Perma-Fix Environmental Services Inc (PESI) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Perma-Fix fiscal second-quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

您好，歡迎參加 Perma-Fix 2024 年第二季財報電話會議。（操作員說明）請注意本次會議正在錄製中。

I will now turn the conference over to your host, Mr. David Waldman, Crescendo Communications.

我現在將會議轉交給主持人、Crescendo Communications 的 David Waldman 先生。

Thank you, and good morning, everyone, and welcome to Perma-Fix Environmental Services second-quarter 2024 conference call. On the call with us this morning are Mark Duff, President and CEO; Dr. Louis Centofanti, Executive Vice President of Strategic Initiatives; and Ben Naccarato, Chief Financial Officer.

謝謝大家，大家早安，歡迎參加 Perma-Fix 環境服務 2024 年第二季電話會議。今天早上與我們通話的是總裁兼執行長馬克·達夫 (Mark Duff)； Louis Centofanti 博士，策略計劃執行副總裁；和財務長本·納卡拉托。

The company issued a press release this morning containing second-quarter 2024 financial results, which is also posted on the company's website. If you have any questions after the call and would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

該公司今天上午發布了一份新聞稿，其中包含 2024 年第二季的財務業績，該新聞稿也發佈在該公司的網站上。如果您在通話後有任何疑問，並想了解有關該公司的更多信息，請聯繫 Crescendo Communications，電話：(212) 671-1020。

I'd also like to remind everyone that certain statements contained within this conference call may be any forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and include certain non-GAAP financial measures. All statements on this conference call other than a statement of historical fact are forward-looking statements that are subject to known and unknown risks, uncertainties and other factors, which could cause actual results and performance of the company to differ materially from such statements.

我還想提醒大家，本次電話會議中包含的某些陳述可能是 1995 年《私人證券訴訟改革法案》含義內的任何前瞻性陳述，並包括某些非 GAAP 財務指標。除歷史事實陳述外，本次電話會議上的所有陳述均為前瞻性陳述，受到已知和未知風險、不確定性和其他因素的影響，可能導致公司的實際結果和業績與此類陳述存在重大差異。

These risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission as well as this morning's press release. The company makes no commitment to disclose any revisions to forward-looking statements or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.

這些風險和不確定性在該公司向美國證券交易委員會提交的文件以及今天上午的新聞稿中都有詳細說明。本公司不承諾揭露對前瞻性陳述的任何修訂或本協議日期之後與前瞻性陳述有關的任何事實、事件或情況。

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

此外，今天的討論將包括對非公認會計原則措施的提及。Perma-Fix 認為，此類資訊提供了對其性能的額外衡量和一致的歷史比較。我們網站上今天發布的新聞稿中提供了非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。

Now, I'd like to turn the call over to Mark Duff. Please go ahead, Mark.

現在，我想把電話轉給馬克·達夫。請繼續，馬克。

All right, David. Thanks, and good morning, everyone.

好吧，大衛。謝謝，大家早安。

As anticipated, we continue to experience weakness in Q2 due to ongoing government delays in waste shipments, awarding new task orders and procuring other projects within our services segment. In addition, we experienced an extended equipment failure at one of our facilities that has taken nearly seven weeks to repair. Those repairs will be completed this week, and we expect to be fully operational by mid-August. Lastly, our earnings during the quarter were impacted by deliberate investments in our R&D, sales, marketing and engineering to support the launch of our newest technology to treat PFAS, which I'll talk about more in a moment.

正如預期的那樣，由於政府持續拖延廢物運輸、授予新任務訂單以及採購我們服務部門內的其他項目，我們在第二季度繼續表現疲軟。此外，我們的一個設施發生了長時間的設備故障，花了近七週的時間才修復。這些修復工作將於本週完成，我們預計將在八月中旬全面投入營運。最後，我們在本季的收益受到了對研發、銷售、行銷和工程的刻意投資的影響，這些投資旨在支持我們推出治療 PFAS 的最新技術，我稍後將詳細討論這一點。

While we were disappointed with the quarter's results, we consider the government issues as being temporary, and we're starting to see improvement heading into the second half of 2024 with improving revenues and productivity each month over the past several months. In the meantime, as we discussed, we're making progress on a number of potentially transformative initiatives.

雖然我們對本季的業績感到失望，但我們認為政府問題是暫時的，而且我們開始看到進入 2024 年下半年的情況有所改善，過去幾個月收入和生產力每個月都在提高。同時，正如我們所討論的，我們正在一些潛在的變革舉措上取得進展。

I'd like to first talk in more detail about some of the government headwinds we faced, and then I'll discuss the outlook including our large projects that we're working on and why we remain so encouraged. As previously discussed, we completed our two largest service projects, the Princeton Plasma Physics Lab and the USS McKee project for the Navy in March. However, with those projects completed, coupled with delays in new task orders, we did not have the replacement revenue to make up the gap.

我想先更詳細地討論我們面臨的一些政府阻力，然後我將討論前景，包括我們正在進行的大型計畫以及為什麼我們仍然如此受到鼓舞。如前所述，我們在 3 月完成了兩個最大的服務項目：普林斯頓等離子體物理實驗室和海軍麥基號航空母艦計畫。然而，隨著這些項目的完成，加上新任務訂單的延遲，我們沒有替代收入來彌補缺口。

It's important to note that the government delays we experienced were not unique to Perma-Fix and have been industry-wide. Much of this drag was due to the extended continuing resolution in Congress's inability to pass the federal budget until March of this year, which led to delays in procurements, project starts and weight shipments due to funding limitations.

值得注意的是，我們所經歷的政府延誤並非 Perma-Fix 所獨有，而是整個產業的情況。造成這項拖累的主要原因是國會一直未能在今年 3 月之前通過聯邦預算，導致採購、項目啟動和重量運輸因資金限製而出現延誤。

These factors, which had a direct impact on our base business, have begun to subside and were not anticipated to be long-term trends within the industry. In fact, Congress has approved healthy funding levels for the government fiscal year '25, particularly at Hanford, and we expect to see pent-up demand for our offering in both services and waste treatment in the coming months.

這些對我們的基礎業務產生直接影響的因素已開始消退，預計不會成為行業內的長期趨勢。事實上，國會已經批准了政府 25 財年的健康資金水平，特別是在漢福德，我們預計在未來幾個月內，我們在服務和廢物處理方面的產品將出現被壓抑的需求。

At the same time, we continue to diversify our broader commercial and international markets, including both radioactive and hazardous waste. For these reasons and others, I'm confident that the worst is now behind us, and we're encouraged by the trends in early Q3, evidenced by our increase in waste shipments and bidding activity.

同時，我們繼續實現更廣泛的商業和國際市場的多元化，包括放射性和危險廢物。基於這些原因和其他原因，我相信最糟糕的情況已經過去，我們對第三季初期的趨勢感到鼓舞，廢棄物運輸和投標活動的增加就證明了這一點。

Within the treatment segment, waste receipts were nearly $7 million in Q2 and appear to be regaining momentum with the first half of Q3 trending toward receipts of $10 million to $20 million range with several large shipments anticipated. Within the services segment, we're benefiting from increased bidding opportunities.

在處理領域，第二季的廢棄物收入接近 700 萬美元，似乎正在恢復勢頭，第三季上半年的收入趨勢為 1,000 萬至 2,000 萬美元，預計將有幾批大宗出貨。在服務領域，我們受益於投標機會的增加。

In addition, our profitability is steadily improving in both segments. Looking ahead, we remain focused on several large growth initiatives, including new services procurements, expansions in our international waste program as well as deployment of our PFAS technology and capability and the Hanford initiatives.

此外，我們在這兩個領域的獲利能力都在穩步提高。展望未來，我們仍將重點放在幾項大型成長計劃上，包括新的服務採購、擴大我們的國際廢棄物計劃以及部署我們的 PFAS 技術和能力以及漢福德計劃。

More specifically, we're positioned for midsize and large ongoing procurement initiatives at DOE, DOD and EPA. We've been able to secure strong teaming positions for both potential awards anticipated within or throughout 2025, that would potentially represent substantial increases in sustainable revenue for the next 5 to 10 years. For example, we're participating in large procurement opportunities as part of larger teams for the operations and the mission support contract as well as the West Valley Demonstration project in Buffalo, New York and Navy projects, which are all expected to be awarded over the next several quarters.

更具體地說，我們的定位是支持能源部、國防部和環保署的中型和大型持續採購計畫。我們已經能夠在 2025 年或整個 2025 年的兩個潛在獎項中獲得強大的團隊地位，這可能代表未來 5 到 10 年可持續收入的大幅成長。例如，我們作為較大團隊的一部分參與大型採購機會，負責營運和任務支援合約以及紐約州布法羅的西谷示範項目和海軍項目，這些項目預計將在接下來的幾個季度。

In addition, I'm pleased to report we've achieved several significant milestones by successfully completing two pivotal Department of Energy audits of our Perma-Fix Northwest facility and our DSSI facility over the past few months. Completing these comprehensive audits were essential for our involvement in crucial projects like the cleanup efforts at Hanford and Oak Ridge Reservation and define our ability to safely and compliantly support the DOE mission regarding the treatment of their waste. We remain committed to supporting the DOE's priorities at Hanford, including the treatment of the effluent following the hot commissioning of the DFLAW facility currently anticipated in August 25 and reiterated by DOE and public meetings and agreements that the partner remains on schedule for this milestone.

此外，我很高興地向大家報告，過去幾個月，我們成功完成了能源部對 Perma-Fix 西北工廠和 DSSI 工廠的兩項關鍵審計，從而實現了幾個重要的里程碑。完成這些全面的審計對於我們參與漢福德和橡樹嶺保留地的清理工作等關鍵項目至關重要，並確定我們安全、合規地支持能源部廢棄物處理任務的能力。我們仍致力於支持能源部在漢福德的優先事項，包括目前預計8 月25 日DFLAW 設施熱調試後的廢水處理，能源部和公開會議及協議均重申，合作夥伴仍按計劃實現這一里程碑。

In addition to the affluent program, the April 29 tri-party settlement agreement between DOE and the State of Washington and the EPA, the DOE is committed to implementing a grounding program that will support retrieval of 22 tanks in the next 15 years to include treatment through commercial off-site routing. We remain extremely confident in the likelihood of these programs, which we believe will save billions of taxpayer dollars in support of the Hanford closure mission.

