On this page of StockholderLetter.com we present the latest annual shareholder letter from PERMA FIX ENVIRONMENTAL SERVICES INC — ticker symbol PESI. Reading current and past PESI letters to shareholders can bring important insights into the investment thesis.
2023
Annual
Report
To Our Valued Shareholders,
      XBT  B  USBOTGPSNBUJWF  ZFBS  GPS  UIF  $PNQBOZ   JO  XIJDI  XF 
MBJE  UIF  GPVOEBUJPO  GPS  TFWFSBM  LFZ  JOJUJBUJWFT  UIBU  XF  CFMJFWF 
XJMM  CF    IJHIMZ  JNQBDUGVM  UP  PVS  CVTJOFTT   TUBSUJOH  JO  UIF  TFDPOE 
IBMG  PG        BOE  UISPVHIPVU         "U  UIF  TBNF  UJNF   *  BN 
QMFBTFE  UP  SFQPSU  XF BDIJFWFE  TPMJE  GJOBODJBM  SFTVMUT  JO         XJUI 
SFWFOVF  JODSFBTJOH  CZ       BOE  HSPTT  QSPGJU  JODSFBTJOH CZ       
GPS  UIF  GVMM  ZFBS     %FTQJUF  JOWFTUNFOUT  JO  CPUI  PVS  JOUFSOBM 
CJEEJOH  PSHBOJ[BUJPO  BT  XFMM  BT  JO  SFTFBSDI  BOE  EFWFMPQNFOU  
XF  BDIJFWFE  QPTJUJWF  &#*5%"     BOE QPTJUJWF OFU JODPNF JO      
8JUIJO  PVS  5SFBUNFOU  4FHNFOU   XF  XJUOFTTFE  BO  JODSFBTF  JO 
WPMVNF  XJUI  TUFBEZ  JNQSPWFNFOU  JO  XBTUF  SFDFJQUT  FBSMZ  JO  UIF 
RVBSUFS   5IJT  JODMVEFE  JODSFBTFE  XBTUF  TIJQNFOUT  XJUIJO  UIF 
DPNNFSDJBM  TFDUPS  BMPOH  XJUI  TUFBEZ  TBMFT  GSPN  PVS  JOEVTUSJBM 
XBTUF QSPHSBNT    
8JUIJO  UIF  4FSWJDFT  4FHNFOU   XF  SFBMJ[FE  TFWFSBM  OFX  TUSBUFHJD 
XJOT  GSPN  UIF  #VGGBMP  $PSQ  PG  &OHJOFFST   UIF  6 4   (FPMPHJDBM 
4VSWFZ   UIF  6 4   /BWZ   BOE  TFWFSBM  DPNNFSDJBM  DMJFOUT   8F  BMTP 
EFWFMPQFE  UFBNJOH  SFMBUJPOTIJQT  GPS  TFWFSBM  MBSHF  QSPDVSFNFOUT  
*O  BEEJUJPO   PVS  KPJOU  WFOUVSF  XJUI  $BNQPWFSEF  4SM  SFDFJWFE 
B  GPSNBM  BXBSE  PG  UIF  +PJOU  3FTFBSDI  $PVODJM  QSPKFDU 
UISPVHI  UIF 
&VSPQFBO  6OJPO  BU  UIF  *TQSB   *UBMZ 
GBDJMJUZ   XIJDI  SFQSFTFOUT  B  UPUBM  PG  VQ  UP  &63      .JMMJPO  PWFS 
UIF  OFYU    ZFBST  8PSL  VOEFS UIJT +7 JT CFHJOOJOH JO 2        BOE 
UIF TDPQF PG XPSL GPS  UIF  $PNQBOZ  JT  FYQFDUFE  UP  SBNQ  VQ  JO  MBUF 
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GVSUIFS  EJWFSTJGZ  PVS SFWFOVF TUSFBNT  
*O  BEEJUJPO  UP  UIF  HSPXUI  JO  PVS  CBTF  CVTJOFTT   XF  BSF 
SBQJEMZ  BEWBODJOH  TFWFSBM  JOJUJBUJWFT  UIBU  XF  CFMJFWF  IBWF  UIF 
