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PESI

Perma-Fix Environmental Services, Inc.

PESI

Perma-Fix Environmental Services, Inc. • NASDAQ
$12.27 ▼ -1.05% (-0.13)
Market Cap $227.21 M
52w High $16.50
52w Low $6.25
Dividend Yield 0%
P/E -19.17
Volume 50.09K
Outstanding Shares 18.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.454M ▲ $4.412M ▼ $-1.835M ▲ -10.513% ▲ $-0.1 ▲ $-1.22M ▲
Q2-2025 $14.586M ▲ $4.441M ▲ $-2.716M ▲ -18.621% ▲ $-0.15 ▲ $-2.458M ▲
Q1-2025 $13.919M ▼ $4.393M ▲ $-3.573M ▼ -25.67% ▼ $-0.19 ▲ $-2.932M ▲
Q4-2024 $14.702M ▼ $4.18M ▲ $-3.489M ▲ -23.731% ▲ $-0.23 ▲ $-3.098M ▼
Q3-2024 $16.812M $3.935M $-8.979M -53.408% $-0.57 $-2.168M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.412M ▼ $91.155M ▲ $35.793M ▲ $55.362M ▼
Q2-2025 $22.594M ▼ $90.208M ▼ $33.382M ▼ $56.826M ▼
Q1-2025 $25.745M ▼ $92.853M ▼ $33.665M ▼ $59.188M ▼
Q4-2024 $28.975M ▲ $97.248M ▲ $34.858M ▼ $62.39M ▲
Q3-2024 $10.567M $78.158M $35.792M $42.366M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.762M ▲ $-4.634M ▼ $-1.23M ▼ $-206K ▲ $-6.182M ▼ $-5.81M ▼
Q2-2025 $-2.583M ▲ $-1.891M ▲ $-903K ▼ $-230K ▲ $-3.151M ▲ $-2.8M ▼
Q1-2025 $-3.5M ▲ $-2.104M ▲ $-586K ▲ $-396K ▼ $-3.23M ▼ $-2.627M ▲
Q4-2024 $-3.52M ▲ $-3.304M ▲ $-1.281M ▲ $23.15M ▲ $18.563M ▲ $-4.583M ▲
Q3-2024 $-8.806M $-5.624M $-1.458M $-322K $-7.402M $-7.082M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Segments Total
Segments Total
 $30.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Services
Services
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Treatment
Treatment
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Perma-Fix’s income statement shows a very small, contract-driven business with results that move around a lot from year to year. Revenue has drifted lower compared with a few years ago, and profits have been thin at the best of times. The company has hovered around breakeven, with small gains in some years and a noticeable loss most recently. This pattern suggests earnings are highly sensitive to the timing and size of major projects, and that the business does not yet have a wide cushion of recurring, high-margin revenue. Overall, performance has been uneven, with recent momentum weakening rather than improving.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative for a business of this size. Cash has stepped up meaningfully in the most recent period, while debt is low and has been reduced from prior years. Equity has gradually grown, which points to a stronger capital base and some retained value over time. In simple terms, the company appears more liquid and less leveraged than in the past, giving it some flexibility to weather contract swings and to fund its growth initiatives without relying heavily on borrowing. The flip side is that its asset base is still modest, consistent with a small, niche operator rather than a large, diversified platform.

Cash Flow

Cash Flow Cash generation has been choppy. Operating cash flow has flipped between modestly positive and modestly negative over the last several years, with the latest period showing cash use rather than cash generation. Free cash flow follows the same pattern, since capital spending has been quite low, indicating an asset-light model but also limited recent investment in physical expansion. This volatility means the business is not yet consistently self-funding and still depends on careful cash management and timely contract payments. The improved cash balance helps, but the underlying pattern shows that sustainable, steady cash generation is still a work in progress.

Competitive Edge

Competitive Edge Perma-Fix operates in a very specialized corner of the environmental services world, focused on nuclear and hazardous waste. This is a tightly regulated, technically complex area where few players have the required licenses, track record, and expertise. That creates meaningful barriers to entry. The company’s long history with U.S. government agencies, particularly the Department of Energy, and its proximity to major cleanup sites give it a real foothold versus more generalist waste firms. On the other hand, its small size and dependence on a limited number of large contracts create customer concentration and policy risks. The moat looks real but narrow: strong in its niche, yet still vulnerable to project delays, budget changes, or competitive bids for key contracts.

Innovation and R&D

Innovation and R&D Innovation is one of Perma-Fix’s clearest strengths. The company has developed and patented multiple specialized treatment technologies, most notably its low-temperature PFAS destruction process, which directly targets a fast-growing environmental concern. It also has advanced systems for treating mixed radioactive waste, mercury-laden materials, and complex industrial byproducts. These capabilities help set it apart from standard waste handlers and could open new markets as regulations tighten. However, much of the value still depends on successful scaling and commercialization: building larger units, winning contracts that fully utilize them, and proving the economics at volume. Execution, regulatory acceptance, and customer adoption are the key uncertainties around turning this R&D edge into more stable earnings.

Summary

Perma-Fix is a small, highly specialized environmental services company with meaningful technical capabilities and a niche position in nuclear and hazardous waste treatment. Financially, it shows an improving balance sheet with more cash and little debt, but an income statement and cash flow profile that remain uneven and dependent on large, lumpy projects. The company’s strongest qualities lie in its regulatory licenses, long-standing government relationships, and proprietary technologies—especially in emerging problem areas like PFAS. The main questions for the next few years are whether it can translate its innovations and major contracts into steadier revenue growth, higher and more consistent profitability, and reliable positive cash flow, while managing the inherent risks of customer concentration, policy shifts, and project timing.

NEWS

November 10, 2025 · 7:00 AM UTC

Perma-Fix Reports Financial Results and Provides Business Update for the Third Quarter of 2025

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October 31, 2025 · 8:30 AM UTC

Perma-Fix Schedules Third Quarter 2025 Business Update Conference Call

Read more