Earnings call transcript Q4 2022

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Operator

Good day, everyone and welcome to the Perma-Fix Fiscal 2022 Year End Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, David Waldman. Sir, the floor is yours.

David Waldman

Thank you, Matt. Good morning, everyone and welcome to Perma-Fix Environmental Services fourth quarter and year end 2022 conference call.

us are with and Duff, call Dr. CEO; the this Mark morning President On Vice Strategic President Naccarato, Executive Centofanti, Lou of Officer. Chief Initiatives; Financial Ben and

The the company’s containing this results, press is website. company XXXX which on quarter financial morning posted also issued a fourth release

information at have additional XXX-XXX-XXXX. questions like any please company, you the call the If would contact or after any about Crescendo Communications

statements of makes this of remind and and differ this cause that statements All are like risks measures. to company’s actual other The risks they facts, revisions company include everyone any Private Securities U.S. and results any forward-looking other press financial statements as meaning historical after known to conference to within and maybe are on also could statements unknown and within release. that Reform than of statements. I’d disclose from a These which to or no contained Litigation filings forward-looking statement subject detailed uncertainties the and in or forward-looking date the upon well commitment call as deemed the hereof forward-looking statements XXXX Act and Exchange are call such the the statements. Securities circumstances the certain are that of fact uncertainties events this performance to Commission with morning’s non-GAAP certain company materially conference factors,

in non-GAAP website. release and the news such our performance. historical directly call its measures provides today’s comparison references In addition, the is on GAAP measurement reconciliation measures most believes non-GAAP will include consistent to of available comparable A information Perma-Fix today’s to an additional measures. that of

to the ahead, like call Please Mark now go I’d turn Duff. to Mark. over

Mark Duff

momentum we year some revenue return built in the upcoming services was to normalization and the pandemic. lingering in as had the Alright. to XXXX and Thanks, The the solid a growth of prior for we the the weakness effect and everyone. treatment a year we finally due we delaying in XXXX the seeing are experienced foundation good to transformative the was of on morning projects David in pandemic segments. a and COVID-XX

gross a was quarter, fourth achieved due in XX% to profitability have the last increase projects the compared in we profit improved in Nevertheless, which year. to services

In profit addition, from total gross increased X% XX%. roughly to margins

we a year, back challenging While Within Treatment on due believe primarily segment. our a steady in we was are in experienced Treatment trajectory, our XXXX waste improvement receipts. the have we have we to improvement the growth seen recent segment,

average well reflected returned from months over as Specifically, our as quarter as per and year prior waste quarters. efforts steadily result end, This our into receipts client have to increased utility in is year. broaden gas X the of This than shipments $X.X is industrial DOE our other a best million at our as which levels the significantly base higher well oil markets. and backlog, commercial pre-pandemic to the was of last sector

associated challenges from fourth grout facilities our important as are XXXX Department attrition well due the processing was which and mix. rates It’s supply other as campaigns quarter several hiring chain as to that of such near by Energy impacted labor with note of the at to issues materials waste impacts sites, negatively high of availability

Washington. record severe temperatures low area We the also experienced to of in weather Tri-Cities impacts due

compared realizing in two XXXX first me, However, to the at each quarters. quarter XXXX, to – have location quarter subside stability of issues with last the begun hiring excuse first these of

our potential we revenues significantly addition several backlog. enhance to believe have long-term the are In our growth advancing to our of rapidly and business, that we the base initiatives

management growth tank our Hanford the ROD, waste Record for two of for of many incidental final developed which January we Energy reprocessing, significant the EIS potential well notice that These For or was include the years. for in in initiative the with steps that originally Friday the test demonstration is this forward for realized of have in call, waste to of Decision, initiatives closure the availability of what Department important of pursuit we announcement XXXX XX TBI. instance, hold the WIR bed the as as an report, we call amendment initiatives support what past

the at sizable can’t on we be activity, that streams the DFLAW will recommended the we’ll many low waste gets treatment at the solutions Perma-Fix provide the will suffice while refer the are the this DFLAW which once say touch is a radioactive to over to supports the provide by specifics Washington produced time, the operational. to program DOE too for waste first in annually. site And cubic for base facility, over estimated Hanford it meters the waste amendment by opportunity represents program I First, – decade. also direct amendment ROD as feed secondary next This to X,XXX

cost be begin late flows volume than projected of this period. a on in the To very next We perspective, plant waste could the double over in of would the cash of combined the – our significant XX-year more production received timeframe. the all be of to in at an currently XXXX our annual will Perma-Fix of upon to And the fixed result this basis. startup facilities nature given plants begin business, this hot put

pretreated and a currently level approve for shipment final by which the DOE The These documents developments or is work is underscore document opens that to Perma-Fix closure to final likely that well regulator states waste. incidental for develop tank on State of DFLAW fuel with the treatment of is managed the incidental The and TBI WIR state Hanford reprocessing of X to DOE be I spent playing proposed year. Phase regulatory support includes determined of as went shipped waste grouting the commercial for mentioned, anticipated the X the program X,XXX law the will take the the waste include gallons as progress Department both be be based second nuclear solidified tanks vitrification that to the on that The the Phase before in door low This high end mission and waste program Ecology, Washington to to supplemental long-term program. to the waste the of of would program is not level grouting. will as the forward, the role disposal the of important evaluation, of a from this that is treatment waste in step WIR week published as DOE, approach. which reprocessing demonstrate supplemental program

up month, emissions safely quarter, our billions fitted compliantly last gallons reduced Perma-Fix Hanford to compared of the to dramatically discussed reducing taxpayer to save well Northwest grout eliminate the permitted maintains the initiative dollars to facility, As potential Perma-Fix cleanup. holds significant these for while XX,XXX TBI X a to today carbon tens and as dollars, capabilities at expand schedules and annually vitrification. cost now of ability well over with which is million gallons as

in quarter new the the second delayed And that segments, we several secured pandemic. begin projects projects status important we that of to impact of will in Within full operational XXXX. the additionally, expect we the due have have been Services reached

to support additional from procurement These been announce we to result number will on coming new funding has be to a quarters. impacts to that pandemic in fade, increased hold. moving the awarded in projects levels, As of the anticipate continue the the forward have cycles are federal begun which the government opportunities

procurement in we targeted a defined over opportunities now have few million released be result, $XXX As next in the quarters. to

very some the large by In DOE. to potential addition, we strategic await continue awards

Some our would of substantial core if competencies. to in are selected increases by with these represent sustainable considerable size into revenue align projects quite and DOE

management, both these in completely include disposition our project second we quarter. likely to procurements, a Research also the on support large in would our we Hanford deployment integrated both open to with these technologies project, door of which are past Europe the for treatment radiological successful, our team mission as DOE strengths which would $X we the in of and which in announcement expansion billion Council to this close of Europe. project and upcoming announcements innovations in to be and awarded referred support Some calls the through these project we in participate another program rapidly markets If Joint billion member and protection site that align deal of Italy, contract the are and waste operation $XX tank are growing

program. specifically was in awarded EPA solar months, We support several abandoned the that our task strategic our sole announcement closure of mine last team first technology, the awards associated few abandoned mine over also uranium with order new have week past the received including

the anticipating Arizona are Awards also in about this task million at support DOE of only represents first While locations is deployment the generation XXXX. for technology in we our region. expansion located the program realized site, $X revenue will Northeast been several the backlog initial that of into which XXXX, of order have following rapid

