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Jun 30
Perma-Fix Q2 2025 Earnings Report
Perma-Fix reported sequential and year-over-year revenue growth, with a significant increase in the Treatment Segment revenue, and improved gross margin, despite project delays in the Services Segment and technical challenges early in the quarter.
Key Takeaways
Perma-Fix Environmental Services, Inc. delivered sequential and year-over-year revenue growth in Q2 2025, reaching $14.6 million, primarily driven by a 37% increase in the Treatment Segment revenue. The company also saw improved gross profit and a reduced net loss compared to the previous year, despite challenges in the Services Segment and initial production issues in the Treatment Segment.
Revenue for Q2 2025 increased to $14.6 million, up from $14.0 million in Q2 2024, showing both sequential and year-over-year growth.
The Treatment Segment revenue significantly grew by 37% year-over-year, reaching $11.4 million, driven by increased waste volume and higher average waste prices.
Gross profit improved substantially to $1.5 million in Q2 2025 from a gross loss of $1.3 million in Q2 2024, with gross margin in the Treatment Segment increasing to 13.7%.
Net loss for the quarter decreased to $2.7 million, or $0.15 per basic share, compared to a net loss of $4.0 million, or $0.27 per basic share, in the same period last year.
Perma-Fix
Perma-Fix
Perma-Fix Revenue by Segment
Revenue by Segment
Treatment Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
Perma-Fix anticipates improved results in the second half of 2025 and beyond, driven by resolved production issues, a growing backlog, and strategic contract wins, despite a delay in the DFLAW facility startup.
Positive Outlook
- Expect to realize benefits from automation and process enhancements in the Treatment Segment in the second half of the year.
- Increased waste receipts are expected to contribute to a strong backlog through the remainder of 2025.
- Anticipate renewed momentum in the Services Segment with stabilization of project delays and procurement issues.
- Awarded a position on the Navy’s RADMAC III IDIQ contract, expected to provide a steady stream of task order bid opportunities.
- Continued execution of long-term growth strategy, including scaling the PFAS destruction platform with expanded infrastructure and construction of a next-generation Gen 2.0 system.
Challenges Ahead
- Technical challenges limited production early in the second quarter, though believed to be resolved.
- U.S Department of Energy (DOE) announced a delay in the startup of the Direct-Feed Low-Activity Waste (DFLAW) facility from August 1 to as late as October 15, 2025.
- Services Segment was affected by project delays during the first half of the quarter due to procurement timing and administrative transitions.
- Changes to the new Administration and supporting policies contributed to delays in the Services Segment.
- The DFLAW program, while promising, has experienced a startup delay, impacting the immediate realization of expected revenue and cash flow.
Revenue & Expenses
Visualization of income flow from segment revenue to net income