Perma-Fix Environmental Services, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues dropping by 34.1% to $59.1 million, down from $89.7 million in 2023. The Treatment Segment generated $34.95 million, a decrease of 19.6%, while the Services Segment saw a more substantial decline of 47.8%, bringing in $24.16 million. The company attributed these results to several factors, including delays in project starts due to Continuing Resolutions, adverse weather conditions, and the completion of two large projects in 2023 that were not replaced by new contracts of similar value.
The company's gross profit for 2024 fell to $2,000, a stark contrast to the $16.37 million reported in the previous year, resulting in a gross margin of just 0.03%. Selling, general, and administrative expenses decreased slightly by 3.2% to $14.49 million, while research and development expenses increased significantly to $1.17 million, primarily due to investments in new technology for treating PFAS (Per- and polyfluoroalkyl substances). The company recorded a net loss from continuing operations of $19.57 million, compared to a profit of $918,000 in 2023.
In terms of strategic developments, Perma-Fix has focused on expanding its capabilities and market reach. The company successfully launched its first full-scale commercial Perma-FAS system for PFAS destruction in 2024, which is expected to generate new revenue streams. Additionally, Perma-Fix was awarded a significant contract for cleanup operations at the West Valley Development Project, valued at up to $3 billion over a 10-year period, although the scope attributable to the company is still pending approval.
Operationally, Perma-Fix employed approximately 305 individuals as of December 31, 2024, a slight increase from the previous year. The company continues to pursue international contracts, securing approximately $6 million in contracts from Mexico and Canada, with expectations for further opportunities in Germany. However, the company remains heavily reliant on federal government contracts, which accounted for 68.6% of total revenue in 2024, down from 76.4% in 2023.
Looking ahead, Perma-Fix anticipates improvements in its financial results for 2025, driven by ongoing initiatives and the expected ramp-up of new projects. However, uncertainties regarding federal government budget decisions and potential delays in procurement actions could pose risks to achieving these goals. The company plans to continue investing in its facilities and capabilities, particularly in the treatment of PFAS, to enhance its competitive position in the market.
About PERMA FIX ENVIRONMENTAL SERVICES INC
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