Perma-Fix Environmental Services Inc (PESI) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Perma-Fix fiscal first quarter 2026 earnings conference call. (Operator Instructions) And please note, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 Perma-Fix 2026 會計年度第一季財報電話會議。(接線員指示) 並請注意，本次會議將被錄音。

I will now turn the conference over to your host, Mr. David Waldman, Investor Relations. Sir, the floor is yours.

現在我將把會議交給本次會議主持人——投資人關係部的 David Waldman 先生。先生，請開始。

Thank you, and good morning, everyone. Welcome to Perma-Fix Environmental Services first quarter 2026 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. The company issued a press release this morning containing first quarter financial results, which is also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

謝謝，各位早安。歡迎參加 Perma-Fix Environmental Services 2026 年第一季電話會議。今天早上與會者包括：總裁暨執行長 Mark Duff；策略倡議執行副總裁 Louis Centofanti 博士；以及財務長 Ben Naccarato。公司今早發布了包含第一季財務結果的新聞稿，亦已張貼於公司網站。若您在會後有任何問題或希望取得更多公司資訊，請致電 Crescendo Communications：(212) 671-1020。

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. All statements on this conference call other than statements 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. 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.

我也想提醒各位，本次電話會議中所包含的某些陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，並包含某些非 GAAP 財務衡量指標。除歷史事實陳述外，本次電話會議中的所有陳述均為前瞻性陳述，且受已知與未知風險、不確定性及其他因素影響，可能導致公司實際結果與表現與該等陳述存在重大差異。這些風險與不確定性已詳載於公司向美國證券交易委員會提交的文件以及今早的新聞稿中。公司不承諾在本日之後揭露任何對前瞻性陳述的修訂，或揭露任何影響前瞻性陳述的事實、事件或情況。

In addition, today's discussion will include references to non-GAAP measures. Perma-Fix believes 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，今天的討論將包含對非 GAAP 指標的引用。Perma-Fix 認為此類資訊可提供額外的衡量方式，並使其績效具備一致的歷史比較基礎。非 GAAP 指標與最直接可比的 GAAP 指標之調節表，已載於我們網站上今日發布的新聞稿中。

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

現在我想把電話交給 Mark Duff。Mark，請開始。

All right. Thank you, David, and good morning, everyone. Thank you for joining us today. As you saw in this morning's press release, the first quarter was a transitional period for Perma-Fix. While our financial results were weak, this was not unexpected.

好的。謝謝你，David，各位早安。感謝各位今天加入我們。如各位在今早新聞稿中所見，第一季對 Perma-Fix 而言是一個過渡期。雖然我們的財務結果疲弱，但這並非出乎意料。

Many of the factors that impacted the quarter were consistent with what we discussed on our year-end call in March, including seasonal softness, lower waste receipts, the timing of achieving revenue milestones, and the deliberate steps we're taking to prepare our facilities, workforce, and infrastructure for higher activity levels beginning in the second quarter.

影響本季的許多因素，與我們在三月年終電話會議中討論的內容一致，包括季節性走弱、廢棄物收受量較低、達成營收里程碑的時點，以及我們為了自第二季起迎接更高活動水準而對設施、人力與基礎建設所做的有計畫準備。

Importantly, the first quarter should not be viewed in isolation. We used the quarter to position the company for the next phase of activity. This included the deliberate processing and reduction of existing waste inventories, particularly at our Perma-Fix Northwest facility, so we can maximize capacity ahead of anticipated Hanford-related waste receipts. In addition, we completed treatment of several lower-margin waste streams during the quarter, which further positions our facilities to improve mix and higher value activity as new receipts begin to ramp up.

重要的是，不應孤立地看待第一季。我們利用本季為公司下一階段的活動做好布局。其中包括有計畫地處理並降低既有廢棄物庫存，特別是在我們的 Perma-Fix Northwest 設施，以便在預期的 Hanford 相關廢棄物收受量到來前最大化產能。此外，我們在本季完成了數個較低毛利廢棄物流的處理，這也使我們的設施在新收受量開始爬升時，能進一步改善組合並承接更高價值的活動。

We also included -- we also continued investing in personnel, training, facility improvements, and operational readiness to support additional shifts and higher production expectations beginning in Q2. These activities impacted near-term financial performance, but we believe they were necessary to prepare Perma-Fix for what may be one of the most important growth opportunities in the company's history. The centerpiece of that opportunity remains Hanford.

我們也持續投資於人員、訓練、設施改善與營運就緒度，以支援自第二季起增加班次與更高的產出預期。這些活動影響了短期財務表現，但我們相信這些是必要的，為 Perma-Fix 做好準備，迎接可能是公司歷史上最重要的成長機會之一。該機會的核心仍是 Hanford。

As we've discussed for some time, the DOE Hanford's cleanup mission represents one of the largest and most complex environmental remediation programs in the United States. Perma-Fix Northwest is located just outside the Hanford site, and we believe it's uniquely positioned to support multiple Hanford-related waste streams over the coming years.

如我們一段時間以來所討論的，美國能源部（DOE）Hanford 的清理任務，是美國規模最大且最複雜的環境整治計畫之一。Perma-Fix Northwest 位於 Hanford 場址外圍，我們相信其具備獨特優勢，可在未來數年支援多種 Hanford 相關廢棄物流。

A key milestone in our preparation for this opportunity was the December 2025 renewal of the permit for our Perma-Fix Northwest facility, which significantly expands our permitted liquid mixed waste processing capacity to approximately 1.2 million gallons annually and authorizes treatment of up to 175,000 tons of waste through macro encapsulation.

我們為把握此機會所做準備的一項關鍵里程碑，是 2025 年 12 月完成 Perma-Fix Northwest 設施許可證的更新；該更新大幅擴增我們核准的液態混合廢棄物處理產能至每年約 120 萬加侖，並授權可透過巨型封裝（macro encapsulation）處理最多 17.5 萬噸廢棄物。

Combined with our investments in automation, facility upgrades and workforce expansion, this enhanced permit materially strengthen our ability to support increased volumes from Hanford and other DOE mission objectives as activities ramp up.

結合我們在自動化、設施升級與人力擴編方面的投資，這項強化後的許可證實質提升了我們支援 Hanford 及其他 DOE 任務目標在活動升溫時所帶來更高處理量的能力。

We are now beginning to see the opportunity move from preparation towards execution. Our Perma-Fix Northwest facility began receiving ETF waste from Hanford in mid-April, which we believe can support sustainable revenues of more than $4 million per quarter as the waste stream continues. We're also working closely with DOE contractors on the anticipated start of the additional DFLAW-related dry waste and EMF effluent waste streams, which were delayed due to regulatory document extensions.

我們現在開始看到機會正從準備階段走向執行階段。我們的 Perma-Fix Northwest 設施於四月中旬開始接收來自 Hanford 的 ETF 廢棄物；我們相信，隨著該廢棄物流持續，可支撐每季超過 400 萬美元的可持續營收。我們也正與 DOE 承包商密切合作，推進預期啟動的額外 DFLAW 相關乾式廢棄物與 EMF 放流水（effluent）廢棄物流；該等項目因法規文件展延而有所延遲。

Based on current activity, we believe Q2 represents an inflection point for the company with Perma-Fix Northwest on track to deliver stronger revenue contributions as Hanford-related waste receipts and other customer activities increase.

基於目前的活動情況，我們認為第二季將是公司的轉折點；隨著 Hanford 相關廢棄物收受量及其他客戶活動增加，Perma-Fix Northwest 有望帶來更強的營收貢獻。

While the exact timing and pace of these activities of these receipts remain dependent on DOE and contractor schedules, we remain highly encouraged by the directions of the activity and the role Perma-Fix can play in supporting the Hanford cleanup mission. In addition, DOE leadership continues to focus on advancing Hanford tank waste retrieval through grouting as a supplement path to DFLAW using available commercial treatment capacity. We believe this is highly significant for Perma-Fix because of the Perma-Fix Northwest provides additional local capacity near the Hanford site and is positioned to support DOE's tank waste treatment objectives over the next several years.