U.S. addition, DOE supposed in positioned Engineers, the are other for secured few site of next In several the the and procurement that Department well upcoming Navy initiatives we quarters. several Corp. are to U.S. for projects be

that budgets of spending result these and benefit last there year. pent-up that the factors, from is we expect improving clear to it’s a carryover us significant As and from demand

see a optimistic XXXX XXXX. we a will maintained As over have an result, view that improvement significant

are signs of we As I already earlier, mentioned that improvement. seeing

for a moment, adjusted the a for improved $X.X loss loss million in QX XXXX. QX million financials Turning to of compared EBITDA back our of year a to to XXXX $X prior

expectations continue impact on expenses. of focus having costs as we Aside of going a non-billable our to our solid SG&A positive as a well growth operating EBITDA indirect from forward, revenue on reduction

a going profitability forward. As flow a we cash in anticipate improvement and meaningful result,

in time, our into to same facilities. At we the invest our continue capabilities

We for infrastructure. growth a scalable have highly foundation and built solid a

believe mentioned. a demand As advantage we pent-up are that the position take we a in of result, to great we

margins As revenues, experienced mentioned projects the to from nuclear flows within we and given we our and our could over that from increasing and the the ability confident next to growth events pipeline and prior continue years. cash several to segment stability Services solid pandemic, to incremental benefit our the months Treatment our materialize predictable coming we we remain transformative of potentially in we Overall, backlog, high achieve segment. expect our increase services

little more turn I On Ben? discuss that who note, detail. in it will results a over our will financial to now Ben

Ben Naccarato

you, Thank Mark.

Let’s revenue. with start

The average for revenue a quarter mentioned, volume did of fourth due the Our $XXX,XXX segment delays, or $XX.X weather. X.X%. these of positive revenue decrease pricing, receipt but in the supply and last Treatment labor to chain, $XXX,XXX despite our to – processing, a waste just was about of on continuing Despite related the on primarily mix. million, operations drop compared inclement from uncommon. $XX.X impacted lower there not total million have was good was offset by year’s revenue, a decrease to quarter you It’s that’s quarter waste was as an a from side and impact for

was down the segment, timing slightly In by that’s Service $XX,XXX, projects. revenue on-site really of and just

million ended quarter. revenue segment, year volume, Treatment the offset compared XXXX, average million increased the then higher due slightly For revenue to – last pricing and to as year. waste In was lower by $XXX,XXX our the $XX.X average $XX.X by of

revenue, production million down ramped X. slow in the segment it our in up larger primarily X from Service start the On at quarter the through projects, the $X by but of QX first was productivity

$XXX,XXX reduction previously, side, current processing profit from segment, approximately reduction labor in on projects, related was profit XXXX. the expenses gross delays Treatment offset a of $X Services profit result and variable a quarter increase segment the at to our a improved plants of discussed worked the million the in costs. the as increase to was improvement in by gross was project-related for included profitability $X.X compared well in which million which an gross as in the XX.X from utilities. On The to of we was gross This due profit fixed

from profit improved gross For million contributed segment XXXX, a the profit gross from waste came gross This the This and gross again, that $X.X $X.X the in a margin the to Services segment $X.X revenue. profit from revenue mix in the in improved again, facility gross or ended the decrease offset by increased ‘XX. lower cost. by profit, lower in lower profitability the compared was and in the improvement year segment, was project of where, mix, profit in in million Service was and million waste decrease offset small increase Treatment

travel. compared show marketing increased was million and expenses expenses expenses payroll, were year in expenses $X.X was higher quarter for the and higher fees, last previous are well the for segment. G&A of as – as SG&A payroll Similar total trade the year SG&A absorbed quarter by outside were audit increased million the audit, Our higher XXXX. the up our which quarter trade show in no to patents longer compensation, Admin for benefits, due the from commissions medical $X.X costs, longer option write-off no $XX.X the marketing from compared $XX.X up expenses quarter segment. to were payroll Perma-Fix earned. to Admin G&A while and were for costs full and the to Medical million as payroll and costs in absorbed million services fourth stock medical higher quarter, year for by our and were

million to the $X.X attributable for quarter year loss the common net of Our $X.X year’s million compared was XX/XX/XXXX. to loss shareholders ended for last net

compared income year. to net common $XXX,XXX Our prior attributable loss million was $X.X in net of to shareholders

share a for quarter per in to in Loss loss as prior per December income $X.X year. million ended to $X.XX year the continuing million the of loss of Adjusted per we $X year. of the compared EBITDA prior net X share from $X.XX in compared the for last compared diluted loss and loss was release, $X.XX basic of a XX was share to was morning’s operations, year. press a this Our defined

ended year $X.X XXXX, a loss in of loss million was For million the to adjusted ‘XX. a EBITDA $X.X of compared

sheet. balance the to Turning

on sheet the reflecting compared cash million $X.X Our year. the losses the was $X.X million to year-end, at balance for

were segment. improved reflecting Our accounts in the down receivable million, collections Service primarily $X

nearing $X.X large completion. that million, in a increased project Our billing was unbilled receivables down were reflecting

up outstanding. partially million, still Other the due assets million, to credit $X which of retention employment is $X.X were

payables Our were down approximately of outstanding current million of unearned payment in reduction liabilities $X.X revenue from and the $XXX,XXX.

our December million, sits at of backlog at from XXXX September and end As million $X.X December XXXX, $X.X XXXX. as of of – year XX Treatment both up

mostly to at debt Bank. excluding owed $X PNC issuance quarter costs, Our debt is total was million, end which

for Cash cash was operations and finance was came used in used of payments discontinued financing of approximately payments and operations $XXX,XXX, $XXX,XXX Finally, flow at XXXX, $XXX,XXX used primarily cash our on the operations, Cash continuing lease was capital to related representing liabilities cash $XXX,XXX. of for other investing $XXX,XXX. $XXX,XXX. side capital continuing line and by provided by debt related and for

With turn operator, the call that, over will questions. I to now

Operator

Wellington Shields. Your Instructions] Brous question Howard is [Operator Certainly. first coming from from

is line live. Your

Howard Brous

doing hope your you families Thank Ben, you. I Mark, Lou, and are well.

Mark Duff

Good morning, Howard.

