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EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Perma-Fix

Reports First Quarter 2026 Results and Strategic Outlook

Hanford waste receipts, Nuclear Services project mobilization,

PFAS

technology expansion, and long-term grouting opportunities

support improved outlook for 2026

ATLANTA

– May 6, 2026 – 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, 2026.

“As expected, the first quarter represented a transitional period as we deliberately positioned the Company for what we believe will be a significant step-up in activity beginning in the second quarter,” commented Mark Duff, President and Chief Executive Officer of Perma-Fix. “During the quarter, our results were impacted by seasonal softness, which includes lower waste receipts, the timing of achieving revenue milestones, the deliberate processing and reduction of existing waste inventories to maximize capacity ahead of anticipated Hanford-related activity, and investments in personnel, training, and facility readiness. While these factors impacted the performance of the Company for the first quarter, we believe the quarter also marked the final stages of years of preparation to support a much larger opportunity set across Hanford, Nuclear Services, and PFAS (per- and polyfluoroalkyl substance) destruction.

We believe that the transition we have been preparing for is beginning to materialize across our operations. Our Perma-Fix Northwest (PFNW) facility has begun receiving Hanford ETF (Effluent Treatment Facility) waste, and we continue to work closely with U.S Department (DOE) contractors on the anticipated start of additional Direct-Feed Low-Activity Waste (DFLAW)-related waste streams. Moreover, DOE leadership appears to be focused on providing Hanford waste tank retrieval, supplemental to DFLAW, through grouting waste using available commercial capacity. The PFNW facility provides immediate local capacity we believe would meet the needs of DOE for its objectives over the next several years. At the same time, our Services Segment has mobilized under the recently awarded Lawrence Livermore National Laboratory demolition and disposal agreement, which has a reported value of approximately $24 million over a two year period, and our PFAS platform continues to advance through completed commercial and government-related treatment work, new project wins, and installation of our Gen 2.0 unit, which is designed to expand treatment capacity.

Collectively, we believe the expanded permit at our Northwest facility, anticipated growth in Hanford-related waste receipts, the long-term grouting opportunity, renewed momentum in Nuclear Services, and the increasing need for permanent PFAS destruction solutions all reflect years of investment, technical development, and operational preparation. The expanded permit at our Northwest facility approximately triples the facility’s permitted liquid mixed waste processing capacity and authorizes the processing of waste annually through macroencapsulation. In our view, Perma-Fix is now positioned to begin converting this multi-year investment cycle into improved operating performance. Although the timing of government programs and customer shipments may continue to create quarterly variability, we expect Perma-Fix to deliver improved performance beginning in the second quarter, through the balance of 2026, and over the longer term as these opportunities continue to scale.”

Financial Results

Revenue was $11.1 million for the first quarter of 2026, compared to $13.9 million for the corresponding period in 2025. Treatment Segment revenue decreased by approximately $1.3 million to $7.9 million in the first quarter of 2026, from $9.2 million in the same period of 2025. This decline was primarily due to lower waste volumes and a less favorable average waste pricing mix. Services Segment revenue decreased by approximately $1.5 million to $3.2 million in the first quarter of 2026, compared to $4.7 million in the first quarter of 2025. The decline was due in part to reduced field activity, driven by seasonal delays, including winter weather and typical post-holiday slowdowns. Additionally, Services Segment revenues are project-based, and therefore subject to variability in project scope, duration, and timing of completion.

Overall gross loss for the first quarter of 2026 was $2.9 million, compared to gross profit of $657,000 for the first quarter of 2025. The decrease in Treatment Segment gross profit of approximately $3.1 million, along with the decline in gross margin to (36.0)% from 2.7%, was primarily attributed to lower revenue discussed above. Treatment Segment gross loss and margin were also impacted by an increase in fixed costs as the Company continues to invest in infrastructure and workforce in anticipation of increased waste volumes, including those under the DFLAW program at Hanford. Services Segment

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PERMA FIX ENVIRONMENTAL SERVICES INC

0000891532

2024-04-10 2024-04-10

iso4217:USD

xbrli:shares

iso4217:USD

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 10, 2024

PERMA-FIX

ENVIRONMENTAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware .

1-11596

58-1954497

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

8302 Dunwoody Place, Suite 250, Atlanta, Georgia

30350

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (770) 587-9898

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of each exchange on which registered

Common Stock, Par Value, $.001 Per Share

PESI

Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Section 2 – Financial Information

Item 2.02 – Results of Operations and Financial Condition

As previously disclosed, Perma-Fix Environmental Services, Inc.’s (the “Company”) results of operations in the first quarter of 2024 were impacted by accelerated investments and several events, which the Company believes were temporary. The Company has elected to provide additional disclosure to further clarify the nature of these investments and impacts, which included the following:

●Accelerated investments in research and development on our new technology to treat Per- and Polyfluorinated Substances (“PFAS”);

●Reduced activities by the Company’s customers from poor weather conditions, which resulted in the closure of two of our facilities for a week, including delays in shipments to support backlog;

●Continuing Resolution impacts due to the inability of Congress to pass a Federal Budget through March, which contributed to delays in procurements, project starts and waste shipment, due to uncertain budget projections by our government clients;

●Completion of two large projects in the Services Segment were not yet replaced by new projects starts due to delays in mobilization activities until late April; and

●All three primary treatment facilities realized outages in March resulting in nearly $1.5 million in impacts as the Company utilized the aforementioned slowdowns for equipment replacement and repairs, program enhancements, and testing to support permit expansion and broader market penetration;

As a result of the aforementioned investments and impacts, the Company anticipates it will generate a net loss of approximately $3.5 million in the first quarter of 2024, which amount is subject to change as the Company continues to finalize its results for the first quarter of 2024. The Company believes that most of these accelerated investments and unanticipated impacts should have limited duration effects to the Company’s financial performance. Management believes that the second quarter will not include significant continued impact from these activities. Additionally, the Company believes its base business is well positioned for the second half of 2024 and, as previously reported, the Company continues to advance a variety of additional initiatives that it expects will have a further positive impact on both revenue and earnings beginning the second half of the year that are expected to be more fully realized in 2025.

Preliminary Information

The unaudited financial and operational information presented herein is preliminary and may change. The Company’s financial closing procedures with respect to the estimated financial information provided in this report are not yet complete, and as a result, the Company’s final results may vary significantly from the preliminary results included in this report. The Company undertakes no obligation to update or supplement the information provided in this report until the Com