Welcome to our dedicated page for Perma-Fix Environmental Services news (Ticker: PESI), a resource for investors and traders seeking the latest updates and insights on Perma-Fix Environmental Services stock.
Perma-Fix Environmental Services, Inc. (PESI) is a prominent provider of nuclear services and waste management solutions, catering to both commercial and government sectors. The company operates through two core segments: the Treatment segment and the Services segment.
The Treatment segment specializes in the management and disposal of various waste types, including nuclear, low-level radioactive, mixed, hazardous, and non-hazardous waste. This segment ensures that waste is processed and treated in a manner that adheres to stringent environmental standards, reducing potential risks and enhancing safety.
The Services segment, which generates the majority of Perma-Fix’s revenue, offers a comprehensive suite of on-site waste management services. These services include technology-based solutions, construction, logistics, and transportation services. The segment serves a diverse client base, including commercial enterprises and government institutions, providing tailored services to meet specific needs.
Perma-Fix’s integrated nationwide network of treatment, storage, and disposal facilities, along with its transportation services, engineering consultants, site remediation teams, and government service centers, positions the company as a leader in the waste management industry. Recent achievements include a significant 113% increase in gross profit over the same period last year and the introduction of a new PFAS destruction technology, offering a sustainable alternative to traditional waste disposal methods.
The company’s leadership team, comprising Mark J. Duff (CEO), Dr. Louis F. Centofanti (Executive Vice President of Strategic Initiatives), and Ben Naccarato (Executive Vice President and CFO), is committed to driving growth and innovation. Their strategic initiatives and effective management have contributed to enhancing the company’s market position and financial stability.
Perma-Fix operates four nuclear waste treatment facilities and provides nuclear services at various Department of Energy (DOE), Department of Defense (DOD), and commercial sites nationwide. The company's nuclear services group is involved in project management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, ensuring comprehensive and safe handling of nuclear materials.
For the latest updates and detailed information on Perma-Fix Environmental Services, including upcoming events and developments, visit the investor section of their website or access the webcast of their conference calls through this link.
Perma-Fix Environmental Services (PESI) has priced its public offering of 2,200,000 shares of common stock at $10.00 per share, expecting to raise approximately $22 million in gross proceeds. The company granted underwriters a 30-day option to purchase up to 330,000 additional shares. The offering is set to close around December 19, 2024.
The net proceeds will fund: R&D and business development for their patent-pending Perma-FAS process for PFAS destruction, including installation of a second-generation commercial treatment unit; facility maintenance costs; and general corporate purposes. Craig-Hallum is acting as sole managing underwriter, with Wellington Shields serving as financial advisor.
Perma-Fix Environmental Services (PESI) has announced the commencement of an underwritten public offering of common stock shares. The company plans to use the net proceeds to fund three main initiatives: R&D and business development for their patent-pending Perma-FAS process for PFAS destruction, including installation of at least one second-generation commercial treatment unit; ongoing facility capital expenditure and maintenance costs; and general corporate and working capital purposes. Craig-Hallum is serving as the sole managing underwriter. The offering is being made through a shelf registration statement on Form S-3 that was declared effective on December 12, 2024.
Perma-Fix Environmental Services reported Q3 2024 financial results with revenue of $16.8 million, down from $21.9 million in Q3 2023. The company experienced a net loss of $9.0 million, including a $6.4 million non-cash tax expense. Treatment Segment revenue decreased to $9.1 million from $10.8 million, while Services Segment revenue fell to $7.7 million from $11.1 million. The decline was attributed to Hurricane Helene impacts, waste shipment delays, and equipment issues. The company announced successful startup of its first commercial Perma-FAS system for PFAS destruction and secured approximately 6,000 gallons of AFFF liquids.
Perma-Fix Environmental Services (NASDAQ: PESI) has announced a conference call scheduled for Wednesday, November 13, 2024, at 11:00 AM Eastern Time to discuss their third quarter 2024 business update. The call will be led by CEO Mark J. Duff, EVP of Strategic Initiatives Dr. Louis F. Centofanti, and EVP/CFO Ben Naccarato. Participants can join via webcast or telephone, with U.S. callers dialing 888-506-0062 and international callers dialing +1 973-528-0011 (access code: 271776). A replay will be available until November 20, 2024.