Howard Brous

Good morning.

disclosure, the that in equity in full was my Perma-Fix. your shares investment raise September for I banker first, things million say of first in to immediate XXXX. So family need of $X.X to I of And owned addition, members

gallons let meters waste. Perma-Fix to get a quantities The of secondary relating treat, about it’s which annually, to comments – of million what cubic waste, give waste mid-level of XX waste. and can of XXXX, meters example? a solids, be it’s meters could to DFLAW. to facility questions. that So specifically of Energy important seems as mentions of couple waste and liquid, only liquid Department Northwest XXX enormous liquids in solid Decision X.X mid-level The if of converted and if of of X,XXX about the you which operational various annual you published a if and mentions be They Record an talk Perma-Fix me cubic I are the which cubic I to just of me sense revenues starting Because about, liquid the questions combination as have it’s

Mark Duff

of that from you protective of those cubic other that Sure, quantities, a other like or is because debris or can’t equipment Howard. waste Yes, things. PPE solid get meters real X,XXX lot really contaminated do other things conversion a personal

each types waste it’s and we’ve as compared to with have our we it’s the I to do be be input double And we year. total got but that. it’s rates, be novated talked the contract. applying like do to an contract mention, $XX master $XX generated mentioned annual want – likely to combined. our now in We a volumes between waste we a a million revenue about do So and stream to script, it’s at of I of of rates services And plants And do about the MSA, it’s of agreement rates, about waste do individual contractor will looked now. an the of before have, of for what that have various difficult to looks – our type and million take all

changes of on the of is the the running, So, it to types generally, to radioactivity which significant But running the plant of stream a for a how which we charges content That DFLAW waste for capacity, for gets those company way understand along is increase year. also design and right I different is be that able to that the the vary could things. dependent million at capacity vary it in plant types a of on treat expect revenue X,XXX was depending overall. level, received. and million the meters when There different levels it radionuclide is to can million $XX that $XX over think now is plant X full and year. will that cubic then is plant gallons When much

Howard Brous

will a basically, treatment normalized And margins, at that this your correct be statement? is

Mark Duff

going rest as make yes, have on is labor have in Tri-Cities treatment There we The inflation yes. the of be the occur now prices compared issues. will to natural generally, a gone that, the margins gas the area obviously dramatically and up along way. to country generally, to But whole. the things Most that’s waste some like what

Howard Brous

to need Will to hire specific award? this you any additional personnel

Mark Duff

the would year, expect then it when point startup was XXXX get I occur. well. to take I be. in and rolling this your sorry, in through full Howard? at years expected, what to capacity script. X.X is to informal should went I Predicting time, now, or will casual DOE late be as plant them of will X will This if very everything be get there ‘XX. the And about Yes, Right am will say, mentioned it I will question, the

Howard Brous

Additional personnel.

Mark Duff

Additional personnel, yes.

people. would to So XXX full certainly XX XX between capacity, maybe at I anticipate

Howard Brous

Additional?

Mark Duff

Yes, additional to current staff. Correct.

Howard Brous

about, that What earnings. do some right? say about fully $X about basically are you contract this I if XXXX deployed than in talking Does are numbers, in almost you just talking sound earnings

Mark Duff

the math, be I I not that point done do it it at number, just right this generally. am haven’t qualify. like about that didn’t to math. But qualified sounds I might

Howard Brous

Okay.

DOE the of because continue me different Let published pages X,XXX items. has probably

Let’s the And Pages X-XX, of for X,XXX have effectively third interesting they March They the do incidental the of assuming your XXX,XXX gallons, what they demonstration have this and on gallons. said desire year? like by that? and at about out about XX, no look TBI go the successful, from that XX XX. as that’s does to about evaluation in reprocessing the And mentioned What’s desire initiative talk have is that done this also to comment they final – comments this right TBI. and I’d and capacity. that waste the documents, imply end test I the no full the gallons they to you X,XXX to would are looking that phase came assuming

Mark Duff

Yes.

supplemental certainly Getting of It prior DOE is I tank meetings generally that into those last of when that. as a We largely of in versus strategy things. whether works, decades how decision their be obviously, before for of that refer that TBI a congressionally centerpiece is considerations think DOE they it’s they but running invested they rolling, or to about TBI to it seen, of the yet waste few I has that have and that TBI plant into Whether DFLAW to told roadmap certainly it they And regulatory it’s level, includes right I been and and as of described call production program same to, and for based on been which and weeks map. have it response funding, with seems know it. they be phone offsite about that When refer $XX – facility. I of low-level billion grouting, fits to occurs – response DOE’s go going as the a to part the the that’s and disposition, types is they it. have going period. the in are the roadmap which up has to is DFLAW construction. been, XXX,XXX that And and have the gallons has on program that remains And refer calls. DFLAW other what be kind a on cleanup. number it’s overall had in I’ve to grouting overall dependent facility types made to don’t gets asked road DOE integrates

XXX,XXX laid that mentioned, So legal into or phase, requirements. your assessment whether – an whether Howard, a from question, of operational moving so the Phase their to it’s answer perspective we the gallons regulatory right X DOE groundwork also from WIR environmental support as through it’s TBI, far to the has through

state to with and another to done. grout And smaller there is They And of they to all pumping been XXX,XXX can putting with once have is which hurdle you that what the the DFLAW. Washington TSCR as of out also now gets that’s shipped I is an gallons opportunity done, storage it’s that’s hurdle some have year which tank for it they waste. out method the pump waste us. are the start pumping the call think this that. required going. permit, planned address that Once of They TSCR, DOE in to a RD&D calendar know, another they pumping on of has to that, for a full,

if it’s to ways talk So good we about or have that there’ll and well. DOE a as gets around if yet. depends it to potential just when opportunities it’s I’m off, not on corner to sure agreed that the running up But DFLAW be

into given X whether question your an answer has to don’t of I it’s DOE Phase phase. TBI So lot to of think right whether it’s specifically, operational a or consideration

Howard Brous

in, me, kind what could operational in – say, of, excuse an on of terms capacity work use phase, XXXX? or you On

Mark Duff

as million. with to a gallons throughput. expand to some additional tomorrow, can month do a is, can capacity improvements and that XX,XXX We can is gallons mod we a in about our up permits to permit our capital some support up And that minor of minor right year facilities several that DOE million. whenever And now, where ready get go. X is current But to we XXX,XXX mods, our through

Howard Brous

And treatment this again? standard is margins

Mark Duff

Yes, that’s correct.

Howard Brous

would And need additional this? you process people to

Mark Duff

gallons XXX,XXX receiving to whether of to about we’ve to And Up a be second lot done depends longer in waste, operation. that the would shift, run which in a it’s shift that one people total, a go XX shift. we’re third over on how time, or the or fast period whether we of a

to gallons vary. will full we a XX,XXX is a were So at people that month. But estimate good if probably XX running XX

Howard Brous

XX,XXX gallons a month.

a just about go you be full that, did or talking If take. share, give capacity $X.XX you’re And talking can about... you

Mark Duff

could potentially right. numbers, those like Howard, but I about sounds that verify

Howard Brous

wanting be going ITDC. talk to to lastly about is Everybody you to Alright.

decision Is We’re expecting a momentarily. correct a that statement?