雖然這些收受活動的確切時點與推進速度仍取決於 DOE 與承包商的排程，但我們對活動方向以及 Perma-Fix 在支援 Hanford 清理任務中可扮演的角色仍深受鼓舞。此外，DOE 領導層持續聚焦於透過灌漿（grouting）推進 Hanford 儲槽廢棄物取出作業，作為 DFLAW 的補充路徑，並利用可用的商業處理產能。我們認為這對 Perma-Fix 極具意義，因為 Perma-Fix Northwest 在 Hanford 場址附近提供額外的在地產能，並具備條件在未來數年支援 DOE 的儲槽廢棄物處理目標。

Beyond the near-term ETF and DFLAW-related activities, we remain extremely focused on the broader grouting opportunities at Hanford. We believe Perma-Fix Northwest is exceptionally well-positioned for this opportunity given its proximity to the Hanford site, our expanded permitting profile, existing waste treatment capabilities, and investments we've made over the past several years to expand grouting capabilities to reach production levels of over 4 million gallons of tank waste received per year.

除了近期的 ETF 與 DFLAW 相關活動之外，我們仍高度聚焦於 Hanford 更廣泛的灌漿機會。鑑於其鄰近 Hanford 場址、我們擴增後的許可範圍、既有的廢棄物處理能力，以及過去數年為擴充灌漿能力所做的投資（使年接收儲槽廢棄物的產能可達 400 萬加侖以上），我們相信 Perma-Fix Northwest 在此機會上具備極佳的有利位置。

This is why we're so bullish on Hanford. It's not simply one waste stream or one contract opportunity. It's a long duration remediation mission with multiple potential waste streams, multiple program phases and the potential to support recurring treatment demand over an extended period. While timing will always be subject to government program execution, appropriations and regulatory requirements, along with customer schedules, we believe the scale and duration of the opportunities are significant.

這就是我們對 Hanford 如此看多的原因。這不僅僅是一條廢棄物流或一個合約機會。這是一項長期的整治任務，包含多種潛在廢棄物流、多個計畫階段，並有機會在較長期間內支援持續性的處理需求。雖然時程始終會受到政府計畫執行、預算撥款與法規要求以及客戶排程的影響，但我們相信這些機會的規模與持續期間都相當可觀。

We also recently completed several large proposal initiatives, including opportunities related to the Hanford tank grouting, large project services for the US Army Corps of Engineers and DOE at Y-12 and a proposal revision to support the USS Enterprise aircraft carrier decommissioning project for the Navy. While these opportunities remain subject to award timing and customer decisions, they reflect the breadth of our pipeline and the alignment of our capabilities with large complex government remediation, decommissioning, and other waste missions.

我們近期也完成了數項大型提案推動工作，包括與漢福德儲槽灌漿相關的機會、為美國陸軍工兵團以及能源部（DOE）在 Y-12 提供大型專案服務的機會，以及為海軍 USS Enterprise（企業號）航空母艦除役專案提供支援的提案修訂。儘管這些機會仍取決於授標時程與客戶決策，但它們反映了我們商機管線的廣度，以及我們能力與大型、複雜的政府整治、除役及其他廢棄物任務之間的契合度。

In addition to Hanford, we're also seeing renewed momentum in our Services Segment. During the quarter, we were awarded a two-year master task agreement valued at approximately $24 million by the Lawrence Livermore National Security site for demolition and disposal of a building at the Lawrence Livermore Laboratory. This project mobilized and began supporting work in early April. It draws directly on our expertise in complex radiological and hazardous waste handling and facility decontamination, along with demolition and nuclear waste management.

除漢福德之外，我們也看到服務事業部（Services Segment）重新出現動能。本季期間，我們獲得勞倫斯利佛摩國家安全場址（Lawrence Livermore National Security site）授予一項為期兩年的主任務協議（master task agreement），價值約 2,400 萬美元，用於拆除並處置勞倫斯利佛摩實驗室的一棟建築。該專案已動員，並於 4 月初開始支援相關工作。此專案直接運用我們在複雜放射性與有害廢棄物處理、設施去污，以及拆除與核廢棄物管理方面的專業能力。

We view this award as an important validation of our nuclear services capabilities and our long-standing relationship with the Livermore Lab. More broadly, we've mobilized on several additional smaller projects that have the potential to grow through the summer, and we continue to see a meaningful pipeline of project opportunities across nuclear services for demolition remediation, decontamination, and other government-related field work.

我們將此項授標視為對我們核能服務能力以及與利佛摩實驗室長期合作關係的重要驗證。更廣泛而言，我們也已在數個額外的小型專案上完成動員，這些專案在夏季期間具有擴大的潛力；同時，我們持續看到在核能服務領域（包含拆除整治、去污及其他政府相關現場工作）存在具實質意義的專案機會管線。

This is important because renewed Services Segment activities strengthens our broader Perma-Fix platform by leveraging our integrated capabilities across project execution, waste management, transportation, treatment and disposal.

這點很重要，因為服務事業部活動的回升，透過運用我們在專案執行、廢棄物管理、運輸、處理與處置等整合能力，將強化 Perma-Fix 的整體平台。

We also continue to make progress with our PFAS destruction platform. As we announced in March, we successfully completed a PFAS treatment project for Four Rivers Nuclear Partnership, the DOE contractor responsible for environmental cleanup activities at the Paducah Site. We received approximately 1,500 gallons of PFAS contaminated liquids and successfully treated the material using our patented-pending Perma-FAS destruction technology. This is an important precedent application for our technology supporting DOE cleanup activities and meeting the strict quality control programs as required by the department.

我們在 PFAS 銷毀平台方面也持續取得進展。如我們在 3 月所宣布，我們已成功為 Four Rivers Nuclear Partnership 完成一項 PFAS 處理專案；該單位為能源部（DOE）承包商，負責帕度卡（Paducah）場址的環境清理工作。我們接收約 1,500 加侖受 PFAS 污染的液體，並使用我們已申請專利（patented-pending）的 Perma-FAS 銷毀技術成功處理該材料。這是我們技術支援 DOE 清理活動、並符合該部門所要求之嚴格品質管制計畫的一項重要先例應用。

PFAS contamination continues to represent one of the most significant environmental challenges facing both the government and commercial clients. Our approach is designed to permanently destroy PFAS compounds rather than simply transferring them to another medium. We believe this distinction is important as customers increasingly look for solutions that can reduce long-term environmental liabilities.

PFAS 污染仍是政府與商業客戶所面臨最重大的環境挑戰之一。我們的方法旨在永久銷毀 PFAS 化合物，而非僅將其轉移到另一種介質。我們認為，隨著客戶日益尋求可降低長期環境負債的解決方案，這項差異化將變得格外重要。

During the quarter, PFAS receipts slowed, but activity resumed in May, supported by several new wins at regional airports and continued work through partnerships with generators and industry leaders focused on the destruction of PFAS liquids. We're also continuing the installation of our Gen 2.0 unit at our EWOC facility in Oak Ridge, which is designed to add approximately 2,000 gallons per shift of additional treatment capacity to support our existing operations.

本季期間，PFAS 收料量放緩，但在 5 月恢復活動，並受惠於在區域機場取得數項新案，以及透過與產生源與產業領導者的合作夥伴關係，持續推進 PFAS 液體銷毀相關工作。我們也持續在橡樹嶺（Oak Ridge）的 EWOC 設施安裝 Gen 2.0 裝置，該裝置設計可在每個班次新增約 2,000 加侖的處理產能，以支援我們既有營運。

While construction experienced some supply chain and fabrication delays, assembly activities are moving forward and we expect the system to be -- to meaningfully expand our capacity once it's operational. Taken together, we believe PFAS represents a compelling long-term growth opportunity that complements our core nuclear and mixed waste treatment capabilities. We are still early in the commercialization curve, but the market need is real. Regulatory and customers' attention continues to increase, and we believe our destruction technology gives Perma-Fix a differentiated position.