除了富裕計劃外，能源部與華盛頓州和美國環保局於4 月29 日達成三方和解協議，能源部還致力於實施一項停飛計劃，該計劃將支持在未來15 年內收回22 個儲罐，其中包括處理透過商業異地路由。我們對這些計劃的可能性仍然非常有信心，我們相信這將節省數十億納稅人的錢來支持漢福德關閉任務。

Our Perma-Fix Northwest facility located adjacent to the Hamper site is the only regional permitted facility that offers the ability to grow the tank waste and ship out of state disposal using rail. Alternative facilities will require a large number of shipments of liquid, this untreated waste out of state with higher environmental risk. It's difficult to define the exact quantity of waste to be removed from these tanks for grounding, but unofficial estimates include expectations for up to approximately 3 million gallons of waste to be processed annually to meet these goals that they've defined for 2040 to be completed.

我們位於漢珀基地附近的 Perma-Fix 西北設施是唯一獲得區域許可的設施，能夠種植罐式廢物並使用鐵路運出州外處置。替代設施將需要運輸大量液體，這種未經處理的廢物在州外具有更高的環境風險。很難確定要從這些儲罐中清除以接地​​的確切廢物量，但非官方估計預計每年將處理多達約 300 萬加侖的廢物，以實現他們定義的 2040 年完成的目標。

The agreement is unclear about when these operations would commence. However, the recent Hanford Systems 10 document published last winter defines retrieval operations beginning in January of '26. The tri-party settlement agreement also underscores the DOE's commitment to start DFLAW Vitrification plant operations following the completion of the hot commissioning program scheduled for August of '25.

該協議尚不清楚這些行動何時開始。然而，去年冬天發布的最新 Hanford Systems 10 文件定義了從 26 年 1 月開始的檢索作業。三方和解協議也強調了能源部承諾在 25 年 8 月完成熱調試計畫後啟動 DFLAW 玻璃化工廠營運。

This is one of DOE's highest priorities as the department continues to communicate its progress in meetings in regards to their operational milestones. DOE is committed in the January of '23 record decision to ship the effluent from DFLAW to Perma-Fix Northwest for a minimum of 10 years with DOE estimating up to 8,000 cubic meters of waste to be generated annually from DFLAW when the facility meets full capacity of operations. As I've mentioned in the past, the volume of waste would be more than double the current production of our plants altogether combined on an annual basis.

這是能源部的最高優先事項之一，因為該部將繼續在會議上通報其營運里程碑的進展。美國能源部在2023 年1 月作出創紀錄的決定，將DFLAW 的廢水運送到Perma-Fix Northwest，為期至少10 年，能源部估計當該設施滿負荷運行時，DFLAW 每年將產生高達8,000 立方米的廢物的操作。正如我過去提到的，每年產生的廢棄物量將是我們工廠目前總產量的兩倍以上。

Perma-Fix also continues to advance a number of international waste programs. including the Joint Research Center in Italy, with the first shipment as anticipated in January of 2025. We're also progressing on other promising opportunities in Europe. Additionally, we've secured new contracts in both Canada and Mexico to treat waste in our US facilities. These projects are valued in excess of $5 million over the next 18 months.

Perma-Fix 也持續推動多項國際廢棄物處理計畫。包括義大利聯合研究中心，預計將於 2025 年 1 月首批出貨。我們也在歐洲其他有前景的機會上取得進展。此外，我們還在加拿大和墨西哥獲得了在美國工廠處理廢物的新合約。未來 18 個月內，這些項目的價值將超過 500 萬美元。

In a separate note, we recently announced that we purchased the Environmental Waste Operations Center, also known as EWOC located just outside Oak Ridge, Tennessee. The strategic value of this purchase is significant, both for us, our customers as well.

在另一份說明中，我們最近宣布購買了位於田納西州橡樹嶺郊外的環境廢棄物營運中心，也稱為 EWOC。此次收購對我們和我們的客戶來說都具有重要的策略價值。

We previously released this facility for EWOC over the past several years, and we've been acquiring the facility to support our plans to invest in facility upgrades and capitalize on a number of opportunities, including large-scale decontamination projects, waste processing and transloading from truck to rail for disposal of waste. This facility is strategically located in close proximity to both the Y-12 National Security Complex and the Oak Ridge National Laboratory as cleanup programs begin to address large volumes of mercury and other difficult radioactive materials. EWOC is also targeted for future implementation of PFAS waste processing capabilities, including regional treatment of PFAS-contaminated liquids as we begin to receive larger volumes of these waste following the deployment of our first commercial unit in Florida.

我們之前在過去幾年中為 EWOC 發布了該設施，並且我們一直在收購該設施，以支持我們投資設施升級的計劃並利用許多機會，包括大型淨化項目、廢物處理和轉運卡車到鐵路上處理廢物。該設施地理位置優越，緊鄰 Y-12 國家安全綜合體和橡樹嶺國家實驗室，清理計畫已開始處理大量汞和其他難以處理的放射性物質。EWOC 的目標還包括未來實施 PFAS 廢棄物處理能力，包括對 PFAS 污染液體進行區域處理，因為在佛羅裡達州部署第一個商業單位後，我們開始收到大量此類廢棄物。

In terms of our PFAS technology, we've made significant progress in the design and fabrication of our first Perma Fast commercial unit in collaboration with our partner, ProcessBarron. This unit is expected to be fully operational later this year. And the ProcessBarron proven to be an ideal partner and working closely with us in our engineering team to complete final design concurrently with fabrication to reduce time for completion. As a result, we expect for prototype system to be capable of destroying PFAS in batches of 700 gallons.

就我們的 PFAS 技術而言，我們與合作夥伴 ProcessBarron 合作，在設計和製造第一個 Perma Fast 商業裝置方面取得了重大進展。該裝置預計將於今年稍後全面投入營運。事實證明，ProcessBarron 是一個理想的合作夥伴，它與我們的工程團隊密切合作，在製造的同時完成最終設計，以縮短完成時間。因此，我們預計原型系統能夠大量銷毀 700 加侖的 PFAS。

Most importantly, we're on track and expect to be fully operational and accepting commercial ways for destruction by Q4 this year. We've established several goals for additional units to be installed at each of our facilities throughout 2025. Based on the performance results defined by our prototype, we will engineer a second-generation system to increase throughput and productivity to address larger volumes of PFAS liquids.

最重要的是，我們已步入正軌，預計將在今年第四季全面投入營運並接受商業銷毀方式。我們制定了幾個目標，即到 2025 年在我們的每個工廠安裝更多設備。根據原型定義的效能結果，我們將設計第二代系統，以提高吞吐量和生產率，以處理更大量的 PFAS 液體。

In addition to earmarking billions of dollars in federal funding, the EPA has taken decisive action to address this problem, including the recent designation of PFAS as a hazardous substance. This destination enables the agency to compel responsible parties to pay for or conduct investigations and cleanup. We believe our process is extremely unique, and we've been actively sharing information with EPA about our new process unlike traditional disposal methods for PFAS-contaminated materials, which compose environmental threats and can be extremely energy intensive, ours will be the first known sealed chemical destruction unit that can accept and destroy PFAS to acceptable levels in the US.

除了撥出數十億美元的聯邦資金外，美國環保署還採取了果斷行動來解決這個問題，包括最近將 PFAS 指定為有害物質。該目的地使該機構能夠迫使責任方支付費用或進行調查和清理。我們相信我們的工藝極其獨特，我們一直在積極與EPA 分享有關我們新工藝的信息，這與處理PFAS 污染材料的傳統方法不同，這種方法對環境構成威脅，而且能源消耗極大，我們的方法將是第一個已知的密封處理方法。

As we've stated previously, our process achieved PFAS destruction levels of 69 or 99.9999%, exceeding anticipated regulatory requirements, and this is demonstrated in our bench scale and our pilot scale approaches. In advance of the commercial operation, we're making significant progress in raising industry awareness and developing backlog anticipation of a Q4 start. We've already received PFAS liquid samples from over a dozen clients, including the federal government.

正如我們之前所說，我們的工藝實現了 69% 或 99.9999% 的 PFAS 銷毀水平，超出了預期的監管要求，這在我們的小規模和中試規模方法中得到了證明。在商業營運之前，我們在提高行業意識和製定第四季度啟動的積壓預期方面取得了重大進展。我們已經收到了來自十多個客戶（包括聯邦政府）的 PFAS 液體樣本。

In addition, we're developing several partnering agreements with larger firms and clients that will quickly align our technology with the market demand in early Q4. Once we demonstrate that we're able to achieve the same performance metrics that we've already achieved in our pilot facility. We're confident we can replicate these high-performance levels with our operational plan as discussed.

此外，我們正在與較大的公司和客戶制定幾項合作協議，這將使我們的技術在第四季初期迅速適應市場需求。一旦我們證明我們能夠實現與我們的試點設施中已經實現的相同的性能指標。我們相信我們可以透過所討論的營運計劃複製這些高性能水準。

In parallel with this effort, we're rapidly progressing development over both our soil and our bio sludge applications, which will use the same technology but require much different engineering considerations overall. We've completed a bench scale demonstration successfully and are now moving towards our pilot plant testing at 155-gallon volumes.

同時，我們正在快速推進土壤和生物污泥應用的開發，這些應用將使用相同的技術，但總體上需要不同的工程考慮。我們已經成功完成了實驗室規模的演示，現在正著手進行 155 加侖容量的試點工廠測試。

So to wrap up, we're extremely encouraged by the outlook for the business given the level of understanding or outstanding bids awaiting award as well as our growing waste receipts. In addition, we have a number of active projects that we believe will be transformative to the company in 2025 and beyond. At the same time, we've maintained a solid balance sheet and ended the quarter with over $18.1 million in cash, which we believe provides us the sufficient resource to execute our growth strategy.

總而言之，考慮到了解程度或等待中標的未完成投標以及我們不斷增長的廢物收入，我們對該業務的前景感到非常鼓舞。此外，我們還有許多活躍的項目，我們相信這些項目將在 2025 年及以後為公司帶來變革。同時，我們保持了穩健的資產負債表，本季末現金超過 1,810 萬美元，我們相信這為我們提供了足夠的資源來執行我們的成長策略。

While we were hesitant to raise funds and particularly the amount we raised, we ultimately decided that given the magnitude of these projects, we're working on, we needed the flexibility to ramp up quickly while these projects start. It was also important to show our customers that we have the balance sheet to support the potentially massive projects ahead of us. While I'm disappointed in our financial performance in the first half of the year, I'm very proud of our team and our ability to navigate through the storm while preparing for what we believe will be an unprecedented opportunity in 2025 and beyond.

雖然我們對籌集資金，尤其是籌集的金額猶豫不決，但我們最終決定，考慮到我們正在進行的這些項目的規模，我們需要在這些項目啟動時具有快速增加資金的靈活性。同樣重要的是向我們的客戶表明我們擁有足夠的資產負債表來支持我們面前潛在的大型專案。雖然我對我們上半年的財務表現感到失望，但我對我們的團隊以及我們度過難關的能力感到非常自豪，同時為我們相信 2025 年及以後的前所未有的機遇做好準備。

On that note, I'll turn the call over to Ben, who will discuss the financial results in more detail. Ben?