Mark Duff

pin very some the hearing that is been QX, week which difficult regards it to now, consistently has procurement. DOE the end be will been down of I’ve only has in – saying in DOE – The been time by a and obviously to Right away. schedule the

to April been in QX least Howard, assume, And OSMS. and at they time time any to May OSMS, day. frame. QX it’s but is believe about for have likely sometime I or the So ITDC vocal the I’m in an going award have in frame. – both But the more ITDC, in

Howard Brous

one. The a OSMS is is disappointment, the that

Mark Duff

– management the yes. and as contract [indiscernible] well That’s DUFX infrastructure contract That’s together. as

Howard Brous

what $XX you other that XX you will years, billion. still you that moment your second But small to doing it? could the doing lose You’re wins because does is, which what a all be not contract, for group ITDC you the Assume than do, participate? And you part of the it’s you’re a mean and to business, hope $XX that we as question billion? if

Mark Duff

on is Yes. many it’s as difficult procurement so and to large I’ve told the very team estimate. first very or a this Which This complex, each doing question, – question member detail answer And there is Howard. costing require less quite unusual. not did firm, baseline in we investors, provided a It’s so the cost little that very schedule baseline each is means what specifically.

closure you’ll scope negotiate a At for understand contract will to – contractually orders required winner which do, you’re come negotiate pieces specifically like going time, of transition of period. you be during that are it that the people all the the it’s the thing. task So how with going of to in scope type that to components will and many

So, will running. is transition any be after winners defined the that until of by and none of off

answer So I really can’t financial what overall the impact is.

significant formula As small generally, a a a is do overall amount. million qualified annually a business that. goals. the pretty set very business, in remain still for small there And of to the business mentioned That’s business requirement aside year, we for goals average past, revenue. about a as winner, well a $XXX as small I small million significant small set-aside $XXX But the business,

team. we would your our win, will small for we team business very highly not it’s to able provide meet be And a we if question, second we if we’re as proposition provide were another accounted don’t the that as we of to the their that good member. team by well the to value optimistic viable for work, portion take already way of if certainly So part be selected, to a winning goals not

Howard Brous

I get Thank best And back luck. will you. queue. of Mark, into

Mark Duff

Howard. you, thank Okay,

Operator

Thank you.

Investors. from is Warwick Your next Breakout Aaron coming question from

Your line is live.

Aaron Warwick

corner bit all business the in trying some be sounds call. like clarity. also your It after a sense And get give pandemic. us here turned to fiscal And profitable for year? you but questions more just wanted appreciate near-term and Hanford of about clarity. well, Howard’s as to taking and get the more do has I and really to expect of the those a answers Thanks guys. talk to this Hey, look little wanted to the

Mark Duff

better a than projected that looks that happening appreciate very has QX. things Aaron. a question. QX I Yes. lot better of And QX are much to are lot than exciting, your be QX did,

so And be waiting QX. is in exciting. things to a profitable come But still expect couple we’re QX of we see is certainly very to in. QX

have contracts, a years It’s lease we’ve pending. in there We will gotten big the EWOC days. are rolling and and the a in We’ve to about Ridge through as Navy. the gets now. full rolling that, in in project mines here Alamos I all that two here the three the that addition all notes, of project for And commercial And uranium enrolling XX Livermore, rolling in X projects finally some includes been Oak got or getting about at carrying DOE to That run well others mentioned capacity facility in San different QX as projects Los won doing with at in as we’ve It has generate sites, Diego, a QX. for real – get revenue. we’re as new that April. last number a just starting well, abandoned several and

So our be QX and looks really good, backlog increasing. will

of we’re really X QX that I forward. their people be which chain profitable now train. moving And all the some labor have been us. for or well X of of issues, We’ve the months replaced are a that range before, into behind are pretty board confident rolling, includes and and will supply described headwinds They lot on

Aaron Warwick

Fantastic. That good. sounds

project So mentioned, like And a the other over only the I this and But you X lot kind an noticed that right, been because of EPA, you of that’s delayed $XX with right, contract million remember year. have I of that have forward moving they if different that million accurate? if reasons. years. Is projects you $X that mentioned probably said and remember COVID I’ve been

Mark Duff

IDIQ. believe Yes. million a is IDIQ Aaron, that $XXX I

we’re one with management and is what of is we there waste radiological those obviously three services, do. providing which teams, teams So

to things really And we I which that and bid be able know But these to by the that’s to The we be out our it’s year. contractor, by field, talked able EPO, size reason up dozen to efficient. this get we I’ve or there characterization just about been the we through keep time stuff, timing once intent haven’t but a don’t and. in They sites funding. why the have, say. the know process. difficult to teed will those, been so it the technology of is a confident folks with the on that last will EPA the ceiling it or And is not soil-sorting to talked our myself, going. – be And is I deployed get to very high. The one the rolling we’re will procurement

thing we right to is signed confident thing contamination half, large. this So only pretty so that first mission now, the that of is but because we’re grow, the and are this up for contractually going

Aaron Warwick

sounded on you Okay. last And anything promising of that, but about then international front, the mention conference status What’s one? that didn’t it the calls. the several

Mark Duff

the mentioned I JRC. Yes,

of the part job. get summed Germany. script, But million hopeful for, we’re before, is think JRC But I mentioned don’t European contract of to that’s minute. hear the the or nearly kind on, shipments And $XX counting I that yes. or to that not. I But overall, line continue question, bottom answer through expecting as Aaron. if the overall why I it’s your is the JRC any Italy for the broke from know And seed our about strategy. we’re to bid will we it be I down

one we and Croatia with right well and the working We’re as shipped as day Slovenia, from any now, Italy. UK

more we’re the at Atlantic. better getting to that it, more it, efficient radioactive and logistics the goes with shipping we’re deal material we’re paperwork the at the with the and So all across shipping, all getting

marketing And really see market exploding. of that on going has a the approach. is been plant England, to the is to bid done kind lot our opportunity it getting the things. the effect The with effective So very which we’ve we’re very centerpiece well. then forward of be will will new And will of that we in and moving we European start announcement soon, JRC hopefully, the

Aaron Warwick

Alright.

Okay.

So for things. couple of Hanford, a

am to all, lose, that correctly, get you I if I of least correct? small to if only business lose, pleasantly at bidding may clause First to I was that as because understanding there two. hear even contract, like you’re that it still you were sounds is business it some the well, that conglomerate of But surprised understood if part of were even and

Mark Duff

were to their lose, the on is going and who don’t if the speculation that is Yes, landscape I necessarily. have winner team to know we

waste that will DFLAW will and waste part ITDC a labor that. And the separate ITDC be opportunities the the for it’s as waste to the primarily separately of and Again, that’s So as is to will is DFLAW – yes, operate be for not example, To told those contract. come investors, But out understand, really the subcontract speculation. us. separate. will important and through the I’ve

that’s along opportunities well. business won’t that is other way, waste as defined there come to and for we opportunity then get other the opportunities will that way. I then So, to it’s labor the amendment for do our opportunities in which is likely other other waste there – the is small slated operational. And ROD say And the

So with yes, a opportunities small question, your likely there answer the will business, as to most be awarding.

