Perma-Fix Environmental Services Inc (PESI) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Perma-Fix fiscal first quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

大家早安，歡迎參加 Perma-Fix 2025 財年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, David Waldman of Crescendo Communications. David, the floor is yours.

現在我將會議交給主持人，Crescendo Communications 的 David Waldman。大衛，現在請你發言。

Thank you, Jenny, and good morning, everyone. Welcome to Perma-Fix Environmental Services first quarter 2025 conference call.

謝謝你，珍妮，大家早安。歡迎參加 Perma-Fix 環境服務 2025 年第一季電話會議。

On the call with us this morning are Mark Duff, President and CEO; Dr. Lou Centofanti, Executive Vice President of Strategic Initiatives; and Ben Naccarato, Chief Financial Officer. The company issued a press release this morning containing first quarter 2025 financial results, which is also posted on the company's website.

今天早上與我們通話的有總裁兼執行長 Mark Duff、策略計畫執行副總裁 Lou Centofanti 博士和財務長 Ben Naccarato。該公司今天上午發布了一份新聞稿，其中包含 2025 年第一季的財務業績，該新聞稿也發佈在公司網站上。

If you have any questions after the call, would like any additional information about the company, please contact Crescendo Communications at (212) 671-1030. I'd also like to remind everyone that certain statements contained within this conference call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and include certain non-GAAP financial measures.

如果您在通話後有任何疑問，想了解有關該公司的更多信息，請聯繫 Crescendo Communications，電話：（212）671-1030。我還想提醒大家，本次電話會議中包含的某些聲明可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明，其中包括某些非 GAAP 財務指標。

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. These risks and uncertainties are detailed in the company's filings with the US Securities and Exchange Commission as well as this morning's press release.

本次電話會議中除歷史事實陳述之外的所有陳述均為前瞻性陳述，受已知和未知風險、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。這些風險和不確定性在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有詳細說明。

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. In addition, today's discussion will include references to non-GAAP measures.

本公司不承諾揭露對前瞻性陳述的任何修訂或本文發布之日後與前瞻性陳述相關的任何事實、事件或情況。此外，今天的討論還將涉及非公認會計準則衡量指標。

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. I'd now like to turn the call over to Mark Duff.

Perma-Fix 認為，此類資訊為其性能提供了額外的衡量標準和一致的歷史比較。我們網站今天的新聞稿中提供了非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表。現在我想把電話轉給馬克·達夫。

Please go ahead, Mark.

請繼續，馬克。

All right. Thank you, David, and good morning, everyone. We ended the first quarter facing a number of temporary challenges largely related to delays in procurement and project activity tied to the federal administration transition. While these factors weighed on our revenue growth, we still delivered a modest year-over-year increase in revenue. More importantly, we exited the quarter with momentum and improving visibility across our key growth initiatives.

好的。謝謝你，大衛，大家早安。我們在第一季末面臨一些暫時性的挑戰，這些挑戰主要與聯邦政府過渡導致的採購和專案活動的延遲有關。儘管這些因素對我們的收入成長造成了壓力，但我們的收入仍然實現了同比小幅成長。更重要的是，我們在本季結束時表現出色，並且主要成長計劃的透明度已提高。

Our Treatment segment showed improvement in the first quarter. After a slow start, waste receipts began to improve toward the end of the quarter, contributing to a backlog that grew to more than $10 million by quarter end, up approximately 30% from where we were in 2024.

我們的治療部門在第一季表現出改善。經過緩慢的開局，廢棄物接收量在本季末開始改善，導致積壓量在季度末增長到 1,000 多萬美元，比 2024 年增加了約 30%。

Revenue in the Treatment segment increased modestly year-over-year, and we did achieve gross profit improvement, supported by higher waste volumes, reduced variable costs and other efficiency initiatives. We also made targeted investments to support the receipt of new waste, including staffing, training and facility readiness activities that we expect will translate into throughput gains.

處理部門的收入同比略有增長，由於廢物量增加、變動成本降低和其他效率舉措的支持，我們確實實現了毛利的增長。我們也進行了有針對性的投資來支援新廢棄物的接收，包括人員配備、培訓和設施準備活動，我們預計這些活動將轉化為吞吐量的提高。

Our waste receipts and treatment production at our Perma-Fix Northwest facility from Hanford have increased with disposal occurring locally to on-site landfills.

我們位於漢福德的 Perma-Fix Northwest 工廠的廢棄物接收量和處理產量有所增加，並在現場垃圾掩埋場進行處理。

Within our Services segment, revenue was down slightly due to delays in federal procurement activity, particularly in early-stage projects. However, gross margins improved significantly compared to the prior year, reflecting proactive cost reduction initiatives and improved alignment of resources with our revenue backlog.

在我們的服務部門，由於聯邦採購活動（尤其是早期項目）的延遲，收入略有下降。然而，與前一年相比，毛利率大幅提高，反映了積極的成本削減措施以及資源與收入積壓的更好協調。

As we move forward, the team continues to focus on disciplined indirect cost management while maintaining the flexibility needed to support larger project opportunities expected later this year. Our PFAS program continues to advance on multiple fronts. We received our first commercial shipments from the federal government with additional approvals pending.

隨著我們繼續前進，團隊將繼續專注於嚴格的間接成本管理，同時保持所需的靈活性，以支持今年稍後預計更大的專案機會。我們的 PFAS 計劃在多個方面繼續取得進展。我們從聯邦政府收到了第一批商業貨物，目前正在等待進一步的批准。

We've also made meaningful upgrades to the system, including the integration of chemical recycling, which is already reducing costs and improving efficiencies on a per gallon processed. Our Gen 2.0 unit remains on track for a Q4 deployment and should expand our processing capacity by at least 3 times.

我們還對系統進行了有意義的升級，包括整合化學回收，這已經降低了成本並提高了每加侖的處理效率。我們的 Gen 2.0 單元仍有望在第四季度部署，並將使我們的處理能力擴大至少 3 倍。

As more states adopt stricter regulations around PFAS destruction, we see this business as a promising long-term growth driver. We continue to develop strategic partnerships with large quantity generators and have aligned our technology with the PFAS market segment that continues to highlight our technology as superior based on cost, simplicity and efficiency for the total destruction of PFAS.

隨著越來越多的州對 PFAS 銷毀採取更嚴格的規定，我們認為這項業務是一個有希望的長期成長動力。我們繼續與大型生產商發展策略合作夥伴關係，並將我們的技術與 PFAS 市場領域結合，繼續凸顯我們的技術在成本、簡單性和徹底銷毀 PFAS 方面的優越性。

We're also tracking legislative activity in more than a half a dozen states, which is expected to drive demand for full-scale PFAS destruction technology like ours. In addition, we're encouraged by the recent press release from the new EPA administrator Zeldin, announcing that the Trump administration's position to ensure PFAS remediation policy is a priority through the development of an agency lead for PFAS and continued assessment of effective and available treatment technologies for the industry to consider.

我們也正在追蹤六個以上州的立法活動，預計這將推動對像我們這樣的全面 PFAS 銷毀技術的需求。此外，新任美國環保署署長澤爾丁最近發布的新聞稿也令我們感到鼓舞，他宣布川普政府將確保 PFAS 修復政策成為優先事項，透過建立 PFAS 領導機構並持續評估有效且可用的處理技術供業界參考。

We also remain optimistic about our role in supporting the US Department of Energy's Direct Fee Low Activity Waste or DFLAW program in Hanford. The project remains on schedule for August 1 start, and we're fully prepared to support multiple waste streams as the operations ramp up.

我們也對我們在支持美國能源部漢福德的直接費用低活動廢物或 DFLAW 計劃中所發揮的作用保持樂觀。該項目仍按計劃於 8 月 1 日啟動，隨著營運的推進，我們已做好充分準備來支持多種廢物流。

This program, part of the broader Hanford tank remediation mission has the potential to generate very significant high-margin reoccurring revenue beginning in Q4 through the next decade at a minimum.

該項目是漢福德油罐修復工程的一部分，預計至少從第四季度開始持續到未來十年產生非常可觀的高利潤經常性收入。

On the international front, we saw improved activity during the quarter with growing international waste receipts. We received approximately $7 million worth of waste that we anticipated from Canada, Mexico and Germany over the past two months with the remaining portion scheduled for May and June.

在國際方面，我們看到本季活動有所改善，國際廢棄物收入不斷增加。過去兩個月，我們收到了來自加拿大、墨西哥和德國預計價值約 700 萬美元的廢物，剩餘部分計劃於 5 月和 6 月收到。

We also continue to pursue a robust pipeline of federal and commercial projects. These include previously discussed opportunities at West Valley, where transition activities are ongoing and will continue through the end of June with initial operations expected to begin in July.

我們也將繼續尋求強而有力的聯邦和商業項目管道。其中包括之前討論過的西谷的機會，那裡的過渡活動正在進行中，並將持續到 6 月底，初步運營預計將於 7​​ 月開始。

While the BWXT team BWXT-led team finalizes its performance strategy with DOE, we remain optimistic about our role in supporting this decade-long program through revenue contributions, though revenue contributions are not expected to be defined for several more months.