儘管施工過程遭遇部分供應鏈與製造延遲，組裝作業仍在推進；我們預期該系統一旦投入運轉，將——將顯著擴充我們的產能。綜合而言，我們認為 PFAS 是一項具吸引力的長期成長機會，可與我們核心的核能與混合廢棄物處理能力相互補強。我們仍處於商業化曲線的早期階段，但市場需求是真實存在的。監管機關與客戶的關注度持續提升，我們相信我們的銷毀技術使 Perma-Fix 具備差異化定位。

Stepping back, the broader message is straightforward. Q1 was difficult, but it was also preparatory for us. We're now beginning to see the transition we've been preparing for begin to materialize across the business.

退一步看，整體訊息很明確。第一季很艱難，但對我們而言也具有準備性質。我們現在開始看到我們一直在準備的轉變，正逐步在整個業務中具體化。

At Hanford, ETF waste receipts began in April and additional DFLAW-related streams are expected to follow. In Nuclear Services, the Livermore project has mobilized and our project pipeline is improving. In PFAS, we've demonstrated our technology in the field, secured additional opportunities, and continue to expand capacity. And at Perma-Fix Northwest, our expanded permit and the facility investment position that we made position us to support the long-term waste receipts and longer-term grouting opportunities.

在漢福德，ETF 廢棄物收料已於 4 月開始，預期後續還會有更多與 DFLAW 相關的廢物流入。在核能服務方面，利佛摩專案已完成動員，我們的專案管線正在改善。在 PFAS 方面，我們已在現場展示我們的技術、取得更多機會，並持續擴充產能。而在 Perma-Fix Northwest，我們擴大的許可證以及我們所進行的設施投資，使我們得以支援長期廢棄物收料與更長期的灌漿機會。

We believe Perma-Fix is at a clear inflection point. The investments we've made over the past several years in permits, people, infrastructure, automation, treatment capacity, and technology were all designed to prepare the company for the type of opportunity set now for developing -- that is developing in front of us. Although quarterly results may continue to vary based on the timing of customer shipments, government programs, and project mobilizations, we believe the company is increasingly well-positioned to deliver improved performance beginning in the second quarter through the balance of 2026 and over the long-term as these opportunities continue to scale up.

我們相信 Perma-Fix 正處於明確的拐點。過去數年我們在許可證、人員、基礎設施、自動化、處理產能與技術方面所做的投資，都是為了讓公司為如今正在——正在我們眼前形成的這類機會組合做好準備。儘管季度業績可能仍會因客戶出貨時點、政府計畫與專案動員時程而波動，我們相信公司正日益具備良好條件，自第二季起至 2026 年其餘期間，並在這些機會持續擴大規模的長期之中，交付更佳的營運表現。

With that, I'll turn it over to Ben to review the financial results in more detail. Ben?

接下來，我把時間交給 Ben，請他更詳細地說明財務結果。Ben？

Thanks, Mark, and good morning. For the first quarter, we reported revenue of $11.1 million, that's down from $13.9 million in prior year, a decrease of $2.8 million year-over-year. The decline was primarily driven by lower volumes and timing of processing activity as we focused on working through existing waste inventory and encountered delays in reaching certain key revenue milestones.

謝謝，Mark，大家早安。第一季我們的營收為 1,110 萬美元，低於去年同期的 1,390 萬美元，年減 280 萬美元。下滑主要是因為在我們專注於消化既有廢棄物庫存之際，處理活動的量與時點較低，且在達成若干關鍵營收里程碑方面遭遇延遲。

Looking at the segments. In the Treatment Segment, revenue was down about $1.3 million compared to last year. This was mainly due to lower volumes and a less favorable waste mix, which more than offset some of the modest pricing improvements.

就各事業部來看。在處理事業部（Treatment Segment），營收較去年減少約 130 萬美元。這主要是因為處理量較低以及廢棄物組合較不利，這些因素抵銷了部分溫和的價格改善。

In the Service Segment, revenue decreased about $1.5 million year-over-year, and this was largely due to fewer large projects contributing to revenue compared to prior year, partially offset by contributions from new smaller projects. From a profitability standpoint, gross profit declined $3.5 million compared to prior year. This reflects the impact of the lower revenue and the higher variable costs in the Treatment Segment and higher fixed plant costs as we prepare for higher volume expected in the upcoming months.

在服務事業部（Service Segment），營收年減約 150 萬美元，主要是因為相較去年同期，貢獻營收的大型專案較少；部分由新的小型專案貢獻所抵銷。就獲利而言，毛利較去年減少 350 萬美元。這反映了營收較低的影響，以及處理事業部較高的變動成本，並且在我們為未來數月預期的較高處理量做準備之際，廠區固定成本也較高。

Project mix and lower revenue in the Service Segment also negatively impacted our gross profit. Our SG&A expenses were $4.3 million, up about $284,000 year-over-year, primarily due to higher labor expense, outside services, and marketing-related costs.

服務事業部的專案組合與較低營收也對毛利造成負面影響。我們的銷售、一般及行政費用（SG&A）為 430 萬美元，年增約 28.4 萬美元，主要由於人力成本、外部服務以及行銷相關成本較高。

Turning to earnings. EBITDA from continuing operations was a loss of $7 million compared to a loss of $3.3 million last year. Our net loss was $7.5 million versus $3.6 million loss in prior year, a loss per share of $0.40 compared to $0.19 last year.

接著看獲利。持續營運的 EBITDA 為虧損 700 萬美元，去年同期為虧損 330 萬美元。我們的淨損為 750 萬美元，去年同期淨損為 360 萬美元；每股虧損 0.40 美元，去年為每股虧損 0.19 美元。

On the balance sheet, cash ended the quarter at $6.7 million and working capital was $5.9 million, both down from prior year levels, reflecting operating cash usage and capital spending during the quarter. Our treatment backlog ended the quarter at $12.2 million, up slightly from $11.9 million at year-end and up from the $10.2 million we saw at the -- in the first quarter in 2025.

資產負債表方面，季末現金為 670 萬美元，營運資金為 590 萬美元，兩者均低於去年同期水準，反映本季營運現金使用與資本支出。我們的處理待執行訂單（treatment backlog）季末為 1,220 萬美元，較年末的 1,190 萬美元略增，也高於——高於我們在 2025 年第一季看到的 1,020 萬美元。

From a cash flow perspective, cash used from operations was $3.6 million. Investing activities used approximately $964,000, primarily for capital spending and permitting-related intangible assets. And our financing activities used approximately $227,000, mainly related to scheduled debt and lease payments.

從現金流的角度來看，營運活動使用的現金為360萬美元。投資活動使用約96.4萬美元，主要用於資本支出以及與許可相關的無形資產。而我們的融資活動使用約22.7萬美元，主要與按期的債務與租賃付款有關。

With that, operator, I will now turn the call over for questions.

接下來，接線員，我現在把電話交給提問環節。

(Operator Instructions)

（接線員指示）

Aaron Spychalla, Craig-Hallum.

Aaron Spychalla，Craig-Hallum。

Yes. Maybe first for me, on Hanford, can you just kind of give an update on kind of the incremental waste streams that you're seeing? You talked about ETF and maybe $4 million a quarter. It sounds like last call, there was some talk of $1 million or $2 million a month. And so I just want to make sure we have those kind of incremental opportunities kind of straight as we look for DFLAW to start up.

是的。我先問第一個，關於Hanford，你能否更新一下你們看到的新增廢棄物流大概有哪些？你提到ETF，可能每季約400萬美元。聽起來上次電話會議有提到每月100萬或200萬美元。所以我想確認一下，當我們期待DFLAW啟動時，這些新增機會的口徑是否一致。

Sure, Aaron. There's four primary waste streams that we're receiving at Hanford right now. There's a lot of other ones, they're smaller, but -- and a few that are beginning to be showing up here this quarter. But the ETF is the big one. It's been showing up or being received, as I mentioned, by the middle of April.