關於這一點，我會將電話轉給本，他將更詳細地討論財務表現。本？

Thanks, Mark.

謝謝，馬克。

Starting with revenue, our total revenue from continuing operations in the second quarter was $14.0 million compared to last year's $25 million, a decrease of $11 million or 44%. The revenue decreased in both our segments as the treatment segment was down $4.5 million and services segment was down $6.6 million. The shortfall at treatment was primarily volume related due to the lower rate receipts received in the quarter and an equipment failure that negatively altered our production at one of our plants. The equipment failure also impacted revenue from a pricing standpoint as our waste mix was impacted leading to the processing of lower-priced waste.

從收入開始，我們第二季持續營運的總收入為 1,400 萬美元，比去年的 2,500 萬美元減少了 1,100 萬美元，即 44%。我們兩個部門的收入都下降，治療部門減少了 450 萬美元，服務部門減少了 660 萬美元。處理量的短缺主要與數量有關，因為本季度收到的費率收據較低，而且設備故障對我們一家工廠的生產產生了負面影響。從定價的角度來看，設備故障也影響了收入，因為我們的廢棄物混合受到影響，導致處理價格較低的廢棄物。

In the services segment, our customer delays in the start-up of new projects and the completion of two larger projects in late '23, early '24 that haven't been replaced with similar value contracts led to the decrease in revenue in services.

在服務領域，我們的客戶推遲了新項目的啟動，並在 2023 年末和 24 年初完成了兩個較大的項目，而這些項目尚未被類似價值的合約取代，導致服務收入下降。

Our gross profit for the quarter was a loss of $1.3 million compared to $4.5 million income in Q2 of '23. The biggest impact to the negative gross profit was from the treatment segment, where the lower waste volume, the revenue mix and the high fixed cost burden at our treatment plants significantly impacted the gross profit. Our services segment also had lower revenues, which impacted gross profit negatively.

我們本季的毛利虧損 130 萬美元，而 2023 年第二季的營收為 450 萬美元。對負毛利影響最大的是處理部門，處理廠的廢棄物量減少、收入結構和固定成本負擔較高，對毛利產生了重大影響。我們的服務部門的收入也較低，這對毛利產生了負面影響。

Our SG&A costs for the quarter were $3.5 million, which is slightly down from prior year by about $96,000. Our lower marketing, travel and legal costs were offset by higher payroll and stock option expense.

我們本季的 SG&A 成本為 350 萬美元，比去年同期略有下降約 96,000 美元。我們較低的行銷、差旅和法律成本被較高的工資和股票選擇權費用所抵消。

Our net loss for the quarter was $4 million compared to last year's net income of $474,000. Our total basic and diluted loss per share for the quarter is $0.27 compared to basic income per share of $0.04 and diluted income per share of $0.03 in the prior year.

我們本季的淨虧損為 400 萬美元，而去年的淨收入為 474,000 美元。我們本季的基本和稀釋每股虧損總額為 0.27 美元，而上一年的每股基本收益為 0.04 美元，稀釋後每股收益為 0.03 美元。

EBITDA from continuing operations for the quarter as we defined it in this morning's press release, was a negative $4.6 million compared to EBITDA of $1.5 million last year.

正如我們在今天早上的新聞稿中所定義的那樣，本季持續經營業務的 EBITDA 為負 460 萬美元，而去年的 EBITDA 為 150 萬美元。

Turning to the balance sheet, cash on the balance sheet was $18.1 million compared to $7.5 million at year-end, with the increase due to, of course, to the equity raise. Our accounts receivable and unbilled receivables were down $4.7 million due to the lower revenues and the receipt in full of our long outstanding receivable from our Canadian project.

轉向資產負債表，資產負債表上的現金為 1,810 萬美元，而年底為 750 萬美元，當然，增加的原因是股權融資。由於收入減少以及加拿大項目長期未清應收帳款的全額收款，我們的應收帳款和未開票應收帳款減少了 470 萬美元。

Our AP accrued expenses and accrued disposal collectively were down $2.1 million, reflecting lower operating costs and the timing of payments. Our unearned revenue was down approximately $1 million compared to prior year.

我們的 AP 應計費用和應計處置總計減少了 210 萬美元，反映營運成本和付款時間的降低。與去年相比，我們的非勞動收入減少了約 100 萬美元。

Our backlog at June 30 was $8.7 million, down from $10.7 million in December '23. And our total debt for the quarter, which is entirely to PNC Bank, it was at $2.4 million, and that excludes debt issuance costs.

截至 6 月 30 日，我們的積壓訂單為 870 萬美元，低於 2023 年 12 月的 1,070 萬美元。我們本季的總債務（全部欠 PNC 銀行）為 240 萬美元，其中不包括債務發行成本。

Our cash used from continuing operations was $6.1 million. Cash used by our disc ops is $245,000. Cash used for investing in continuing operations, mostly related to capital spending was $840,000. Cash used for investing in discontinued operations was $49,000.

我們持續經營業務使用的現金為 610 萬美元。我們的唱片公司使用的現金為 245,000 美元。用於投資持續經營業務的現金（主要與資本支出相關）為 840,000 美元。用於投資已終止業務的現金為 49,000 美元。

Cash provided by financing was $18.1 million, which represents the net proceeds of $8.6 million from the equity raise and receipts from other option and warrant exercises of approximately 218,000 and that's reduced by monthly payments to our term and capital loans of $520,000 and payments related to financing leases and other debt of $207,000.

融資提供的現金為1,810 萬美元，其中來自股權融資的淨收益為860 萬美元，其他期權和認股權證行使的收入約為218,000 美元，減去每月支付的定期貸款和資本貸款520,000 美元以及與融資相關的付款租賃和其他債務 207,000 美元。

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

接線員，我現在會把電話轉入提問環節。

(Operator Instructions) Howard Brous, Wellington Shields.

（操作員指示）Howard Brous，Wellington Shields。

For full disclosure, I was the investment banker Wellington Shields on the last equity raise. And secondly, my family owns shares in Perma-Fix. First question, can you provide details about the partnerships you have developed with PFAS?

為了充分揭露，我是上次股權融資的投資銀行家 Wellington Shields。其次，我的家族擁有 Perma-Fix 的股份。第一個問題，能否詳細介紹一下您與 PFAS 建立的合作關係？

Our partnering agreements are a critical component of our strategy for PFAS and particularly to get very quick revenue and to really understand how our technology capabilities fit into this huge market that's moving in all different directions and is developing. So we basically have four types of agreements we're putting in place.

我們的合作協議是我們 PFAS 策略的重要組成部分，特別是為了快速獲得收入並真正了解我們的技術能力如何適應這個朝各個不同方向發展並正在發展的巨大市場。因此，我們基本上製定了四種類型的協議。

The first is with universities to support securing grants, directly focused on the expansion of our technology into the soil market and demonstrating that this technology will work in solid media. The second is we're discussing our technology with our competitors to understand how it fits together with them. There are actually several competitors that we're talking to that complement each other for mutual benefit. We have greater strength from our technology for high concentration, PFAS and less capability at this point in time, at least for very large volume, lower concentration like groundwater or other lower concentrations that are high volume. So working together with several of our competitors to see how we align and how we can work together to jump into this market in a big way.

第一個是與大學合作，支持獲得撥款，直接專注於將我們的技術擴展到土壤市場，並證明該技術將在固體介質中發揮作用。第二是我們正在與競爭對手討論我們的技術，以了解它如何與他們配合。實際上，我們正​​在與幾個競爭對手進行交談，它們可以相互補充以實現互惠互利。我們的技術在高濃度、PFAS 方面擁有更大的優勢，但目前的能力較差，至少對於非常大的體積、較低的濃度（如地下水）或其他高體積的較低濃度。因此，與我們的幾個競爭對手合作，看看我們如何協調以及如何共同努力，大規模進入這個市場。

Third, we're working with larger firms that have large client bases, and these client bases include firms that have a lot of customers that they manage their facilities for typically in the compliance area or waste. And they know that their clients have a desire to get the PFAs off-site and maintain compliance concerns or addresses compliances and liabilities.

第三，我們正在與擁有大量客戶群的大型公司合作，這些客戶群包括擁有大量客戶的公司，這些客戶通常在合規領域或廢棄物領域管理其設施。他們知道他們的客戶希望將 PFA 移出現場並維持合規問題或解決合規性和責任問題。

We're also working with federal agencies. And currently, we have several samples from different agencies that we're working on right now that open the door for showing that we can develop performance data for future larger volumes once we get operational and begin the process of being approved by those agencies as a go-to vendor for destruction of their inventory. So partnering is really important to us, and it's going really well at this point. We're very encouraged by it.

我們也與聯邦機構合作。目前，我們正在研究來自不同機構的幾個樣本，這為我們打開了大門，表明一旦我們投入運營並開始獲得這些機構的批准，我們就可以為未來更大的數量開發性能數據。供應商。因此，合作對我們來說非常重要，而且目前進展非常順利。我們對此感到非常鼓舞。

Second question is there is a settlement agreement, a contract between all of the parties at Hanford. And in that contract, they discussed building a second vitrification plant for high-level waste, the operational, I believe, in 2030, although that data is from my perspective, with the DOE, possibly vague. But they discuss that they will operate both plants from 2025, August, if you will, or possibly sooner through 2060, with the effluent to be handled basically by one company and that one company seems to be a sole source Perma-Fix. That's my understanding, and you discuss that.

第二個問題是漢福德各方之間有一份和解協議，一份合約。在該合約中，他們討論了為高放射性廢物建造第二個玻璃化工廠，我相信該工廠將於2030 年投入運營，儘管這些數據是從我與能源部的角度來看的，可能含糊不清。但他們討論說，如果你願意的話，他們將從2025 年8 月開始運營這兩家工廠，或者可能更早到2060 年，廢水基本上由一家公司處理，而一家公司似乎是Perma-Fix 的唯一來源。這是我的理解，大家討論一下。

Yes. Right now, the way it works, Howard, is we provide our rates to the take operations contract, what they call the TOC. And that company right now is WRPS, the winner of the IPDC bid that's been in dispute for several years now would be the future contract holder for that. And we provide our rights to them for all the different types of waste that we'll see from the DFLAW effluent.

是的。霍華德，現在的運作方式是我們向拍攝營運合約提供費率，他們稱之為 TOC。現在這家公司就是 WRPS，多年來一直存在爭議的 IPDC 投標的獲勝者將是未來的合約持有者。我們向他們提供對 DFLAW 廢水中所有不同類型廢物的權利。

You're correct. My understanding is the DFLAW facility has a design life through 2060, where they plan to do about 1 million gallons a year through that period. Ideally has stated publicly, they have no other viable options currently available to meet that treatment obligation for the DFLAW effluent facility and that they're not currently pursuing any construction line items for any new buildings or facilities to support that.

