Perma-fix Environmental reports Q4 EPS 1c vs. (13c) last year

Reports Q4 revenue $22.7M vs. $16.8M last year. Mark Duff, President and CEO of the Company, commented, “I am pleased to report solid financial results for the fourth quarter and 2023. Specifically, we achieved a 35.6% and 27.1% increase in revenue, as well as a 112.7% and 70.4% increase in gross profit, for the fourth quarter and full year, respectively. Most notably, we have been preparing for several key initiatives that are progressing and we believe would be impactful to our business later in 2024 and throughout 2025. Despite related investments in both our internal bidding organization, as well as research and development, we achieved positive EBITDA and positive net income in 2023. Within our Treatment Segment, we benefitted from an improvement in waste volume receipts early in the quarter. Within the Services Segment, we realized several new awards from the Buffalo Corp of Engineers, U.S. Geological Survey, the U.S. Navy and several commercial clients. At the same time, we developed teaming relationships for several large procurements. In addition, a joint venture in which we have a 50% interest, received formal award of the Joint Research Council project through the European Union at the Ispra, Italy facility, which we believe could generate up to 50 million Euros over the next 7 years. Work under this JV is beginning in Q1 2024, and the scope of work for the Company is expected to ramp up in late 2025. Overall, we feel that we finished the year strong with several strategic wins and accomplishments that we believe will support our long-term growth. It is important to note, we are actively bidding on large future contracts within the U.S. Department of Energy and U.S. Navy, as well as other mid-size procurement initiatives at DOE, the U.S. Department of Defense and the U.S. Environmental Protection Agency facilities. In addition, we have made important advances on a new technology to treat PFAS contamination, which we look forward to unveiling in the near future. Moreover, we believe we are positioned to provide extensive waste treatment services in support of DOE’s Hanford closure strategy, including the treatment of effluent from the DFLAW facility once it commences vitrification operations, which is expected in early 2025. Finally, we are expanding our waste treatment offering within the commercial and international markets, including central Europe, Mexico and Canada. Although there may be some lumpiness in performance resulting from delays in procurements, project starts and waste shipments due, in part, to the Continuing Resolution for the 2024 federal budget, we remain encouraged by the long-term outlook for the business based on what we expect are the growing project opportunities, sales pipeline, and potentially company-changing projects in 2025.”