當然可以，Aaron。我們目前在Hanford接收四個主要的廢棄物流。還有很多其他的，規模較小，但——本季也有幾個開始出現。不過ETF是最大的那一個。如我提到的，它大約在4月中旬開始出現或開始接收。

We're getting regular shipments from them as scheduled. And it is between $1 million to $1.5 million a month in revenue as expected, and it's going very well so far and is expected to go through at least through Q3 and into Q4 at a minimum, where they usually have an outage when it gets too cold. That is going very well. No expectations for any impacts from that.

我們按計畫定期接收他們的運輸批次。如預期，營收每月約在100萬到150萬美元之間；目前進展非常順利，預計至少會持續到第三季並延伸到第四季，因為通常天氣太冷時他們會有一次停機。這部分進展非常好。我們不預期會有任何影響。

The EMF waste was the -- as you probably remember from the press releases, was the blowdown waste from DFLAW. That was scheduled to complete its supplemental analysis process, which is a regulatory process on May 24 -- April 24. They extended that comment period for that NEPA process for 30 days to May 24. We met with DOE last week at senior management levels. They said we expect to receive the first shipment in later June.

EMF廢棄物——你可能還記得新聞稿——是來自DFLAW的排放降壓（blowdown）廢棄物。它原本預定在4月24日完成補充分析流程（這是一個法規流程）。他們將該NEPA流程的意見徵詢期延長30天至5月24日。我們上週在高階管理層級與DOE會面。他們表示預期在6月下旬接收第一批運輸。

And that will run at about $300,000 a month for -- during high commissioning. And once we get to operational phases, that will increase by 4 times and will be anticipated to be received at those levels at a minimum through the operational period, which we're anticipating to be in the fall in regards to DFLAW.

在高強度試運轉（high commissioning）期間，這部分每月約30萬美元。一旦進入營運階段，將增加到4倍；並預期至少在營運期間都會以該水準接收，而就DFLAW而言，我們預期營運期會在秋季。

We also have the dry waste that we're beginning to actually start to communicate with them on. They've been storing them for a bit. We are working with them on receipts. We're still not sure what kind of revenue that's going to generate. I would say, just an estimate, that it's about $100,000 a month, maybe more, a little bit more than that.

我們也有乾式廢棄物（dry waste），目前開始實際與他們溝通。他們已經儲存了一段時間。我們正與他們合作安排接收。我們仍不確定這會帶來多少營收。我會說，粗略估計大約每月10萬美元，可能更多一些，略高於此。

We don't know the total volumes that they're generating at this point because they stockpile. We don't know how much they -- how linear it is to say that they're generating so much dry waste based on production levels versus just in hot commissioning. That should start here in mid-May.

目前我們不知道他們產生的總量，因為他們會先堆存。我們也不清楚是否能線性地說：他們的乾式廢棄物產生量會隨產量水準而固定增加，或只是發生在熱試運轉（hot commissioning）期間。這部分應該會在5月中旬開始。

And then we have the TRU waste that we've been getting from the on-site contractor for many years. We are increasing capacity there in an effort to get to double throughput. And we have our top management team out there as we speak, working with them, adding additional shifts and capacity. We should began training additional personnel in March and April to be able to expand that. So we see that increasing again in -- by this past mid-April.

然後是TRU廢棄物，我們多年來一直從現場承包商那裡接收。我們正在提升那邊的產能，目標是把處理量提高到兩倍。我們的最高管理團隊此刻正在現場與他們合作，增加額外班次與產能。我們應該在3月與4月開始訓練額外人員，以便擴充。因此我們看到這部分在4月中旬之後再次增加。

So all four of those, actually it's five, are underway and they're rolling. And we do expect these numbers to increase once the DFLAW gets to operational phases, and that will be, hopefully, in the next quarter or two.

所以這四項——其實是五項——都已在進行中，而且正在推進。我們確實預期，一旦DFLAW進入營運階段，這些數字會增加；希望會在接下來一到兩季內發生。

Okay. Understood. And then, I mean, just kind of stepping back broadly, you've kind of talked over the years, I think, DFLAW potentially $70 million-plus of kind of revenue. And, I think lately, it's been $3 million to $6 million a quarter of that ramp. So is that -- it kind of sounds like in the fall, that sort of a time line? And is that opportunity still largely how you're thinking about it?

好的。了解。然後，從更宏觀的角度來看，你們多年來一直提到DFLAW可能帶來超過7,000萬美元左右的營收。而我想最近談的是每季300萬到600萬美元的爬坡。所以——聽起來是在秋季左右的時間線？而這個機會仍大致是你們目前的看法嗎？

It is. It's DOE's estimate. They haven't come off that estimate. In fact, several managers we've talked to have said that they're generating more filters than expected. The EMF waste I mentioned, was significantly more than anticipated.

是的。那是DOE的估算。他們並沒有下修該估算。事實上，我們談過的幾位主管表示，他們產生的濾芯比預期更多。我提到的EMF廢棄物也明顯高於原先預期。

There's a lot of other waste streams also to be addressed, which we don't have any clarity on at this point. They are -- I would -- as I said, we just met with DOE last week. DFLAW was operational last week. It is -- it comes up and shuts down as they test each melter out. We're still having problems with -- I understand with the feed system or emission systems and tweaking those, getting them to design spec, design performance levels. But they're working through it.

另外還有許多其他廢棄物流需要處理，但目前我們還沒有清楚的資訊。他們——如我所說，我們上週才與DOE會面。DFLAW上週處於運轉狀態。它會在測試每一座熔爐（melter）時啟動又停機。據我了解，他們在進料系統或排放系統方面仍有問題，需要微調，使其達到設計規格與設計性能水準。但他們正在逐步解決。

I think the important thing, Aaron, is DOE is very dedicated to the success of that project, and they're more and more optimistic like every time we talk to them about its ability to perform, and they're working through the kinks and are optimistic that it will be up and running soon at a higher level than it has been so far. And so a lot of upside there.

我認為重點是，Aaron，DOE非常致力於該專案的成功；而且我們每次與他們交談，他們對其性能表現的信心都更高。他們正在排除問題，並樂觀認為很快就能以比目前更高的水準穩定運轉。因此這裡有很大的上行空間。

And the other important talking point on that, Aaron, is that DOE places Hanford among their highest priorities for this administration. And it's very evident by the attention that the DOE headquarters gives to the site. They were out there last week. We had a chance to meet with them.

另外一個重要的重點是，Aaron，DOE把Hanford列為本屆政府的最高優先事項之一。從DOE總部對該場址的關注程度就非常明顯。他們上週到現場。我們也有機會與他們會面。

And the local officials are all very action-oriented. They're plowing through hurdles and very focused on increasing the amount of tank closures they can have during this administration. And so they're getting creative on any way they can possibly begin to show retrievable tanks during this administration and as fast as they possibly can within compliance and safety standards.

而地方官員都非常以行動為導向。他們正全力排除障礙，並高度聚焦於在本屆政府任期內提高可完成的儲槽封閉（tank closures）數量。因此，他們正以各種可能的方式發揮創意，力求在符合合規與安全標準的前提下，於本屆政府任期內、並以盡可能快的速度開始展現可回收儲槽（retrievable tanks）的成果。

So we're encouraged by that and very optimistic that, like I said, with this EMF hurdle that we had, they work through it and keep things moving. And while may be delayed here and there, they are very sustainable waste streams, and we're very, very well-positioned with our facility there.

因此，我們對此感到鼓舞，也非常樂觀；正如我所說，針對我們遇到的這個 EMF 障礙，他們會把問題處理好並持續推進。而且即使在某些地方可能會有延遲，這些仍是非常可持續的廢棄物流，我們在那座設施的布局也非常、非常有利。

And then maybe just on the commitments from the DOE and just focus on increasing tank closures. On grouting, you've kind of talked in the past about that maybe being like a $40 million-plus opportunity for you. But I see the kind of commentary on potential supplemental volumes from DFLAW. And it sounds like maybe a little more kind of support of kind of treating that waste in state versus shipping out of state and, again, kind of treating more kind of sooner rather than later.

