Expect significant dilution and continued selling pressure as the market prices in the offering and the going concern risk. Monitor the final offering size and discount to $9.70; a large discount would exacerbate bearish sentiment. Watch for any subsequent 8-Ks or NT filings that could signal further distress.
Price Chart
Executive Summary
Perma-Fix is conducting a dilutive common stock offering via a 424B5 prospectus supplement, with pricing and share count still TBD. The offering comes just 3 days after reporting Q1 2026 revenue of $11.1M (down 20% YoY), a net loss of $7.5M, and a going concern disclosure. Proceeds are earmarked for DFLAW/grouting upgrades, PFAS R&D, and general corporate purposes, but the capital raise signals acute liquidity needs following deteriorating fundamentals.
Key Facts
- Q1 2026 revenue of $11.1M (down 20% YoY), net loss of $7.5M ($0.40 loss per share), significantly missing consensus estimates of $0.24 EPS and $14.5M revenue.
- Going concern disclosure in the Q1 10-Q; cash of $6.7M as of March 31, 2026.
- Material weakness in internal control over financial reporting identified in the Treatment Segment.
- Offering is a dilutive common stock sale via Craig-Hallum; share count and pricing are undisclosed (TBD).
- Proceeds intended for DFLAW/grouting upgrades, PFAS R&D, facility capex, and working capital.
- 90-day lock-up agreements for company and insiders.
- Stock traded at $9.70 on May 13, 2026; 52-week range $8.02–$16.50.
Financial Impact
Undisclosed offering size; Q1 revenue $11.1M (down 20% YoY), net loss $7.5M, cash $6.7M.
Risk Factors
- Dilution from the offering will be substantial, especially given the small market cap ($180M).
- Going concern risk is elevated; the offering may only provide a short-term liquidity bridge.
- Revenue decline of 20% YoY and a material weakness in internal controls undermine investor confidence.
- Potential for further capital raises if operating cash flows do not improve.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001493152-26-023067 |
| Document: 0001493152-26-023067-index-headers.html | 0001493152-26-023067 |
| Document: 0001493152-26-023067-index.html | 0001493152-26-023067 |
| Document: 0001493152-26-023067.txt | 0001493152-26-023067 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | 8-K | $16.53 $15.79 | ▼ −4.48% | ▼ −3.76% | $12.22 (−26.07%) |
Jul 28, 2026 12w ago | 8-K | $16.64 $15.87 | ▼ −4.63% | ▼ −3.09% | $12.22 (−26.56%) |
Jun 12, 2026 19w ago | DEFA14A | $11.00 $10.50 | ▼ −4.50% | ▼ −6.27% | $12.22 (+11.14%) |
May 18, 2026 23w ago | 8-K | $9.35 $8.61 | ▲ +7.91% | ▲ +7.26% | $12.22 (−30.70%) |
May 15, 2026 23w ago | Press Release | $9.74 $9.35 | ▲ +4.00% | ▲ +3.94% | $12.22 (−25.46%) |
May 14, 2026 23w ago | 424B5 | $9.74 $9.35 | ▲ +4.00% | ▲ +3.94% | $12.22 (−25.46%) |
May 11, 2026 24w ago | 8-K | $11.00 $10.97 | ▲ +0.27% | ▲ +0.14% | $12.22 (−11.09%) |
Apr 8, 2026 28w ago | 8-K | $11.99 $12.14 | ▲ +1.25% | ▲ +1.31% | $12.22 (+1.92%) |
Apr 8, 2026 28w ago | Press Release | $12.23 $11.99 | ▲ +1.96% | ▲ +2.54% | $12.22 (+0.08%) |
Mar 24, 2026 30w ago | Press Release | $10.80 $11.11 | ▲ +2.87% | ▲ +2.30% | $12.22 (+13.15%) |
US Market Status
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