你是對的。我的理解是 DFLAW 設施的設計壽命到 2060 年，他們計劃在此期間每年生產約 100 萬加侖。理想情況下，他們已經公開表示，他們目前沒有其他可行的選擇來履行 DFLAW 污水處理設施的處理義務，並且他們目前沒有為任何新建築或設施尋求任何建設項目來支持這一點。

So we're pretty comfortable that right now, we're the deferred alternative at a minimum of 10 years, and we would expect to go longer than that as we've got the facilities available right now with the flexibility to support it and the capacity to support it through 2060. So that is the current thinking that we'll be able to provide us support throughout that period.

因此，我們現在感到非常放心，我們是至少 10 年的延期替代方案，而且我們預計會比這更長，因為我們現在擁有可用的設施，具有支持它的靈活性和到 2060 年的支援能力。因此，這就是我們目前的想法，即我們將能夠在此期間為我們提供支持。

Going also to tangent, when we talk about TBI in one of those documents and there's basically three important operative documents. One, the rod to the December of last year and a contract basically talks about starting in I guess January 2026 for TBI. Can you comment about the time frame and the magnitude of what you expect to get out of that, please?

也切線，當我們在其中一份文件中談論 TBI 時，基本上有三個重要的操作文件。一是去年 12 月的條款和一份合約基本上談到了 TBI 將於 2026 年 1 月開始。您能否評論一下您期望從中獲得的時間框架和規模？

Yes. There's a lot in that question, Howard. There are several documents, as you know, the systems document. And then more importantly, the confirmation of the systems document with the regulators as defined in the April 29 settlement agreement, which will likely be a consent order later once it's finalized. And what they committed in there to do is 22 tanks over 15 years, basically. They are out for procurement right now with the systems to extract the waste from those tanks.

是的。這個問題有很多內容，霍華德。如您所知，有幾個文檔，即係統文檔。更重要的是，根據 4 月 29 日和解協議中的規定，向監管機構確認系統文件，最終確定後可能會成為一份同意令。基本上，他們承諾在 15 年內建造 22 輛坦克。他們現在正在採購從這些儲罐中提取廢物的系統。

Our understanding is the design for those systems is about 3.5 million gallons a year or so is what they're anticipating and they're basically pumping that waste out of the tanks into totes for commercial off-site treatment. And those extraction units are to be delivered and installed and operational in December of '25 and view as said before, that they're shooting for January of '26 as the potential start date for that.

我們的理解是，這些系統的設計約為每年 350 萬加侖左右，這正是他們的預期，他們基本上將廢物從罐中泵入手提箱進行商業場外處理。這些抽氣裝置將於 25 年 12 月交付、安裝和運行，正如之前所說，他們計劃在 26 年 1 月作為潛在的開始日期。

My understanding is not necessarily a consent order a milestone for that, so that could slip, but they are moving in that direction. There's a lot of pressure on DOE to begin closing tanks, retrieving tanks as they call it. And I would expect it to be in close to that time frame. As you mentioned, TBI right now, the initiatives they're doing for that 2,000 gallons is to define any potential alternative out there commercially so that they are trying to other companies. We have already demonstrated that we're viable and DOE has noted that. So we expect to be playing a large role.

我的理解不一定是同意令是一個里程碑，因此可能會下滑，但他們正在朝這個方向前進。美國能源部承受著很大的壓力，需要開始關閉儲罐，也就是他們所說的回收儲罐。我預計它會在接近那個時間範圍內。正如您所提到的，TBI 現在，他們正在為這 2,000 加侖所做的舉措是定義任何潛在的商業替代品，以便他們可以嘗試其他公司。我們已經證明我們是可行的，能源部也注意到了這一點。因此，我們希望發揮重要作用。

And as I said in my notes, a few minutes ago, we are the only one that's local and provide some obvious advantages associated with environmental risk of being able to ship solids by rail as opposed to liquid. So we expect to get a significant portion of that waste. I wouldn't suppose that we'd get all of it because DOE will want alternative backups along the line, but we do expect that we can get at least half. That's our estimate, the speculation, and that would be 1.5 million gallons a year, which would be a great revenue stream for us.

正如我在幾分鐘前的筆記中所說，我們是唯一一家本地公司，並且提供了一些與環境風險相關的明顯優勢，即能夠通過鐵路運輸固體而不是液體。因此，我們預計會得到很大一部分廢物。我不認為我們會得到全部，因為能源部會想要沿線的替代備份，但我們確實希望我們能得到至少一半。這是我們的估計和推測，每年將達到 150 萬加侖，這對我們來說將是一個巨大的收入來源。

Aaron Spychalla, Craig-Hallum.

亞倫·斯皮查拉，克雷格·哈勒姆。

First, so it sounds like DFLAW is on track to start up by August of 2025. So you noted kind of mid-2025 in the release. Can you just talk about how you're thinking about timing of initial volumes as they work to start that up? Your latest thoughts on what that opportunity could look like for you from a contribution standpoint? And then also just what you're doing to prepare the Richland plant and other plants as those volumes begin.

首先，聽起來 DFLAW 有望在 2025 年 8 月啟動。所以您在版本中提到了 2025 年中期。您能否談談您如何考慮初始卷的啟動時間？從貢獻的角度來看，您對這個機會的最新想法是什麼？然後，隨著這些卷的開始，您正在為里奇蘭工廠和其他工廠做準備。

Yes, what it comes down to is DOE has been very difficult to communicate with in regards to what happens between now and August of '25. As you know, in the settlement agreement, it's very specific that they will be completed hot commissioning by August 1 of '25. Hot commissioning in our minds typically means radioactive waste or radioactive surrogates or something radioactive is included in the process to show that it works and it meets all the shielding in place and all the safety and security components are operable.

是的，歸根結底是，從現在到 25 年 8 月期間發生的事情，與能源部溝通非常困難。大家知道，在和解協議中，非常明確的是他們將在2025年8月1日前完成熱調試。在我們看來，熱調試通常意味著放射性廢物或放射性替代物或放射性物質包含在過程中，以表明它可以工作並且滿足所有適當的屏蔽要求，並且所有安全和安保組件都可以運行。

So one would assume that somewhere along the line in the hot commissioning process, they'd start generating waste. Again, they haven't confirmed this, but how can be typically a commissioning means, and we're anticipating that they'll start that process in the summer of '25 or earlier, somewhere in that time frame. And they'll start on melter up in August based on the agreement to sort of operating after our commissioning that will run for a while. We're not sure when the second melter is going to come online, but we know that they have a commitment.

因此，人們會假設在熱調試過程中的某個地方，它們會開始產生廢物。同樣，他們還沒有證實這一點，但這通常是一種調試手段，我們預計他們將在 25 年夏天或更早的時間範圍內的某個時間開始該過程。根據協議，他們將在 8 月開始熔化，在我們調試一段時間後進行運行。我們不確定第二台熔化器何時上線，但我們知道他們有承諾。

I think it's a milestone buried in that system settlement agreement that they must be fully operational with both melters running full speed within several years, I want to say, three years. So somewhere between those two times, they will be fully operational. Right now, we know that they're testing everything very close to parallel.

我認為這是埋藏在系統和解協議中的一個里程碑，即它們必須在幾年內，我想說，三年內，兩台膠機全速運行，全面投入運行。因此，在這兩次之間的某個時間，它們將全面投入運行。現在，我們知道他們正在以非常接近並行的方式測試所有內容。

In other words, both melters are going through the testing together and everything is going well. And so, to answer your question, we would expect to see a couple of million dollars a month coming into the plant in waste treatment once it sets operations and ramp up from there to what we've estimated to be the $70 million to $80 million range annually, once both smelters are fully operational, running at 1 million gallons a year.

換句話說，兩台膠機正在一起進行測試，一切都很順利。因此，為了回答你的問題，一旦工廠開始運營，我們預計每月將有數百萬美元用於廢物處理，並從那裡增加到我們估計的 7000 萬至 8000 萬美元。運營，每年生產量可達100 萬加侖。

And then just can you kind of expand on that a little bit with what you're doing from an operational standpoint at Richland, how you're going to handle those volumes?

然後，從 Richland 的營運角度來看，您能否稍微擴展一下您正在做的事情，您將如何處理這些數量？

Sure. We've assigned one of our executives to focus exclusively on this project. He's working through right now the design of the systems we need to expand to meet the capabilities for DFLAW as well as routing and including some automation and some newer technologies, particularly for routing large volumes. And that's part of what we're using the raise for will be the capital requirements to get this online.

當然。我們已指派一位高階主管專門負責此專案。他目前正在研究我們需要擴展的系統設計，以滿足 DFLAW 以及路由的功能，包括一些自動化和一些更新的技術，特別是對於大容量路由。這就是我們使用籌集資金的一部分，這將是實現這一目標的資本要求。

So we're in early design phases, understanding and trying to understand what types of waste we're going to be receiving, what it's going to require. We're going to have to do a permit mod later on for larger volumes of routing and what that's going to entail. So we're putting together schedules and the cost budget for deployment of the systems in the next quarter actually and hope to have that plan laid out by the end of the year of what we're going to be doing. So we are pulling together an engineering team.

因此，我們正處於早期設計階段，了解並試圖了解我們將收到哪些類型的廢物以及需要什麼。稍後我們將不得不對大量的路由以及這將需要的內容進行許可修改。因此，我們實際上正在整理下個季度部署系統的時間表和成本預算，並希望在我們要做的事情的年底之前製定該計劃。因此，我們正在組建一個工程團隊。

We're looking at working with some subs on that and some consultants for the design capacity and moving in that direction. So we're fully operational here to handle those larger volumes next year. It will start out slow. So our current facility right now, if we did nothing, we could handle it probably through '25, but we need to have our new systems in place in the '26-time frame to support where things are heading.

我們正在考慮與一些潛艇合作，並與一些顧問合作，以提高設計能力並朝這個方向前進。因此，我們在這裡全面運作，以處理明年更大的產量。開始會很慢。因此，我們目前的設施，如果我們什麼都不做，我們可能可以在 25 年之前處理它，但我們需要在 26 年的時間範圍內建立我們的新系統來支援事情的發展。

And then can you just give a little bit more detail on the equipment failure cost to repair there, confidence, it sounds like that will be up and running here in a couple of weeks. And then just a little more broadly on CapEx with the offering. Talk about areas of investment given the growth initiatives in front of you and some of these new waste streams that you are kind of targeting? Is that still a back half of this year and into 2025 for those?

