Perma-Fix Environmental Services is a small nuclear services company with two business segments. The Treatment segment (~73% of revenue) operates four licensed facilities in Florida, Tennessee, and Richland, Washington that accept, process, and arrange for disposal of radioactive, mixed, and hazardous waste. Customers include the DOE, DoD, research institutions, and utilities. The Services segment (~27% of revenue) provides nuclear and radiological technical services — including health physics, decontamination and decommissioning, and environmental restoration — primarily as a subcontractor on federal government sites. The federal government accounts for roughly 64% of total revenue. The Treatment segment's economics are driven by waste volumes, waste complexity (higher-complexity waste commands higher pricing), and throughput efficiency; the business carries high fixed costs, so incremental volume has meaningful operating leverage. The Services segment bills on time-and-materials or fixed-price contracts and is sensitive to federal procurement cycles. Perma-Fix's permits and licenses — a rare combination of RCRA, TSCA, and radioactive materials authorizations at a single facility — are central to its competitive position. The company's key near-term growth driver is the DOE's DFLAW vitrification program at Hanford, where Perma-Fix's Richland facility is the designated commercial treatment pathway for secondary waste streams, with management estimating $70M–$80M in annual revenue at full run rate. Perma-Fix is also commercializing a proprietary PFAS destruction technology and expanding internationally, including a contract worth up to EUR 50M with the European Commission.