Business
Perma-Fix Reports Financial Results and Provides Business Update for the First Quarter of 2024
ATLANTA, May 09, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"ATLANTA, May 09, 2024 (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, 2024. Mark Duff, President and CEO of the Company, commented, “As previously disclosed, our financial performance in the first quarter of 2024 was impacted by a few temporary headwinds. However, we have seen steady improvement heading into the second quarter and anticipate a strong second half of 2024. The weakness we experienced was due in part to delayed project starts and waste shipments, as well as challenging weather conditions during the first quarter of 2024. However, we used this period for equipment replacement and repairs, program enhancements, and testing to support permit expansion and broader market penetration. Additionally, we accelerated investments in research and development on our new technology to treat PFAS (Per- and Polyfluorinated Substances) contamination, which resulted in the completion of pilot plant testing with PFAS destruction levels exceeding anticipated regulatory requirements. We are now in the process of final designs and fabrication for the first operational unit and plan to begin accepting commercial waste for destruction before the end of the year.” “We believe we are in a good position based on new strategic wins, growing project opportunities, and increased bidding activities. Importantly, we are pursuing several large procurements within the U.S. government, as well as commercial and international waste opportunities. Moreover, 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, including the treatment of effluent from the DFLAW (Direct-Feed Low-Activity Waste) facility once it commences vitrification operations, which is expected in 2025.” \"Lastly, I would like to commend the DOE, U.S. Environmental Protection Agency (EPA), and the Washington State Department of Ecology on their recent landmark agreement, widely referred to as the “Settlement Agreement,” for treating a significant portion of the Hanford site tank waste through grouting, as a supplement to vitrification. Under the agreement, DOE has committed to grout waste it empties from 22 of the tanks on the west side of the si...