrial hygiene ('IH') capability to our clients. Through our research and development ('R&D') laboratories, located within our licensed and permitted waste treatment facilities, we develop solutions that are not only effective but also practical and economical for our customers. Headquartered in Atlanta, Georgia, we also pursue waste projects in Canada, Mexico, the United Kingdom, and countries in the European Union ('EU'). For waste generated by international customers, waste treatment is performed in our U.S. treatment facilities and returned to our international customers. Our Treatment and Services Segments provide services to research institutions, commercial companies, public utilities, and governmental entities, including the DOE and DOW. The principal element of our business strategy consists of upgrading our facilities within our Treatment Segment to increase efficiency and modernize and expand treatment capabilities to meet the changing markets associated with the waste management industry.
Primary products
- Nuclear and mixed waste treatment, processing and disposal services
- Radioactive and low-level radioactive waste management
- Decontamination and decommissioning (D&D)
- Environmental restoration
- Radiological protection, safety, and industrial hygiene (IH)
- Health physics services
Business segments
End markets
Geographies
Named customers
Revenue derived from federal government entities, either directly as a prime contractor or indirectly for others as a subcontractor to federal government entities, was approximately $39,243,000 or 63.6% of total revenue for 2025 and $40,550,000 or 68.6% of total revenue for 2024.
Named competitors
“The Treatment Segment's largest competitor is EnergySolutions which operates numerous treatment facilities and two treatment/disposal facilities for low level radioactive waste.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Overall revenue increased by $2,557,000 or 4.3% to $61,674,000 in 2025 as compared to $59,117,000 in 2024, driven entirely by Treatment Segment growth of 29.0%, which offset a 31.4% decline in Services Segment revenue.
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