Perma-Fix (PESI) Q3 2026: Hanford Clearance Fuels a Beat on Both Lines
As seen on the 24/7 Wall St. homepage on November 5, 2026.
The Hanford waste stream that stalled all year finally cleared approvals in late August, and treatment backlog jumped to $19.6 million, up roughly 65% from year-end 2025. Revenue and loss per share both beat expectations, the first real stabilization after two ugly quarters, but unresolved going-concern doubt in the 10-Q puts a clock on the recovery.
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Perma-Fix Environmental Services reported Q3 2026 revenue of $17.95 million, clearing the $14.90 million consensus estimate by about 20%. The GAAP net loss of $0.16 per share also came in better than the $0.21 analysts had expected, a beat of roughly 24%. It was the first quarter in several where the company did not miss on both measures.
The catalyst was a Hanford-related waste stream that had been held up all year by customer-directed changes in treatment protocols. Approvals finally arrived in late August, allowing the Treatment Segment to reach full processing operations in September. Even so, Treatment segment revenue still slipped to roughly $11.60 million from $13.11 million a year earlier, as the delays ate into the full quarter's output.
The Services Segment was the brighter piece of the story, with revenue climbing 46% year over year to approximately $6.35 million. CEO Mark Duff noted that revenue rose 39% sequentially from Q2 2026, that consolidated gross profit returned to positive territory, and that the net loss narrowed from the prior quarter. Price increases put in place beginning in August are starting to flow into new backlog figures.
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Treatment backlog stood at $19.6 million at quarter end, up roughly 65% from year-end 2025 and about 25% within the quarter alone. Perma-Fix Northwest has also begun receiving DFLAW dry waste in addition to liquid effluent from the Department of Energy's DFLAW facility, with management expecting both streams to grow as DFLAW ramps toward higher production levels. A Gen 2.0 PFAS destruction unit is expected to begin commissioning in Q4 2026, with operations targeted for the first half of 2027.
The recovery story carries a significant caveat. The company's Q3 2026 10-Q still discloses substantial doubt about its ability to continue as a going concern, a designation that has not been alleviated despite the sequential improvement. Recurring operating losses, negative operating cash flows, and reduced liquidity from capital expenditures are cited as the basis for that doubt, and management acknowledges there is no guarantee that task order awards under the Hanford Master IDIQ subcontract will materialize. The backlog growth and DFLAW ramp are real, but the going-concern language sets a firm timeline on how long the current trajectory needs to hold.
Mentioned: PESI