Perma-Fix Environmental Services Inc

perma-fix.com

What Do They Do?

Treats radioactive and mixed waste and provides nuclear project and technical services for government, commercial and research customers.

How Do They Make Money?

Treatment customers are charged a fixed rate per unit as waste is processed; services customers pay for time and materials or fixed-price projects as work progresses. Customers are invoiced on contract schedules and generally pay after invoicing.

revenue

Segment	Share	Revenue	How money arrives
Treatment Recurring	73% FY2022: 41%		Recurring
Services Recurring	27% FY2022: 59%		Recurring

Who Are Their Customers?

Government and commercial customers, utilities, and research institutions buy services directly or through intermediaries.

Do Revenues Turn Into Profits?

No. It lost $13.8M in FY2025.

Operating income, FY2025

−1828% of revenue

▼ −25% (Loss) vs FY2024 (−$15.7M, −27%)

Net income, FY2025

−2147% of revenue

▼ −31% (Loss) vs FY2024 (−$20M, −34%)

Free cash flow, FY2025

−2408% of revenue

▼ −15% (Loss) vs FY2024 (−$18.1M, −31%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −12%; vs $14.6M in Q2 FY2025
Net income: ▲ +128% (Loss); vs −$2.7M in Q2 FY2025

Treatment share of total vs 78.1% in Q2 FY2025

Shrinking. Revenue fell 99% in 4 years, from $60.8M in FY2021 to $642K in FY2025, about 68% a year.

PFAS destruction The older report describes research to develop waste-processing techniques; the latest describes a PFAS destruction system in commercial operation.

Revenue over time

Treatment Services

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with EnergySolutions and Waste Control Specialists

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