Aaron Warwick

And are up wondering about obviously, on every you to businesses was not small business. are Yes. businesses many estimate what to small you $XXX annualized well, do. had million. many There necessarily that but small just And that that go there? I’m mentioned my year, basis. That doing How can’t as be an would

just... I So

Mark Duff

There of is guys energy of small and firms, are of companies. WCS are which those solutions types private which are day-to-day are and none None – business. competitors, those competitors our

to is the broad in as speak very small few. treatment things this Ridge. space. area But very any in limited do. But is business waste So this Oak far small right. business with to very here you’re a do, absolutely – as at necessarily a was there it’s There a is There what is competition couple It capability. is There point. also scope. other not we of really in limited Hanford competition There

Aaron Warwick

you. Thank Okay.

about the you the them surprise of you one some as competitors, that? that secondary is that reasoning by speaking the talked explain can think you only had X% mentioned WIR behind the in the earlier. what larger caught was the that some But were of final TBI were mentioned for waste. it So And in I people

Mark Duff

you glad I’m assessment is NEPA. Yes, couple And asked week. the it was that, the that this a of Aaron, about environmental because what down for done get that I WIR questions to comes references do

assessment, the and treatment waste of the is goal environmental that alternatives to disposal. of treatment tank evaluate the document for So

competition, when and looks feasible and us. every Energy makes So looks EA that at which includes available it the Solutions at WCS alternative and it

We that of and EA, to So only to those who evaluated approach WIR transportation risk the number to referred you was that is risk, site. evaluations to at – based kinds the safety different of is in are the from that what lowest on done there the environmental because the if EA. ones hazards look were things. And a adjacent we’re

least of untreated other transportation The to solutions to Energy liquid require would at Solutions XXX WCS. and further radioactive have miles to of

approach Perma-Fix in next what preferred in in having it’s WIR permitted it a right the the But for is the was did obviously, door NEPA So include solution. defined that’s the document, why there. facility evaluation

Aaron Warwick

And would waste to the Perma-Fix so they Northwest how facility? transport that

Mark Duff

flatbed, will in when they’ll of a the be day several totes capacity. over It and back on totes, at most a large And likely. bring full

Aaron Warwick

from go that would dangerous Texas. way to like Yes. rather all be the seems It

Mark Duff

Yes, Yes. exactly.

Aaron Warwick

understands, twice waste make that that guess share that incremental, it’s had to for given Okay. would so number. mentioned have, cost earlier. accurate? it’s It’s that the your hear per is Howard fixed would is everyone then And my about. such twice had that are? Really the then your I sure I just understand to guess on Do and impressive current thing – this what estimates, because you revenue the also margins me have because not of just guess you I secondary that you margins higher earnings else about I the final is talked the incremental margins structure, be

Ben Naccarato

Yes.

the And And the number. mentioned, some there But of reasonable incremental our given Aaron. pretty given envelope number against This I would reasonable again, I margins. those then is be think I think, just Mark envelope is fixed Howard’s back the Ben, as it’s at costs volumes. number. think additional that back of back envelope,

Aaron Warwick

you, guys. thank Well,

obviously through the lucrative corner going Hanford. hear business is You’ve a to navigating great to starting then here seems turn there, COVID. profitable. done at and It the to potentially stuff And glad be job – your

So congratulations, you. guys. Thank

Mark Duff

Aaron. Appreciate Thanks, it.

Operator

Thank you.

next Harpel. Your is from Anthony question coming

live. is line Your

Unidentified Analyst

a get per holding the expect for are many Good gallon to can just there questions, morning. Thanks clarification please start call. clarify related, I number so have of to out for given what with you paid? Hi, many would price you parts. Maybe TBI the guys. of program, is moving which realistically

Mark Duff

the our the in are actual range low But first our good the grouting. MSAs we thing. that’s in generally, have get for too gallon rates Well, into that only costing Anthony, deep, established all, of treatment, morning a $XX – actual we the

rates case, price dock, at disposal waste be and to that would likely transportation shows again, up grout to just dock, we for transportation. $XXX words, But waste received. off-site closer it. space, if types And would that’s mentioned number. and the of our have $XX. us different can change on subcontracts they if in container a an And we have that’s that other paying gallon. subcontract quotes and if deliver dispose generally TBI a good $XX landfill, And a those pay So to based route It’s not to I to the waste. the then of on to of DOE and we’re waste In for of us our to to

WCS. So we include and at an typically TBI use to the alternative for $XXX a Texas as disposal a landfill, the gallon treatment at

come So those that’s numbers from. where

Unidentified Analyst

So apply the do TBI tanks I treating low-activity outside same? assume are same rates the of from supplemental the Hanford they those program? to waste

Mark Duff

is don’t. question. to is our the that They they And is program. of the the are is the they And exclusivity of as they treatment the agreements are off important because It’s us important with waste coming are with which defined as No, of a this alternatives. state, waste the state to vitrification, what good preferred the reason is different – different. and secondary

flow, the can waste that after is means landfill. at that local what we the the So waste comes put secondary in off Hanford

or go waste. It’s there Energy of cases, some back it this will and just exceptions. to site highway beautiful most So Texas type for designed the may likely Solutions gigantic the go into largely down be It on their Hanford to mostly new in landfill. won’t

away. very far go won’t it So

Unidentified Analyst

per into waste. waste, getting supplemental you The TBI low-activity the for treating paid primary gallon you’re operational getting the in that primary to the supplemental low-activity be and would be TBI, referring Well the TBI clear, you if waste same this waste? rates once doing that behind paid saying the I’m primary would the with us be the is of to stage program moves rates that in program be

Mark Duff

I’m a little confused.

you there supplemental, that two one site. said, then TBI, different goes secondary waste So which DFLAW. is There the that’s is, back the one, as waste off is That’s on streams. coming TBI. And the

So all $XXX. supplemental, that’s be the and would that

Unidentified Analyst

okay. Okay,

can than vitrification secondary are generated waste? low-activity you made whether an officially grout remains that tanks, the this decision whether has of the proposal Or official by to waste a rather clarify DOE So a decision?

Mark Duff

that lot amendment is The approved, waste of type formal a pain the and it It to amendments through the goes on And a thing. coming disposition quite DOE’s DOE of suffering and to off of and through how ROD document. supplemental defines analysis get ROD decision that DFLAW.

secondary my commercial intent on site, for your treatment. their treatment yes, waste in yes, very answer decision and my So a ROD it’s will formal formal, to send the pretty DFLAW question, off-site – it’s is to It mind. amendment perspective, is from the

Unidentified Analyst

you the or business tank please secondary DOE you whether you off-site of awarded control yet? the clarify treatment to has Can to all, to waste waste Okay. specialists, neither

Mark Duff

each this speculation awards will operating is they’ll with get this contractor, ITDC, capacity. here, yet, and ITDC operating contract. them gets operating WRPS expect that the We at The what – there which Anthony, WRPS. in is there, some we’ve where tank mentioned is high close not most do there the or to the any made contracts not in – wins this, is who have the have entities the we do of the likely point is until very to and They tank would on notwithstanding time

renegotiated put when for comes time the just Maybe the with case may be way. know, this have order. the competitive, company MSA a We In this of named one out that likely task along be And the from a task to them, waste generate one with put a They’ll out only will them order. DFLAW. they’ll will in likely in not don’t the rates task ROD, be, it but I order. established

in negotiate then with they’ll a we go. put and will We will us, price,

yet. we as occurred is have in is likely approach. said, like They’ll contract orders it operated. place won’t task waste has generated, I That and DFLAW a And not contractual put occur in So until place. that’s

Unidentified Analyst

a late is event? that And XXXX

Mark Duff

Correct.

