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Form 8-K

sec.gov

8-K — PERMA FIX ENVIRONMENTAL SERVICES INC

Accession: 0001493152-26-022192

Filed: 2026-05-11

Period: 2026-05-06

CIK: 0000891532

SIC: 4955 (HAZARDOUS WASTE MANAGEMENT)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

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0000891532

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2026-05-06

2026-05-06

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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) May 6, 2026

PERMA

FIX ENVIRONMENTAL SERVICES, INC.

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 Markets

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

On

May 6, 2026, Perma-Fix Environmental Services, Inc. (the “Company”) issued a press release to report its financial results

for the three months ended March 31, 2026. The press release is furnished as Exhibit 99.1 hereto and is hereby incorporated by reference

in this Item 2.02.

The

information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section

18 of the Securities Act of 1934, as amended, or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated

by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference

in such filing.

Item

8.01 –

Other

Events

On

April 16, 2026, the Company’s Board of Directors determined that the Company’s 2026 Annual Meeting of Stockholders will be

held on July 22, 2026, and that the record date for stockholders entitled to vote at such meeting will be May 28, 2026.

Section

9 –

Financial

Statements and Exhibits

Item

9.01 –

Financial

Statements and Exhibits

(d) Exhibits

Exhibit

Number

Description

99.1

Press

release dated May 6, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the

undersigned hereunto duly authorized.

PERMA-FIX

ENVIRONMENTAL SERVICES, INC.

By:

/s/

Ben Naccarato

Ben

Naccarato

Dated:

May

11, 2026

Executive

Vice President, Chief Financial Officer and Chief Accounting Officer

EX-99.1

EX-99.1

Filename: ex99-1.htm · Sequence: 2

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 gross profit decreased by approximately $455,000, and gross margin declined to (1.5)%

from 8.6%, primarily due to lower revenue. Additionally, overall Services Segment gross margin is impacted by the nature of its projects,

which are competitively bid and therefore have varying margin structures.

Operating

loss for the first quarter of 2026 was $7.5 million versus an operating loss of $3.7 million for the corresponding period of 2025. Net

loss for the first quarter of 2026 was approximately $7.5 million, compared to approximately $3.6 million for the first quarter of 2025.

Net loss per share (both basic and diluted) for the first quarter of 2026 was $0.40 per share, versus net loss per share (both basic

and diluted) of $0.19 for the same period in 2025.

Our

Quarterly Report on Form 10-Q for the period ended March 31, 2026, includes disclosure that certain conditions raise substantial doubt

about our ability to continue as a going concern. The Company expects to fund its anticipated cash requirements from cash on hand, expected

cash flows from operations, and borrowing availability under its Revolving Credit facility; however, the Company’s borrowing availability

under its Revolving Credit facility is subject to compliance with applicable financial covenants and other conditions, and its expected

cash flows from operations are subject to timing and uncertainty, including those resulting from ongoing federal spending constraints.

The

Company reported EBITDA of ($7.0) million from continuing operations for the first quarter of 2026, compared to EBITDA of ($3.3) million

from continuing operations for the first quarter of 2025. The Company defines EBITDA as earnings before interest, taxes, depreciation

and amortization. EBITDA is not a measure of performance calculated in accordance with Generally Accepted Accounting Principles in the

United States of America (“GAAP”), and should not be considered in isolation of, or as a substitute for, earnings as an indicator

of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of

EBITDA is relevant and useful by enhancing the readers’ ability to understand the Company’s operating performance. The Company’s

management utilizes EBITDA as a mean to measure performance. The Company’s measurement of EBITDA may not be comparable to similar-titled

measures reported by other companies. The table below reconciles EBITDA, a non-GAAP measure, to GAAP numbers for loss from continuing

operations for the three months ended March 31, 2026, and 2025.

Quarter Ended

March 31,

(In thousands)

2026

2025

Loss from continuing operations

$ (7,375 )

$ (3,500 )

Adjustments:

Depreciation & amortization

490

436

Interest income

(180 )

(335 )

Interest expense

59

112

Interest expense - financing fees

21

20

Income tax expense

EBITDA

$ (6,985 )

$ (3,267 )

The

tables below present certain unaudited financial information for the business segments, which excludes allocation of corporate expenses.

Quarter Ended

Quarter Ended

March 31, 2026

March 31, 2025

(In thousands)

Treatment

Services

Treatment

Services

Revenues

$ 7,878

$ 3,248

$ 9,186

$ 4,733

Gross (loss) profit

(2,833 )

(48 )

250

407

Loss from operations

(4,502 )

(866 )

(1,397 )

(347 )

Conference

Call

Perma-Fix

will host a conference call at 10:00 a.m. EDT on Wednesday, May 6, 2026. The conference call will be available via telephone by dialing

toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers, and by entering access code: 741757. The conference

call will be led by Mark J. Duff, Chief Executive Officer, Dr. Louis F. Centofanti, Executive Vice President of Strategic Initiatives,

and Ben Naccarato, Executive Vice President and Chief Financial Officer of Perma-Fix Environmental Services, Inc.

