Form 8-K
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
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8-K — form8-k.htm (Primary)
EX-99.1 (ex99-1.htm)
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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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v3.26.1
Cover
May 06, 2026
Cover [Abstract]
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Document Period End Date
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Entity File Number
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Entity Registrant Name
PERMA
FIX ENVIRONMENTAL SERVICES, INC.
Entity Central Index Key
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Entity Tax Identification Number
58-1954497
Entity Incorporation, State or Country Code
DE
Entity Address, Address Line One
8302
Dunwoody Place
Entity Address, Address Line Two
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City Area Code
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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
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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
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Trading symbol of an instrument as listed on an exchange.
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No definition available.
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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
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-Name Securities Act
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