QPUFOUJBM  UP  TJHOJGJDBOUMZ  FOIBODF  PVS  MPOH UFSN  CBDLMPH  JO  UIF 
TFDPOE  IBMG  PG         BOE  QPUFOUJBMMZ  NVDI  NPSF  JO         *U  JT 
JNQPSUBOU  UP  OPUF   XF  BSF  CFOFGJUJOH  GSPN  JODSFBTFE 
CJEEJOH  PQQPSUVOJUJFT  GPS  MBSHF  DPOUSBDUT  XJUIJO  UIF  6 4  
%FQBSUNFOU  PG  &OFSHZ  %0&   BOE  6 4   /BWZ   BT  XFMM  BT  PUIFS 
NJE TJ[F  QSPDVSFNFOU  JOJUJBUJWFT  BU  %0&   UIF  6 4   %FQBSUNFOU  PG 
%FGFOTF  %0%   BOE  UIF  6 4   &OWJSPONFOUBM  1SPUFDUJPO  "HFODZ 
&1"  GBDJMJUJFT  
.PSFPWFS   XF  CFMJFWF  XF  BSF  XFMM  QPTJUJPOFE  UP  QSPWJEF 
FYUFOTJWF  XBTUF  USFBUNFOU  TFSWJDFT  JO  TVQQPSU  PG  %0& T 
)BOGPSE  DMPTVSF  TUSBUFHZ   JODMVEJOH  UIF  USFBUNFOU  PG  FGGMVFOU  GSPN 
UIF  %'-"8  %JSFDU 'FFE  -PX "DUJWJUZ  8BTUF   GBDJMJUZ  PODF  JU 
DPNNFODFT  WJUSJGJDBUJPO PQFSBUJPOT  
8F SFNBJO PQUJNJTUJD BCPVU SFQPSUT DPNJOH GSPN %'-"8 JO SFHBSE 
UP  UIF  TUBSUVQ  PG  UIF  NFMUFST  BOE  TVQQPSUJOH  TZTUFNT   XIJDI 
DPOUJOVFT  UP  QSPHSFTT  UPXBSET  IPU  DPNNJTTJPOJOH  JO  FBSMZ        
5IJT  XBTUF   FTUJNBUFE  CZ  %0&  UP  CF  PWFS         DVCJD  NFUFST 
BOOVBMMZ  XPVME NPSF UIBO EPVCMF UIF QSPEVDUJPO PG BMM PVS QMBOUT 
DPNCJOFE PO BO BOOVBM CBTJT  
*O BEEJUJPO  XF IBWF NBEF JNQPSUBOU BEWBODFT JO B OFX UFDIOPMPHZ 
UP  USFBU  1'"4  1FS BOE  1PMZGMVPSJOBUFE  4VCTUBODFT   DPOUBNJOBUJPO  
4QFDJGJDBMMZ  XF DPNQMFUFE QJMPU QMBOU UFTUJOH XJUI 1'"4 EFTUSVDUJPO 
MFWFMT  FYDFFEJOH  BOUJDJQBUFE  SFHVMBUPSZ  SFRVJSFNFOUT   8F  BSF  OPX 
JO  UIF  QSPDFTT  PG  GJOBM  EFTJHO  BOE  GBCSJDBUJPO  GPS  JOTUBMMBUJPO  PG  UIF 
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GPS EFTUSVDUJPO CZ UIF FOE PG UIF ZFBS  8F IBWF FTUBCMJTIFE HPBMT GPS 
BEEJUJPOBM  VOJUT  UP  CF  JOTUBMMFE  BU  FBDI  PG  PVS  FYJTUJOH  USFBUNFOU 
QMBOUT  
'JOBMMZ   XF  BSF  FYQBOEJOH  PVS  XBTUF  USFBUNFOU  PGGFSJOH  XJUIJO  UIF 
DPNNFSDJBM  BOE  JOUFSOBUJPOBM  NBSLFUT   JODMVEJOH  DFOUSBM  &VSPQF  
.FYJDP  BOE $BOBEB  5IFTF PQQPSUVOJUJFT XPVME HFOFSBUF TVTUBJOFE 
SFDFJQUT  CFHJOOJOH  JO         QSPWJEJOH  DPNCJOFE  BOOVBM  SFWFOVFT 
FTUJNBUFE  BU  PWFS       NJMMJPO   XIJDI  XF  FYQFDU  XJMM  CFHJO  JO  MBUF 

5IF  GJSTU  IBMG  PG        MPPLT  UP  CF  CFMPX  PVS  QFSGPSNBODF 
