Revenue: As of FY2025, the actual value is USD 61.67 M, missing the estimate of USD 63.7 M.EPS: As of FY2025, the actual value is USD -0.58, missing the estimate of USD -0.52.EBIT: As of FY2025, the actual value is USD -12.63 M.<h4>Segment Revenue</h4><ul><li>Total Consolidated Revenue<ul><li>In 2025, total consolidated revenue was $61,674,000, an increase of $2,557,000 or 4.3% year-over-year from $59,117,000 in 2024.</li></ul></li><li>Treatment Segment Revenue<ul><li>The Treatment segment generated $45,097,000 in 2025, representing 73.1% of total revenue, up $10,144,000 or 29.0% year-over-year from $34,953,000 (59.1% of total revenue) in 2024.</li><li>This increase was driven by higher waste volumes and a higher average price waste mix, including increased international and commercial client revenue.</li></ul></li><li>Services Segment Revenue<ul><li>The Services segment revenue decreased by -$7,587,000 or -31.4% year-over-year, from $24,164,000 (40.9% of total revenue) in 2024 to $16,577,000 (26.9% of total revenue) in 2025.</li><li>This decline was attributed to delays in project mobilization and procurements due to changes in the presidential administration and a partial federal government shutdown.</li></ul></li><li>Revenue by Customer Location<ul><li>Revenue from the United States was $55,234,000 in 2025, down from $56,665,000 in 2024.</li><li>Revenue from Canada increased to $2,820,000 in 2025 from $513,000 in 2024.</li><li>Germany’s revenue was $774,000 in 2025, slightly up from $734,000 in 2024.</li><li>Italy’s revenue significantly increased to $389,000 in 2025 from $77,000 in 2024.</li><li>Mexico’s revenue also saw a substantial increase, reaching $2,144,000 in 2025 from $394,000 in 2024.</li><li>Revenue from Slovenia decreased to $94,000 in 2025 from $181,000 in 2024.</li><li>The United Kingdom’s revenue decreased to $219,000 in 2025 from $553,000 in 2024.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Gross Profit<ul><li>Total gross profit significantly increased by $5,971,000 or 298,550% year-over-year, from $2,000 in 2024 to $5,973,000 in 2025.</li></ul></li><li>Gross Margin<ul><li>The consolidated gross margin improved from 0.0% in 2024 to 9.7% in 2025.</li></ul></li><li>Treatment Segment Gross Profit and Margin<ul><li>The Treatment segment’s gross profit improved by $5,904,000 or 531.9% year-over-year, from -$1,110,000 in 2024 to $4,794,000 in 2025.</li><li>Its gross margin improved from -3.2% in 2024 to 10.6% in 2025.</li></ul></li><li>Services Segment Gross Profit and Margin<ul><li>The Services segment’s gross profit increased by $67,000 or 6.0% year-over-year, from $1,112,000 in 2024 to $1,179,000 in 2025.</li><li>Its gross margin improved from 4.6% in 2024 to 7.1% in 2025.</li></ul></li><li>Loss from Operations<ul><li>Loss from operations improved by $3,947,000, from -$15,682,000 in 2024 to -$11,735,000 in 2025.</li></ul></li><li>Selling, General, and Administrative (SG&amp;A) Expenses<ul><li>SG&amp;A expenses increased by $1,925,000 or 13.3% year-over-year, from $14,491,000 in 2024 to $16,416,000 in 2025.</li></ul></li><li>Research and Development (R&amp;D) Expenses<ul><li>R&amp;D expenses increased by $119,000 year-over-year, from $1,172,000 in 2024 to $1,291,000 in 2025.</li></ul></li><li>Loss from Continuing Operations (Net of Taxes)<ul><li>Loss from continuing operations (net of taxes) improved by 45.5% year-over-year, from -$19,569,000 in 2024 to -$10,665,000 in 2025.</li></ul></li><li>Loss from Discontinued Operations (Net of Taxes)<ul><li>Loss from discontinued operations (net of taxes) increased from -$410,000 in 2024 to -$3,119,000 in 2025.</li></ul></li><li>Environmental Remediation Liabilities (Discontinued Operations)<ul><li>Environmental remediation liabilities for discontinued operations increased by $2,718,000, from $767,000 in 2024 to $3,485,000 in 2025.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Cash Used in Operating Activities of Continuing Operations<ul><li>Cash used in operating activities of continuing operations decreased from -$14,146,000 in 2024 to -$10,311,000 in 2025.</li></ul></li><li>Cash Used in Operating Activities of Discontinued Operations<ul><li>Cash used in operating activities of discontinued operations decreased from -$597,000 in 2024 to -$441,000 in 2025.</li></ul></li><li>Cash Used in Investing Activities of Continuing Operations<ul><li>Cash used in investing activities of continuing operations increased from -$4,079,000 in 2024 to -$4,897,000 in 2025.</li></ul></li><li>Cash (Used in) Provided by Financing Activities of Continuing Operations<ul><li>Cash provided by financing activities of continuing operations shifted from $40,955,000 in 2024 to cash used of -$981,000 in 2025.</li></ul></li></ul><h4>Unique Metrics</h4><ul><li>Treatment Segment Backlog<ul><li>The Treatment segment backlog increased by 50.9% year-over-year, from $7,859,000 as of December 31, 2024, to $11,861,000 as of December 31, 2025.</li></ul></li><li>Foreign Revenue (Consolidated)<ul><li>Consolidated foreign revenue increased by $3,988,000 or 162.6% year-over-year, from $2,452,000 (4.1% of total revenue) in 2024 to $6,440,000 (10.4% of total revenue) in 2025.</li></ul></li><li>Government Client Revenue<ul><li>Government client revenue was $39,243,000 in 2025, representing 63.6% of total revenue, down from $40,550,000 (68.6% of total revenue) in 2024.</li></ul></li></ul><h4>Outlook / Guidance</h4>Perma-Fix Environmental Services, Inc. anticipates potential improvements in financial results for 2026, driven by expected increases in waste treatment volumes, including the commencement of the DFLAW program at Hanford and the conversion of existing Treatment Segment backlog into revenue. The company plans to deploy a second-generation PFAS destruction unit in the second half of 2026, aiming to triple production capacity and expects increased revenue from international projects, particularly an Italian contract, in late 2026. However, Perma-Fix Environmental Services, Inc. expects to incur operating losses in the near term due to fixed operating costs and ongoing investments in new technology and program activities.

Perma-Fix Environmental | 10-K: FY2025 Revenue Misses Estimate at USD 61.67 M