雖然 BWXT 團隊 BWXT 領導的團隊與 DOE 最終確定了其績效策略，但我們仍然對我們透過收入貢獻支持這項長達十年的計劃所發揮的作用持樂觀態度，儘管預計收入貢獻還需要幾個月的時間才能確定。

We continue to actively pursue subcontracting opportunities under the DOE's integrated waste tank disposition contract at Hanford. While DOE is still finalizing its broader tank waste remediation strategy, we remain well aligned with the technical requirements of this program and have begun to participate meaningfully through increased waste receipts at our Perma-Fix Northwest facility beginning in March to support the tank closure mission.

我們將繼續積極尋求美國能源部在漢福德的綜合廢棄物罐處置合約下的分包機會。雖然美國能源部仍在最終確定其更廣泛的儲罐廢物修復策略，但我們仍然與該計劃的技術要求保持一致，並從 3 月開始通過增加我們 Perma-Fix 西北工廠的廢物收據來積極參與，以支持儲罐關閉任務。

In addition, we're pursuing several other large-scale DOE and DoD contract opportunities expected to be awarded in 2025, including at sites such as Y-12 here in Oak Ridge, Lawrence Livermore National Labs and Lawrence Berkeley National Lab in California.

此外，我們正在爭取其他幾個大型能源部和國防部合約機會，預計將於 2025 年授予，包括位於橡樹嶺的 Y-12、勞倫斯利弗莫爾國家實驗室和加州的勞倫斯伯克利國家實驗室等地點。

We're also awaiting the outcome of our USS Enterprise decommissioning bid, which remains a highly competitive opportunity with an award expected around midyear. As part of our long-term strategy to diversify revenue, we are expanding our presence internationally through strategic partnerships.

我們還在等待企業號航空母艦退役競標的結果，這仍然是一個競爭非常激烈的機會，預計將於年中左右授予獎項。作為我們多元化收入長期策略的一部分，我們正在透過策略合作夥伴關係擴大我們的國際影響力。

This includes the JRC Italy project, where we submitted -- we just submitted our final permit documentation in Q4 of last year and remain on track to initiate treatment operations in late '26. Our broader international expansion efforts include Europe and Latin America and continue to focus on engaging established generators of radioactive and hazardous waste that can benefit from our treatment capabilities.

其中包括 JRC 義大利項目，我們剛在去年第四季提交了最終許可文件，並計劃在 26 年底啟動處理作業。我們的國際擴張努力涵蓋歐洲和拉丁美洲，並繼續致力於吸引能夠從我們的處理能力中受益的放射性和危險廢物產生者。

Internally, we continue to apply disciplined cost management while we're maintaining flexibility to support incoming contract activities. Our nuclear services team has aligned our indirect expenses with near-term backlog visibility and the operational readiness steps we took during the quarter are already contributing to an improved throughput at our key facilities. Looking ahead, we anticipate stronger performance in the second half of 2025.

在內部，我們繼續採用嚴格的成本管理，同時保持靈活性以支援即將到來的合約活動。我們的核子服務團隊已將我們的間接費用與近期積壓訂單的可見性相結合，並且我們在本季度採取的營運準備措施已經有助於提高我們主要設施的吞吐量。展望未來，我們預計 2025 年下半年的表現將更加強勁。

Our outlook is supported by five key drivers, including our growth -- our growing waste treatment backlog, improved visibility on federal procurement activities, the ramp-up of the DFLAW program at Hanford, continued PFAS technology advancement and commercial traction and execution of large-scale domestic and international opportunities, including the DOE and DoD awards and the European partnerships.

我們的前景受到五個關鍵驅動因素的支持，包括我們的成長——不斷增加的廢物處理積壓、聯邦採購活動的可見性提高、漢福德 DFLAW 計劃的加強、持續的 PFAS 技術進步和商業吸引力以及大規模國內和國際機會的執行，包括美國能源部和國防部獎項以及歐洲合作夥伴關係。

With that, I'll turn the call over to Ben Naccarato to walk through our financial results in more detail. Ben?

接下來，我將把電話轉給 Ben Naccarato，讓他更詳細地介紹我們的財務表現。本？

Thank you, Mark. Starting with revenue, our total revenue was from continuing operations for the first quarter was $13.9 million compared to last year's quarter of $13.6 million or a slight increase of $302,000 or 2.2%.

謝謝你，馬克。從收入開始，我們第一季來自持續經營的總收入為 1,390 萬美元，而去年同期為 1,360 萬美元，略有增加 302,000 美元，增幅為 2.2%。

Revenue in the Treatment segment increased by $477,000 or 5.5% compared to prior year as we saw an increase in our waste volumes received and processed, offset by lower pricing, which is reflective of waste mix.

處理部門的收入與前一年相比增加了 477,000 美元或 5.5%，因為我們收到和處理的廢物量有所增加，但價格下降（反映了廢物的成分）抵消了這一增加。

In the Service segment, revenue was down $175,000 as new projects in '25 mostly offset completed projects from Q1 of last year '24. Gross profit for the quarter was $657,000 compared to gross loss last year of $620,000 in Q1 of '24.

在服務部門，收入下降了 175,000 美元，因為 25 年的新項目大部分抵消了去年 24 年第一季已完成的項目。本季毛利為 657,000 美元，而去年 24 年第一季毛虧損為 62 萬美元。

Treatment segment's gross profit increased by $302,000 compared to prior year based on higher revenue and lower variable costs related to waste mix and improved productivity. This increase was partially offset by higher fixed costs, which were predominantly from higher labor expenses as we ramp up for anticipated increases in production.

由於收入增加、與廢棄物混合相關的變動成本降低以及生產力提高，處理部門的毛利比去年增加了 302,000 美元。這一成長被更高的固定成本部分抵消，固定成本主要來自於我們為實現預期產量成長而增加的勞動成本。

In the Service segment, gross profit increased by $975,000, which was primarily impacted by lower variable costs due to the improved profitability of the projects performed in '25 as compared to last year. Our SG&A costs for the quarter were $4 million, which is higher than prior year by $471,000. This was the result of higher labor costs, primarily at the executive level, higher legal expenses and higher marketing expenses related to our user conference and other labor-related expenses.

在服務部門，毛利增加了 975,000 美元，這主要受到 25 年執行的專案獲利能力與去年相比提高導致的變動成本降低的影響。本季我們的銷售、一般及行政費用為 400 萬美元，比去年同期高出 471,000 美元。這是由於勞動力成本增加（主要是高階主管層面的勞動力成本增加）、法律費用增加、與用戶會議相關的行銷費用增加以及其他與勞動力相關的費用。

Our net loss for the quarter was $3.6 million, consistent with last year's loss of $3.6 million. Our total basic and diluted loss per share for the quarter was $0.19 compared to a loss per share of $0.26 in the prior year.

本季我們的淨虧損為 360 萬美元，與去年同期的 360 萬美元虧損持平。本季我們的每股基本虧損和攤薄虧損總額為 0.19 美元，而去年同期的每股虧損為 0.26 美元。

Our EBITDA from continuing operations for the quarter, as we defined in this morning's press release, was a negative $3.3 million compared to a negative $4 million last year. Turning to our balance sheet. Our cash on the balance sheet was $25.7 million compared to $29 million at year-end.

正如我們在今天上午的新聞稿中所定義的，本季我們持續經營業務的 EBITDA 為負 330 萬美元，而去年同期為負 400 萬美元。轉向我們的資產負債表。我們的資產負債表上的現金為 2,570 萬美元，而年底為 2,900 萬美元。

Our net accounts receivable were lower by $2.3 million related to improved collection of outstanding receivables. Our current liabilities were down approximately $1.2 million, reflecting decreased costs associated with production, timing of vendor payments and changes in our deferred revenue.

由於未償還應收帳款的回收情況改善，我們的淨應收帳款降低了 230 萬美元。我們的流動負債減少了約 120 萬美元，反映了與生產相關的成本的減少、供應商付款的時間以及遞延收入的變化。

Our waste backlog at the end of March was $10.2 million, up from $7.9 million at year-end. and consistent with $10.6 million a year ago. Our total debt for the quarter at quarter end was $2.3 million, most of which goes to PNC Bank.

截至 3 月底，我們的廢棄物積壓量為 1,020 萬美元，高於去年年底的 790 萬美元，與去年同期的 1,060 萬美元持平。截至季末，我們的總債務為 230 萬美元，其中大部分欠 PNC 銀行。

Finally, with our cash flow, I'll summarize. Cash was used by continuing operating activities of $2 million, cash used by discontinued operations, $56,000. Cash used for investing in continuing operations was $571,000, of which $523,000 was related to capital and the remainder to permits and other investments.

最後，結合我們的現金流，我來總結一下。持續經營活動所用現金為 200 萬美元，終止經營所用現金為 56,000 美元。用於投資持續經營的現金為 571,000 美元，其中 523,000 美元與資本有關，其餘與許可證和其他投資有關。

Our cash used for investing in disc ops was $15,000. Our cash used in financing was $396,000, consisting primarily of payments to our term and capital loans of $157,000, payments for finance leases of $71,000 and payments of $194,000 relating to the public offering we complete in December of '24. This is offset by some proceeds from option exercises of $41,000.