PCKFDUJWFT  XJUI B GFX UFNQPSBSZ IFBEXJOET SFTVMUJOH GSPN EFMBZT JO 
QSPDVSFNFOUT   QSPKFDU  TUBSUT  BOE  XBTUF  TIJQNFOUT   EVF  JO  QBSU  UP 
UIF  $POUJOVJOH  3FTPMVUJPO  GPS  UIF        GFEFSBM  CVEHFU  )PXFWFS  
XF  SFNBJO  FODPVSBHFE  CZ  UIF  MPOH UFSN  PVUMPPL  GPS  UIF  CVTJOFTT 
CBTFE  PO  UIF  HSPXJOH  QSPKFDU  PQQPSUVOJUJFT   TBMFT  QJQFMJOF  
BOE  QPUFOUJBMMZ DPNQBOZ DIBOHJOH QSPKFDUT EJTDVTTFE BCPWF   
8F  USVMZ  CFMJFWF  PVS  CFTU  ZFBST  BSF  BIFBE  BOE  XF  MPPL  GPSXBSE  UP 
BEWBODJOH  PVS  NJTTJPO  PG  BEESFTTJOH  TPNF  PG  UIF  OBUJPO T  NPTU 
QSFTTJOH  FOWJSPONFOUBM  DIBMMFOHFT   *  XPVME  MJLF  UP  UIBOL  PVS 
TIBSFIPMEFST   FNQMPZFFT  BOE  #PBSE  PG  %JSFDUPST  GPS  ZPVS  POHPJOH 
TVQQPSU   
Sincerely,
D               
President and Chief Executive Officer
   4FF EFGJOJUJPO BOE SFDPODJMJBUJPO PG &#*5%" UP 6 4  (""1 JO UIF i$PSQPSBUF *OGPSNBUJPOw TFDUJPO  
 4FF DBVUJPOBSZ OPUF SFHBSEJOH GPSXBSE MPPLJOH TUBUFNFOUT JO UIF i$PSQPSBUF *OGPSNBUJPOw TFDUJPO
 • shareholder letter icon 6/7/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/30/2001 PESI Stockholder Letter
 • stockholder letter icon More "Waste Management" Category Stockholder Letters
 • Benford's Law Stocks icon PESI Benford's Law Stock Score = 75


PESI Shareholder/Stockholder Letter Transcript:

2023
Annual
Report

To Our Valued Shareholders,
      XBT  B  USBOTGPSNBUJWF  ZFBS  GPS  UIF  $PNQBOZ   JO  XIJDI  XF 
MBJE  UIF  GPVOEBUJPO  GPS  TFWFSBM  LFZ  JOJUJBUJWFT  UIBU  XF  CFMJFWF 
XJMM  CF    IJHIMZ  JNQBDUGVM  UP  PVS  CVTJOFTT   TUBSUJOH  JO  UIF  TFDPOE 
IBMG  PG        BOE  UISPVHIPVU         "U  UIF  TBNF  UJNF   *  BN 
QMFBTFE  UP  SFQPSU  XF BDIJFWFE  TPMJE  GJOBODJBM  SFTVMUT  JO         XJUI 
SFWFOVF  JODSFBTJOH  CZ       BOE  HSPTT  QSPGJU  JODSFBTJOH CZ       
GPS  UIF  GVMM  ZFBS     %FTQJUF  JOWFTUNFOUT  JO  CPUI  PVS  JOUFSOBM 
CJEEJOH  PSHBOJ[BUJPO  BT  XFMM  BT  JO  SFTFBSDI  BOE  EFWFMPQNFOU  
XF  BDIJFWFE  QPTJUJWF  &#*5%"     BOE QPTJUJWF OFU JODPNF JO      
8JUIJO  PVS  5SFBUNFOU  4FHNFOU   XF  XJUOFTTFE  BO  JODSFBTF  JO 
WPMVNF  XJUI  TUFBEZ  JNQSPWFNFOU  JO  XBTUF  SFDFJQUT  FBSMZ  JO  UIF 
RVBSUFS   5IJT  JODMVEFE  JODSFBTFE  XBTUF  TIJQNFOUT  XJUIJO  UIF 