A

webcast of the call may be accessed at https://www.webcaster5.com/Webcast/Page/2243/53965 or in the investor section of the Company’s

website at https://ir.perma-fix.com/conference-calls. A webcast will also be archived on the Company’s website and

a telephone replay of the call will be available approximately one hour following the call, through Wednesday, May 20, 2026, and can

be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code: 53965.

About

Perma-Fix Environmental Services

Perma-Fix

Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company’s

nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions,

federal agencies, including the DOE, the U.S. Department of War (“DOW”), and the commercial nuclear industry. The Company’s

nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning,

new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four

nuclear waste treatment facilities and provides nuclear services at DOE, DOW, and commercial facilities, nationwide.

Please

visit us at http://www.perma-fix.com.

This

press release contains “forward-looking statements” which are based largely on the Company’s expectations and are subject

to various business risks and uncertainties, certain of which are beyond the Company’s control. Forward-looking statements generally

are identifiable by use of the words such as “believe”, “expects”, “intends”, “anticipate”,

“plan to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include,

but are not limited to: outlook for 2026; step up of activity beginning second quarter, Hanford opportunities; Nuclear Services,

and PFAS destruction; expand treatment capacity of Perma-Fix Northwest; grouting opportunities; converting multi-year investment cycle

into improved operating performance; quarterly variability in timing of government programs and customer shipments; positioned to deliver

improved performance beginning in the second quarter, through the balance of 2026; and value of the contract with Lawrence Livermore

National Laboratory. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance

such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from

those described in this release, including, without limitation, future economic conditions; industry conditions; competitive pressures;

our ability to apply and market our new technologies; acceptance of our technology; the government or such other party to a contract

granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract or terminates existing

contracts; Congress fails to provides funding for the DOD’s and DOE’s remediation projects; inability to obtain new foreign

and domestic remediation contracts; and the additional factors referred to under “Risk Factors” and “Special Note Regarding

Forward-Looking Statements” of our 2025 Form 10-K and Form 10-Q for quarter ended March 31, 2026. The Company makes no commitment

to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking

statements.

Contacts:

David

K. Waldman-US Investor Relations

Crescendo

Communications, LLC

(212)

671-1021

Herbert

Strauss-European Investor Relations

herbert@eu-ir.com

+43

316 296 316

FINANCIAL

TABLES FOLLOW

PERMA-FIX

ENVIRONMENTAL SERVICES, INC.

CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

(Amounts in Thousands, Except for Per Share Amounts)

2026

2025

Revenues

$ 11,126

$ 13,919

Cost of goods sold

14,007

13,262

Gross (loss) profit

(2,881 )

657

Selling, general and administrative expenses

4,299

4,015

Gain on disposal of property and equipment

(5 )

Research and development

303

383

Loss from operations

(7,483 )

(3,736 )

Other income (expense):

Interest income

180

335

Interest expense

(59 )

(112 )

Interest expense-financing fees

(21 )

(20 )

Other

8

33

Loss from continuing operations before taxes

(7,375 )

(3,500 )

Income tax expense

Loss from continuing operations, net of taxes

(7,375 )

(3,500 )

Loss from discontinued operations (net of taxes)

(112 )

(73 )

Net loss

$ (7,487 )

$ (3,573 )

Net loss per common share - basic and diluted:

Continuing operations

$ (.40 )

$ (.19 )

Discontinued operations

Net loss per common share

$ (.40 )

$ (.19 )

Weighted average number of common shares used in computing net loss per share:

Basic

18,542

18,424

Diluted

18,542

18,424

PERMA-FIX

ENVIRONMENTAL SERVICES, INC.

CONDENSED

CONSOLIDATED BALANCE SHEET

March 31,

December 31,

(Amounts in Thousands, Except for Share and Per Share Amounts)

2026

2025

ASSETS

Current assets:

Cash

$ 6,664

$ 11,768

Account receivable, net of allowance for credit losses of $329 and $309,

respectively

9,215

11,228

Unbilled receivables

8,001

8,781

Other current assets

5,490

4,534

Assets of discontinued operations included in current assets

61

60

Total current assets

29,431

36,371

Net property and equipment

25,001

24,600

Property and equipment of discontinued operations

146

146

Operating lease right-of-use assets

1,406

1,445

Intangibles and other assets

25,707

25,472

Total assets

$ 81,691

$ 88,034

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

$ 23,294

$ 22,298

Current liabilities related to discontinued operations

243

270

Total current liabilities

23,537

22,568

Long-term liabilities

11,575

11,729

Long-term liabilities related to discontinued operations

3,600

3,598

Total liabilities

38,712

37,895

Commitments and Contingencies

Stockholders’ equity:

Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding

Common Stock, $.001 par value; 30,000,000 shares authorized, 18,555,181 and 18,525,823 shares issued,

respectively;

18,547,539 and 18,518,181 shares outstanding, respectively

18

18

Additional paid-in capital

161,408

161,057

Accumulated deficit

(118,201 )

(110,714 )

Accumulated other comprehensive loss

(158 )

(134 )

Less Common Stock held in treasury, at cost: 7,642 shares

(88 )

(88 )

Total stockholders’ equity

42,979

50,139

Total liabilities and stockholders’ equity

$ 81,691

$ 88,034

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Cover

May 06, 2026

Cover [Abstract]

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Entity File Number

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PERMA

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Balance Type:

na

Period Type:

duration

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

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