然後您能否提供更多有關在那裡維修的設備故障成本的詳細信息，有信心，聽起來幾週後就會在這裡啟動並運行。然後再更廣泛地介紹一下該產品的資本支出。考慮到您面前的成長計劃以及您針對的一些新廢物流，談談投資領域？對那些人來說，這仍然是今年下半年和 2025 年嗎？

Okay. The first one was the RTO is going out. So we have a regenerative thermal oxidation unit, which is basically the unit at Florida and you have a stack, everything goes through your stack whenever you heat anything up at waste up. The RTO, we call it, went out on June 8. It basically sets your whole stack down.

好的。第一個是 RTO 即將退出。因此，我們有一個再生熱氧化裝置，基本上是佛羅裡達州的裝置，你有一個煙囪，每當你加熱廢物時，所有東西都會通過你的煙囪。我們稱之為 RTO，於 6 月 8 日結束。它基本上會降低你的整個堆疊。

It had run for 20 years without any problems, which is a pretty long life for that unit. And when it went down June 8, we could do no more thermal waste treatment. And it took us a while to get the repair guys to come in. There's not a lot of RTO repairment out there, and we made those fixes.

它已經運行了 20 年，沒有出現任何問題，這對於該裝置來說是相當長的壽命。當 6 月 8 日它下降時，我們無法再進行熱廢物處理。我們花了一段時間才讓維修人員進來。那裡沒有太多 RTO 修復，我們進行了這些修復。

I can't say exactly what the capital costs were for repairing that unit. But the repairment are gone as of yesterday. We're rebalancing the system now and expect to be operational next week. I can't say it cost us about $500,000 to $700,000 in June in revenue loss. We are able to get a couple of new waste streams in early in August, actually is in July, that we could do in parallel without thermal treatment that would soften the blow significantly in Q3, but we did not have that opportunity in June.

我無法準確地說出修復該裝置的資本成本是多少。但截至昨天，修復已經消失。我們現在正在重新平衡系統，預計下週將投入運作。我不能說 6 月我們的收入損失約為 50 萬至 70 萬美元。我們能夠在8 月初（實際上是在7 月）獲得一些新的廢物流，我們可以在不進行熱處理的情況下並行進行，這將大大減輕第三季度的打擊，但我們在6 月份沒有這樣的機會。

Ben, do you have any numbers on what the capital cost might have been to make the upgrade and fix on the RTO?

Ben，您是否知道升級和修復 RTO 所需的資本成本是多少？

Yes. And it's going to be maintenance expense, and it wasn't a big number, Aaron. I want to say around about $100,000, something in that range. So it's repair and maintenance. It's not capital replacement on that.

是的。這將是維護費用，而且這不是一個大數字，亞倫。我想說大約 10 萬美元，在這個範圍內。所以說就是維修和保養。這不是資本置換。

And then, I guess, quickly, could you just kind of touch on some of the other CapEx areas for some of those new waste streams that you've been pursuing here?

然後，我想，很快，您能否談談您一直在這裡追求的一些新廢物流的其他一些資​​本支出領域？

Yes. We have a couple of upgrades we're doing at DSSI for a classified waste for the DOE complex and working to expand the current facility we've got to handle larger volumes and larger components. And that's a couple of million-dollar upgrade. We just finished the ones at Florida.

是的。我們正在 DSSI 對 DOE 綜合體的分類廢棄物進行了一些升級，並努力擴大目前的設施，我們必須處理更大的體積和更大的組件。這是花費幾百萬美元的升級。我們剛剛在佛羅裡達完成了那些。

We are deploying right now, as I mentioned, beginning in September, the PFAS unit as well in Florida and then the upgrades Northwest will be largely associated with what I just mentioned. Those will begin most likely we're on the first of the year, but include design and engineering in the next couple of quarters. We expect right now the total number for the facility upgrades relative to the capital raise to be about $11 million total all combined between PFAS and the other systems that we're planning to upgrade.

正如我所提到的，我們現在正在部署 PFAS 裝置，從 9 月開始，佛羅裡達州也將部署，然後西北地區的升級將在很大程度上與我剛才提到的相關。這些工作很可能會在今年第一天開始，但包括接下來幾季的設計和工程。目前，我們預計 PFAS 和我們計劃升級的其他系統的設施升級相對於融資總額約為 1100 萬美元。

And Aaron, I'll add to that. The RTO going down is kind of an example of we did allocate probably in the short term a couple of million over the next probably 12 to 18 months on just sustenance repair of sort of our older equipment that just needs replacing to try to avoid something like what happened in Florida.

亞倫，我補充一下。RTO 下降就是一個例子，我們確實在接下來的 12 到 18 個月內短期內分配了幾百萬美元，用於對我們的舊設備進行維持維修，這些舊設備只需要更換，以避免類似情況佛羅裡達州發生了什麼事。

And then maybe just last for me. You kind of talked about a pickup here in backlog and bidding activities in the third quarter. Can you just kind of talk a little bit about how you expect results to trend for the segments in the back half of the year?

然後也許對我來說只是最後。您談到了第三季積壓訂單和投標活動的回升。能否簡單談談您對下半年各細分市場業績趨勢的預期？

Yes. We're getting exceptionally good receipts coming in right now. Q3 is always the best quarter really for receipts, which typically you don't get to process all of it, so you don't get all your revenue, which leads into Q4 typically. But typical government last quarter of fiscal year, they get they want their waste off-site. They are spending some of the money that got budgeted late in the year as well. So we're seeing a real surge right now. Some of these waste streams are larger, which will not necessarily all be processed this year and will flow into next year, particularly the ones I mentioned from Canada and Mexico, those are larger and will trickle in on a more sustained level for the next 12 months or so and begin here in the October time frame.

是的。我們現在收到的收據非常好。第三季度始終是收據最好的季度，通常您無法處理所有這些，因此您無法獲得所有收入，這通常會進入第四季度。但典型的政府在財政年度最後一個季度，他們希望將廢棄物轉移到場外。他們也花了今年年底預算中的一些資金。所以我們現在看到了真正的激增。其中一些廢物流規模較大，不一定會在今年全部處理完畢，而是會流入明年，特別是我提到的來自加拿大和墨西哥的廢物流，這些廢物流規模較大，並將在未來12 年以更持續的水平流入。

On the services side of the house, we are putting a lot of bids in. I think we have eight maybe going in, in the next three weeks. And we do have to win them. We feel like we'll win our share as usual of these ones that are between $1 million and $3 million in value. We have a couple that are closer to 10%. But hopefully, those will be awarded as schedule, which are all scheduled to be awarded before the end of the quarter, this quarter and support funding and start-up in Q4.

在房屋的服務方面，我們進行了大量的投標。我想在接下來的三週內我們可能會有八個參加。我們確實必須贏得他們。我們覺得我們將像往常一樣贏得這些價值 100 萬至 300 萬美元之間的份額。我們有幾個接近 10%。但希望這些能夠按計劃授予，所有這些都計劃在本季度本季末之前授予，並在第四季度支持資金和啟動。

So we do have high confidence that the second half of the year will be much better. And this quarter, we're going to be hoping to come in close to breakeven, maybe a little better if all things go as planned and be healthier as we head into the end of the year at the last quarter.

因此，我們非常有信心下半年會好得多。本季度，我們希望接近收支平衡，如果一切按計劃進行，並且在最後一個季度進入年底時變得更加健康，也許會好一點。

Aaron Warwick, Breakout Investors.

亞倫·沃里克，突破投資者。

Obviously, a rough quarter. You had mentioned the equipment failure as part of it as well as the delays with the government. But how much of that is also related to, if I'm understanding correctly, you had one of your facilities pretty much down or mostly down just to focus on PFAS. Is that accurate?

顯然，這是一個艱難的季度。您提到了設備故障以及政府的延誤。但如果我理解正確的話，其中有多少也與您的一項設施幾乎癱瘓或大部分癱瘓有關，只是為了專注於 PFAS。準確嗎？

No, Florida is still operating. They were down because of that RTO outage, so it wasn't necessarily down for PFAS. The PFAS installation will begin in September. But to kind of give you a sense, Aaron. We spent between $600,000 to $700,000 in Q2 on PFAS between the capital expenditures and labor. And we do see that ramping up, and that's built into our numbers.

不，佛羅裡達州仍在運營。他們的停機是因為 RTO 中斷，所以 PFAS 不一定會停機。PFAS 安裝將於 9 月開始。但為了給你一種感覺，亞倫。第二季度，我們在 PFAS 上的資本支出和勞動力支出為 600,000 至 700,000 美元。我們確實看到這種情況正在增加，並且這已納入我們的數字中。

We have about 15 people working exclusively on it. They're expensive people. And it's going very well between the engineers and the chemist and the sales folks. So that is part of our expenditures as planned, and it will be a challenge to meet all the goals we have until we start seeing revenue from those systems, particularly PFAS, which as I mentioned, we start to seeing it in Q4. But that was not the reason that the Florida plant took a step back. It was because of that exhaust stack issue.

我們大約有 15 名員工專門從事這方面的工作。他們是昂貴的人。工程師、化學家和銷售人員之間的合作非常順利。因此，這是我們計劃支出的一部分，在我們開始看到這些系統（特別是PFAS）的收入之前，實現我們的所有目標將是一個挑戰，正如我所提到的，我們在第四季度開始看到它。但這並不是佛羅裡達工廠退縮的原因。這是因為排氣管問題。

Stick with PFAS, I guess, since we're talking about that. Are you still expecting a couple of million dollars of revenue in Q4. What's your current thinking around that?

我想，堅持使用 PFAS，因為我們正在談論這個。您是否仍然期望第四季度有幾百萬美元的收入？您目前對此有何想法？

I think it's going to be closer to $1 million, and I'd be thrilled if we got to a 1 million right now, our system, as I mentioned, is expected to do about 700 gallons a day. In prior calls, we thought it was going to do several batches a day and it's a 1,000-gallon reactor. So we have to put the chemicals in there that we had to put in there, and we need some head space. So it's going to be more like 700.

我認為這將接近 100 萬美元，如果我們現在達到 100 萬美元，我會很興奮，正如我所提到的，我們的系統預計每天生產約 700 加侖。在之前的電話中，我們認為它是一個 1,000 加侖的反應器，每天會生產幾批。所以我們必須把我們必須放在那裡的化學物質放在那裡，我們需要一些頂部空間。所以它會更像700。

We're not sure how fast we're going to be able to move a batch through. So we're being conservative at this point and thinking one a day, maybe two, and if we could do multiple shifts, we can do better. We're not sure how long it's going to take the cool down and eat up and all that kind of stuff. So we're still working through those numbers on the engineering side of the house.