Unidentified Analyst

Okay.

numbers based by And comments. I revenue the, – did you your are the But all secondary to get so Or to I am of Did I cubic you waste on if misunderstood I were $X,XXX Hanford were meter? a would say, getting implying had earlier, misunderstand? mentioned around completely expect that vitrification that you paid tanks you realistically treat have generated that the math right? low-activity waste. may

Mark Duff

Yes. meters, I don’t front million we’re revenue. $XX estimating in have X,XXX a cubic roughly X,XXX calculator in yards, me annually generally, But for of here, Anthony.

Unidentified Analyst

it it are regarding the And so Okay. that as not scope of to saying, Perma-Fix Mark, relates only you treatment? ITDC, services, includes the

Mark Duff

about close situation because to such facilities talk at scope of RFP a point all include really It the public includes tanks. disposition at would managing waste and sensitive procurement – But tank in time. I which it’s this the is the the waste the management, can’t information.

would about of the That’s overall be component scope can procurement. it I contract. that a about So, within all say

Unidentified Analyst

that services Perma-Fix you a we possible, from treatment is And from if is So, that possibility fair are $XX – as business contract it am about contract talking statement? I well that billion then, hearing contract, right as generate a it’s business XX that years. a over could

Mark Duff

Yes. It’s possible.

Unidentified Analyst

possible treatment? and It’s for services both

Mark Duff

Correct.

Unidentified Analyst

us please waste status – your of update permit? an And the last you dangerous facilities your Can renewing on mark regulation of then Okay. Northwest give question.

Mark Duff

renewal permit the That for years. in been has process Yes. XX

new before So another to we boy, keep to Anthony, What can’t right until formal finalized. what anything like and to something think and GeoMelt we treatability going We us see renewal, that to we place. able get renewed work from we like updates we in But year final or through permit. study provide doesn’t new were have the technologies does still us with one we the the a It’s is so. state until operating system doing. do are the continue doing we got off the now from keep I for to are it But the we it that. get run – year that are

us, completed going have I XX is is sense. impacting through the the and remember But have are state a it as they process So, year, in from correctly. to years, the about if we last had that hoping it

Unidentified Analyst

have that of you been treating these discussing from any it preclude waste we other does through initiatives? And the

Mark Duff

done stuff is by now, already the do grouting demonstrated TBI time No, we processes. have we and all the similar which that

any expect we renewal issue are on everything that we so impact delay permit And or not would here. have talking that, about

Unidentified Analyst

Thank Okay. it. you. Appreciate

Mark Duff

you. Alright. Thank

Operator

you. Thank

next Ross from Your Partners. is coming Investment Taylor ARS from question

is Your live. line

Ross Taylor

you. Thank

ends about to be ask talk are We forward? of would nuclear mothballed to about will you of uranium where looking with shift coming regard couple bit. And capable what mines off ability kind a Navy to ships, Navy. you a offline at with One, this need like things. are to what to such lot of as that are how like has and of And push a year. you things I Hanford do The ships deactivate. contracts more looks going for again fleet long kinds would do with that the up working interesting around seeing then I stand to you freed They those up? to of opportunities are we the starting that of sort like think up kind that they talk you the what opportunities What And see out? country looks building they what be that nuclear to generally fairly have you of other major of vessels like are to a happening

Mark Duff

this region awarded is contract randomized, in uranium first Arizona. have Native And about I these while bids the with that came to firm years is information. this good that program. there in EPA a are the received mines been for like ago there say local funding one. a But – XXX area it’s of the X is looked Northeast, abandoned who a I Sure, within out. awarded our IDIQ want when being and The slug a We were to at that the Navajo Ross. Yes. prime program American It since

So, actually I spend we for been if and there developing where it’s is those and their been, highly of Tetra a contract the are one surveying they that anything, going hired and around think Tech across, funded characterization each that the job have most funding, funding has the and has I mines. all they of their scope believe doing

And we these three or I As go. they EPA procurement XX believe together the before, have done. to puts between next step XX and Tetra I these awardees does bidders, they the turn mentioned three after as that EPA, over information

summer. of So, they very awards are And the one others. running, be remote we the to those. locations, through the off And one making than more they hopefully first and subsequent remote will won some first start

keep they operating and they large, some but Some is will – once are in smaller. can mobilization This very things. we types we go in place could once these the systems are in, our are a of hopeful and field, smaller And one. is are that so on be expensive because

and is it’s next objectives one, year But for had is what don’t it’s this this to know years, you be funding politics meeting kickoff or EPA So, is and the they The first procurement. have tell off because behind and been our all it’s with lot I of a stifled and of difficult things if week. next very year year. if There not, going because of seem to Like them, they be going funding to said, I type is projects to get for years like remain. the rolling actually looks remain. procurement running.

on that next So, we will more call. have by earnings the information

that as to together, years got of stifled We boy, months on to put to going over far GAO they couple Industry XX week this the done about report going until in a all goes, vessel D.C., ago As XX going are decommissioned going and the reported me, in the Day, enterprise a When is, Navy March, nothing years. Navy X next XX first it really be think they of be the too. Day, Navy nuclear, in call the years second the ships, are are to I went and that are Navy those the may headquarters plans the the decommission. to in excuse be happened and to week about in they for and X has

summer, an expecting I and this We next are the coming. that believe will RFP, it’s be one

are teams on that. forming So,

well well, are be that that’s I with the aircraft year we some working define are awarded are we business others think will company, that model. on team moment names or enterprise that also will the with and fact the the and that behind good so. now. off get carriers would for few well. to hopeful anticipate probably then there as me skip it the going several a calls be close companies be and know list at Nimitz are on I the a Navy the We And doing on a ship the running winning from got to very to right the we have team It’s based quite that. project I

getting So, we beginning kind we right will that can are the of enterprise and hopefully get on it this this of be team. hoping with the rolling market initiative

Ross Taylor

now, right And these sitting just idle? vessels are

Mark Duff

the my at like It enterprise it. understanding, HII, has the on it’s sitting the and are maintaining it. angles in enterprise, reactors eight think I they Norfolk, is Look,

to away. a go complex So, it’s it and make one a big job

So shipyard there yes, it’s the Norfolk. harbor in there or the at sitting

Ross Taylor

Nothing really wrong with that.