我們用於投資光碟營運的現金為 15,000 美元。我們用於融資的現金為 396,000 美元，主要包括支付定期和資本貸款 157,000 美元、支付融資租賃 71,000 美元以及支付與我們在 24 年 12 月完成的公開發行相關的 194,000 美元。這被選擇權行使所得的 41,000 美元部分收益所抵銷。

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

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Howard Brous, Wellington Shields.

（操作員指示）霍華德·布魯斯，惠靈頓希爾茲。

First question, talk about the 2026 federal budget and how this can impact you in 2025 and 2026.

第一個問題，請談談 2026 年聯邦預算以及它將如何影響 2025 年和 2026 年。

Yeah, Howard, there's been a lot of press releases and announcements the last few days regards -- in regards to the White House proposed budget. Obviously, to get through both markups. But we kind of look at that as kind of the baseline, and it was quite favorable.

是的，霍華德，最近幾天有很多關於白宮提議的預算的新聞稿和公告。顯然，要打通這兩個標記。但我們將其視為一種基線，而且它是相當有利的。

We get a significant portion, probably 60%-plus of our revenue comes somewhere through DOE and the EM program is a big portion of that segment. And the EM budget was proposed with only about a $300 million reduction out of $8.5 billion.

我們獲得了很大一部分收入，大概 60% 以上的收入來自 DOE，而 EM 專案是其中很大的一部分。而新興市場預算提案僅從 85 億美元中削減了約 3 億美元。

So we're very encouraged by that. I'm not sure what -- where that $300 million is going to come out of yet. We haven't seen that detail. Most of it is going to be in some of the smaller sites, there's 14 of them, and that will come out here in the next few weeks.

因此我們對此感到非常鼓舞。我還不確定這 3 億美元將從哪裡來。我們還沒有看到這個細節。大部分內容將集中在一些較小的站點，共有 14 個，並將在未來幾週內發布。

But most importantly, on that, we did -- it specifically said the budget that there would be no reduction in Hanford for '26 and that there will be a significant increase a dramatic increase on the NNSA side of the house.

但最重要的是，在這一點上，我們確實在預算中明確指出，26 年漢福德的預算不會減少，而 NNSA 方面的預算將大幅增加。

That's the weapons production side of the house, where we also get quite a bit of waste and opportunities for remediation projects that they clear out as they're upgrading their infrastructure and building new buildings.

這是工廠的武器生產部門，我們在他們升級基礎設施和建造新建築時也清理出了相當多的廢物和修復項目的機會。

And so there's opportunities there that will be accelerated mostly on the services side, but also on waste. So we're very encouraged by the budget overall. We're holding our breath. Like everybody else, we didn't know really what was going to happen.

因此，那裡的機會將主要在服務方面加速，但也在廢物方面加速。因此，我們對整體預算感到非常鼓舞。我們屏住呼吸。和其他人一樣，我們真的不知道會發生什麼事。

We've talked to several people in DC, on the Hill and DOE headquarters and the common theme was that this administration has a lot of respect for reindustrialization activities that are the EM program supports. The sooner they clean up, the more the quicker they can reindustrialize some of the smaller communities. But along with that and the weapons program upgrades as well.

我們與華盛頓特區、國會山莊和能源部總部的幾位人士進行了交談，他們的共同點是，本屆政府非常尊重 EM 計畫支持的再工業化活動。他們越早清理，就能越快重新實現一些較小社區的工業化。但同時，武器計畫也在升級。

So we're encouraged by it. We don't see any impact from that or any impact at this point to some of the bids that were in our pipeline for the next 18 months.

因此我們對此感到鼓舞。我們目前沒有看到此事造成任何影響，也沒有看到對我們未來 18 個月內正在進行的一些投標造成任何影響。

So in reference to Hanford, are you receiving any waste from Hanford currently?

那麼關於漢福德，您目前是否收到來自漢福德的任何廢物？

Yeah, we are, Howard. As we mentioned, our backlog looks much better, about $10 million right now, which is a good place to be. We're also seeing a significant increase in overall waste sales. But to answer your question, we're seeing a significant increase in Hanford to this point of about $2 million to $3 million a month in waste coming from Hanford, which is dramatically more than we've seen in the past, at least for the last 10 years.

是的，我們是的，霍華德。正如我們所提到的，我們的積壓訂單看起來好多了，目前約為 1000 萬美元，這是一個不錯的水平。我們也看到廢棄物銷售總量顯著增加。但要回答你的問題，我們看到漢福德的垃圾量大幅增加，目前每月來自漢福德的垃圾量約為 200 萬至 300 萬美元，這比我們過去看到的要多得多，至少是過去 10 年的垃圾量要多得多。

And that's coming from the tank closure mission as well as the other plateau, what they call plateau remediation contract, which is the non-tank work that's going on there as well. So at least 50%, maybe close to 100% increases in waste receipts at our Perma-Fix Northwest facility directly from Hanford.

這是來自油罐關閉任務以及其他高原的任務，他們稱之為高原修復合同，這也是在那裡進行的非油罐工作。因此，我們的 Perma-Fix Northwest 工廠直接從漢福德接收的廢棄物量增加了至少 50%，甚至可能接近 100%。

Mark, are you comfortable in discussing what kind of margins you're getting from Hanford?

馬克，您願意討論一下您從漢福德獲得了多少利潤嗎？

Not at this point, Howard. I will say that are pretty traditional margins. And we're doing -- focusing very much on keeping our costs down. Our new COO, who started in January, has spent a lot of time out there working with our team and our other executive that's local out there and our General Manager to make sure that we've got the staff that we need to support this bigger backlog along with the FL starting soon. As I mentioned earlier, I'm not sure how clear it was, but what it comes down to is we had to hire a lot of people to support this increased backlog and production.

現在還不行，霍華德。我想說的是，這是相當傳統的利潤。我們正在努力降低成本。我們的新營運長於一月份上任，他花了大量時間與我們的團隊、當地的其他高管以及總經理一起工作，以確保我們擁有所需的員工來支持這個更大的積壓工作以及即將開始的 FL。正如我之前提到的，我不確定這有多清楚，但歸根結底，我們必須僱用很多人來支持增加的積壓和生產。

And it took several months to get people hired, trained and actually productive in this business. It just takes a while to get people ready. So we spent a lot on that last month, I should say, March and part of February. They're rolling now beginning mid-April and getting very close to our overall production goals to make sure we're keeping up. And that's going to have a big impact on the rest of the year with these guys rolling waste we're receiving from Hanford is very notable, Howard, these are sustainable waste streams.

我們花了好幾個月的時間來招募、培訓員工並讓他們真正在這個行業中工作。只是讓人們做好準備需要一段時間。所以我們上個月，應該說，三月和二月的部分時間，花了很多錢。他們從四月中旬開始陸續開始生產，目前已經非常接近我們的整體生產目標，以確保我們能夠跟上進度。這將對今年剩餘時間產生重大影響，因為這些人正在滾動我們從漢福德收到的廢物，這是非常值得注意的，霍華德，這些都是可持續的廢物流。

So it's not one-offs. We expect these waste to be -- continue to be treated for several years. And we're really developing more of a strategic partnership with the new tank waste contractor to provide more innovation than we have in the past and ways that they can reduce their costs while we're maintaining our productivity and our indirect costs.

所以這不是一次性的事情。我們預計這些廢棄物將在未來幾年內處理。我們確實正在與新的罐式廢棄物承包商建立更多的策略合作夥伴關係，以提供比過去更多的創新，並幫助他們降低成本，同時我們維持生產力和間接成本。

Is it a fair comment that the contract that exists today is a 10-year contract, but that the transformation of Hanford is going to start in August 1, 2025, for you, but it continues to 2060 when everything should be finished by that time. Can you comment about the additional x number of years? It's basically a 35-year contract. Is it not?

這樣說是否公平，現有的合約是一份 10 年期合同，但漢福德的改造將於 2025 年 8 月 1 日開始，但會持續到 2060 年，屆時一切都應該完成。您能評論一下額外的 x 年嗎？這基本上是一份35年的合約。不是嗎？

Yeah. The contract with [HCC] for the tank closure is 15 years and the other one is about 10, they're already several years into it. So this will come back around eventually. But the overall baseline for the closure of Hanford, it continues to go up. I think the last estimate that was published is $400 billion to $600 billion for the next 50 years or so.

是的。與 [HCC] 簽訂的油罐封閉合約為期 15 年，另一份合約為期約 10 年，他們已經簽訂了好幾年了。所以這最終會恢復的。但漢福德關閉的整體基線仍在繼續上升。我認為最新公佈的估計是未來 50 年左右的 4000 億至 6000 億美元。

So it continues to get more and more expensive. It's going to take a lot more funding level -- higher funding levels than they're getting now to reach those points to reach those goals. And so it's somewhat uncertain. They are making progress on the grouting. There's some press release the last few days on that.