我們不確定我們能夠以多快的速度運送一批貨物。因此，我們在這一點上持保守態度，每天考慮一次，也許兩次，如果我們可以進行多次輪班，我們可以做得更好。我們不確定它需要多長時間才能冷卻並吃掉諸如此類的東西。因此，我們仍在研究工程方面的這些數字。

And what we really determined the most important thing is to get the performance data from the unit and to be able to document it and verify it and validate it so that we can build up our inventory, and we'll be prepared to take on a significant inventory in storage while we're building our Gen 2 unit. And that unit will be designed, is already in design right now based on what we've already learned and studied to do much more than that, and that should be operational in Q2 of next year at the latest, hopefully earlier.

我們真正確定的最重要的事情是從設備中獲取性能數據，並能夠記錄它並驗證它，以便我們可以建立我們的庫存，並且我們將準備好承擔在我們建造第2 代設備時，庫存量很大。該裝置將根據我們已經學到和研究的內容進行設計，目前已經在設計中，其功能遠不止於此，最遲應該在明年第二季度投入運行，希望能更早。

And that will have a lot larger throughput. But to answer your question, based on what we're seeing, it's going to be closer to $1 million in revenue for Q4 this year.

這將有更大的吞吐量。但要回答你的問題，根據我們所看到的情況，今年第四季的收入將接近 100 萬美元。

It sounds like you don't have any lack of interest in inventory or possible customers.

聽起來您對庫存或潛在客戶並不缺乏興趣。

It's just shocking. This market moves all over the place. There are some competitors out there that have all kinds of claims. And what it comes down to is the people we're targeting and talking to all have a large need. And I'm very confident if we are operating today, Aaron, we would have an enormous backlog in frac tanks at our facility. And that's why the rush is just to get the performance data, and then we can start signing contracts.

真是令人震驚。這個市場到處移動。有些競爭對手有各種各樣的主張。歸根結底，我們的目標群體和與之交談的人群都有很大的需求。我非常有信心，如果我們今天繼續運營，亞倫，我們工廠的壓裂罐將會積壓大量訂單。這就是為什麼我們急於獲得性能數據，然後我們就可以開始簽訂合約。

And that's really where we're. We're very encouraged by that. We're very encouraged by how we fit into the market and what our technology does in comparison to our competition. And it's different, and it addresses a different phase of the overall PFAS material management, as I mentioned, with more strength in the higher concentrations that fits very well into where some of our competitors and partners are, which is very encouraging to us. So it's really a race to get the operational unit built in operational at this point in time.

這就是我們現在的處境。我們對此感到非常鼓舞。我們如何融入市場以及我們的技術與競爭對手相比的表現讓我們深受鼓舞。正如我所提到的，它是不同的，它解決了整體PFAS 材料管理的不同階段，濃度越高，強度越大，非常適合我們的一些競爭對手和合作夥伴的情況，這對我們來說非常令人鼓舞。因此，此時此刻，讓已建成的營運單位投入運作確實是一場競賽。

Given the state of the market and the demand, part of these partnerships, is it possible to license out your technology? Is that something you're looking into? What are your thoughts around that?

考慮到市場狀況和需求，作為這些合作夥伴關係的一部分，是否可以授權您的技術？這是你正在研究的事情嗎？您對此有何想法？

It's very possible. We're definitely considering that. We get that question a lot from the vendors we're talking to. Our position has been that we're not going to pursue that until the end of '25. We want to get our Gen 2 system deployed and show how fast it can operate and refine it.

這是很有可能的。我們肯定正在考慮這一點。我們經常從與我們交談的供應商那裡得到這個問題。我們的立場是，我們不會在 25 年底前實現這一目標。我們希望部署我們的第二代系統，並展示它的運行速度和改進速度。

As I mentioned before, we're designing this thing while we're fabricating the prototype, which is not a normal way to do it, but we're kind of rushing it along, they have done. The Gen 2 is really going to be a much more methodical system that addresses all kinds of improvements, significant improvements, and we expect it to run a lot faster and more efficient, all those things. We want to get this built, deployed at several facilities that we can show folks, hey, this is what it does, it's how you operate it and then towards the second half of '25 start considering licensing and technology.

正如我之前提到的，我們在製造原型的同時設計這個東西，這不是正常的做法，但我們有點匆忙，他們已經做到了。第二代確實將成為一個更有條理的系統，解決各種改進、重大改進，我們希望它運作得更快、更有效率，所有這些都是如此。我們希望將其建置並部署在多個設施中，我們可以向人們展示，嘿，這就是它的作用，這就是您操作它的方式，然後在 25 年下半年開始考慮許可和技術。

But I do see that as a real option for us. And we're looking at all different types of approaches to treating GAC in situ, at people's facilities to other types of things, cleaning out sums and filtration systems, those kinds of things at people's locations as well as treating effluent at landfills. So there's all kinds of applications that would require you to have a lot of units deployed in the field, that's when licensing technology looks more attractive overall. And we're certainly giving that a lot of thought.

但我確實認為這對我們來說是一個真正的選擇。我們正在研究各種不同類型的方法來就地處理GAC，在人們的設施中處理其他類型的東西，清理污水和過濾系統，在人們的場所處理這些東西以及處理垃圾掩埋場的廢水。因此，各種應用程式都需要您在現場部署大量設備，此時授權技術總體上看起來更具吸引力。我們當然對此進行了很多思考。

One thing I hadn't heard about much recently from anybody is the OSMS. What's the status of that? What's the current thinking?

我最近沒有從任何人那裡聽到太多的一件事是 OSMS。那是什麼狀態？目前的想法是什麼？

Aaron, that's a really difficult one to even discuss because we have no information, either our competitors or our team partners or anyone. It's just total silence. I met with DOE folk's headquarters back in early June. They said their goal was to have an award by the end of the fiscal year. But they've said that on other milestones as well.

亞倫，這是一個非常難以討論的問題，因為我們沒有任何訊息，無論是我們的競爭對手還是我們的團隊合作夥伴或任何人。周圍一片寂靜。六月初，我與能源部總部進行了會面。他們表示，他們的目標是在本財年結束前獲得獎項。但他們在其他里程碑上也這麼說過。

No one really understands why it's being held up. I mean, it's been submitted, I want to say two years ago, August that was submitted. And just no word at all. There's lots of implications to the award. It impacts a lot of people and other contracts that are waiting for to be awarded. I just have no idea. I don't think anyone outside of view procurement has any idea of what the holdup is. But right now, it's looking like another month or two.

沒有人真正理解為什麼它被擱置。我的意思是，它已經提交了，我想說的是兩年前，八月提交的。而且就是一句話也沒有說。該獎項有很多含義。它影響了很多人和其他等待授予的合約。我就是不知道。我認為採購以外的任何人都不知道阻礙是什麼。但現在看來，還需要一兩個月。

And then also, you mentioned the JRC, but I didn't hear much else maybe I just missed it about other opportunities in Central Europe and where you stand there. Last conference call, it sounds like you were pretty positive that there were some things brewing there that would be good for you. What's the status of that right now?

另外，您提到了 JRC，但我沒有聽到太多其他消息，也許我只是錯過了中歐的其他機會以及您所在的位置。上次電話會議，聽起來您非常肯定那裡正在醞釀一些對您有利的事情。那現在的狀況如何呢？

We're continuing to work on the new plant potential. We're working on some alternatives. And so, it is kind of a little behind schedule and changing a couple of approaches for the new plant that will slide that back a little bit, not a lot, but a little bit. And hopefully, we can disclose what those agreements are sometime in this quarter publicly. We are bidding on several RFPs right now over there for different types of applications and continue to see growth hopefully, with some new clients in Hungary and Norway in the coming months and other clients in Italy as well.

我們正在繼續挖掘新工廠的潛力。我們正在研究一些替代方案。因此，這有點落後於計劃，並改變了新工廠的一些方法，這將使進度落後一點，不是很多，而是一點點。希望我們能夠在本季的某個時候公開披露這些協議的內容。我們現在正在針對不同類型的應用程式競標多個 RFP，並有望繼續看到成長，未來幾個月我們將在匈牙利和挪威擁有一些新客戶，在義大利也有其他客戶。

So things continue to move. It's interesting working in Europe. Things just absolutely shut down in the summer as they burn their five or six weeks of mandatory vacation or holiday as they call it, and things get really slow through the summer. So we're anticipating that to pick up. It's already started in the last week or two and expect to get full blast again in September and hopefully, we can have some press releases about how it is progressing.

所以事情繼續發展。在歐洲工作很有趣。夏天一切都完全停止了，因為他們浪費了五到六週的強制假期或他們所說的假期，整個夏天一切都變得非常緩慢。所以我們預計這種情況會有所改善。它已經在過去一兩週開始了，預計將在 9 月再次全面爆發，希望我們能發布一些有關其進展的新聞稿。

But Mexico and Canada have been a big surprise for both of those, particularly Canada, great waste streams for us that will be sustained through a 12-month period and really good revenue for us type of work we would like to do. So those all start here in the next couple of weeks.

但墨西哥和加拿大對這兩個國家（尤其是加拿大）來說是一個巨大的驚喜，對我們來說，大量的廢物流將持續12 個月，而且對我們想做的工作類型來說，收入確實很高。所以這些都將在接下來的幾週內開始。

And the final thing for me then, I guess, just on Hanford. I mean I've been hearing some things that indicate that perhaps they're going to be starting the DFLAW facility quite a bit earlier than August of 2025. Are you hearing anything about that? Or what's the --

我想，對我來說最後一件事就是在漢福德。我的意思是，我聽到一些消息表明，他們可能會比 2025 年 8 月早一些啟動 DFLAW 設施。你聽過什麼嗎？或者是什麼--

They had an announcement a couple of weeks ago that they had some delays in cold commissioning, but they said specifically that, that would not address hot commissioning. So I'm not sure what that means. I think they had some type of system issue that is going to require a couple of months to get some additional parts or some changes.

幾週前他們宣布，冷調試有一些延遲，但他們特別表示，這不會解決熱調試問題。所以我不確定這意味著什麼。我認為他們遇到了某種類型的系統問題，需要幾個月的時間才能獲得一些額外的部件或進行一些更改。

I can't remember exactly what the situation was. And hot commissioning would begin at some time in Q1 time frame, I want to say. And so, it seems like it's on track. DOE is very optimistic. Congress is very optimistic. If you follow the House and Senate funding packages. They all include significant increases in Hanford funding, like hundreds of millions, I want to say $300 million range that would go towards these projects.

我記不太清楚當時的情況了。我想說，熱調試將在第一季的某個時間開始。所以，看起來一切都步入正軌了。美國能源部非常樂觀。國會非常樂觀。如果您遵循眾議院和參議院的撥款計劃。它們都包括漢福德資金的大幅增加，例如數億美元，我想說的是 3 億美元的範圍將用於這些項目。

So they all look very attractive. You never know how the fund is going to come out. But right now, that's where the plus ups are as at Hanford. So we're optimistic, DOE is optimistic. They're very focused on success and so as far as that facility operating as planned.