It that And in places to the it you here sure me it is to seem lot options. competitive that operating, of in a into a about risks the have talked make environment. competitive that continues of number limited looks needs to are runs you one of the would it You very like competitors. have government

How therefore, are doing And needs of do So can win to incorrect not of over some? given you see environment? limited to is yours. that spreading an everyone who that would it’s people expect some the business, one what that, basically do that number you read time, see not

Mark Duff

same market. should have And that. Ross, certainly government one not only that DOE the I not want to like primes it’s think you If all even but that competitive understands – going a the work, that, perspective. gets to company be

is they consider as the how know the the case in I proposal think well. comment believe I and big everyone that. that sensitive I of consider do that’s you initiatives. made it spreading they importance But around just to these and understands don’t

yes, I that’s think objective. So an

Ross Taylor

in consortium keeping your game, losing risk areas the in the entirely? team idea group and to potential So, where tilt be of the capability might there perhaps side, other some other your the you otherwise, the one,

Mark Duff

Yes. mission capability there play certainly don’t to have area very That’s going folks with and – it so is I other up a Richmond a And that’s don’t just large. understand in that how have. out we award but – long-term all the unique this because

long-term So be expect to the player treatment side that with of on waste for a I matter would expect, the contractor. what I would no the happens, house

Ross Taylor

Burlington nation There And there. the on just a Native comment, years obviously, derailment number oil against lawsuit ago. Ohio, interesting. of Fe rail Yes. have of quick a some went is Northern an in was a for mentioned thought and a what you American the but transport train it by knows Obviously, I everyone about Santa

I that property Northern XXXX after land. that think train Burlington in on another started, or nation’s Santa derailed just trial that it Fe was back

really it a using, it see things the game change. And the So, changed I I like this of and happen, think you but And noticed Is that game cost game that are and increases I which lot the tenses, see the you already a that from tenses, lot are rocks are of a the that tenses and that might what does has is you project. hopeful can on correct saying It’s highlight happening. thought sounds Otherwise, – the risk not, you tenses what bad sliding. train are the are that are is those fact it the not this changing. time any call, using that this anything already might it’s put I the expected someplace, read? – moving, you of obviously haul like you pieces the the

Mark Duff

one hope the a many to public speculate there And is them only – on that as we as so risk, we about am commercialize to a up everyone from that’s the large do viewed, that confident they know X rod and is companies commitment to through got – Perma-Fix on DOE things. a But this. commitment we waste will that and is There the be what as that has degree, is to big secondary to the that local for the careful to waste. these to risk big truthfully, irons plant out going Ross, operate, to But commented that Well, made be have get obviously, all us has has pretty into by couple capabilities, very but get win. last as to fire is a with running ship could years, in tried the can, thing I of we possibly that DFLAW. came

they we growth couple. that things COVID, hopefully, transform to either lucky. ITDC not other had lucky could can get But we these So, we go can we be have those irrespective are continue optimistic on Obviously, the if before like more going or we us will got really see way. wins. than enough and we we And really a feel usual. OSMS And are procurements, wins of

Ross Taylor

should have than sounded, would sounds much. you they optimistic probably think be Alright. you you more transformational. but Yes, reason it very like thank I to just be And

Mark Duff

you. Thank

Operator

Thank you.

LLC. from Fein is Stephen question next coming Your Fein from

is live. line Your

Stephen Fein

How Good are you guys? afternoon.

Mark Duff

Good Stephen. Good afternoon.

Stephen Fein

I got a scripted there questions comment, Number being were it. have mentioned I they Are two but problems. prior rectified? you one, to labor

Mark Duff

the pay firms. number in big that And We particularly there facility some folks from benefits. did Ridge pretty They Hanford, of labor better we – to have entity of Steve, hiring a Hanford a initiatives, some pay facilities. has disadvantages the folks. big lot our those hundreds, folks, the particularly people. large lose particularly but of is between But the Yes. and are they that started thousands each do, at hiring DOE and cases, advantages have folks manufacturing facility, pull seen DOE Ridge. worse of And in first holidays. QX a And every productivity has been both in impacted Hanford early little the in really at got It have a Hanford. really What – lot in as all we down two it and Oak lost December a at weeks and and between with QX. comes of of happened union and in two similar, gap seen also Oak but

December We have – since hired quickly. hired then, we very in

the able has that a not in offsite. week been for did managers in We lot to this of our There were they all us. are month Ridge we require have all find issue. March, in an an and labor an training, issues has of been us particularly They general behind labor Oak And have here part there They folks. of but reported got – not that February the been labor through most issue behind since.

Stephen Fein

But I from I My that medical. or…? written so Good. was million that In before question financials? $X.X is understand Where $X.X wrote. does what it less, the there next write-up, off what how what mean says from. the I – Is does the that was all impact I million read that that?

Ben Naccarato

Yes. entity. it year, within because it was was net-net, the Steve, all XXXX. last zero And that was

our had segment, money off Medical into we invested the Medical So, writing segment. was it basically

gain but the write-off. Perma-Fix medical the So, Environmental from gets a takes loss,

And in it’s wash so consolidation. a

Stephen Fein

going of million was to maintaining it I have the an potential I statement. gallon Alright. of my lived I XXXX, from years, spent with the I to express wide a deep XX XX% due informational. and concrete. chemical for and concrete. to of treat must Perma-Fix. radioactive to gallons unique that larger as do was and mobilizing being of well degrees, Perma-Fix Thanks. Perma-Fix the waste. Over and for to decades. I engineer to waste for and I introduced purpose. a vein, sitting in company MBA, In had was array and the low-level today’s progress more plant in a my and Perma-Fix. contractor, like diligence its would tanks thought The a studying was service on government treatment. treatment of test Hanford, I that many manufacturer hopefully, immobilizing Among guest. just becomes when the been am hazardous for am will $X.X and Okay. treatment gallons was waste also before and wanted asked immediately years. to Hanford a with In on this on was started in of waste a frankly vitrification Perma-Fix. the selected three radioactive not your company. XX in I could and but solidifying or and tank radiation I It segments lends I read be Immediately commercialize opportunities applaud solidifying my reservation were and science in essentially technical a the of are treated by waste business understood surveying to career, time businesses building I at and Immediately because particularly possibilities. XXXX either the realized low there millions built, various four I people, has plants an treated by liquefied mixed assimilated thus analyze plant consultant it. even been Savannah Perma-Fix, plant, non-duplicable then a company by plus of and million the has permits who then be capable watched done seems multitude of the throughout X beyond waste have This Since and the $XXX being path XXXX, be Clearly, radiation mixed billion quicker is Perma-Fix there the has initiative and nuclear value. XXXX, the XXX The capabilities its moved Since the to ability in In I uniqueness a diversify handle in tanks. appropriate waste XXXX, infrastructure without unique tank I those there waste. to be as cannot its just areas bed they immediately treatment low-mixed at and question with suitable how Hanford. of Perma-Fix in and understated report actions

