Perma-Fix Environmental Services, Inc. (PESI) is an environmental services and technology company specializing in waste treatment, processing, and disposal services. The company provides innovative solutions for managing nuclear, hazardous, and non-hazardous waste, serving both governmental and commercial clients. PESI also offers technical and on-site waste management services, along with research and development to enhance waste processing technologies.
- Treatment Segment - Provides waste treatment services for nuclear, hazardous, and non-hazardous waste, catering to research institutions, commercial companies, public utilities, and governmental entities such as the U.S. Department of Energy (DOE) and Department of Defense (DOD).
- Services Segment - Offers technical services including radiological measurement, health physics, occupational safety, consulting, engineering, project management, waste management, and decontamination and decommissioning (D&D) services. Also includes nuclear services such as D&D of facilities impacted by radioactive material and license termination support.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dr. Louis Centofanti ExecutiveBoard | Executive Vice President (EVP) of Strategic Initiatives | Civil Nuclear Trade Advisory Committee (CINTAC) | Dr. Louis Centofanti is the founder of PESI and currently serves as the EVP of Strategic Initiatives, driving the company's strategic initiatives; he has previously held leadership positions including President, CEO, and Chairman of the Board since PESI's inception in 1991. | |
Mr. Mark Duff ExecutiveBoard | President and CEO | Mr. Mark Duff has served as President and CEO at PESI since September 2017. He was elected as a Board Member on April 20, 2023, and has played a key role in driving strategic growth within the company. | View Report → | |
Mr. Ben Naccarato Executive | Chief Financial Officer (CFO) | Independent Director at PyroGenesis Canada, Inc.; Audit Committee Member at PyroGenesis Canada, Inc.; Compensation Committee Member at PyroGenesis Canada, Inc.; Strategic Initiatives Committee Member at PyroGenesis Canada, Inc. | Mr. Ben Naccarato has been serving as the Chief Financial Officer (CFO) at PESI since February 2009 and also holds the roles of Executive Vice President and Secretary. He joined PESI in September 2004, initially as Vice President of Finance, and has enhanced his expertise through external board roles at PyroGenesis Canada, Inc. since March 2021. | |
Mr. Richard Grondin Executive | Executive Vice President (EVP) of Hanford and International Waste Operations | Mr. Richard Grondin has served as the EVP of Hanford and International Waste Operations at PESI since January 23, 2025. Previously, he was EVP of Waste Treatment Operations from July 2020 to January 2025 and has held several roles at PESI since joining in 2002. | ||
Mr. Troy Eshleman Executive | Chief Operating Officer (COO) | Mr. Troy Eshleman is the Chief Operating Officer at PESI since January 23, 2025. He was previously hired as Vice President of Operations on January 6, 2025. |
- Given the persistent federal budget uncertainties and potential extended CR periods, how does management plan to mitigate the near-term impact on government contracting and revenue, particularly if shutdowns exceed the anticipated two-week duration?
- With Q4 revenue down by over 35% from last year and core business revenues falling short of the targeted $80 million annual run rate, what specific operational and strategic steps are you taking to restore and sustain your base business?
- Regarding the DFLAW program at Hanford, can you detail the contingency measures in place should the operational readiness review reveal significant findings or cause delays in the planned start-up?
- For the PFAS destruction initiative, considering the increased R&D and capital expenditures from $3 million in '24 to a forecasted $5 million in '25, what is the expected payback period and how will you ensure Gen 2 meets its high-capacity deployment targets on schedule?
- As competitors focus on PFAS concentration technologies while you emphasize permanent destruction, what are the key performance metrics you will use to validate your competitive edge and ensure this differentiated approach generates sustainable margins?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
EnergySolutions | Operates numerous treatment facilities and two treatment/disposal facilities for low-level radioactive waste. They also provide options for disposal of treated nuclear waste. |
Waste Control Specialists | Competes in the treatment/disposal market of low-level radioactive waste and provides disposal options for treated nuclear waste. |
Recent press releases and 8-K filings for PESI.
- Perma-Fix Environmental Services, Inc. reported revenue of $14.6 million for the second quarter of 2025, an increase from $14.0 million in the same period last year. The company achieved a gross profit of $1.5 million in Q2 2025, compared to a gross loss of $1.3 million in Q2 2024, and reduced its net loss to $2.7 million (or $0.15 per basic share) from $4.0 million (or $0.27 per basic share) in the prior year.
- The increase in revenue was primarily driven by the Treatment Segment, which saw revenue grow by approximately 37.0% year-over-year to $11.4 million in Q2 2025, largely due to increased waste volume and higher averaged waste prices. Waste receipts more than doubled in Q2 2025 to approximately 14.0 million, which is expected to contribute to a strong backlog through the remainder of 2025.
- The Services Segment revenue decreased to $3.2 million in Q2 2025 from $5.6 million in Q2 2024 due to project delays, but the company was awarded a position on the Navy’s RADMAC III Indefinite Delivery, Indefinite Quantity (IDIQ) contract, which is anticipated to present a steady stream of task order bid opportunities.
- The company is advancing its long-term growth strategy, including scaling its Per- and polyfluoroalkyl substances (PFAS) destruction platform and constructing a next-generation Gen 2.0 system. Despite a delay in the Direct-Feed Low-Activity Waste (DFLAW) facility startup to as late as October 15, 2025, Perma-Fix expects improved results in the second half of 2025 and beyond.
- Perma-Fix Environmental Services, Inc. has expanded its proprietary PFAS treatment technology to address a broader range of contaminated waste streams, including PFAS concentrate collected from leachate and wastewater, in addition to AFFF materials.
- The company received the first commercial batch of these new waste streams in June and plans to begin treatment imminently in its full-scale reactor.
- This expanded technology offers a competitively priced solution that provides comprehensive destruction of PFAS compounds, aiming to reduce customers' long-term environmental liabilities.
- The U.S. addressable market for PFAS treatment is estimated to reach several billion dollars annually, positioning Perma-Fix to serve large generators of PFAS waste, such as municipalities, industrial clients, and government agencies.
- Revenue Decline: Continuing operations revenue fell to $14.7M from $22.7M YoY, driven by project delays and procurement uncertainties.
- Widening Losses: The quarter reported a net loss of $3.5M, highlighting margin pressures and operational challenges.
- Stronger Liquidity: Cash on hand increased to $29M with significant improvement in working capital compared to the prior year.
- Growth Initiatives: Progress on the DFLAW project at Hanford along with advancements in PFAS technology indicate potential for operational turnaround and future growth in 2025.