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- **Revenue Growth**: Q3 2025 revenue of $17.5M (+4% YoY), driven by 45% Treatment segment growth and 74% waste sales increase. 
- **Margin Expansion**: Gross margin up to 14.6% (vs 7.9% YoY), with Treatment segment margin at 17.3%. 
- **Hanford Opportunity**: DOE's DFLAW facility on track for 1M gallons/year by 2028, with Perma-Fix Northwest set to handle secondary waste starting Q1 2026. 
- **PFAS Scaling**: Tennessee system to process 1,000 gallons/month by Q2 2026; exploring mobile units and licensing agreements. 
- **Backlog Strength**: $15.4M treatment backlog (+98% YoY), supported by international shipments and DOE projects. 
- **Financial Health**: Net loss narrowed to $1.8M (-82% YoY), with $16.4M cash and $18.4M working capital.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue reached $17.5 million, up 4% year-over-year, driven by the Treatment segment (+45% YoY to $13.1 million) and a 74% increase in waste sales. 
- **Gross Margin Expansion**: Gross profit rose to $2.6 million (14.6% of revenue), up 91.7% YoY, with Treatment segment margin improving to 17.3% from 4.5%. 
- **Hanford Progress**: DOE's DFLAW facility initiated hot commissioning ahead of schedule, with Perma-Fix Northwest positioned to handle secondary waste streams. Expected to begin receiving waste in Q4 2025 or Q1 2026. 
- **PFAS Momentum**: Florida facility achieved 10-20% cost advantage vs incineration, with 20,000 gallons of backlog and Q1 2026 commissioning of a second-generation system in Tennessee. 
- **Backlog Strength**: Record $15.4 million treatment backlog, up 98% YoY, supported by international shipments and DOE projects. 

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Treatment segment ($13.1M) offset Services segment decline (-32% YoY to $4.3M). 
- **Profitability**: Gross profit up 91.7% YoY to $2.6M. EBITDA loss narrowed to $1.5M (-28% YoY). Net loss improved to $1.8M (-82% YoY). 
- **Liquidity**: $16.4M cash on hand, $18.4M working capital, and $1.9M debt. 
- **Cost Management**: SG&A up 11.6% YoY to $4.1M due to personnel and professional services costs. 

**【Q&A Highlights】**
- **Government Shutdown Impact**: Minimal impact on waste treatment; expect pent-up demand post-shutdown. Services segment delays may persist. 
- **Hanford Outlook**: DOE aims to reach 1M gallons/year DFLAW capacity in 3 years, with Perma-Fix Northwest ready to handle secondary waste. 
- **PFAS Expansion**: Tennessee system expected to process 1,000 gallons/month by Q2 2026, with mobile units for on-site treatment under development. 
- **Treatment Segment**: International shipments (Mexico, Germany) and DOE projects drive 74% waste sales growth. 
- **Services Segment**: $200M federal bid pipeline, but Q3 delays due to funding constraints. 
- **Partnerships**: Exploring licensing agreements for PFAS technology, with 2-3 promising partnerships in early stages.

Perma-Fix Environmental Services, Inc.(PESI)-20251110-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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PESI

PESI fundamentals

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