billions tens will treatment Academy stated and towards of any tanks, also summer GAO, taking XX waste. So from arguably, push mobilizing A level solidifying by XX concrete for and NRS The mobilizing years way, take an of concrete stated treat. preservation Xx there of treat save and had and years will NAS the Various and can offsite tank last over the in to study be to years, of completed stated Xx That plant recently ways ensure XX treatment in the waste. Science sources pressure GAO solidifying with would to the more to it to bearing high facilitating then thereby leaky facility dollars. hamper. treat National movement space building that groundwater offsite of will

immobilizing product the TSCR that vitrified. The TSCR no three over more over sitting and Laura tank, Cree, in of been This XXXX low the in the And the with watering tank tank-side River would summer, do not completed can there feed were system and Hanford waste today. with formerly works is each the used I The to high product is treatment. waste. nature in concrete this who it Washington and was treatment. confounded grouting by for grouting, thus, of is versus a mode covering generally studies existed radiation waste. These charge tank the After test The filtering but Systems, do. name of For gallons enabled separates than X would TSCR. one called for experience that samples December a for the product. used exposed of in is medical tank chose gallons crew has million a removal gallon to year as low a non-cost plant vitrification just XXX for And the it underscore phases in for studies is that. maintaining the name ready unit, of was Last per not because X,XXX process, Perma-Fix I remaining Protection day. cesium contractor Radiation misnomer, hazardous concrete of use mix a

The supplied issues. by years. as waste heat diesel, is or Grouting correct no There been cost of of the is water and there which process has No secondary is hazardous environmentally grouting amounts use, was copious grouting, is data treated, for [ph]. For no Savannah one The Savannah, will waste. all was I pre-used reactor. was have they stated, chemical. vitrifying. one-tenth

So, their homogeneous. that it’s more hazardous been waste argued is

the of waste waste. streamed there issue reactors can or have were in Jim thus in treat. there who geochemistry no states, of a PhD and stated of Dr. of number a should multitude that a treating listed tanks. Hanford, it waste to in is a the and hazardous XXX hazards hazardous at Perma-Fix multitude While nationally has be well-known has Conto

X For the gallons. about model, million vitrification, gallon XXX,XXX

of XX waste was be now efficiency, secondary worsen per one-third This be from outlets. the is million into more Perma-Fix gallons to used was a be the model plan high-consequence used to up and million X related, XXX of treat X of equivalent to vitrification typically but X was homes. is and of note, one its diesel can ecosystem that the relative create relative political efficiencies has input for amount plants. that’s vitrified. Hanford Hanford year. plant XX%, gallons ecosystem million Data waste be vitrified. that million waste the for X longer, plants There was early concrete the York scale other climate can waste plant. tank, a is the my of be million mainly Inslee was X Perma-Fix vitrification would it have cause possibly the the be profile, vitrified. one-third year, its to secondary vitrification would statement of must can that fuel, tank responsible other waste, in which Washington mind has calling than maybe should which for moronic which our vitrification around gallons advocated droves XX% has could vitrified gallons August which off position XX, into above of XXX,XXX gallons to this focus year secondary they doing the State question Washington and treated the treated vitrification in Perma-Fix, expensive in gallons a actually water, issue state touted vitrification metric of concern environmental and waste. a in X,XXX contractor concern waste The to in Governor our The directly. truckloads was assumes Recently, State take contaminated So, of degrees as would Times. XX,XXX over how solidifying vitrification. government is environmental million chemicals, the has tons two-thirds to XX,XXX and in There the vitrification With million interviewed COX, of any it the waste political of responsibility. by of governor only becomes energize energy ways hazardous And plant. by legislator building change. no mobilizing Fahrenheit, And The supplied Washington needs that strain, is to gallons New environmental Perma-Fix COX in government contractors to secondary per be vitrification equivalent treated regarding vitrification with requires most X inputted $X over how of stated hazards. will seems The

treated Swan Hanford treating systems XXXX. how negate to the was now X.X ROD solver, cannot waste nearness January is ability urgency Black is secondary to waste get million the Hanford TSCR help vitrification. zone change published the there of will complement In unique Perma-Fix waste in is treated decision, reservation It be climate waste and ROD an – would And of plant built. of the the no would understand an to black problem there provide come be has in secondary with two be the backlog. the Then XXXX, to This DOE there. this I waste. that that important why implying so event, do a a because as is Perma-Fix’ to a back new nuance, treatment would start last earthquake of is of real. know there waste the waste and be buried is DOE As not we framed and plants. Midwestern vitrification continues ROD, needs X. quite Perma-Fix treated published will in rules faster, This of the proposed products with plan treated Northwest. a gallons a spot be treating The go the Perma-Fix Perma-Fix would There an by The

prowess strictly someone way, is right truck. And nothing the other Perma-Fix. by that of in says shipped two, asked treatment question, And the the will by the be than implying

very is to the So, ROD create Perma-Fix. with season potential cyanide assumed which section plant, This hazard is direct gas, also vitrification the heated interesting on would nitro created in the certain nitro. can all a under conditions come

Mark Duff

Stephen, Mark. this is

you have move can think that, up, wrap we to – Steve, probably to forward? do we you are conclude going have before on I

Stephen Fein

me? Excuse

Mark Duff

afraid. a to am We to Are need you conclusion end, can I move wrap close you the you that on, or have can up?

Stephen Fein

I have two more paragraphs.

Mark Duff

Okay.

Stephen Fein

maintenance the will to contract waste. is be the have maintaining on for there the the and plant. sitting years the of to plant. for for tank Perma-Fix consortium billion. a has tank encompasses contract vitrification out their bidding. Perma-Fix ground there tank wins, at been treat of consortiums $XX running tank’s form, Perma-Fix. irrespective is would it the farm is XX a Finally, people That part will waste In any If Northwest impact two course, Perma-Fix financials significant award. case, the And given. the The any of treatment at It Perma-Fix

the files study In your congressional last waste the court a that a the this comments vein, I start in right Hanford is comments in to in to of I you speak at by There the in order college Consent not urge should National now. the no Hanford. representatives the waste done. year, am DOE, treating have Perma-Fix tank to commented be I Over at treating And waste in reason State, interior my order had Washington publicly are low-level included in included Decree. Academy farm.

Mark Duff

Alright. your your the I appreciate appreciate company. have of views topic, Stephen alone this a statements by your were say and and PESI passion Stephen. to support, don’t opinions support. Thanks. were Stephen and made that necessarily But do we that on as reflect Stephen, We all

Stephen Fein

you. Thank

Mark Duff

this support We shareholders appreciate everyone remain extremely and updates the developments our call. providing I thank quarter outlook would the in confident look the as we in participating to for very conference continued fourth further quarter. We of for the business. forward unfold much. like to you Thank year-end and

Operator

event. Thank today’s This you concludes everyone.

day. and have disconnect this at you Thank may You participation. wonderful a for time your

Perma-Fix Environmental Services (PESI) 23 Mar 232022 Q4 Earnings call transcript