DPNNFSDJBM  TFDUPS  BMPOH  XJUI  TUFBEZ  TBMFT  GSPN  PVS  JOEVTUSJBM 
XBTUF QSPHSBNT    
8JUIJO  UIF  4FSWJDFT  4FHNFOU   XF  SFBMJ[FE  TFWFSBM  OFX  TUSBUFHJD 
XJOT  GSPN  UIF  #VGGBMP  $PSQ  PG  &OHJOFFST   UIF  6 4   (FPMPHJDBM 
4VSWFZ   UIF  6 4   /BWZ   BOE  TFWFSBM  DPNNFSDJBM  DMJFOUT   8F  BMTP 
EFWFMPQFE  UFBNJOH  SFMBUJPOTIJQT  GPS  TFWFSBM  MBSHF  QSPDVSFNFOUT  
*O  BEEJUJPO   PVS  KPJOU  WFOUVSF  XJUI  $BNQPWFSEF  4SM  SFDFJWFE 
B  GPSNBM  BXBSE  PG  UIF  +PJOU  3FTFBSDI  $PVODJM  QSPKFDU 
UISPVHI  UIF 
&VSPQFBO  6OJPO  BU  UIF  *TQSB   *UBMZ 
GBDJMJUZ   XIJDI  SFQSFTFOUT  B  UPUBM  PG  VQ  UP  &63      .JMMJPO  PWFS 
UIF  OFYU    ZFBST  8PSL  VOEFS UIJT +7 JT CFHJOOJOH JO 2        BOE 
UIF TDPQF PG XPSL GPS  UIF  $PNQBOZ  JT  FYQFDUFE  UP  SBNQ  VQ  JO  MBUF 
       0WFSBMM   XF  CFMJFWF  UIFTF  TUSBUFHJD  BXBSET  TIPVME  IFMQ  VT 
GVSUIFS  EJWFSTJGZ  PVS SFWFOVF TUSFBNT  
*O  BEEJUJPO  UP  UIF  HSPXUI  JO  PVS  CBTF  CVTJOFTT   XF  BSF 
SBQJEMZ  BEWBODJOH  TFWFSBM  JOJUJBUJWFT  UIBU  XF  CFMJFWF  IBWF  UIF 
QPUFOUJBM  UP  TJHOJGJDBOUMZ  FOIBODF  PVS  MPOH UFSN  CBDLMPH  JO  UIF 
TFDPOE  IBMG  PG         BOE  QPUFOUJBMMZ  NVDI  NPSF  JO         *U  JT 
JNQPSUBOU  UP  OPUF   XF  BSF  CFOFGJUJOH  GSPN  JODSFBTFE 
CJEEJOH  PQQPSUVOJUJFT  GPS  MBSHF  DPOUSBDUT  XJUIJO  UIF  6 4  
%FQBSUNFOU  PG  &OFSHZ  %0&   BOE  6 4   /BWZ   BT  XFMM  BT  PUIFS 
NJE TJ[F  QSPDVSFNFOU  JOJUJBUJWFT  BU  %0&   UIF  6 4   %FQBSUNFOU  PG 
%FGFOTF  %0%   BOE  UIF  6 4   &OWJSPONFOUBM  1SPUFDUJPO  "HFODZ 
&1"  GBDJMJUJFT  
.PSFPWFS   XF  CFMJFWF  XF  BSF  XFMM  QPTJUJPOFE  UP  QSPWJEF 
FYUFOTJWF  XBTUF  USFBUNFOU  TFSWJDFT  JO  TVQQPSU  PG  %0& T 
)BOGPSE  DMPTVSF  TUSBUFHZ   JODMVEJOH  UIF  USFBUNFOU  PG  FGGMVFOU  GSPN 
UIF  %'-"8  %JSFDU 'FFE  -PX "DUJWJUZ  8BTUF   GBDJMJUZ  PODF  JU 
DPNNFODFT  WJUSJGJDBUJPO PQFSBUJPOT  
8F SFNBJO PQUJNJTUJD BCPVU SFQPSUT DPNJOH GSPN %'-"8 JO SFHBSE 
UP  UIF  TUBSUVQ  PG  UIF  NFMUFST  BOE  TVQQPSUJOH  TZTUFNT   XIJDI 
DPOUJOVFT  UP  QSPHSFTT  UPXBSET  IPU  DPNNJTTJPOJOH  JO  FBSMZ        
5IJT  XBTUF   FTUJNBUFE  CZ  %0&  UP  CF  PWFS         DVCJD  NFUFST 
BOOVBMMZ  XPVME NPSF UIBO EPVCMF UIF QSPEVDUJPO PG BMM PVS QMBOUT 