另外也許談談 DOE 的承諾，以及聚焦於加速儲槽關閉。關於灌漿（grouting），你過去曾提到這可能對你們而言是超過 4,000 萬美元的機會。但我看到一些關於 DFLAW 潛在補充處理量的評論。聽起來似乎更支持在州內處理這些廢棄物，而不是運到州外；同樣地，也更傾向於儘早處理，而不是晚些再處理。

So can you just kind of broadly kind of give us an update there? Is that kind of size still somewhat reasonable? Or just maybe an update there would be great.

所以你能否從較宏觀的角度給我們更新一下？那個規模的估算目前仍算合理嗎？或者給個最新進展也會很棒。

Yes. As you know, there's really two grouting programs. One is the West side grouting program, which has been part of the tri-party agreement where DOE and the other parties, the regulators, agreed to do 22 tanks by 2040. And that's moved forward with the design and installation of the infrastructure systems there on the West side. And the procurement that we responded to, as I mentioned in the last call, was a $4 billion contract for grouting about 50 million gallons of that waste over that period of time.

是的。如你所知，灌漿其實有兩個計畫。一個是西側灌漿計畫，這是三方協議的一部分；DOE 與其他各方（監管機構）同意在 2040 年前完成 22 座儲槽。該計畫已隨著西側基礎設施系統的設計與安裝而持續推進。而我們回應的那份採購案（如我在上次電話會議提到）是一份 40 億美元的合約，要在那段期間內對約 5,000 萬加侖的廢棄物進行灌漿處理。

That RFP specifically said to be ready, the requirements were that the bidders need to be ready to start receiving waste on the West side in January of '28, so about 18 months from now. And we're ready to go on that right now. And we proposed in our proposal that we would do a contract mod -- or excuse me, a permit mod and install some additional equipment and infrastructure to be able to provide over 4 million gallons a year capacity to support that objective.

該 RFP 明確寫到，為了達到就緒要求，投標方必須能在 2028 年 1 月於西側開始接收廢棄物，也就是大約從現在起 18 個月後。我們現在就已經準備就緒。我們在提案中提出將進行合約變更——更正一下，是許可變更（permit mod），並增設一些額外設備與基礎設施，使年處理能力可超過 400 萬加侖，以支援該目標。

So that's on track. We should see here an award announcement, hopefully, before the next earnings call in July. And that we're -- based on our discussions with DOE, we remain extremely optimistic that we have the lowest risk, best value approach. We've focused on the fact that we have a local union representation at our plant and offer something that no one else can offer right now, which is the ability to grout locally and ship by rail out of state for commercial disposal.

所以這部分進度如期。我們應該會在這裡看到得標公告，希望在 7 月下一次財報電話會議之前。而且根據我們與 DOE 的討論，我們仍然極度樂觀，認為我們提供的是最低風險、最佳價值的方案。我們強調的一點是，我們工廠有在地工會代表，並且能提供目前其他人無法提供的方案：在本地灌漿，並以鐵路運往州外進行商業處置。

So that is very much a preferred transportation alternative rather than shipping very large quantities of untreated radioactive liquids out of state, which is done all the time. But what -- and we do it, too. So it's not like it's unheard of, but these are very large quantities, and we're confident that DOE will recognize that we offer a lower risk approach by grouting locally and transporting by rail. The other component of grouting, to answer your question, was the East side.

因此，這非常明顯是一種更受偏好的運輸替代方案，而不是把大量未處理的放射性液體運到州外——這種作法其實一直都有。而我們也有在做。所以並不是前所未聞，但這次的量非常大；我們有信心 DOE 會認可：在本地灌漿並以鐵路運輸，是一種風險更低的方法。至於灌漿的另一個部分，回答你的問題，是東側。

So basically, the East side is what feeds DFLAW. DOE is working towards ways to consider grouting on the East side. I don't want to speak for DOE on where they are on that process, but they are working to make sure that they're closing tanks as fast as possible. Again, with DFLAW as the cornerstone of their strategy, grouting is supplemental to that. And -- but they do have a tank full of about 1 million gallons, 800,000 gallons of pre-treated waste that will go to DFLAW that they could potentially begin to grout.

基本上，東側是供應 DFLAW 的來源。DOE 正在研議在東側推動灌漿的方式。我不想代 DOE 發言說他們在該流程的進度到哪裡，但他們正在努力確保能以最快速度關閉儲槽。同樣地，以 DFLAW 作為其策略的基石，灌漿則是補充手段。而且——他們確實有一座儲槽，裡面約有 100 萬加侖、或 80 萬加侖的預處理廢棄物，原本會送往 DFLAW，他們可能可以開始把這些拿來灌漿。

And I know they're looking into that. We're hopeful that in the next 6 to 12 months, they'll be able to work out the -- with the regulators, a way to begin grouting that as a supplement to DFLAW so they can begin to close more tanks under this administration.

我知道他們正在研究這件事。我們希望在未來 6 到 12 個月內，他們能與監管機構協調出一個方式，開始將其作為 DFLAW 的補充來進行灌漿，讓他們能在本屆政府任內開始關閉更多儲槽。

So those two components together are making progress. Hopefully, we'll see something sooner than later, like this year on grouting, but there is a complicated regulatory framework they have to work through to be able to do that on the East side. I know they're spending a lot of time and resources to focus on that.

所以這兩個部分都在推進。希望我們能更早而不是更晚看到一些進展，例如今年在灌漿方面就有消息；但在東側要能這麼做，他們必須處理一個複雜的監管架構。我知道他們正投入大量時間與資源來聚焦這件事。

Great. Appreciate it. And then on services, I heard enterprise, it sounds like that might be back in play. Can you just kind of remind folks on the timing and potential size of that? And then just kind of second on that, you kind of highlighted the more services opportunities you see kind of the more opportunities potentially for the rest of the business. Can you just elaborate on that a little bit more, please?

很好。感謝。然後在服務業務方面，我聽到你提到 enterprise，聽起來它可能又重新回到討論範圍。你能否提醒大家它的時程與可能的規模？另外第二點，你提到你看到更多服務機會，也可能為公司其他業務帶來更多機會。能否再多闡述一下？謝謝。

Sure. We're pretty excited about the enterprise. Just to kind of give you a little background. It was awarded last May to a company that we were not a subcontractor to. There was a protest. The protest went through the winter. And in the March time frame, it was determined that the protest should be upheld and that the Navy needed to come back out with their RFP in consideration of the corrective actions associated with that protest. And it did and what they call a Final Proposal Revision or they call PFR, and there was a turnaround on that.

當然。我們對 enterprise 相當興奮。先給你一些背景。它在去年 5 月授予了一家公司，而我們並不是其分包商。之後有人提出抗議（protest）。該抗議一路延續到冬季。在 3 月左右，裁定該抗議應被支持，海軍需要在考量與該抗議相關的矯正措施後，重新發布他們的 RFP。他們也確實這麼做了，並進行所謂的最終提案修訂（Final Proposal Revision），也稱 PFR，並在此之後快速推進。

These proposals were resubmitted April 24, and the Navy is anticipating an award sometime in June. So again, it was documented there's three bidders on that. And we're very excited about our team and our position with that. We are a subcontractor to one of the team, the primes, but have very significant scope. And it's directly squarely in our core competency for decontamination, decommissioning of a ship, and using our health business expertise along with our waste management folks to provide support to that team.

這些提案於 4 月 24 日重新提交，海軍預期在 6 月某個時間點宣布得標。同樣地，文件中記載該案有三家投標者。我們對我們的團隊與在此案中的位置非常興奮。我們是其中一個團隊（主承包商之一）的分包商，但負責範圍非常重要。而且這完全落在我們的核心能力：船舶的去污與除役（decontamination、decommissioning），並結合我們健康業務的專業，以及我們的廢棄物管理團隊，為該團隊提供支援。

So hopefully, we'll be talking about an award there again in this competition, but we'll hopefully hear an announcement here before the end of this quarter.