所以他們看起來都很有吸引力。你永遠不知道基金將如何出現。但現在，這就是漢福德的優勢所在。所以我們很樂觀，能源部也很樂觀。他們非常注重成功以及該設施按計劃運行。

I guess it seems like that's kind of bipartisan. Is that accurate?

我想這似乎是兩黨合作的結果。準確嗎？

It is accurate, completely. Yes, it is. I think no matter what, everyone sees the investment that the DOE has made out there. The plants looking at a total cost of about $18 billion. They want to start showing some progress. And the grounding program also kind of underscores the fact that there's pressure from Congress on DOE to start showing some progress on overall mission completion, which is closing some tanks.

它是準確的、完整的。是的。我認為無論如何，每個人都看到能源部在那裡所做的投資。這些工廠的總成本約為 180 億美元。他們希望開始顯示出一些進展。停飛計畫也強調了這樣一個事實，即國會向能源部施加壓力，要求其開始在總體任務完成方面取得一些進展，即關閉一些坦克。

Yes, I think they just put out something recently saying that they're going to do this 2,000-gallon testing with these other entities get that started before the end of the year.

是的，我認為他們最近剛發布了一些內容，表示他們將與其他實體進行 2,000 加侖的測試，並在今年年底之前開始。

Yes. That's another step to get in the grinding system going, ground program going and supporting that '26 date. So that will be good to see that happen too, so they can start making progress and get some contracts in place and get rolling for the large-scale routing.

是的。這是讓研磨系統運作、研磨計畫運作並支援「26」日期的又一步。因此，很高興看到這種情況發生，這樣他們就可以開始取得進展，簽訂一些合同，並開始大規模路由。

Anthony Harpel, investor.

安東尼哈佩爾，投資人。

Gentlemen, I'd like to talk about the Hanford tank cleanup. Setting aside the fact that it would present enormous and meanwhile, completely unnecessary environmental and human health risks to local communities, setting aside the strong objections of the humatronics drives and setting aside the fact that you would need to send literally thousands of trucks over the lifetime of the tank cleanup project, given that there are millions of gallons of low-activity tank waste to treat.

先生們，我想談談漢福德儲罐清理工作。拋開它會給當地社區帶來巨大且完全不必要的環境和人類健康風險的事實，拋開人類電子驅動器的強烈反對，拋開在一生中需要發送數千輛卡車的事實鑑於有數百萬加侖的低活性儲槽廢棄物需要處理，因此儲槽清理工程的進展順利。

Let's nevertheless imagine that the DOE stupidly decides that it wants to truck untreated tank waste from Hanford to Andrews, Texas or to Clive Utah. In such a scenario, can you please discuss whether the DOE would be required first to secure permits to do so from each state and each municipality across which this untreated tank waste would travel?

然而，讓我們想像一下，能源部愚蠢地決定將未經處理的罐箱廢物從漢福德運往德克薩斯州安德魯斯或猶他州克萊夫。在這種情況下，您能否討論一下，是否需要能源部首先從未經處理的罐式廢物流經的每個州和每個市獲得這樣做的許可？

I don't know, Anthony, all the permits that have to be addressed. When we ship radioactive material across state lines, you have to have permits in place. Liquid waste is shipped within the DOE system on a pretty regular basis from site to site. What's not done is shipping liquid radioactive waste when you don't have to.

安東尼，我不知道所有需要解決的許可問題。當我們跨州運送放射性材料時，您必須持有許可證。液體廢物在能源部系統內定期從一個地點運送到另一個地點。沒有做的是在不必要的時候運送液體放射性廢棄物。

And I think that's kind of the difference. So it is very limited. It's definitely recognized as being much more dangerous than shipping solids, particularly when you compare it to rail. Rail is always a preferred method if you're going to the long distances, particularly. And so, you do have to have support by the states. They do have a say in it.

我認為這就是區別。所以它的作用非常有限。它絕對被認為比運輸固體危險得多，特別是當你將其與鐵路相比時。尤其是如果您要長途旅行，鐵路始終是首選方法。因此，你確實必須得到各州的支持。他們確實有發言權。

In Oregon, as you know, has been very vocal about shipping untreated waste through their state when you don't have to. Particularly as mentioned, the number of shipments is very large if they commit to doing large volumes. So we still feel very strongly that our opportunity or our offering is the lowest environmental risk and that it makes the most sense. DOE's position, they understand, they don't argue that. They want alternatives.

如您所知，在俄勒岡州，在不必要的情況下，一直強烈要求將未經處理的廢物運送到該州。特別是如上所述，如果他們致力於大量生產，那麼發貨數量會非常大。因此，我們仍然強烈地認為我們的機會或我們的產品是環境風險最低的，也是最有意義的。美國能源部的立場，他們理解，他們不會爭論。他們想要替代方案。

And I would expect them to have alternatives. I don't know if there's going to be one award or three awards for the grounding waste or how that's going to be procured really at all they haven't told us. But I would expect them to have backups. If we go down, if there's an issue, they want to keep things moving, and they want alternatives to apply pressure on competition to a certain degree as well.

我希望他們有其他選擇。我不知道接地廢物是否會獲得一個獎項或三個獎項，也不知道如何獲得這些獎項，他們根本沒有告訴我們。但我希望他們有備份。如果我們走下坡路，如果出現問題，他們希望讓事情繼續發展，他們也希望有替代方案，在一定程度上對競爭施加壓力。

I still believe that we'll be able to do very well price-wise, with the cost savings we have in transportation as well as our system is so mature and we've done it for so long. But there's advantages to those guys or competition for having the landfills. So we're hoping we can partner with both landfills and work something out that our approach makes the most sense. And I think we speculate that in the long run, we will be the preferred alternative.

我仍然相信，我們能夠在價格方面做得很好，因為我們在運輸方面節省了成本，而且我們的系統非常成熟，而且我們已經這樣做了很長時間。但這些人也有優勢或擁有垃圾掩埋場的競爭。因此，我們希望能夠與兩個垃圾掩埋場合作，找出最有意義的方法。我認為我們推測從長遠來看，我們將成為首選。

Secondly, it looks like the Hanford Tank disposition Alliance, of which you are a team member has now filed a federal lawsuit over the DOE's $45 billion ITDC award to Hanford tank waste operations and closure. And I gather that legal arguments are scheduled to begin on August 8.

其次，看起來漢福德儲罐處置聯盟（您是該聯盟的團隊成員）現在已就能源部向漢福德儲罐廢物運營和關閉授予的 450 億美元 ITDC 撥款提起聯邦訴訟。據我所知，法律辯論定於 8 月 8 日開始。

Now at the same time, the recently legally binding tri-party settlement agreement commits to treating a significant portion of the Hanford site take waste through grounding as a supplement to vitrification. So all parties, DOE, EPA, Washington State have now formally recognized routing as a preferred supplement to vitrification. In addition, you have the Hanford Systems Rod 10 document released earlier this year, and that essentially says that half the Hanford low-activity tank waste will go to the DFLAW plant and half will be shipped to commercial grounding facilities for disposal off-site.

同時，最近具有法律約束力的三方和解協議承諾透過接地處理漢福德場地的很大一部分廢物，作為玻璃化的補充。因此，美國能源部、美國環保局、華盛頓州等各方現已正式承認路由作為玻璃化冷凍的首選補充。此外，今年稍早發布的 Hanford Systems Rod 10 文件顯示，Hanford 低活性儲槽廢棄物的一半將進入 DFLAW 工廠，一半將被運往商業接地設施進行場外處置。

So can you please give us a sense of the expected time line for this ITDC legal case to play out? And can you please clarify what impact, if any, this legal case will have on DOE's time line for off-site treatment of the low-activity tank waste.

那麼，您能否向我們介紹 ITDC 法律案件的預計審理時間？您能否澄清一下，此法律案件將對能源部低活性儲槽廢棄物場外處理的時間表產生什麼影響（如果有）。

Well, so first of all, the ITDC bid procurement, I don't see having any impact on the start-up of DFLAW, and I say that with confidence because the start-up of DFLAW is being done by Bechtel. So Bechtel has the responsibility of getting it fired up, getting it working. And I don't have any idea what DOE is thinking in regards to how the ITDC contract fits in with Bechtel and how they're integrated.

嗯，首先，ITDC 投標採購，我認為對 DFLAW 的啟動沒有任何影響，我很有信心地說，因為 DFLAW 的啟動是由 Bechtel 完成的。因此，柏克德有責任讓它啟動並正常運作。我不知道能源部對於 ITDC 合約如何與 Bechtel 相適應以及如何整合有什麼想法。

The way I remember it being, I don't really quote on this, but is that the ITDC included a handoff from Bechtel to the ITDC contract or when they're in place. Now that's obviously, in '25, as we've discussed, if they don't have it in place by then, I'm not sure if the existing contractor WRPS who's got the ITDC contract or the equivalent. We'll step in and do that or what will happen. If they reprocure the ITDC contract, which is rumored to be one of the options, the other two options being able to award it to the original award HTC, I think it is or the protesting bidder as a third or rebid. So those three options are on the table.

我記得的方式是，我並沒有真正引用這一點，但 ITDC 包括從 Bechtel 到 ITDC 合約的移交或當它們就位時。現在很明顯，正如我們所討論的，在 25 年，如果他們到那時還沒有到位，我不確定現有承包商是否會 WRPS 獲得 ITDC 合約或同等合約。我們將介入並做到這一點或將發生什麼。如果他們重新採購 ITDC 合同，據傳這是其中一個選項，另外兩個選項能夠將其授予原始中標 HTC，我認為它或抗議投標人作為第三個或重新投標。因此，這三個選項已擺在桌面上。

I think DOE made it pretty clear they want to award it to the guys they've chosen. But as you know, the court case relative to the procurement process has to consider whether the infraction or the legend fraction on the winner is incurable or not. So if it's curable, then I see them getting the award if the judge terms it is not curable, then they can go for rebid or award to the second-place team.

我認為能源部已經明確表示他們希望將這項獎項授予他們選擇的人。但如您所知，與採購過程相關的法庭案件必須考慮獲勝者的違規行為或傳奇分數是否無法治癒。因此，如果它可以治愈，那麼我認為他們會獲得獎項，如果法官認為它無法治愈，那麼他們可以重新競標或獎勵給第二名團隊。

I don't know how it's going to play out. I don't think anybody really does at this point. But I don't expect it to impact DFLAW, but it could potentially impact the grouting, but just thinking us through, Anthony, I haven't really talked about it very much, I would anticipate that DOE would modify the existing contractor's contract to align with that settlement agreement.