因此它的價格會變得越來越昂貴。為了達到這些目標，他們需要比現在更多的資金——更高的資金水準。所以這有點不確定。灌漿工作正在取得進展。過去幾天有一些關於此事的新聞稿。

And they're positioning for deploying their strategy of how they're going to do grouting on site, which, as everyone knows, that we're a big part of that, and we will play -- hopefully play a major role in that once it's defined.

他們正在製定現場灌漿策略，眾所周知，我們是其中的重要組成部分，一旦策略確定，我們將發揮——希望在其中發揮重要作用。

It still -- it looks like it's going to be several years out. I'm not sure exactly the time line DOE really hasn't shared that publicly and -- but they have to get through a couple of regulatory documents and some hurdles, and they'll start putting the baseline together for their commitments on the grouting program, which will cover the 22 tanks that they have to have grouted in the next 15 years.

但看起來，這仍需要幾年的時間。我不確定能源部是否真的沒有公開分享具體的時間表——但他們必須通過一些監管文件和克服一些障礙，然後他們才會開始為灌漿計劃的承諾制定基準，該計劃將涵蓋他們必須在未來 15 年內灌漿的 22 個儲罐。

Mark, congrats on moving forward.

馬克，祝賀你進步。

Aaron Spychalla, Craig-Hallum.

亞倫·斯皮查拉、克雷格·哈勒姆。

Maybe just on the grouting, Mark, you touched on most of what I wanted to cover. But yeah, could you just give an update on the kind of the recent news there, what kind of the near-term priorities are and just maybe size how you potentially see that opportunity for you in the coming years?

馬克，也許只是關於灌漿，你就觸及了我想要涉及的大部分內容。但是的，您能否介紹一下那裡最近的新聞，近期的優先事項是什麼，以及您認為未來幾年可能會為您帶來怎樣的機會？

Yeah. It's still unfolding, and there's not a lot of communication from DOE on this. What I can say is that DOE has -- my understanding is that DOE has a commitment to inform the state through their tri-party agreement of what their strategy is going to be by December of '25.

是的。此事仍在發酵，能源部對此的通報並不多。我可以說的是，能源部——我的理解是，能源部承諾透過三方協議在 2025 年 12 月之前向該州通報他們的策略。

And that's largely contingent on whether they want to -- informing the state as to whether they want to build a facility on site, use local, regional grounding capabilities that we offer or ship it out of state like they did on the TBI initiative or a combination of all that. And we're still confident that they'll have a risk-based best value approach to selecting that approach.

這在很大程度上取決於他們是否願意——告知州政府是否想在現場建造設施，使用我們提供的本地、區域接地能力，或者像他們在 TBI 計劃中所做的那樣將其運出州外，或者所有這些的組合。我們仍然相信他們會採用基於風險的最佳價值方法來選擇這種方法。

But they've got to make that decision here in the next six to nine months or so. And my speculation and it's just complete speculation, they'll likely have a couple of alternatives to make sure there's some redundancy and backup for the program.

但他們必須在未來六到九個月左右做出這個決定。我的猜測（這完全只是猜測）是，他們可能會有幾個替代方案來確保程式有一定的冗餘和備份。

But we do expect matter what because of our capability and having a $100 million facility right at the gate of Hanford that can do all this grouting that will play a major role. And to kind of give you a sense of what it really means, it's about -- right now for them to close these 15 tanks -- 22 tanks in 15 years, they need to process about 3 million gallons of waste a year. So it's already going to be getting behind if they don't get rolling soon.

但我們確實期待，無論如何，由於我們的能力，以及在漢福德門口擁有一座價值 1 億美元的設施，可以完成所有灌漿工作，這將發揮重要作用。為了讓您了解它的真正含義，這意味著——現在他們要關閉這 15 個儲罐——15 年內關閉 22 個儲罐，他們每年需要處理大約 300 萬加侖的廢物。所以，如果他們不盡快行動起來，就會落後。

2040 is their commitment with the tri-party agreement, and they're making progress, I understand, evaluating alternatives and those types of things. So it is moving and still have a lot of data at this point, Aaron, in regards to what their final decisions are and which direction they're going at this point. But we still remain very optimistic that we're playing a key role in it.

2040 年是他們對三方協議的承諾，據我了解，他們正在取得進展，評估替代方案和諸如此類的事情。因此，它正在不斷發展，並且目前仍擁有大量數據，關於他們的最終決定是什麼以及他們目前的發展方向。但我們仍然非常樂觀地認為，我們在其中發揮關鍵作用。

Understood. I appreciate the color there. And then second on PFAS, great to see the commercial shipments from the government starting. You kind of talked about lower operating costs and higher margins. Can you just talk about how you see contribution from that second-gen unit as we move into year-end and into next year, just kind of revenue margin assumptions?

明白了。我很欣賞那裡的色彩。其次，關於 PFAS，很高興看到政府開始進行商業運輸。您談到了降低營運成本和提高利潤率。您能否談談，在進入年底和明年時，您如何看待第二代部門的貢獻，以及收入利潤率的假設？

And then just a little bit on your kind of rollout plans. Are you -- is there enough backlog feedstock in the market? Just unpack that a little bit for us, please?

然後稍微介紹一下你們的推出計畫。市面上是否有足夠的積壓原料？請為我們稍微解釋一下，好嗎？

Sure. We're still -- Gen 1 is we're constantly doing demonstrations and testing it and reengineering some of the components to it to optimize them. It's a prototype really. While it is generating revenue, we are planning right now. It looks pretty good that we'll -- we'll do about $300,000 this quarter in revenue and approach 50,000 gallons of treatment this quarter based on our backlog and what we're -- some of the agreements we're signing.

當然。我們仍然——對於第一代，我們正在不斷進行演示和測試，並重新設計它的一些組件以對其進行最佳化。它確實是一個原型。在產生收入的同時，我們現在正在製定計劃。看起來我們這個季度的收入會很好——根據我們的積壓訂單和我們正在簽署的一些協議，我們本季的收入將達到約 30 萬美元，處理量將接近 5 萬加侖。

When the new system comes on, we expect that number to be pretty close to $1 million a month initially, again, with some tuning. And with Gen 1.0 also working. So we'll have the new unit and the existing unit. So it's going to start off pretty slow. Our goal has long been to design the system to support $5 million a quarter, $20 million a year.

當新系統啟動時，我們預計這個數字最初將接近每月 100 萬美元，同樣，還需要進行一些調整。並且 Gen 1.0 也可以運行。因此我們將擁有新單位和現有單位。所以一開始會非常緩慢。我們的目標一直是設計一個能夠支援每季 500 萬美元、每年 2000 萬美元的系統。

But we're seeing really significant interest in our technology itself. Lou, our founder, is working very much on -- very hard on partnerships with large companies that generate extremely high volumes and want consideration for field deployment and other words a smaller unit.

但我們看到人們對我們的技術本身確實有濃厚的興趣。我們的創辦人 Lou 正在非常努力地與大公司建立合作關係，這些公司的產量非常大，並且希望考慮現場部署，換句話說，是一個較小的單位。

We're working with large commercial industry partners that have a sustainable generation of PFAS. And they're still not finding -- we're still not finding or them, a lot of destruction outlets outside of incineration. And the thing I'm probably most excited about in regards to PFAS is the engineering we're doing, we've got our destruction costs down around or below most of the incinerators.

我們正在與擁有可持續 PFAS 生成的大型商業行業合作夥伴合作。但他們仍未找到──我們仍未找到，除焚燒之外的許多銷毀管道。關於 PFAS，我最興奮的可能是我們正在進行的工程，我們的銷毀成本已經降低到與大多數焚化爐相當或更低的水平。

So we're very cost competitive, if not the cheapest. And the destruction levels are exceeding expectations and meeting the expectations of all of our clients. And it's just a matter of getting more volume through the system, getting these partnerships signed so that we're getting bigger backlogs and getting the new system developed. We're doing lots of tours with our clients. They want to see how it works and how it operates.

因此，我們的成本非常有競爭力，即使不是最便宜的。破壞程度超出預期，滿足了我們所有客戶的期望。這只是透過系統獲取更多數量、簽署這些合作關係的問題，以便我們獲得更大的積壓訂單並開發新系統。我們與客戶一起進行了很多次旅行。他們想了解它是如何運作的以及如何運作的。

And overall, extreme optimism on the whole front. We've done some other key people, PhD chemist and a number of other folks to bolster our capability and keep things moving. I was very encouraged by the Zeldin press release. If you haven't seen that yet, it's very encouraging to see that EPA is putting an emphasis on it. I do still believe the states are going to drive most of this, but at least the Trump administration has recognized the importance of it.

整體而言，整體情勢極為樂觀。我們聘請了一些其他關鍵人員、博士化學家和其他一些人來增強我們的能力並保持事情的進展。澤爾丁的新聞稿讓我深受鼓舞。如果您還沒有看到這一點，那麼看到 EPA 對此給予重視是非常令人鼓舞的。我仍然相信各州將發揮主要推動作用，但至少川普政府已經認識到其重要性。

And I think once we get a little bit more data on our performance of our system, we'll be able to get the EPA and some of the DoD folks to adopt this technology as one that is preferable for total destruction.