所以希望我們能再次談到這場競標的得標結果；我們也希望在本季結束前能聽到公告。

Great. And then just one last one, if I could sneak it in. Just on margins with all these opportunities and kind of incremental volumes set to start later this year and into next year, just how do you think about incremental margins as some of these opportunities come on and especially up in the Richland plant?

很好。最後一個問題，如果我可以再插問一下。關於毛利率：在這麼多機會之下，且一些增量處理量預計今年稍晚到明年開始上量，你們如何看待這些機會落地後的增量毛利率，尤其是在 Richland 工廠那邊？

Yes. Our Richland facility is -- everything we do there is designed in regards to how we bid and how we price to maintain our margin targets that we've had for quite some time, which we've talked to investors about in the past. I can't get into the numbers now on the call, but they're within the margin targets we maintain regularly. And we expect those to continue.

是的。我們 Richland 設施——我們在那裡所做的一切，無論是投標方式或定價方式，都是為了維持我們長期以來的毛利率目標；我們過去也和投資人談過。我無法在本次電話會議中談具體數字，但它們都在我們一貫維持的毛利率目標範圍內。而且我們預期這些將會持續。

On the services side of the house, it's a much less margin, much lower incremental margin overall on our bids. We have gotten aggressive recently on some of them and -- where the risk would allow us to. We don't take undue risks on things like fixed price tasks, but -- or projects, but on cost plus, which are lower risk, we can be more aggressive.

在服務業務這一端，整體而言，我們投標的利潤率要低得多，增量利潤率也低得多。最近在其中一些案子上，我們採取了更積極的策略——在風險允許的情況下。我們不會在固定價格的任務——或專案——上承擔不必要的風險；但在成本加成（cost plus）這類風險較低的合約上，我們可以更積極一些。

And -- but all I can say in regards to margin overall, to answer your question, Aaron, is that the technology that we've been deploying, both for PFAS as well as Hanford and our other sites are all within or very close to the target margins we have for the rest of our waste treatment program.

至於整體利潤率——為了回答你的問題，Aaron——我能說的是：我們正在部署的技術，無論是用於 PFAS、Hanford，或我們其他場址，都落在或非常接近我們在其餘廢棄物處理計畫中所設定的目標利潤率範圍內。

(Operator Instructions)

(接線員指示)

Howard Brous, Wellington Shields.

Howard Brous，Wellington Shields。

In terms of the time frame for grouting and the volumes, can you be a little bit more specific in both?

就灌漿（grouting）的時間表和處理量而言，你能否在這兩方面都再具體一點？

Sure, Howard. So for the East side, I think that if we had to speculate, and this is speculation, Howard, is that if we were able to secure 300,000 gallons in the next 12 months, we'd be pretty excited about that. And that's kind of our target. DOE hasn't given us a number, but we know what they're looking at doing.

當然可以，Howard。以東側來說，我想如果我們必須推測——而這確實是推測，Howard——若我們能在未來 12 個月內拿到 30 萬加侖，我們會非常振奮。那大致就是我們的目標。DOE 還沒有給我們一個數字，但我們知道他們打算做什麼。

It also depends on DFLAW. DFLAW gets up and running quickly and they ramp up production, they'll be draining that storage tank a lot faster. But right now, the storage tank is kind of remaining idle, and they want to start feeding it again with pre-treated waste. And there's an opportunity for them to grout some of that existing storage.

這也取決於 DFLAW。如果 DFLAW 能快速啟動並提升產量，他們就會更快把那個儲槽抽空。但目前那個儲槽基本上處於閒置狀態，他們希望開始再次以預處理後的廢棄物進料。而他們也有機會把現有儲存的一部分拿去灌漿固化。

So if we -- again, 300,000 by the end of the year would be a great target for us. Again, I don't -- I'm not speaking for DOE on this, but just an estimate for where we hope to see.

所以如果我們——再說一次，年底前達到 30 萬加侖對我們會是很棒的目標。同樣地，我不是代表 DOE 發言，這只是我們希望看到的方向之估計。

On the West side, we really are not certain of what kind of ramp-up DOE is considering relative to the requirement for January of '28 and getting started on grouting. We do know that the design capacity for the West side extraction system is right around 3 million gallons a year. And it may be expandable. I know that DOE leadership has said in several public hearings and meetings that their goal is to exceed 3 million a year and get closer to 6 million.

至於西側，我們其實不確定 DOE 針對 2028 年 1 月的要求、以及開始灌漿固化這件事，正在考慮什麼樣的爬坡（ramp-up）節奏。我們知道西側抽取系統的設計產能大約是每年 300 萬加侖。而且可能可以擴充。我知道 DOE 的領導層在幾場公開聽證與會議上都提到，他們的目標是超過每年 300 萬加侖，並更接近 600 萬加侖。

And that's possible through a couple of different approaches that would include more from the East side and West side. But right now, 3 million is kind of the target goal for what they plan to grout on an annual basis sometime after January '28, which would likely be a year or so after that.

這可以透過幾種不同的方法達成，包括東側與西側的更多來源。但就目前而言，300 萬加侖大致是他們在 2028 年 1 月之後某個時間點、按年度計畫要灌漿固化的目標；而那很可能要在那之後大約一年左右才會發生。

So our goal has always been to make sure we get at least half of it and provide DOE with a best possible cost and lowest risk, as I mentioned, opportunity to make sure we get half and become a long-term sustainable waste stream for us and someone that DOE can rely on to provide a significant portion of the production they need to close those tanks.

因此，我們的目標一直是確保至少拿到其中一半，並如我所提，向 DOE 提供最佳成本與最低風險的方案，確保我們能取得一半的份額，讓它成為我們長期可持續的廢棄物流來源，也讓 DOE 能依賴我們提供他們關閉那些儲槽所需產量中的相當一部分。

Just one more, the enterprise. Can you give us some details as to how meaningful this will be when it starts and how long it will take revenue --

再問一個，關於那個企業案（enterprise）。你能否提供一些細節，說明它一旦開始後會有多大意義，以及需要多久才會帶來營收--

Yes, I can't talk about the procurement at all, Howard, but I can say that the government estimate for the project was between $500 million and $800 million. And there was a requirement. I believe it was four years, to have it done in four years, Howard and -- may have been four to five years, but I think it was four years, it was supposed to be done.

是的，Howard，我完全不能談採購流程，但我可以說政府對該專案的估算在 5 億到 8 億美元之間。而且有一項要求。我相信是四年，要在四年內完成，Howard——也可能是四到五年，但我認為是四年，原本預期要完成。

And the Navy is going to be intimately involved in it, to oversee what's going on. It's going to be done on a commercial site, which is very unusual for the Navy to do that, for a nuclear ship they do it for non-nuclears all the time. And then that ship will go to scrap. So it has to be decontaminated and then torn apart for scraps.

海軍將會深度參與其中，以監督進行狀況。這將在商業場址上執行，這對海軍而言非常不尋常；對非核艦他們經常這麼做，但對核動力艦就不常見。之後那艘船將送去報廢拆解。因此必須先去污，然後再拆解成廢料。

So there's quite a bit of decontamination to be done. There's eight reactors on the ship, and that's where we come in. We were the primary small business on the team, and there was a significant small business requirement in the contract or in the RFP. And so we expect to be able to grow that. We can't get into how much it would mean for us initially until the award is made, Howard, but it's between 20% and 30%, is the small business goals for that, I believe, in the RFP.

所以需要做相當多的去污工作。那艘船上有 8 座反應爐，而這就是我們介入的地方。我們是團隊中的主要小型企業，而合約或 RFP 中有相當明確的小型企業要求。因此我們預期能在這方面成長。在得標結果出來之前，我們無法談一開始對我們會有多大意義，Howard；但我相信在 RFP 中，小型企業目標是 20% 到 30%。

20% to 30% of which number?

20% 到 30% 是以哪個數字為基礎？

Well, the government estimate, all I can say is between $500 million and $800 million.

嗯，政府估算——我能說的只有在 5 億到 8 億美元之間。

Bernard Vavala, Private Investor.

