Perma-Fix Environmental Services (NASDAQ:PESI) today reported financial results for the full year ended December 31, 2025, detailing a year of strategic capacity expansion and a significant buildup in high-margin service demand.
The company generated total revenue of $61.7 million for the year, with its core Treatment Segment delivering $45.1 million—a 29% year-over-year increase.
This growth reflects the company’s successful positioning within the Department of Energy’s (DOE) multi-decade Hanford tank waste cleanup mission.
A primary operational catalyst in 2025 was the successful renewal and expansion of the Perma-Fix Northwest (PFNW) permit.
This regulatory milestone allows the facility to increase its liquid mixed waste treatment capacity to approximately 1.2 million gallons annually, providing the structural headroom necessary to handle larger waste streams from both domestic and international sources.
Consequently, the company ended the year with a treatment backlog of $11.9 million, representing a 51% increase over 2024.
This record backlog provides high visibility into the company’s 2026 revenue funnel as throughput begins to accelerate.
On the international front, Perma-Fix saw a dramatic shift in its revenue mix, with international sales rising 163% to approximately $6.4 million.
This expansion into global markets, particularly in Europe and Asia, underscores the growing demand for the company’s proprietary waste stabilized-form technologies.
However, despite these top-line gains, Perma-Fix reported a net loss of $13.8 million for the year.
Looking ahead to 2026, the company expects a "transitional" first quarter with initial operating losses as the new PFNW capacity reaches steady-state throughput.