Perma-Fix Environmental Services suffered a drop in revenue in 2024, the Atlanta-based company reported March 12.
In its latest earnings report, Perma-Fix said it was disappointed with its 2024 financial results, but expected better things in 2025.
In the news release last week, Perma-Fix CEO Mark Duff said: “While our financial performance in the fourth quarter of 2024 was impacted by ongoing yet temporary delays in project starts and waste receipts, we remain confident in the overall outlook and significant opportunities that lie ahead,”
In an analyst conference call, Duff said the volume of wastes processed by Perma-Fix has increased this year. Perma-Fix is set to participate in converting low-activity radioactive tank waste to solid glass form at the Department of Energy’s Hanford Site in Washington state. That is targeted to begin in August. This will give Perma-Fix a solid revenue stream, he said.
Factors hurting 2024 results include uncertainty over a continuing resolution keeping the federal government open through Sept. 30. The limbo that ended with passage of a six-month bill last week “directly resulted in delays in project starts” and other government-related work, according to the release. Weather conditions including hurricanes “resulted in delays in waste shipments … and power outages and plant shutdowns at certain of our treatment facilities.”
Perma-Fix also invested a lot of money on “our new technology to treat PFAS (Per- and polyfluoroalkyl substances), which required significant management and operation support.”
Perma-Fix posted $59.1 million in revenue in 2024, down from $89.7 million in 2023. The company recorded a net loss of roughly $20 million in 2024, compared to a net income of $485,000 in 2023. The operating loss in 2024 was $15.7 million versus operating income of $756,000 in 2023.
Loss from continuing operations in 2024 was $19.6 million as compared to income from continuing operations of $918,000 in 2023. Loss from continuing operations in 2024 included a tax expense recorded in the amount of approximately $8.2 million.
Net loss for the fourth quarter of 2024 was about $3.5 million as compared to net income of $81,000 for the fourth quarter of 2023, Perma-Fix said. The loss per share was $0.22 for the fourth quarter of 2024 as compared to income per share of $0.01 for the corresponding period of 2023.
Meanwhile, revenue for the fourth quarter of 2024 was $14.7 million, down from $22.7 million for the same period in 2023.