我認為，一旦我們獲得更多有關我們系統性能的數據，我們就能讓環保署和國防部的一些人員採用這項技術，將其作為徹底銷毀的首選技術。

Great. And then just maybe on the services side of the house, you kind of talked about a temporary suspension of mandates as the administration kind of changed over. Just where -- can you give an update of kind of where we are today with kind of that base business?

偉大的。然後也許就在服務方面，您談到了隨著政府的更迭而暫時中止授權。您能否介紹一下我們目前的基礎業務的最新情況？

It sounds like West Valley we'll get some more clarity here in the coming months. But are you still expecting progress on those RFPs with kind of the current government situation? Just maybe talk about that a bit, please.

聽起來，在接下來的幾個月裡，我們將對西谷的情況有更清晰的了解。但是，考慮到目前的政府情勢，您是否仍期待這些 RFP 能夠取得進展？請稍微談談這個問題。

Yeah. We have been through the whole industry that we're in on the services side, on the DOE front has been in a trough in regards to task order or project types of projects. The big M&O companies that run these big sites are self-performing more, and there's been less things to bid on. But that has come full circle. Some of the larger small business requirements are driving more outsourcing.

是的。我們經歷過我們所處的整個行業，在服務方面，在能源部方面，在任務訂單或項目類型方面一直處於低谷。經營這些大型站點的大型 M&O 公司更多是自行運作，可供競標的項目越來越少。但事情已經改變了。一些較大的小型企業需求正在推動更多的外包。

So we're starting to see an increase in projects that are $20 million to $40 million over a couple of years in size, which is our sweet spot. So we're bidding on a couple of those right now are due out here in the next couple of weeks. We've got a couple we're working on as we speak. Also with the Corps of Engineers kind of the same thing. So we're starting to see a lot more activity.

因此，我們開始看到規模在幾年內從 2000 萬美元增加到 4000 萬美元的項目數量有所增加，這是我們的最佳投資點。因此，我們現在正在對其中幾個進行競標，這些產品將在未來幾週內上市。我們正在討論幾個問題。工程兵團也存在類似情況。因此我們開始看到更多的活動。

We went 18 months with very few projects over $10 million in value. And now we're seeing a good pipeline. So we see that continuing. As far as West Valley is concerned, we don't know what their final budget is going to be, obviously, has to go through some markups and it could move in a number of different directions. We expect it to be around $100 million in -- for the year, for next year.

我們花了 18 個月的時間，完成的專案很少超過 1000 萬美元。現在我們看到了良好的管道。因此，我們認為這種情況將會持續下去。就西谷而言，我們不知道他們的最終預算是多少，顯然，必須經過一些加價，並且可能會朝著許多不同的方向發展。我們預計今年和明年的收入將在 1 億美元左右。

And we have a very specific scope that we're working with the client on with BWXT on and it will evolve through Q3 and Q4 and to be implemented in Q1. So we do have a path forward, it's more clear. We know what people we have to put involved and we know what people we have to find to support it and what innovations we're bringing to the table. It's all starting to come much more clear. We're just not able to put a revenue goal on it yet or what really know what it means to us financially.

我們與客戶就 BWXT 的合作有一個非常具體的範圍，它將在第三季和第四季發展，並在第一季實施。所以我們確實有一條前進的道路，它更加清晰。我們知道需要讓哪些人參與進來，也知道需要找到哪些人來支持它，以及我們能帶來哪些創新。一切都開始變得更加清晰。我們只是還不能為其設定收入目標，或真正知道它對我們的財務意義。

But it's very -- looking very good. The other projects are coming up. There's a number of other bids coming out that we're doing team dances with other companies that would also be awarded in the next 12 months along with those.

但它看起來非常好。其他項目即將啟動。我們正在與其他公司進行團隊合作，爭取一些其他投標，這些投標也將在未來 12 個月內授予。

That's helpful. And then maybe just last on CapEx. I think, Ben, you talked about, I think, $500,000 in the quarter. Just maybe outline some of the priorities there for the next handful of quarters, areas of the business and just how you're thinking about CapEx for the rest of the year?

這很有幫助。然後也許只是最後的資本支出。本，我想你談到了本季的 50 萬美元。也許可以概述一下未來幾季的重點、業務領域以及您對今年剩餘時間的資本支出有何看法？

Yeah, Aaron, we're looking like probably going to be in the $5 million to $6 million range, and that's pretty much from our usual $2 million to $2.5 million of sustenance and then a reactor -- second Gen 2 reactor that would be in the 3-plus range. So that's kind of what we're looking at for this year. I would think from a cash flow standpoint, it will trend probably upward in latter part of Q2 and Q3 and then sort of back down to the sort of average of $500,000 a quarter after that.

是的，Aaron，我們預計花費可能在 500 萬到 600 萬美元之間，這與我們通常的 200 萬到 250 萬美元的維持費用以及反應器——第二代 2 號反應堆的費用差不多，大約在 300 萬美元以上。這就是我們今年所關注的事情。我認為從現金流的角度來看，它可能會在第二季和第三季後期呈上升趨勢，然後在之後的季度回落至平均每季 50 萬美元的水平。

Aaron Warwick, Breakout Investors.

Aaron Warwick，Breakout Investors。

I wanted to ask about some commentary that you had in the press release about the second half of the year being strong, but it sounds to me like the second quarter could be off to a good start as well if you're getting $2 million to $3 million a month from Hanford. Can you comment about the start to the second quarter?

我想問您在新聞稿中關於今年下半年表現強勁的一些評論，但在我看來，如果您每月從漢福德獲得 200 萬至 300 萬美元，那麼第二季度也可能有一個良好的開端。您能評論一下第二季的開始情況嗎？

Yeah. In the second quarter, we're still working through some production improvements. It gets better every day. As I mentioned, our COO is very focused on that. We've got the team in place now.

是的。在第二季度，我們仍在努力進行一些生產改進。情況每天都在好轉。正如我所提到的，我們的營運長非常關注這一點。我們現在已經組建了團隊。

The waste is coming in. It's in backlog. Now we just have to get efficient and meet the production goals safely without any hiccups or any contamination issues and this type of thing. So -- but we're doing that, and it's getting better on a daily basis. So it's kind of ramping up.

廢物正在湧入。它處於積壓狀態。現在我們只需要提高效率並安全地實現生產目標，避免任何問題或污染問題等。所以——但我們正在這樣做，而且情況每天都在好轉。所以它正在逐漸增加。

It's pretty close to where we need it to be, notwithstanding any kind of surprises. So Q2 is looking much better. We don't like to speculate specifically on it. But I can say it's going to be much better than Q1. And that with those types of receipts, along with the fact, I don't know if I mentioned this, that our sales backlog or sales receipts we have for Q2 is significantly higher than we've seen in quite a while.

儘管存在一些意外，但它已經非常接近我們所需要的水平了。因此第二季的情況看起來好多了。我們不喜歡對此進行具體的推測。但我可以說它會比第一季好得多。有了這些類型的收據，再加上我不知道我是否提到過的事實，我們第二季的銷售積壓或銷售收據明顯高於我們相當長一段時間以來的水平。

So in other words, we have the backlog, but sales just halfway through the quarter are already above our quarterly goals for the quarter. So waste receipts are going very well. And all indications are if everything stays in the same path it's on right now for production, we should be very close to being profitable in Q2.

換句話說，我們有一些積壓訂單，但本季度過半時的銷售額已經超過了本季的季度目標。因此廢棄物接收進展順利。所有跡像都表明，如果生產一切按照目前的軌道進行，我們在第二季就應該非常接近獲利。

And like I said before, it is sustainable. These are waste streams that have been generated for years that will continue to be generated. And as long as we're meeting production goals and the client continues to generate them, we should be in good shape through the year with that sustainable backlog.

正如我之前所說，它是可持續的。這些廢物流已經產生多年，而且還會繼續產生。只要我們達到生產目標並且客戶繼續實現這些目標，我們就應該能夠憑藉可持續的積壓訂單在全年保持良好狀態。

Excellent. And so is this work coming from Hanford? Is this under the ITDC, like you're being subcontracted? Or what -- I guess, how are you -- what's that fall under?

出色的。那麼這項工作來自漢福德嗎？這是 ITDC 的職責嗎，就像你們被分包了一樣？或什麼 — — 我猜，你好嗎 — — 那屬於什麼？

Yeah, exactly. It's mostly work -- new waste streams. The new waste streams are from H2C, the ITDC contract and some of the -- we typically do about $1 million a month, sometimes a little less, sometimes a little more from just general Hanford waste receipts. As I mentioned, this is a significant increase. But most of that increase is from the ITDC and the new contractors in place.

