Business
Perma-Fix Reports 26% Increase in Revenue to $20.1 Million for the First Quarter of 2023
Reports 84% increase in gross profit for the first quarter of 2023 ATLANTA, May 10, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ:
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Reports 84% increase in gross profit for the first quarter of 2023\nATLANTA, May 10, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the first quarter ended March 31, 2023. Mark Duff, President and Chief Executive Officer (CEO) of the Company, commented, “I am pleased to report we achieved a 26.3% increase in revenue and an 83.9% increase in gross profit for the first quarter of 2023, compared to the same period last year. Revenue increased within both our Treatment and Services Segments. We also achieved sequential revenue growth of 20.0% compared to the fourth quarter of 2022, which is significant because the first quarter tends to be a seasonally weaker period. The first quarter progressively improved and we expect the momentum to continue heading into the second quarter of 2023.” “We have made further progress in our strategy to provide critical services to the U.S. Department of Energy’s (DOE) Hanford tank remediation mission. Specifically, the amendment of the Record of Decision (ROD) for the Direct Feed Law Activity Waste (DFLAW) facility and the approval of the Waste Incidental to Reprocessing (WIR) report represent opportunities to provide large-scale waste treatment services. The Test Bed Initiative (TBI) program also continues to progress, and we expect to receive the next 2,000 gallons of tank waste within the next few quarters. As previously announced, we were recently awarded eight new contracts totaling $15 million primarily supporting backlog in 2023, which come with additional expansion opportunities into 2024. We are also pursuing additional projects within the US government, as well as commercial and international waste opportunities that will provide sustainable revenue in the latter half of this year in both the Services and Treatment Segments. Overall, we remain highly encouraged by the outlook for the business based on the growing project backlog and sales pipeline.” Financial Results Revenue was $20.1 million for the first quarter of 2023 as compared to $15.9 million for the corresponding period of 2022. Services Segment increased by approximately $2.1 million to $10.5 million for the first quarter of 2023 as compared to $8.4 million for the corresponding period of 2022. The increase in reve...