我不知道事情會怎樣發展。我認為目前還沒有人真正這麼做。但我不認為它會影響 DFLAW，但它可能會影響灌漿，但想想我們，安東尼，我還沒有真正談論過它，我預計能源部會修改現有承包商的合同，以與該和解協議保持一致。

And if they're in a procurement situation, WRPS is very, very knowledgeable of this type of scope and what we're talking about here that they would be able to just simply pick up that scope without missing a beat. So it'd be unlikely in my mind that any of these scenarios would have any impact on meeting these milestones.

如果他們處於採購情況，WRPS 對這種類型的瞄準鏡非常非常了解，我們在這裡討論的是，他們將能夠簡單地拿起該瞄準鏡，而不會錯過任何機會。因此，在我看來，這些場景中的任何一個都不太可能對實現這些里程碑產生任何影響。

While Perma-Fix is formally part of the Hanford tank disposition alliance, am I correct that, whichever bidding consortium ultimately wins the ITDC contract does not affect your opportunity to treat Hanford supplemental low-activity tank waste and secondary waste as a subcontractor third-party treatment provider?

雖然Perma-Fix 是漢福德儲罐處置聯盟的正式成員，但我是否正確，無論哪個投標聯合體最終贏得ITDC 合同，都不會影響您作為分包商第三方處理漢福德補充低活性儲罐廢物和二次廢物的機會治療提供者？

That's a good question. And unequivocally, I do not see any impact on our ability to grow out no matter what happens with that contract, correct? That would not impact. I can't think of a scenario where whatever word is considered here would have any impact on us doing that.

這是個好問題。明確地說，無論合約發生什麼，我都不認為對我們的成長能力有任何影響，對嗎？那不會有影響。我無法想像這裡考慮的任何字詞都會對我們這樣做產生任何影響的情況。

And what is the minimum percentage of the cumulative value of task orders issued under the ITDC that must be subcontracted to small businesses, of which you're one?

根據 ITDC 發出的必須分包給小型企業（您是其中之一）的任務訂單的累積價值的最低百分比是多少？

I believe that number is 20%.

我相信這個數字是20%。

So that's 20% of a $45 billion number? Is that correct?

那麼這就是 450 億美元數字的 20% 嗎？這是正確的嗎？

Correct. Yes.

正確的。是的。

Okay. And then just last question, and then I'll at hand it off. You all in Westinghouse have been working on the parameters of an agreement related to building a UK treatment plant that, from what I understand, would use your treatment technology, where are we in terms of these discussions and any decisions that have been made?

好的。然後是最後一個問題，然後我會把它交給你。西屋電氣的你們一直在研究與建設英國處理廠相關的協議參數，據我了解，該處理廠將使用你們的處理技術，我們在這些討論和已做出的任何決定方面處於什麼位置？

That's what I was referring to earlier, Anthony. We are in discussions looking at alternatives and keeping the discussions going with Westinghouse as well. And I just can't get into the details right now on where we are on those. We still are on track to hopefully have a facility up and operating in the next 18 months or so. But we're working out through some details that might change some things based on things that have occurred at Westinghouse relative to the plant we're going to build it at and the fact that the world has changed so much in regards to the nuclear fuel markets and the fact that they're doing very, very well with the fuel fabrication right now over there.

這就是我之前提到的，安東尼。我們正在討論尋找替代方案，並繼續與西屋電氣進行討論。我現在無法詳細了解我們在這些方面的進展。我們仍有望在未來 18 個月左右的時間內建成並營運設施。但我們正在製定一些細節，這些細節可能會改變一些事情，這些細節是基於西屋公司發生的與我們將要建造的工廠相關的事情，以及世界在核燃料方面已經發生了很大變化的事實市場以及他們現在在燃料製造方面做得非常非常好的事實。

So all I can tell you is we're working through that. We're hoping to have an announcement here in September and provide specific details as to how that agreement has changed and how it's moving forward.

所以我只能告訴你我們正在解決這個問題。我們希望在 9 月在這裡發佈公告，並提供有關該協議如何更改以及如何向前推進的具體細節。

But if I could go back one second, Anthony, to your prior question, as you mentioned, it's important to understand, and you hit an important point. It is a 20% small business requirement. And keep in mind, we are a small business, and our competitors are not. So meeting that 20% goal of $45 billion is a big number and Perma-Fix doing the treatment of that crowded for grounding that waste would go towards that goal. So it does or provide them a little incentive to consider that, that they have to meet that 20% goal wherever the winner is and you can get there in a fast way by Perma-Fix treating that waste through grouting.

但是，安東尼，如果我能回到你之前的問題，正如你所提到的，理解這一點很重要，而且你說到了一個重要的點。這是 20% 的小型企業要求。請記住，我們是一家小型企業，而我們的競爭對手則不是。因此，實現 450 億美元 20% 的目標是一個很大的數字，而 Perma-Fix 對那些擁擠的廢物進行處理將有助於實現這一目標。因此，這確實或為他們提供了一點動力去考慮，無論獲勝者在哪裡，他們都必須達到 20% 的目標，並且您可以透過 Perma-Fix 透過灌漿處理廢物來快速實現目標。

[Carl Weiss, GrowFunds].

[卡爾·韋斯，GrowFunds]。

There has been a lot asked, obviously. But just on West Valley contract, can you give us an update there? And then assuming the Gen 2 unit gets the throughput that you're looking for. How would you size the PFAS market one year out and then further out kind of five years out. Some of your competitors have done that.

顯然，已經有很多人問了。但就西谷合約而言，您能給我們最新情況嗎？然後假設第二代設備獲得您正在尋找的吞吐量。您如何衡量一年後和五年後的 PFAS 市場規模？您的一些競爭對手已經這樣做了。

West Valley, again, obviously, in the middle of the procurement process, like OSMS is, I can't talk much about the procurement itself, but as far as stats if it goes, was what your question was. DOE has stated several times that they expect to make an award by the end of the calendar year. So I have to believe they're on track for that.

西谷，同樣，顯然，在採購過程的中間，就像 OSMS 一樣，我不能過多談論採購本身，但就統計數據而言，這就是你的問題。美國能源部多次表示，他們希望在今年底前做出裁決。所以我必須相信他們已經步入正軌。

I do understand there's three bidders. So it's not a large number of proposals to consider, and it was a very simple proposal unlike the OSMS proposal, which was very, very comprehensive cost volume, the West Valley contract or RFP did not include that. So all expectations are in the next four, five months to hear about West Valley. The Gen 2, as far as what we can expect is, we're assuming about $10 million in revenue in the latter half of the second half, last two quarters of 25%. And that includes an assumption that we'll have our Gen 2 system operating, along with potentially some revenue for soil as well.

我知道有三個投標者。因此，需要考慮的提案數量並不多，而且是一個非常簡單的提案，與 OSMS 提案不同，OSMS 提案的成本量非常非常全面，西谷合約或 RFP 不包括這一點。因此，所有的期望都在接下來的四、五個月內聽到關於西谷的消息。Gen 2，就我們的預期而言，我們假設下半年的收入約為 1000 萬美元，最後兩個季度的收入為 25%。其中包括一個假設，即我們將運行第二代系統，並可能為土壤帶來一些收入。

I think it's a little bit more of a stretch goal. But we do expect Gen 2 to be generating about $10 million a year in the second half of '25 and about $20 million a year in '26. I think that's really conservative and that is a very conservative number. And I expect to do much better than that if the Gen 2 system works the way we are designing it to where it'll have more of a continuous feed as opposed to just 1,000 gallons at a time or whatever the number of gallons that we're putting into time as and we'll have multiple units.

我認為這是一個有點延伸的目標。但我們確實預期 Gen 2 將在 25 年下半年每年產生約 1,000 萬美元的收入，在 26 年每年產生約 2,000 萬美元的收入。我認為這確實是保守的，而且是一個非常保守的數字。如果 Gen 2 系統按照我們設計的方式工作，它會提供更多的連續進料，而不是一次僅 1,000 加侖或無論我們有多少加侖的數量，我預計會做得更好。將擁有多個單位。

And it gets much simpler and quicker to build a system if you have a design that's been proven with minimal changes. We can get to fabrication much faster and have one at each of our facilities where we have trained staff and infrastructure to support these units. So basically, to answer your question, $10 million to $25 million in the last two quarters, roughly, frankly, $5 million a quarter is what we're shooting for.

如果您的設計已經過驗證，只需進行最少的更改，那麼建置系統就會變得更加簡單和快速。我們可以更快地進行製造，並在我們的每個工廠都有一個，我們有訓練有素的員工和基礎設施來支援這些單位。所以基本上，為了回答你的問題，過去兩個季度的收入為 1000 萬美元到 2500 萬美元，坦白說，我們的目標是每季收入 500 萬美元。

And then beyond that, it's just how many units you're able to fabricate. And how long does it take to -- I guess it's six to nine months? Is that how long it takes to put one together?

除此之外，還在於您能夠製造多少單位。需要多長時間——我猜是六到九個月？組裝一個需要多長時間？

The prototype was 12 weeks. But as I said, we made a significant number of changes in the first six to eight weeks to the point of driving our partner crazy because we're constantly making changes. But certainly, there's different pieces to the system to go together. We're making some changes to one piece and the other three were fine to ensure that we can still maintain our schedule.

原型機耗時 12 週。但正如我所說，我們在前六到八週內做出了大量改變，以至於讓我們的伴侶發瘋，因為我們不斷地做出改變。但當然，系統有不同的部分可以組合在一起。我們正在對一件作品進行一些更改，其他三件作品都很好，以確保我們仍然可以維持我們的日程安排。

But to answer your question, once we have a final design put together, we're thinking 12 weeks from sign of a contract to delivery and then you have to install it. So yes, four months, five months, maybe by the time you get it commissioned from the time you start the contract.

但為了回答你的問題，一旦我們完成了最終設計，我們會考慮從簽約到交貨需要 12 週時間，然後你必須安裝它。所以是的，四個月，五個月，也許是從合約開始之日起你得到委託的時候。

At this time, I will hand it back over to management for any closing comments they may have.

此時，我會將其交還給管理層，以徵求他們可能提出的任何結束意見。

All right. I'd like to thank everyone for participating in our second-quarter conference call. As you can hopefully see, we're quite confident in the outlook for the business over the next few years.

好的。我要感謝大家參加我們的第二季電話會議。正如您所看到的，我們對未來幾年的業務前景充滿信心。

We look forward to providing further updates as we continue to execute our strategy along the way. We appreciate the continued support and patience of our shareholders, and we look forward to providing further updates as developments unfold. Thank you.

我們期待在繼續執行我們的策略時提供進一步的更新。我們感謝股東的持續支持和耐心，並期待隨著事態發展提供進一步的更新。謝謝。

Thank you. This concludes today's conference call, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束，此時您可以掛斷電話，我們感謝您的參與。