是的，確實如此。這主要是工作——新的廢物流。新的廢物流來自 H2C、ITDC 合約和一些——我們通常每月花費約 100 萬美元，有時少一點，有時多一點，僅從漢福德的一般廢物收據中獲取。正如我所提到的，這是一個顯著的增長。但大部分成長來自 ITDC 和新承包商。

And you seem to indicate that the Trump administration, I know there was some concern I heard expressed among investors about whether there would be cuts to the EPA and not a priority of PFAS and not a priority with just in general cleaning up, but it sounds to me like what you're saying is that there is a priority in large part due to the fact that they want to clean up these sites to be able to reindustrialize the nation and other priorities they have. So is that accurate?

您似乎表明，我知道我聽到投資者表達了一些擔憂，他們擔心川普政府是否會削減 EPA 的開支，而不是將 PFAS 或一般清理工作作為優先事項，但在我看來，您所說的是，之所以將 PFAS 作為優先事項，很大程度上是因為他們希望清理這些場地，以便能夠重新實現國家工業化，以及他們擁有的其他優先事項。那麼這是準確的嗎？

It is. It's really hard to say what the EPA is really going to do in regards to leadership. If they -- what that press release stated was they're going to have (inaudible), an agency lead on PFAS. I do -- I'm speculating, I believe the likely push that down through the states or provide guidance to the states that have some type of commonality for what states are doing.

這是。很難說環保署在領導方面究竟能做什麼。如果他們——新聞稿中說的是，他們將有（聽不清楚），一個負責 PFAS 的機構。我確實——我推測，我相信這可能會在各州推廣，或為各州提供指導，使各州在所做的事情上有某種共同點。

Some states are way out in front, particularly Michigan and New Jersey, but a lot of other states are coming up quickly. Tennessee is in the process of promulgating and New Mexico did just a couple of weeks ago.

一些州遙遙領先，特別是密西根州和新澤西州，但許多其他州也在迅速趕上。田納西州目前正在頒布該法案，新墨西哥州幾週前也剛頒布。

And as those guys, each of the states are adopting policies, they'll start implementing them and start enforcing them. So we're encouraged by that. It would be nice if EPA promulgated some cleanup regs and cleanup standards. And I wouldn't anticipate that to happen in the next several quarters at least, but it could.

隨著各州制定政策，他們就會開始實施並執行這些政策。所以我們對此感到鼓舞。如果 EPA 頒布一些清理法規和清理標準就好了。我預計這種情況至少在接下來的幾個季度內不會發生，但可能會發生。

And that will really drive an enforcement arm and really drive the market a lot. But outside of that, we're still getting, as I mentioned in the script, we got our first federal government shipment, and that's a big deal for us and that several of the sites are starting to feel that pressure to get the PFAS off their site.

這將真正推動執法部門並真正推動市場。但除此之外，正如我在腳本中提到的那樣，我們仍然收到了第一批聯邦政府的貨物，這對我們來說是一件大事，而且一些站點開始感受到將 PFAS 從其站點上清除的壓力。

But the other thing that's a big trigger in PFAS is reporting. The more we see folks with PFAS being forced or required to report the amount of PFAS they have, in other words, sample and analyze for it, the more we see the market really turning up. And that's what's really increasing is that the drive to understand how much PFAS you got in your -- at your facility and then to do something about it.

但 PFAS 的另一個重要誘因是報告。我們越是看到患有 PFAS 的人被迫或被要求報告他們體內的 PFAS 數量，換句話說，對其進行取樣和分析，我們就越是看到市場真的開始好轉。真正讓人感到高興的是，人們越來越渴望了解自己的工廠中含有多少 PFAS，然後採取措施。

So we're starting to see that increase across the Board. We're starting to see more companies change out their existing fire suppression systems with newer systems that have -- that does not have PFAS firefighting foam and that's also leading to larger inventories of PFAS from the change-outs.

因此，我們開始看到全面成長。我們開始看到越來越多的公司用不含 PFAS 滅火泡沫的新系統替換現有的滅火系統，這也導致更換後 PFAS 庫存增加。

So overall, the market is going well. And again, as I mentioned, we're very encouraged by how we're fitting into the competitive race here with the other technologies based on the simplicity of ours and how it can be adapted to different applications.

整體而言，市場運作良好。正如我所提到的，我們非常高興能夠憑藉我們的技術的簡單性以及它如何適應不同的應用，在與其他技術的競爭中脫穎而出。

Good. Back to Hanford, I guess, what you said in the press release, and I may have missed any other comments on it, but you mentioned that the August 1 is still the goal there and the deadline. But I mean, what is it looking like from your perspective?

好的。回到漢福德，我想，您在新聞稿中說過，我可能錯過了其他評論，但您提到 8 月 1 日仍然是那裡的目標和最後期限。但我的意思是，從你的角度來看它是什麼樣的？

I mean, is that something that looks like it's actually going to happen? Is it something that even if it's slightly delayed, would be minor, like talking in terms of a month or two versus another year? What's kind of your qualitative commentary there?

我的意思是，這看起來真的會發生嗎？是即使稍微延遲，也是小事一樁，比如說延遲一兩個月而不是一年？您對此有何定性評論？

Yeah. It's really hard. We're not privy to specific data. But what we do know is that the operational readiness review team has been there for quite some time. They continue to work off findings, and there's a lot of integration of resources at Hanford supporting that progress.

是的。這真的很難。我們不知道具體數據。但我們確實知道的是，作戰準備審查小組已經在那裡待了相當長一段時間。他們繼續根據研究結果開展工作，漢福德的大量資源整合也支持了這一進展。

But the thing that is very encouraging to us is that the support that has been recognized by the new Secretary of Energy, Chris Wright. He had some hearings yesterday with the Senate and specifically addressed his optimism for the DFL facility to get started and for him to be at the ribbon cutting.

但令我們非常鼓舞的是，新任能源部長克里斯·賴特已經認可了這項支持。昨天，他參加了參議院的一些聽證會，並特別表達了他對 DFL 設施啟動和他將出席剪綵儀式的樂觀態度。

And it kind of demonstrates to us that the visibility is there and DOE is seeing this as one of their higher priorities is to get that facility working and having it be successful. So DOE hasn't changed that date, and there's lots of opportunities. They have lots of public meetings and they continue to reiterate that they're on track for August 1.

這向我們表明了可見性，並且能源部將此視為其更高優先事項之一，即讓該設施運作並取得成功。因此，能源部沒有改變該日期，而且還有很多機會。他們舉行了很多次公開會議，並不斷重申他們正按計劃在 8 月 1 日完成任務。

So they might delay some, Aaron. I don't know. We don't know anything that happened in the last couple of months, but they're three months away from that, and they haven't had a significant issue that has been publicized. I know they're struggling with a couple of little things, but ready to off gas and some other things.

所以他們可能會延遲一些，亞倫。我不知道。我們不知道過去幾個月發生了什麼，但距離那一天還有三個月，他們還沒有遇到任何被公開的重大問題。我知道他們正在為一些小事而苦苦掙扎，但已經準備好解決排氣和一些其他問題了。

But they're working through it and the optimism within the department spending time in DC or at the field office. is very high. So we're optimistic that it will be very close to August 1. And again, just to clarify, if it starts August 1, we won't see any waste for probably six or eight weeks, maybe six or so. So by the time they get a package and characterize everything, we should see some receipts in Q4, early Q4.

但他們正在努力解決這個問題，部門內部對於在華盛頓特區或外地辦事處工作持非常樂觀的態度。因此我們樂觀地認為它將非常接近 8 月 1 日。再次澄清一下，如果從 8 月 1 日開始，我們大概會在六到八週內，也就是六週左右的時間裡不會看到任何浪費。因此，當他們收到包裹並對所有東西進行描述時，我們應該會在第四季度，也就是第四季度初看到一些收據。

And I think there's been -- part of the reason I ask is there's been some headlines about some cuts at Hanford and so forth, just like there has been across the Board kind of from Dodge and other priorities of the new administration. But when you read beyond the headlines, it seems to be like these are the type of employees that probably have little to do with the actual DFLAW facility.

我認為，我之所以問這個問題，部分原因是有一些關於漢福德削減開支等的頭條新聞，就像道奇董事會和新政府其他優先事項的削減一樣。但當你讀完標題以外的內容時，你會發現這些員工似乎與實際的 DFLAW 設施沒有太大關係。

Some of them are administrative or dealing with claims that people make for harm that's been done to them from working at Hanford. So it sounds like these cuts aren't really impacting the progress there in DF laws that you're --

其中一些是行政方面的，或者負責處理人們因在漢福德工作而受到傷害而提出的索賠。所以聽起來這些削減並沒有真正影響你在 DF 法律方面的進展--

I would agree completely with that, Aaron. The only cut -- I don't have any numbers in regards to the federal staff reductions at the Hanford field office. But I think it's pretty typical from most of the field offices as far as percentages. And I think you nailed it, the Hanford office has, I believe, six major contracts that they manage. And I don't see this impacting Bechtel, who's getting everything running along with H2C and Atkins a number of other companies momentum.

