Welcome to our dedicated page for Perma-Fix Environmental Svcs news (Ticker: PESI), a resource for investors and traders seeking the latest updates and insights on Perma-Fix Environmental Svcs 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, Inc. (NASDAQ: PESI) reported Q3 2021 revenue of $15.8 million, down from $30.2 million YoY, primarily due to COVID-19 impacts. The Treatment Segment's revenue rose to $8.9 million, while the Services Segment declined to $6.9 million. New project backlog increased by $50 million since Q3, signaling recovery. Despite a gross profit decrease to $2.2 million, net income was stable at $1.4 million ($0.11/share). The company maintains a healthy balance sheet with over $7.2 million cash on hand and aims for growth supported by recent contract wins.
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) announced a conference call scheduled for 2:00 PM ET on November 11, 2021. The call will feature CEO Mark J. Duff and other executives discussing the company's services in nuclear waste management. Interested parties can access the call via webcast or telephone. An archive will be available on the company's website, and a replay can be accessed until November 18, 2021. Perma-Fix specializes in radioactive waste management for government agencies and the commercial sector, operating four treatment facilities nationwide.
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) announced the successful closing of an underwritten public offering of 1,000,000 shares at $6.20 per share, generating approximately $6.2 million in gross proceeds. The net proceeds of about $5.8 million are earmarked for general growth capital and corporate purposes, including expansions at treatment facilities. This offering was conducted under a shelf registration statement effective since May 22, 2019. Wellington Shields & Co. LLC acted as the exclusive placement agent.
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) announced approximately $50 million in contract awards during Q3 2021, with a significant project valued at nearly $40 million. The new contracts, primarily with the U.S. government, enhance the company's project backlog to around $74 million. CEO Mark Duff expressed optimism about the growing sales pipeline in nuclear services and waste treatment, positioning Perma-Fix for potential growth in 2022.
Perma-Fix Environmental Services (NASDAQ: PESI) has secured a $6.5 million service contract with the Lawrence Berkeley National Laboratory, effective over the next nine months. CEO Mark Duff expressed optimism about expanding their bidding pipeline and the potential for additional Department of Energy (DOE) projects following their successful history of remediation and waste management services at LBNL. The company continues to provide critical nuclear waste management solutions across various federal and commercial sectors.
Perma-Fix Environmental Services (NASDAQ: PESI) reported Q2 2021 revenue of $16.1 million, down from $22.0 million in Q2 2020, mainly due to COVID-19 impacts. The Services Segment faced significant delays, resulting in net income of $3.0 million or $0.25 per share, aided by a $5.4 million gain from debt forgiveness. Operating loss stood at $2.2 million, compared to a profit of $405,000 in Q2 2020. Despite challenges, the company expects a better second half of 2021, driven by an increased activity and new contracts.
Perma-Fix Environmental Services (NASDAQ: PESI) announced a conference call scheduled for August 11, 2021, at 11:00 a.m. ET. The call will be led by CEO Mark J. Duff and other executives, discussing key updates and future initiatives. Interested parties can access the call via a live webcast or by telephone. An archived version will also be available on the company’s website for later viewing. Perma-Fix specializes in nuclear waste management, serving various sectors, including federal agencies.
Perma-Fix Environmental Services (NASDAQ: PESI) has secured a multi-million dollar contract for the Tritium Systems Demolition and Disposal (TSDD) project at the Princeton Plasma Physics Laboratory, slated for completion in 18 months. The project aims to safely remove legacy tritium systems and mitigate contamination risks. CEO Mark Duff emphasized the contract's significance for the company's funded backlog and services segment revenues. This project underlines Perma-Fix's expertise in managing hazardous environments and supports ongoing efforts in Fusion Energy Sciences.
Perma-Fix Environmental Services (NASDAQ: PESI) announced the development of the Therma-Fix Gen3, its third-generation vacuum thermal desorption system, aimed at enhancing waste treatment capacity while reducing costs. This innovative system can process up to 1,500 pounds of waste per day and is designed for various contaminated waste streams, including those with mercury. The project is set to launch in October 2021. CEO Mark Duff emphasized this technology's efficiency and cost-effectiveness, marking a significant advancement in the company's waste management capabilities.
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) has appointed Kerry C. Duggan to its Board of Directors. A prominent environmental policy expert, Duggan has held senior roles in government, including the Obama-Biden White House, where she served the former Vice President on environmental issues. She founded SustainabiliD and has recently been part of Michigan’s Council on Climate Solutions. Her extensive experience in clean energy and climate resilience aligns with Perma-Fix’s mission of providing effective waste management solutions, emphasizing the urgency of addressing legacy radioactive waste.
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