Bernard Vavala，私人投資人。

I actually asked you in a specific way, at the Gabelli meeting, this particular avenue today, I'll ask it in a more general sense, but Perm-Fix seems to be -- to me, to be uniquely permitted to process the radiological material that will be generated by rare earth refining. And I just want to ask you, am I just kind of going off in the wrong direction on that? Or is that something the company has explored or is thinking about? And thank you for response.

我其實在 Gabelli 會議上以更具體的方式問過你；就今天這個特定方向，我會用更一般的方式再問一次。不過在我看來，Perm-Fix 似乎擁有相當獨特的許可，能處理由稀土精煉所產生的放射性材料。我只是想問，我是不是在這件事上想偏了方向？還是說這是公司已經探索過或正在考慮的方向？也謝謝你的回覆。

Sure. Yes. I mentioned that, I think it was the last quarter, maybe the quarter before that, that we were participating on a procurement for mining, including rare earths and uranium. And we were able to secure that contract. It was -- it's our first contract of that nature where we're actually sorting through our soil sorting technology for product as opposed to defined waste.

當然。是的。我提過——我想是在上一季，也可能是再前一季——我們參與了一項與採礦相關的採購案，包含稀土與鈾。而我們成功取得了那份合約。這是我們第一份此類型的合約：我們實際上是用土壤分選技術來分選產品，而不是處理已界定的廢棄物。

That project is going into the field here, I believe, next month in June with our soil sorter technology. We're very excited about it. I can't -- it's a confidential client. I really can't talk about who it is or what it is, but it is in the mining industry, and we're very excited about the opportunity to use the source order in the mining industry itself. It's a large company with lots of other mines. So this is an important precedent for us, and we're hoping we can parlay this into a more broader application in the mining industry.

我相信那個專案將在下個月、也就是 6 月，帶著我們的土壤分選機技術進入現場。我們非常期待。我不能——客戶是保密的。我真的不能談是誰或是什麼，但它是在採礦產業，我們對於能在採礦產業本身使用這套分選技術的機會感到非常興奮。那是一家大型公司，還有很多其他礦場。所以這對我們而言是一個重要的先例，我們希望能藉此推進到採礦產業更廣泛的應用。

I appreciate that. And I would just encourage, to the extent you can as you go forward, to shine a little bit of light on that. I think it would do a lot of good.

我很感謝。我也想鼓勵你們，未來在你們能做到的範圍內，對這件事多透露一些資訊。我認為這會帶來很大的正面效果。

Stephen Fein, Sofein LLC.

Stephen Fein，Sofein LLC。

My first question is, what has been the -- how have you been impacted by the energy situation of the world?

我的第一個問題是，全球能源情勢對你們造成了什麼影響——你們是如何受到影響的？

It's a very interesting question, Steve. Where we've been impacted? I don't know if the investors on the call here have followed DOE a lot in regards to their reindustrialization mission. But they've been hugely successful in reindustrialization at three of their primary properties, the Paducah site in Kentucky, the Portsmouth site in Ohio here in Oak Ridge. And what they've done is, really, reignited the nuclear market itself from fuel fabrication to all types of different energy SMRs and other energy-related initiatives for those sites.

這是個非常有意思的問題，Steve。我們受到哪些影響？我不確定在這通電話上的投資人是否有密切關注能源部（DOE）在其再工業化使命方面的進展。但他們在三個主要資產的再工業化上非常成功：肯塔基州的帕杜卡（Paducah）場址、俄亥俄州的朴茨茅斯（Portsmouth）場址，以及這裡田納西州橡樹嶺（Oak Ridge）。他們所做的，基本上是重新點燃了核能市場本身——從燃料製造到各類不同能源的小型模組化反應爐（SMR）以及其他與能源相關的計畫，都是圍繞這些場址展開。

We've worked pretty hard to try to get involved in that at this point. It's in early stages as DOE loans have gone out at about $900 million to three different companies. But also in the fuel fabrication and other components of the industry, we've been able to provide some support in due diligence of the properties as well as in waste management.

我們一直非常努力想在現階段參與其中。目前仍在早期階段，因為DOE的貸款已發放約9億美元給三家不同公司。但同時在燃料製造及產業其他環節，我們也能在資產盡職調查以及廢棄物管理方面提供一些支援。

But the one we're particularly excited about is up at Portsmouth. And Portsmouth had a huge press release a few weeks ago that their -- the SoftBank has worked with DOE headquarters and Commerce Department as well for a big initiative up there to implement a 10-gigawatt natural gas capability to support one of the -- what they say is the world's largest data center there at the Portsmouth site. We fortunately have a contract there. Now we're working with them on accelerating some of the cleanup there that's growing very well for us and it just got started here a couple of weeks ago. And we're very excited about that.

不過我們特別感到興奮的是朴茨茅斯那邊。朴茨茅斯在幾週前發布了一則重大新聞稿：SoftBank與DOE總部以及商務部也合作，在當地推動一項大型計畫，將建置10吉瓦的天然氣發電能力，以支援朴茨茅斯場址上一個——他們稱之為全球最大的資料中心。幸運的是，我們在那裡有一份合約。目前我們正與他們合作，加速當地部分清理工作；這對我們的成長非常有利，而且就在幾週前才剛開始。我們對此非常振奮。

So to answer your question, most of the energy reindustrialization part of it that we've been able to support is in DOE-related types of initiatives. And -- but we are seeing good growth there and acceleration at those sites, all the sites, as they prepare the properties for transition to commercial activities from the DOE activities. And we're seeing opportunities for accelerated waste management needs and getting the waste off-site, particularly some difficult waste and accelerated closure for those as well.

所以回答你的問題，我們能夠支援的能源再工業化部分，多數是在DOE相關的各類計畫中。而且——我們確實看到那些場址（其實是所有場址）都有不錯的成長與加速，因為他們正為資產從DOE活動轉型為商業活動做準備。我們也看到加速廢棄物管理需求、將廢棄物運出場外（特別是一些棘手的廢棄物），以及加速結案（closure）的機會。

Okay. My understanding is that the vitrification plant or DFLAW, whatever that process in Hanford uses diesel. Is that still using diesel?

好的。我的理解是，漢福德（Hanford）的玻璃固化廠或DFLAW——不管那個流程——使用柴油。現在還在用柴油嗎？

I believe it is, Steve.

我相信是的，Steve。

So isn't that -- doesn't that -- we hear the stories about how every -- how they're getting impacted on the West Coast. Doesn't that impact the story there relative to the efficacy of the process there?

那這不就是——我們聽到一些故事說西岸那邊每個人——他們如何受到影響。這不會影響那邊關於該流程效能（efficacy）的論述嗎？

Well, I can't speak to that, Steve. I can say that the plant has been in design and construction for over 27 years. So I think they kind of made the investment in that facility the way it is. So I wouldn't expect that to change any. They are expanding its capacity to get up to the 2 million gallons a year level for production. But I don't know if they have any thoughts at all on alternative energy sources for heating those melters.

嗯，Steve，這點我無法評論。我能說的是，該工廠已經設計與施工超過27年。所以我想他們已經以現有方式對那座設施做了投資。因此我不預期這方面會有任何改變。他們正在擴充產能，目標是把年產量提升到200萬加侖的水準。但我不知道他們是否有任何想法，會改用替代能源來加熱那些熔融爐（melters）。

All right. So when you say they're getting up to -- they're moving to getting up to 2 million, what type of efficiency would that be? In other words, like would that be 35%, 40%? Would they be increasing their efficiency from the historical efficiencies of vitrification, which is in the 30% to 40% range, 40% range?

好。所以你說他們要提升到——要往200萬邁進時，那會是什麼樣的效率？換句話說，會是35%、40%之類嗎？他們會把效率從玻璃固化歷史上的效率（大約30%到40%區間、約40%）再提高嗎？

I'm afraid, Steve, I just don't know enough about DFLAW to be able to answer that question.

Steve，很抱歉，我對DFLAW了解不夠，無法回答那個問題。

All right. What does EMF mean?