DPNCJOFE PO BO BOOVBM CBTJT  
*O BEEJUJPO  XF IBWF NBEF JNQPSUBOU BEWBODFT JO B OFX UFDIOPMPHZ 
UP  USFBU  1'"4  1FS BOE  1PMZGMVPSJOBUFE  4VCTUBODFT   DPOUBNJOBUJPO  
4QFDJGJDBMMZ  XF DPNQMFUFE QJMPU QMBOU UFTUJOH XJUI 1'"4 EFTUSVDUJPO 
MFWFMT  FYDFFEJOH  BOUJDJQBUFE  SFHVMBUPSZ  SFRVJSFNFOUT   8F  BSF  OPX 
JO  UIF  QSPDFTT  PG  GJOBM  EFTJHO  BOE  GBCSJDBUJPO  GPS  JOTUBMMBUJPO  PG  UIF 
GJSTU PQFSBUJPOBM VOJU BOE QMBO UP CFHJO BDDFQUJOH DPNNFSDJBM XBTUF 
GPS EFTUSVDUJPO CZ UIF FOE PG UIF ZFBS  8F IBWF FTUBCMJTIFE HPBMT GPS 
BEEJUJPOBM  VOJUT  UP  CF  JOTUBMMFE  BU  FBDI  PG  PVS  FYJTUJOH  USFBUNFOU 
QMBOUT  
'JOBMMZ   XF  BSF  FYQBOEJOH  PVS  XBTUF  USFBUNFOU  PGGFSJOH  XJUIJO  UIF 
DPNNFSDJBM  BOE  JOUFSOBUJPOBM  NBSLFUT   JODMVEJOH  DFOUSBM  &VSPQF  
.FYJDP  BOE $BOBEB  5IFTF PQQPSUVOJUJFT XPVME HFOFSBUF TVTUBJOFE 
SFDFJQUT  CFHJOOJOH  JO         QSPWJEJOH  DPNCJOFE  BOOVBM  SFWFOVFT 
FTUJNBUFE  BU  PWFS       NJMMJPO   XIJDI  XF  FYQFDU  XJMM  CFHJO  JO  MBUF 

5IF  GJSTU  IBMG  PG        MPPLT  UP  CF  CFMPX  PVS  QFSGPSNBODF 
PCKFDUJWFT  XJUI B GFX UFNQPSBSZ IFBEXJOET SFTVMUJOH GSPN EFMBZT JO 
QSPDVSFNFOUT   QSPKFDU  TUBSUT  BOE  XBTUF  TIJQNFOUT   EVF  JO  QBSU  UP 
UIF  $POUJOVJOH  3FTPMVUJPO  GPS  UIF        GFEFSBM  CVEHFU  )PXFWFS  
XF  SFNBJO  FODPVSBHFE  CZ  UIF  MPOH UFSN  PVUMPPL  GPS  UIF  CVTJOFTT 
CBTFE  PO  UIF  HSPXJOH  QSPKFDU  PQQPSUVOJUJFT   TBMFT  QJQFMJOF  
BOE  QPUFOUJBMMZ DPNQBOZ DIBOHJOH QSPKFDUT EJTDVTTFE BCPWF   
8F  USVMZ  CFMJFWF  PVS  CFTU  ZFBST  BSF  BIFBE  BOE  XF  MPPL  GPSXBSE  UP 
BEWBODJOH  PVS  NJTTJPO  PG  BEESFTTJOH  TPNF  PG  UIF  OBUJPO T  NPTU 
QSFTTJOH  FOWJSPONFOUBM  DIBMMFOHFT   *  XPVME  MJLF  UP  UIBOL  PVS 
TIBSFIPMEFST   FNQMPZFFT  BOE  #PBSE  PG  %JSFDUPST  GPS  ZPVS  POHPJOH 
TVQQPSU   
Sincerely,
D               
President and Chief Executive Officer
   4FF EFGJOJUJPO BOE SFDPODJMJBUJPO PG &#*5%" UP 6 4  (""1 JO UIF i$PSQPSBUF *OGPSNBUJPOw TFDUJPO  
 4FF DBVUJPOBSZ OPUF SFHBSEJOH GPSXBSE MPPLJOH TUBUFNFOUT JO UIF i$PSQPSBUF *OGPSNBUJPOw TFDUJPO  



shareholder letter icon 6/7/2024 Letter Continued (Full PDF)
 

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