PERMA FIX ENVIRONMENTAL SERVICES INC. Files 2023 Annual Report

TL;DR

<b>PERMA FIX ENVIRONMENTAL SERVICES INC. has submitted its 2023 annual 10-K filing detailing its financial performance and operational data.</b>

AI Summary

PERMA FIX ENVIRONMENTAL SERVICES INC (PESI) filed a Annual Report (10-K) with the SEC on March 13, 2024. PERMA FIX ENVIRONMENTAL SERVICES INC. filed its 2023 10-K report on March 13, 2024. The company operates in the Hazardous Waste Management industry (SIC 4955). Fiscal year end is December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key dates include the filing date of March 13, 2024, and the period of report ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking PERMA FIX ENVIRONMENTAL SERVICES INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health and operational activities for the fiscal year 2023, which is crucial for investors to assess performance and future outlook. Detailed financial statements and risk factors within the filing allow stakeholders to understand the company's financial position, revenue streams, and potential challenges in the hazardous waste management sector.

Risk Assessment

Risk Level: — PERMA FIX ENVIRONMENTAL SERVICES INC shows moderate risk based on this filing. The company's reliance on government clients for revenue presents a concentration risk, as detailed in the filing, which could impact financial stability if these contracts are affected.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Perma Fix Environmental Services Inc.'s financial performance and operational risks for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-13 — Filing Date (FILED AS OF DATE)
• 4955 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 8 — Number of Documents (PUBLIC DOCUMENT COUNT)

Key Players & Entities

• PERMA FIX ENVIRONMENTAL SERVICES INC (company) — FILER
• ATLANTA (location) — CITY
• GA (location) — STATE
• DE (location) — STATE OF INCORPORATION
• HAZARDOUS WASTE MANAGEMENT (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 2023 (date) — FISCAL YEAR END
• 2024-03-13 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: Significant revenue is derived from government clients, posing a risk if these relationships are adversely affected.

Industry Context

Perma Fix Environmental Services Inc. operates within the Hazardous Waste Management industry, providing services related to the treatment, storage, and disposal of hazardous waste.

Regulatory Implications

The company's operations are subject to various environmental regulations at federal, state, and local levels, which govern the handling and disposal of hazardous materials.

What Investors Should Do

1. Review the detailed financial statements for revenue and profitability trends.
2. Analyze the risk factors section for potential operational and financial challenges.
3. Compare key financial metrics with the previous fiscal year to identify performance changes.

Key Dates

• 2024-03-13: 10-K Filing — Filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 fiscal year.
• 2022-12-31: Prior Fiscal Year End — End of the prior reporting period for comparative financial analysis.

Year-Over-Year Comparison

The filing covers the fiscal year ending December 31, 2023, providing updated financial and operational data compared to the previous year's filings.

Key Financial Figures

• $43,477,000 — 23, the Treatment Segment accounted for $43,477,000, or 48.5%, of total revenue, as compare
• $33,358,000 — 48.5%, of total revenue, as compared to $33,358,000, or 47.2%, of total revenue for 2022. S
• $46,258,000 — 023, the Services Segment accounted for $46,258,000, or 51.5%, of total revenue, as compare
• $37,241,000 — 51.5%, of total revenue, as compared to $37,241,000, or 52.8%, of total revenue for 2022. S
• $2,066,000 — or 2023 and 2022 included approximately $2,066,000, or 2.3%, and $1,226,000, or 1.7%, resp
• $1,226,000 — approximately $2,066,000, or 2.3%, and $1,226,000, or 1.7%, respectively, from foreign cu
• $70,642,000 — nt entities, representing approximately $70,642,000 or 78.7%, of our total revenue during 2
• $59,658,000 — tal revenue during 2023, as compared to $59,658,000, or 84.5%, of our total revenue during
• $845,000 — nvironmental remediation liabilities of $845,000, a decrease of $16,000 from the Decembe
• $16,000 — liabilities of $845,000, a decrease of $16,000 from the December 31, 2022, balance of
• $861,000 — from the December 31, 2022, balance of $861,000. The decrease represents payments for r
• $61,000 — tion projects. As of December 31, 2023, $61,000 of the total accrued environmental liab
• $561,000 — their disposal than we do. R&D totaled $561,000 and $336,000 for 2023 and 2022, respect
• $336,000 — al than we do. R&D totaled $561,000 and $336,000 for 2023 and 2022, respectively. Gove

