Perma-Fix Environmental Services Inc (NASDAQ: PESI) is a nuclear and radioactive waste management company that treats, processes, and disposes of radioactive and mixed waste for government and commercial customers. Revenue comes from two segments: Treatment, which processes radioactive waste at licensed facilities, and Services, which provides field remediation and other environmental services under government contracts. The Treatment Segment generated $45,097,000, or 73.1%, of total FY2025 revenue, compared to $34,953,000, or 59.1%, in FY2024. A significant portion of revenue is earned directly as a prime contractor or indirectly as a subcontractor to contractors serving federal government authorities, including the U.S. Department of Energy (DOE) and Department of Defense. One or a few government or government-related customers can account for a material share of revenue in any given year. Treatment Segment backlog as of December 31, 2025, was approximately $11,861,000, up 50.9% from $7,859,000 as of December 31, 2024.

Revenue model

Transactional contract revenue from two segments: Treatment (processing and disposal of radioactive and mixed waste at licensed facilities) and Services (field remediation and environmental services). Contracts are executed directly with federal government agencies or as a subcontractor to prime government contractors. The government may terminate contracts at any time for convenience.

Products and services

Radioactive and mixed waste treatment and processing; low-level radioactive waste disposal; very low-level radioactive waste disposal; field environmental remediation services. Operates the Perma-Fix Northwest Richland, Inc. (PFNWR) treatment facility in Richland, Washington, adjacent to the Hanford Nuclear Site, which is positioned to support the Direct-Feed Low-Activity Waste (DFLAW) program at Hanford.

Customers and end markets

Primary customers are U.S. federal government agencies, principally the Department of Energy (DOE) and Department of Defense, served directly as prime contractor or indirectly through subcontracting arrangements. One or a few government-related customers have historically accounted for a significant portion of annual revenue. The company also holds a Mixed Direct and Framework Contract for Services with the European Commission (contract number 945711-IPR-2023, dated December 18, 2023).

Value-chain role

Operator of licensed nuclear and radioactive waste treatment facilities; serves as both prime contractor and subcontractor in the federal government waste remediation supply chain. Dependent on a limited number of commercial disposal sites: four commercial disposal sites for low-level radioactive waste and six for very low-level activity waste from non-governmental sites (as disclosed in the FY2025 10-K).

Geographic exposure

Operations include a treatment facility in Richland, Washington (adjacent to the Hanford Nuclear Site). Also holds a contract with the European Commission. Primary revenue base is U.S. federal government programs.

Source: SEC 10-K, filed 2026-03-24

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