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Sep 30
Perma-Fix Q3 2025 Earnings Report
Perma-Fix reported improved financial performance in Q3 2025, driven by a significant revenue increase and gross margin improvement in its Treatment Segment.
Key Takeaways
Perma-Fix Environmental Services, Inc. announced improved financial results for the third quarter of 2025, with a 45% year-over-year revenue increase in its Treatment Segment and a substantial improvement in gross margin for the segment. The company reported total revenue of $17.5 million, a net loss of $1.8 million, and an operating loss of $1.9 million. Growth was attributed to higher waste volumes and international shipments, with a building treatment backlog expected to drive continued improvement.
Total revenue for Q3 2025 was $17.5 million, an increase from $16.8 million in the prior year.
Treatment Segment revenue increased by 45% year-over-year to $13.1 million, with gross margin improving to 17.3% from 4.5%.
The company reported a net loss of $1.8 million, or ($0.10) per basic share, a significant improvement from a net loss of $9.0 million, or ($0.57) per basic share, in Q3 2024.
EBITDA from continuing operations was ($1.5) million, an improvement from ($2.1) million in the same period last year.
Perma-Fix
Perma-Fix
Perma-Fix Revenue by Segment
Revenue by Segment
Treatment Segment Revenue
CapyFin.comServices Segment Revenue
CapyFin.com Forward Guidance
Perma-Fix anticipates continued improvement through 2026 driven by a building treatment backlog and expects initial waste receipts from the DFLAW facility in late Q4 2025 or early 2026. The company's second-generation PFAS destruction unit, capable of tripling capacity, is on track for commissioning in Q1 2026, representing a significant growth opportunity.
Positive Outlook
- Treatment backlog continues to build, expected to lead to continued improvement through 2026.
- DFLAW facility has begun hot commissioning, with initial waste receipts anticipated in late Q4 2025 or early 2026.
- Pursuing new growth opportunities in both government and commercial sectors aligned with core competencies.
- First-generation PFAS destruction system operating reliably, with expanding customer demand and growing backlog.
- Second-generation PFAS destruction unit, capable of tripling capacity, remains on track for commissioning in Q1 2026.
Challenges Ahead
- Recent government shutdown temporarily delayed certain procurements in the Services Segment.
- Prolonged government shutdown may adversely affect results of operations and liquidity from delayed/cancelled waste shipments, projects, and/or procurements.
- Services Segment revenue decreased due to delays in project mobilization and contract awards.
- Services Segment gross margin is impacted by competitively bid projects with varying margin structures.
- Company's growth and results are subject to numerous conditions outside of its control, including federal budget and waste delivery by governmental clients.
Revenue & Expenses
Visualization of income flow from segment revenue to net income