Filing Documents

• form10-k.htm (10-K) — 3141KB
• ex10-3.htm (EX-10.3) — 7KB
• ex10-4.htm (EX-10.4) — 13KB
• ex10-5.htm (EX-10.5) — 7KB
• ex10-7.htm (EX-10.7) — 158KB
• ex10-35.htm (EX-10.35) — 941KB
• ex21-1.htm (EX-21.1) — 9KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 23KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex-97.htm (EX-97.1) — 39KB
• ex-97_001.jpg (GRAPHIC) — 26KB
• ex10-35_001.jpg (GRAPHIC) — 46KB
• ex10-35_002.jpg (GRAPHIC) — 10KB
• ex10-35_003.jpg (GRAPHIC) — 14KB
• ex10-35_004.jpg (GRAPHIC) — 4KB
• ex10-35_005.jpg (GRAPHIC) — 1KB
• ex10-35_006.jpg (GRAPHIC) — 15KB
• 0001493152-24-009805.txt (&nbsp;) — 13952KB
• pesi-20231231.xsd (EX-101.SCH) — 77KB
• pesi-20231231_cal.xml (EX-101.CAL) — 107KB
• pesi-20231231_def.xml (EX-101.DEF) — 343KB
• pesi-20231231_lab.xml (EX-101.LAB) — 672KB
• pesi-20231231_pre.xml (EX-101.PRE) — 539KB
• form10-k_htm.xml (XML) — 2072KB

Business

Business 1 Item 1A. Risk Factors 7 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3. Legal Proceedings 18 Item 4. Mine Safety Disclosure 18 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters 18 Item 6. Reserved 19 Item 7. Management's Discussion and Analysis of Financial Condition And Results of Operations 19 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 30 Special Note Regarding Forward-Looking Statements 30 Item 8. Financial 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 68 Item 9A.

Controls and Procedures

Controls and Procedures 68 Item 9B. Other Information 69 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 69 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 81 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 101 Item 13. Certain Relationships and Related Transactions, and Director Independence 103 Item 14. Principal Accountant Fees and Services 105 PART IV Item 15. Exhibits and Financial Statement Schedules 106 PART I ITEM 1.

BUSINESS

BUSINESS Company Overview and Principal Products and Services Perma-Fix Environmental Services, Inc. (the Company, which may be referred to as we, us, or our), a Delaware corporation incorporated in December 1990, is an environmental and environmental technology know-how company. The principal element of our business strategy consists of upgrading our facilities within our Treatment Segment to increase efficiency and modernize and expand treatment capabilities to meet the changing markets associated with the waste management industry. Within our Services Segment, we continue to increase competitive procurement effectiveness and broaden the market penetration within both the commercial and government sectors. We continue to increase our focus on expansion into both commercial and international markets (see "Foreign Revenue and Initiatives" below for further discussion of a recently won foreign contract) to supplement government spending in the United States of America ("USA"), from which a significant portion of our revenue is derived. This includes new services, new customers and increased market share in our current markets. We experienced significant improvement in our 2023 financial results as the lingering effects of COVID-19 began to subside starting in the early part of 2022. Our Treatment Segment continued to see steady improvements in waste receipts from certain customers who had previously delayed waste shipments due, in part, from the impact of COVID-19. Within our Services Segment, certain projects which were delayed/curtailed in the first part of 2022 due, in part, from the lingering effects of the COVID-19, achieved full operational status and improved productivity in 2023 which positively impacted revenue. Revenues from both of our Segments were also positively impacted from contracts won in 2023 as procurement and planning on behalf of our government clients continued to progress as the lingering effects of COVID-19 pandemic subsided. Headin

View Full Filing

View this 10-K filing on SEC EDGAR