Business
Perma-Fix Achieves 36% Year-Over-Year Increase in Revenue to $22.7 Million for the Fourth Quarter of 2023
Gross profit increases 113% over the same period last year ATLANTA, March 13, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI)
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Gross profit increases 113% over the same period last year\nATLANTA, March 13, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the fourth quarter and full year ended December 31, 2023. Mark Duff, President and CEO of the Company, commented, “I am pleased to report solid financial results for the fourth quarter and 2023. Specifically, we achieved a 35.6% and 27.1% increase in revenue, as well as a 112.7% and 70.4% increase in gross profit, for the fourth quarter and full year, respectively. Most notably, we have been preparing for several key initiatives that are progressing and we believe would be impactful to our business later in 2024 and throughout 2025. Despite related investments in both our internal bidding organization, as well as research and development (R&D), we achieved positive EBITDA (as defined and reconciled to GAAP below) and positive net income in 2023.” “Within our Treatment Segment, we benefitted from an improvement in waste volume receipts early in the quarter. Within the Services Segment, we realized several new awards from the Buffalo Corp of Engineers, U.S. Geological Survey (USGS), the U.S. Navy and several commercial clients. At the same time, we developed teaming relationships for several large procurements. In addition, a joint venture in which we have a 50% interest, received formal award of the Joint Research Council project through the European Union at the Ispra, Italy facility, which we believe could generate up to 50 million Euros over the next 7 years. Work under this JV is beginning in Q1 2024, and the scope of work for the Company is expected to ramp up in late 2025. Overall, we feel that we finished the year strong with several strategic wins and accomplishments that we believe will support our long-term growth.” “It is important to note, we are actively bidding on large future contracts within the U.S. Department of Energy (DOE) and U.S. Navy, as well as other mid-size procurement initiatives at DOE, the U.S. Department of Defense (DOD) and the U.S. Environmental Protection Agency (EPA) facilities. In addition, we have made important advances on a new technology to treat PFAS (Per-and Polyfluorinated Substances) contamination, which we look forward to unveiling in the near futu...