我完全同意這一點，亞倫。唯一的削減——我沒有關於漢福德外地辦事處聯邦工作人員裁減的任何數字。但我認為，就百分比而言，這是大多數外地辦事處的典型情況。我認為您說得很對，我相信漢福德辦公室管理著六份主要合約。我認為這不會對 Bechtel 造成影響，該公司正與 H2C、Atkins 和其他一些公司一起順利運作。

And they're all very focused on getting this facility operating. And I haven't heard any reductions from any of those organizations. I said they're not public at least.

他們都非常專注於讓這個設施投入運作。但我還沒有聽說任何組織做出任何削減。我說至少它們不是公開的。

Good. Last one for me then about West Valley. What type of impact are you expecting in 2025 and when?

好的。最後一個關於西谷的事。您預計 2025 年以及何時會產生哪種類型的影響？

I can't give you a number at this point, Aaron. I hope we can do a press release or I can address the specific numbers in the next earnings call. I just don't know. We know what our scope is, as I mentioned. But what we don't know, Aaron, is based on the funding profile as to whether what we're providing is funded in '26 or is it pushed out a little bit.

我現在還不能給你一個數字，亞倫。我希望我們可以發布一份新聞稿，或者我可以在下次收益電話會議上討論具體數字。我只是不知道。正如我所提到的，我們知道我們的範圍是什麼。但亞倫，我們不知道的是，根據資金狀況，我們提供的資金是否在 26 年就已到位，還是會稍微推遲。

I would expect it to be in '26, but there's still an uncertainty as to how it all fits together within the funding profile. There's two or three major projects that are funded for that facility that are performance-based. And I don't know if DOE has even come out with their understanding of how it's going to be funded across each one of those projects. So just not able to address that at this point.

我預計它將在 26 年實現，但對於它如何融入資金狀況仍存在不確定性。該設施有兩三個基於績效的大型項目獲得資助。我不知道能源部是否已經闡明瞭如何為每個項目提供資金。所以現在還無法解決這個問題。

But it sounds like there won't be much, if any, contribution in '25 then. So that would be more of a '26 opportunity.

但聽起來，25 年的貢獻似乎不會太多，甚至不會有。所以這更像是一個 26 的機會。

We're anticipating, yes. It's not material overall, more planning and documents and then '26 is where it kicks off.

是的，我們期待著。整體來說這不是什麼實質的事情，更多的是規劃和文件，然後從 26 年開始。

Steve Fein, Fein LLC.

史蒂夫費恩（Fein LLC）。

You don't sound happy to hear from me, Mark. But anyway.

馬克，聽起來你不太高興聽到我的消息。但無論如何。

I'm always happy to hear from you, Steve.

我總是很高興收到你的來信，史蒂夫。

I'm kidding. Number one, I want to applaud you on your presentation. I think your approach, your positiveness is just fabulous. And so that's number one. All right. My first question is on the financials, so this goes to finance. What was the $340,000 in interest about?

我在開玩笑。首先，我要對你的演講表示讚賞。我認為你的方法和積極性非常棒。這是第一點。好的。我的第一個問題是關於財務的，所以這與財務有關。34 萬美元的利息是用來幹什麼的？

We raised the money in December. So we've got a pretty big backlog of cash, and it's in an investment account. So that --

我們在十二月籌集了資金。因此，我們有相當多的現金積壓，這些現金都在投資帳戶中。以便--

Okay. So that was -- I'm reading it wrong. So that was a positive cash flow.

好的。原來如此——我理解錯了。所以這是一個正現金流。

Yeah. That's right.

是的。這是正確的。

Okay. All right. Okay. All right. Number one, when you mentioned, Mark, that somehow the DFLAW program has to go up to 3 million gallons.

好的。好的。好的。好的。第一，馬克，您提到，DFLAW 計劃必須以某種方式增加到 300 萬加侖。

Well, my understanding is that you got about a 35%, 40% efficiency rate there, which means that if they get up to 3 million gallons, there's going to be 2 million gallons of waste. So how are you going to handle that?

嗯，我的理解是，那裡的效率大約是 35% 到 40%，這意味著，如果他們達到 300 萬加侖，就會產生 200 萬加侖的浪費。那你打算如何處理這個問題呢？

Yeah. I think there's some confusion there, Stephen. There's two different programs, as you know, DFLAW and grouting. And between those two, DOE in their holistic agreement with the state and the federal regulators agreed that, that would address 80% of the tanks, the other 20% being high level. So DFLAW is designed to operate at 1 million gallons a year for vitrification.

是的。我認為那裡有些混亂，史蒂芬。如您所知，有兩個不同的程序，DFLAW 和灌漿。在這兩者之間，能源部在與州和聯邦監管機構達成的整體協議中同意，這將解決 80% 的儲罐問題，其餘 20% 為高級別儲罐問題。因此，DFLAW 的設計運行速度為每年 100 萬加侖，用於玻璃化。

And the grouting program to meet the 2040 goal is estimated to be about 3 million gallons a year out of the tanks for grouting. So it's not the DFLAW component, it's the grouting component of 3 million gallons. So it's unlikely that the DFLAW will be at 1 million gallons a year production rate for many -- for several quarters at least to get perfection in their system and everything else. But the system that they've designed, Stephen, for the extraction and pretreatment of the waste for grouting at the West tank farms versus the East tank farms.

為實現 2040 年目標，灌漿計畫預計每年將從水箱中抽出約 300 萬加侖水用於灌漿。所以它不是 DFLAW 組件，而是 300 萬加侖的灌漿組件。因此，DFLAW 不太可能在許多情況下保持每年 100 萬加侖的生產率——至少在幾個季度內，才能使其係統和其他一切都達到完美狀態。但是，史蒂芬，他們設計的系統用於提取和預處理西油庫和東油庫的廢料進行灌漿。

The East Tank Farms is DFL, the West is for grouting. That system is designed to do 2.5 million to 3 million gallons a year extraction from the tanks. So we would have to ramp up. We've made presentations to DOE that with our design very specifically, we could do 3 million gallons a year. We'll have to get a permit mod, which is not a heavy lift.

東側油罐區為 DFL，西側油槽區為灌漿區。該系統設計每年可從儲油槽中提取 250 萬至 300 萬加侖水。所以我們必須加大力度。我們已經向能源部進行了演示，透過我們非常具體的設計，我們每年可以生產 300 萬加侖。我們必須獲得許可證，這並不是什麼難事。

Right now, I think it's 400,000 gallons. We have to increase that to 3 million gallons. We have existing facilities and the conceptual design and equipment to do that. So if that was to be turned on, we're very comfortable at that rate and would make the capital investments very quickly to make sure we're there.

現在，我認為是 400,000 加侖。我們必須將其增加到 300 萬加侖。我們擁有現有的設施以及概念設計和設備來實現這一目標。因此，如果要實現這一目標，我們對這個速度感到非常滿意，並且很快就會進行資本投資以確保我們能夠實現這一目標。

You noted that there are other competitors that are getting or that are in the game. Can you comment on that?

您注意到還有其他競爭對手正在參與或正在參與遊戲。您能對此發表評論嗎？

Yeah. Like any government agency, department's goal is to make sure they have redundant backups and competitiveness when they're talking about this level of revenue, particularly. From a safety perspective, they don't want to shut down because their one plant shuts down, which is why they've been very focused on this TBI to include our two competitors out of state. And they represent capable facilities. They are out of state.

是的。與任何政府機構一樣，部門的目標是確保他們在談論這個收入水平時擁有冗餘備份和競爭力。從安全角度來看，他們不想因為一家工廠關閉而關閉，這就是為什麼他們非常關注這次 TBI，並將我們州外的兩家競爭對手也納入其中。它們代表著強大的設施。他們不在州內。

So there's some additional risk to be considered in transportation. But they can do this work. They have the same ramp-up requirements that we would have. We have to modify the permits most likely and build facilities and those kinds of things. So we're kind of there.

因此，在運輸過程中還需要考慮一些額外的風險。但他們可以做這項工作。他們和我們有同樣的提升要求。我們很可能必須修改許可證並建造設施等等。所以我們差不多到了那裡。

And so I see them as being outlets. However, at the end of the day, I do expect Perma-Fix Northwest to get a significant portion, at least half of that waste because we're local. And we've committed to a union agreement for unionizing our facility when that starts and with the local building trades, and we're part of the community and keeping jobs local. But also, it reduces the transportation risk. There's a value there.

因此，我認為它們是一種發洩方式。然而，最終，我確實希望 Perma-Fix Northwest 能夠獲得相當一部分廢物，至少一半，因為我們是當地公司。我們承諾在計畫啟動時與當地建築業達成工會協議，成立工會，我們是社區的一部分，並將工作保留在當地。而且也降低了運輸風險。那裡有價值。

We'll be transporting by rail, as you know, because we'll treat it locally and ship it down to those sites that I mentioned for disposal. So it's a different model. But I do expect we're going to have to face some competition and there's a probability that a portion of that grouting would not go to us and just to be realistic about it. But we're still hopeful to get all of it. We're still pushing to get all of it, but it's something to be considered.

