Perma-Fix Environmental Services, Inc. reported Q4 2024 revenue of $14.7 million, a decrease from $22.7 million in Q4 2023. The net loss for Q4 2024 was $3.5 million, or $0.22 per share, compared to a net income of $81,000, or $0.01 per share, in Q4 2023. For the full year 2024, revenue was $59.1 million, a 34.1% decline from $89.7 million in 2023, resulting in a net loss of $20.0 million, or $1.33 per share, compared to a net income of $485,000, or $0.04 per share, in 2023.
The Services Segment revenue decreased by $6.6 million in Q4 2024 and $22.1 million for the full year, primarily due to the completion of two large projects in late 2023 that were not replaced. The Treatment Segment revenue decreased by $1.4 million in Q4 2024 and $8.5 million for the full year, mainly due to lower waste volume and lower average pricing from the waste mix. Gross profit for Q4 2024 was $594,000, down from $4.3 million in Q4 2023, with the full year gross profit at $2,000.
Management expects a return to growth and profitability in 2025, particularly in the second half, driven by improving waste volume receipts and backlog. Waste treatment operations have ramped up in February with expanded shifts at Perma-Fix Northwest (PFNW) and Diversified Scientific Services (DSSI) facilities to meet increasing demand.
The U.S. Department of Energy’s (DOE) Direct-Feed Low-Activity Waste (DFLAW) program at Hanford remains on schedule to begin operations in summer 2025. The Perma-FAS technology for PFAS destruction continues to advance, with the commercial-scale unit demonstrating improving effectiveness and development of a next-generation system underway to triple processing capacity.
On the Nuclear Services side, Perma-Fix was selected as part of the team for the DOE’s West Valley Demonstration Project, a 10-year initiative with revenue contribution expected in the second half of 2025. International expansion efforts in Italy are progressing, with expected waste treatment operations beginning in 2026, and the company continues to pursue new opportunities across multiple DOE and U.S. Department of Defense (DOD) sites.
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