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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
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  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
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  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

5 Insightful Analyst Questions From Perma-Fix’s Q2 Earnings Call

PESI Cover Image

Perma-Fix’s second quarter results showed steady year-over-year revenue growth, but the company missed Wall Street’s revenue expectations as delays in its Services segment offset gains in waste treatment. Management pointed to technical challenges in the Treatment segment that limited capacity early in the quarter, but these were resolved through automation and process improvements. CEO Mark Duff stated that the Northwest facility “is becoming a real anchor for us” as the company received significant waste streams from the Hanford project, helping drive notable improvements in margins compared to the prior year.

Is now the time to buy PESI? Find out in our full research report (it’s free).

Perma-Fix (PESI) Q2 CY2025 Highlights:

  • Revenue: $14.59 million vs analyst estimates of $16.4 million (4.3% year-on-year growth, 11.1% miss)
  • Adjusted EPS: -$0.14 vs analyst estimates of -$0.14 (in line)
  • Adjusted EBITDA: -$2.30 million vs analyst estimates of -$2.2 million (-15.8% margin, relatively in line)
  • Operating Margin: -19.8%, up from -36% in the same quarter last year
  • Market Capitalization: $220.3 million

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Perma-Fix’s Q2 Earnings Call

  • Aaron Michael Spychalla (Craig-Hallum) asked for details on the resolution of Treatment segment production challenges and expectations for margin improvements. CEO Mark Duff explained that automation and training addressed bottlenecks, and performance goals are now being met.
  • Aaron Michael Spychalla (Craig-Hallum) inquired about the impact of the Hanford DFLAW facility delay and readiness for upcoming volumes. Duff noted investments and system designs are in place to support the operational ramp, with flexibility to scale as actual waste streams are clarified.
  • Aaron Michael Spychalla (Craig-Hallum) asked about the Services segment outlook and the West Valley project timeline. Duff described project delays as tied to federal procurement inefficiencies but expects activity to pick up, with West Valley likely starting implementation in early 2026.
  • Howard D. Brous (Wellington Shields) probed on anticipated DFLAW production ramp and associated revenue expectations. Duff outlined informal guidance from the Department of Energy, estimating $2–3 million monthly revenue at 40% capacity, with further ramp-up over 18 months.
  • Aaron Warwick (Breakout Investors) requested clarity on the Navy’s $240 million RADMAC III contract. Duff described it as a competitive, high-activity contract with early task orders underway, emphasizing alignment with Perma-Fix’s core radiological remediation expertise.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) the operational start and revenue contribution from the Hanford DFLAW facility, (2) the pace of PFAS technology commercialization and customer adoption, and (3) backlog conversion and project execution in the Services segment. Developments in federal procurement timing and progress on international contracts will also be key signposts.

Perma-Fix currently trades at $11.99, up from $11.13 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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