Perma-Fix Environmental Services (NASDAQ: PESI) has successfully launched its first commercial Perma-FAS system for PFAS destruction at its Florida facility. The system demonstrated over 99.99% effectiveness in breaking down PFAS 'forever chemicals' after 6 hours of treatment. Operating at 150°C and under 100 PSI, the system can process approximately 650 gallons of AFFF per cycle with zero air emissions. The company has secured 6,000 gallons of AFFF liquids and expects an additional 20,000 gallons in coming months. Perma-Fix plans to expand into soil, biosolids, and filter media applications by mid-2025.
Perma-Fix Environmental Services (NASDAQ: PESI) announced that Dr. Louis Centofanti, Executive VP of Strategic Initiatives, will present at the Gabelli Funds' 2nd Annual PFAS Symposium on September 26th at the Harvard Club in New York City. The presentation is scheduled for 1:30 PM ET.
The symposium focuses on PFAS uses, replacements, and remediation. It will feature presentations from leading companies in waste and disposal services, water utilities, testing, and remediation. Attendees will include industry experts, companies in the PFAS space, private wealth clients, RIAs, and institutional investors.
PFAS (Per/Polyfluoroalkyl substances) are compounds widely used in industrial and commercial applications but have become an environmental and public health concern due to their toxicity and inability to naturally degrade.
Perma-Fix Environmental Services (NASDAQ: PESI) reported weak Q2 2024 financial results due to government delays and equipment failure. Revenue decreased to $14.0 million from $25.0 million in Q2 2023. The company experienced a gross loss of $1.3 million and an operating loss of $5.0 million. Net loss was $4.0 million or ($0.27) per basic share.
Despite challenges, Perma-Fix is optimistic about future prospects, citing increasing backlog, bidding activities, and progress on long-term initiatives. The company completed critical DOE audits, secured new contracts in Canada and Mexico, and is advancing PFAS treatment technology. Management anticipates potential transformative opportunities beginning in 2025, including DOE projects at Hanford and Oak Ridge Reservation.
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) has announced a conference call scheduled for Thursday, August 8, 2024, at 11:00 AM Eastern Time. The call will provide a business update for the second quarter of 2024. Investors can access the webcast through the company's website or via a direct link. For those preferring telephone access, toll-free numbers are provided for both U.S. and international callers.
The call will be led by key executives including Mark J. Duff (CEO), Dr. Louis F. Centofanti (EVP of Strategic Initiatives), and Ben Naccarato (EVP and CFO). A replay of the webcast will be archived on Perma-Fix's website, and a telephone replay will be available until August 15, 2024.
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) has acquired the Environmental Waste Operations Center (EWOC) near Oak Ridge, Tennessee. The facility, previously leased by Perma-Fix, spans over 29,000 square feet of licensed storage and processing area for radioactive materials on an 8-acre site. Key features include:
- Strategic location near the DOE's Oak Ridge Reservation
- Rail spur for cost-effective transportation
- Plans for facility upgrades to capitalize on regional opportunities
- Potential for PFAS waste processing capabilities
CEO Mark Duff stated that this acquisition is a strategic milestone in Perma-Fix's growth strategy, allowing the company to offer enhanced value and a wider array of complex waste management solutions to clients.
Perma-Fix Environmental Services (NASDAQ: PESI) has been added to the Russell 3000 Index, effective July 1, 2024, as part of the annual Russell indexes reconstitution. This inclusion automatically integrates Perma-Fix into the Russell 2000 Index and relevant growth and value style indexes. FTSE Russell, a leading global index provider, determines membership based on market capitalization and style attributes, capturing the 4,000 largest US stocks as of April 30 each year. This milestone reflects Perma-Fix's strategic progress and its commitment to addressing significant environmental challenges. Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes, emphasizing their importance for investment managers and institutional investors.
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