Q2 2024 Perma-Fix Environmental Services Inc Earnings Call Transcript
Key Points
- Perma-Fix Environmental Services Inc (PESI) is seeing improvement heading into the second half of 2024, with increasing revenues and productivity each month.
- The company is making progress on transformative initiatives, including large procurement opportunities with DOE, DOD, and EPA, which could significantly increase sustainable revenue for the next 5 to 10 years.
- Perma-Fix has achieved significant milestones by completing pivotal Department of Energy audits, essential for involvement in crucial projects like the cleanup efforts at Hanford and Oak Ridge Reservation.
- The company is advancing its PFAS technology, with the first commercial unit expected to be operational by Q4 2024, and has received PFAS liquid samples from over a dozen clients, including the federal government.
- Perma-Fix has a solid balance sheet with over $18.1 million in cash, providing sufficient resources to execute its growth strategy.
- Perma-Fix experienced a 44% decrease in total revenue in Q2 2024 compared to the previous year, primarily due to government delays and an equipment failure.
- The company reported a net loss of $4 million for the quarter, compared to a net income of $474,000 in the same quarter last year.
- An extended equipment failure at one of the facilities took nearly seven weeks to repair, impacting production and revenue.
- The services segment faced delays in the start-up of new projects and completion of two larger projects, leading to decreased revenue.
- The PFAS technology development incurred significant costs, with $600,000 to $700,000 spent in Q2 2024, impacting financial performance.
Greetings, and welcome to the Perma-Fix fiscal second-quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Mr. David Waldman, Crescendo Communications.
Thank you, and good morning, everyone, and welcome to Perma-Fix Environmental Services second-quarter 2024 conference call. On the call with us this morning are Mark Duff, President and CEO; Dr. Louis Centofanti, Executive Vice President of Strategic Initiatives; and Ben Naccarato, Chief Financial Officer.
The company issued a press release this morning containing second-quarter 2024 financial results, which is also posted on the company's website. If you have any questions after the call and would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.
I'd also like to remind everyone that certain statements contained within this conference call may be
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