如你所知，我們將透過鐵路運輸，因為我們將在當地進行處理，然後運送到我提到的那些地點進行處理。所以這是一個不同的模型。但我確實預計我們將不得不面臨一些競爭，並且有一部分灌漿可能不會落到我們手中，我們必須現實地看待這個問題。但我們仍然希望獲得這一切。我們仍在努力獲得所有這些，但這是需要考慮的事情。

Well, I read an article, which I commented on to you guys that as the government came out with a podcast, which talks about how they're shipping this low radiation thing to some other people. Well, number one, that implicitly acknowledges what you guys have been saying all along that it's low radiation, right?

好吧，我讀了一篇文章，我向你們評論說，政府發布了一個播客，其中談到了他們如何將這種低輻射物品運送給其他人。嗯，首先，這隱含地承認了你們一直在說的低輻射，對嗎？

Number two, they talk the story about transporting this across the country, and it's not going to be a danger because it's low radiation, but they're missing the whole point because we're talking about low mix, low RA hazardous waste.

第二，他們談論了將其運輸到全國各地的情況，並且由於其輻射水平低，因此不會造成危險，但他們完全忽略了重點，因為我們談論的是低混合、低輻射水平的危險廢物。

So the danger in shipping is not radiation, it's the hazardous waste. And so when that gets publicized, that, in my mind, will be the major thing to help you because as following this and as a scientist, who the hell knows what could happen in those containers with the hazardous waste.

因此，運輸中的危險不是輻射，而是危險廢棄物。因此，當這件事被公開時，在我看來，這將是對你最大的幫助，因為作為一名關注此事的科學家，誰知道在那些裝有危險廢物的容器中會發生什麼。

I mean a trunk of a car in the summer is 300 degrees. So who knows? So it's -- that to me, all does is it confirms your reality. And yes, because if this thing ever got big, you probably need back up. The other thought that comes in here is they're going to build a drought plan out there.

我的意思是，夏天汽車後車箱的溫度高達 300 度。那麼誰知道呢？所以——對我來說，它所做的就是證實你的現實。是的，因為如果這件事變得嚴重，你可能需要支持。這裡的另一個想法是他們將在那裡制定一項抗旱計劃。

And I would hope that you guys somehow get connected with someone bigger and you build the ground plant or get that and then keep the thing going because there's no way even with building a ground plant and that not using you does not make sense, particularly when you talk about the liquefying of the tank waste, which then moves it up to, what, $100 million to $200 million.

我希望你們能以某種方式與更大的公司取得聯繫，建造地面工廠或獲得它，然後讓事情繼續下去，因為即使建造地面工廠也不可能，而且不使用你們也沒有意義，特別是當你談到液化罐廢物時，這將使其價值上升到 1 億到 2 億美元。

Okay. That's my comments there. I think you're in great shape. I commend you. It's great to hear. All right. What's on the -- okay, the next question is, what's your new COO doing?

好的。這就是我的評論。我認為你的狀態非常好。我讚揚你。聽到這個消息真是太好了。好的。好的，下一個問題是，您的新任營運長在做什麼？

He's very focused. He's responsible for overseeing all the components of the company that generate revenue. So each of the treatment plants as well as the projects and not as involved in sales and some of the engineering components necessarily, but very focused on the production on both sides, both segments.

他非常專注。他負責監督公司所有產生收入的部門。因此，每個處理廠和專案不一定涉及銷售和一些工程組件，而是非常注重雙方、兩個環節的生產。

He's got 27 years operating plants, a lot of it with our competitors, very, very astute on operational efficiency. And so right now, his number 1 priority are production at the plants.

他擁有 27 年的工廠營運經驗，其中大部分時間都是與我們的競爭對手合作，因此在營運效率方面非常敏銳。因此現在他的首要任務是工廠的生產。

And he's very, very focused. He's a very good leader, chemical engineer and highly respected and doing a great job. His impact to the company in four months has been overwhelming. And if you talk to anybody in our company, I don't think anyone would disagree that it's been a huge impact to us overall. And he brings an industry network that's really important as well and has had a great impact on productivity already.

他非常非常專注。他是一位非常優秀的領導者、化學工程師，備受尊敬，工作出色。四個月來他對公司的影響是巨大的。如果你與我們公司中的任何人交談，我想沒有人會不同意這對我們整體產生了巨大的影響。他也帶來了一個非常重要的產業網絡，並且已經對生產力產生了很大的影響。

Wonderful. Are you guys implementing anything with AI? Or is AI going to impact you in any way? Now, I'm saying positively.

精彩的。你們有利用人工智慧實現任何事嗎？或者人工智慧會以某種方式影響你嗎？現在，我要積極地說。

Yeah. We are beginning some initiatives, very limited, mostly to do with research and sales and proposal development types of things. We do see ourselves expanding to waste treatment protocols and those types of things in the future, but we're starting pretty slow. And -- but we do have initiatives ongoing as we speak to do that.

是的。我們正在開始一些非常有限的舉措，主要涉及研究、銷售和提案開發類型的事情。我們確實希望未來能將業務擴展到廢棄物處理協議和諸如此類的事情，但我們起步還比較慢。而且 — — 但正如我們所說，我們確實正在採取一些措施來實現這一目標。

I think it's fabulous that the -- I mean, I've been following you guys since '16, and this is the first time that they've had a DOE head who is actually a scientist and engineer has knows the industry, is very positive in nuclear. And if you're pushing nuclear, which has to be pushed because we're behind the rest of the world, secondly, AI requires nuclear, then nuclear waste has to follow. So that's great. All right. Finally, my question is on PFAS.

我認為這太棒了——我的意思是，我從 2016 年就開始關注你們了，這是你們第一次有一位能源部負責人，他實際上是一位了解該行業的科學家和工程師，對核能非常樂觀。如果你推動核能發展，那麼就必須推動核能，因為我們落後於世界其他國家；其次，人工智慧需要核能，那麼核廢料也必須隨之而來。這太棒了。好的。最後，我的問題是關於 PFAS 的。

Ironically, I read an article today that the Gates Foundation is just -- they're basically shutting down by 2045, and they're going to just go direct and feed. And one thing that came out in the article was agricultural that they can't plant on lands. And my understanding is that -- I mean, I understand this is down the road. But as I'm reading about PFAS, I mean, basically, the fertilizer that's on these plants that came from water treatment has PFAS in it and a lot of farms have shut down. So all I'm saying here is this PFAS, which everyone has to understand, it's just a separate industry.

諷刺的是，我今天讀到一篇文章，說蓋茲基金會基本上將在 2045 年關閉，他們將直接提供捐款。文章中提到的一件事是他們不能在土地上種植農產品。我的理解是──我的意思是，我知道這是未來的事。但當我讀到有關 PFAS 的文章時，我的意思是，基本上，這些來自水處理的植物的肥料中含有 PFAS，很多農場已經關閉。所以我在這裡要說的是 PFAS，每個人都必須明白，它只是一個獨立的產業。

It's like in theory, you could become another company that has nothing to do with nuclear. And that to me is what's so exciting and then the potential of it. So anyway, I've said enough. I've watched you guys emerge. I understand it as someone that's scientific and keep on going.

理論上，你可以成為另一家與核子無關的公司。對我來說，這就是它的興奮之處以及它的潛力。無論如何，我已經說得夠多了。我見證了你們的崛起。作為一個科學家，我理解這一點並將繼續前進。

It's all going to work out for the positive. And we got to keep the faith. That's all. Thank you.

一切都會朝著正面的方向發展。我們必須保持信念。就這樣。謝謝。

Well, that appears to be the end of our question-and-answer session. I will now hand back over to Mark for any closing comments.

好吧，我們的問答環節似乎結束了。現在我將把時間交還給馬克，請他做最後總結。

Okay. Thank you. As we move further into 2025, we remain focused on executing against a clear set of strategic priorities, expanding our backlog, advancing our PFAS enhancement programs and maintaining a disciplined operational and cost alignment across all the organization.

好的。謝謝。隨著我們進一步邁入 2025 年，我們將繼續專注於執行明確的策略重點、擴大積壓工作、推進 PFAS 增強計劃並在整個組織內保持嚴格的營運和成本協調。

The investments we've made in the first quarter, combined with the momentum we're seeing across our treatment operations, our federal pipeline and our international channels position us for a stronger second half.

我們在第一季進行的投資，加上我們在治療業​​務、聯邦管道和國際管道中看到的勢頭，為我們在下半年取得更強勁的業績奠定了基礎。

While we continue to navigate timing-related challenges around the federal procurement system, we're encouraged by the pace of the progress across our core initiatives and confident in our ability to drive long-term value for our shareholders.

雖然我們繼續應對聯邦採購系統相關的時間挑戰，但我們對核心計畫的進展速度感到鼓舞，並對我們為股東創造長期價值的能力充滿信心。

So thank you for your continued support, and we look forward to updating you as our progress continues in the coming quarters. Thank you.

感謝您一直以來的支持，我們期待在未來幾季繼續向您通報我們的進展。謝謝。

Thank you very much. That appears to be the end of the conference call. We thank you for your participation. You may disconnect your phone lines at this time. Have a wonderful day.

非常感謝。電話會議似乎結束了。我們感謝您的參與。您現在可以斷開電話線。祝您有美好的一天。