What caused PESI's earnings surprises in 2024?

Perma-Fix Environmental Services (PESI) experienced a revenue surprise of -$3 million for the quarter ending December 31, 2024, with total revenue amounting to $14.7 million. This shortfall was primarily due to **project delays, lower waste volumes, and the completion of major projects in 2023 that were not replaced**. Additionally, the company's financial performance in Q4 2024 was impacted by **on-going yet temporary delays in project starts and waste receipts**.

1. **Project Delays and Lower Waste Volumes**: These factors directly resulted in reduced revenue for the quarter. The company had to deal with the consequences of delays in project starts and lower waste volumes, which are crucial for their revenue generation. This was particularly evident in the fourth quarter, where the revenue fell significantly compared to the same period in the previous year.
2. **Completion of Major Projects in 2023**: The completion of two large projects at the end of 2023 did not translate into sustained revenue due to the lack of similar projects being initiated. This created a gap in revenue streams, which further contributed to the revenue shortfall.

In summary, PESI's earnings surprises in 2024 were primarily caused by project delays, lower waste volumes, and the completion of major projects in 2023 that were not replaced. These factors led to a significant decline in revenue and profitability for the company.