好。EMF是什麼意思？

The acronyms, it's been -- we've talked about the acronym so many times. It's an effluent -- but basically what it is, is the blowdown water for the emissions program. So it basically is scrubber water. And the acronym itself, I don't know if Ben or Karen, you know off the top of your head, you can help me with that. Ben, you got it?

這些縮寫——我們已經談過這個縮寫很多次了。它是廢水——但基本上，它是排放計畫的排放濃縮排水（blowdown water）。所以它基本上就是洗滌塔（scrubber）的水。至於這個縮寫本身，我不知道Ben或Karen你們是否能立刻想到，可以幫我一下。Ben，你知道嗎？

Effluent Management Facility. Yes. Effluent Management Facility.

廢水管理設施（Effluent Management Facility）。是的。廢水管理設施。

So the EMF is a facility that receives the blowdown water from DFLAW and we get -- and then they concentrate and we get it from them.

所以EMF是一個接收DFLAW排放濃縮排水的設施；他們會把它濃縮，然後我們再從他們那裡接收。

Got it. Got it. Okay. So that's -- okay. So that's -- so anything you've got from DFLAW would come from EMF or that's just one type?

了解。了解。好。所以那就是——好。所以你們從DFLAW拿到的任何東西都會來自EMF，還是那只是其中一種？

That's one waste stream, correct.

那是一條廢棄物流（waste stream），沒錯。

Okay. All right. And when -- what I don't follow is if they're still in transition in -- out there, then why wouldn't they be giving you the tanks that are sitting there because they can always make up more tanks and it would be at least something in progress.

好。好。那我不太理解的是，如果他們在那邊仍處於轉換期，那為什麼不把那裡擺著的儲槽交給你們？因為他們總是可以再做更多儲槽，至少也能讓事情有所進展。

Yes. Steve, it's the way the government works is they make -- they define plans far ahead of time, and they get through a lot of regulatory processes and agreements and public hearings to nail down their plans. And when they want to change something, it takes a while to make changes in general.

是的。Steve，政府的運作方式是：他們會很早就制定計畫，並且要走過大量的法規流程、協議以及公聽會，才能把計畫定案。而當他們想要改變某些事情時，一般都需要一段時間才能完成變更。

So they are making changes. Along the way, as I mentioned, with the supplemental analysis for EMF where they decided, hey, instead of putting the EMF back into the melters and making glass out of it, wouldn't it be better to ship it off for grouting and be able to increase the throughput of the plants? That's a change.

所以他們確實正在做改變。在過程中，如我提到的，針對EMF的補充分析，他們決定：嘿，與其把EMF的物料再送回熔融爐做成玻璃，是否把它運出去做灌漿固化（grouting），反而更好，並能提高工廠的處理量（throughput）？那就是一項變更。

So those types of things, they have to run through those considerations including public comment, and it just takes a while. So as far as tanks go, right now, they're focused on getting the systems up and getting them operational. And there'll be other changes along the way, I'm sure, as they define efficiency opportunities.

所以這類事情必須經過那些考量流程，包括公開徵詢意見（public comment），而這就是需要時間。至於儲槽，目前他們的重點是把系統建置完成並讓其投入運轉。我相信在他們界定效率提升機會的過程中，後續還會有其他變更。

All right. So on the -- what is it, the West side, that's where there's no piping? Is that right? That's the West side, right?

好。所以在——是西側嗎？那邊是沒有管線的地方？對嗎？那是西側，對吧？

Correct.

沒錯。

Okay. So presuming you were awarded that contract, am I correct that the time lines between award and starting would be they have to set up structure there to be able to pull out of the tanks? And then at this -- is that the -- what the time is about between the awarding and then starting processing that they don't have an infrastructure to handle the tanks?

好。所以假設你們得標那份合約，我的理解正確嗎：從得標到開始之間的時間表，會是因為他們必須在那邊建立結構/設施，才能把儲槽裡的東西抽出來？然後在這——這就是得標與開始處理之間那段時間的原因，因為他們沒有處理那些儲槽的基礎設施？

That's correct. They're building infrastructure as we speak, Steve.

沒錯。他們此刻正在建設基礎設施，Steve。

And is that -- and are we talking a similar separation process that's being done on the East side with the East Side tanks where they're separating low from high? So is that what the anticipation is there?

那麼那個——我們談的是不是類似於東側那邊、用東側儲槽在做的那種分離流程，把低活度和高活度分開？所以那邊的預期就是這樣嗎？

That's part of the design, exactly right. They -- it's called -- right now, they have -- they called it the TSCR. The TSCR is doing that separation, as you mentioned, through ion exchange, and they'll have a much more bigger, larger, more robust system on the West side. But they're building one on the East side too, in parallel, to supplement TSCR.

那正是設計的一部分，完全正確。他們——它叫做——目前他們有——他們稱之為 TSCR。如你所說，TSCR 正透過離子交換在做那個分離，而他們會在西側建置一套更大、更強、更具韌性的系統。但他們也會在東側同步建一套，用來補充 TSCR。

Okay. Which could be beneficial for you if they have more?

了解。如果他們有更多產能，對你們可能是有利的？

Yes, that's right. That's right.

是的，沒錯。沒錯。

Okay. All right. So then from your standpoint, after you win, how long is it going to take you to scale up your capacity?

好。好吧。那從你們的角度來看，得標之後，你們要花多久把產能擴上去？

We will -- we have committed to have our capacity -- if we receive an award in July, we have already -- I'm glad you asked this, I left this point out. We've already started working with the state to modify our permit. We already had several meetings with them. It's going very well. We've already completed our design for the most part for installation of our new grouting equipment that we'll be purchasing. And we'll have that in place up and running.

我們會——我們已承諾我們的產能——如果我們在 7 月收到授標，我們已經——很高興你問這個，我剛剛漏講了這點。我們已經開始和州政府合作修改我們的許可證。我們已經跟他們開了好幾次會。進展非常順利。我們也已大致完成新灌漿設備（我們將採購）的安裝設計。而且我們會把它建置到位並投入運轉。

We've committed to DOE to have that 3 million -- or 4.2 million gallons of capacity within 18 months. So we basically are committed to October 27 to be able to do 4.2 million gallons of waste once we receive -- or assuming that we receive an award in July.

我們已向 DOE 承諾在 18 個月內達到 300 萬——或 420 萬加侖的處理產能。所以基本上，在我們於 7 月收到授標之後——或假設我們在 7 月收到授標——我們承諾在 10 月 27 日前能夠處理 420 萬加侖的廢棄物。

And that 4.2 million is, what? Everything or just the West side?

那 420 萬是指什麼？全部還是只有西側？

That would be our total capacity. And that -- we may increase that as well. That's just kind of where we're targeting right now. And it would be for whatever waste DOE wants to send us, liquid waste.

那會是我們的總產能。而且——我們也可能會再提高。那只是我們目前的目標水準。而且會用於 DOE 想送來的任何液態廢棄物。

All right. Fine. Fine. This month, has there been an improvement in April?

好。可以。可以。這個月，4 月有改善嗎？

We have seen an improvement -- yes.

我們確實看到改善——是的。

In other words, we're reporting through March. So are you seeing a change in April? Or are we still looking forward?

也就是說，我們目前報告到 3 月。所以你們在 4 月看到變化了嗎？還是我們仍然只能往前看？

We've seen improvement in April. I can't get into details as far as April numbers go, but we are seeing improvement, particularly with the ETF waste being received and working on some of the other waste we've got. We see a significant increase in our forecast for the next two months that puts us in a position to -- that we will see a significant improvement over Q1 for sure.

我們在 4 月看到改善。我不能就 4 月的數字細節多談，但我們確實看到改善，特別是收到的 ETF 廢棄物，以及我們正在處理的其他一些廢棄物。我們看到未來兩個月的預測將大幅增加，這讓我們有條件——我們肯定會看到相較於第一季（Q1）的顯著改善。

Okay. Good. What's going on with the European stuff?

好。很好。歐洲那邊的事情怎麼樣？

The very big contract we have is going very well. They started remediation of drums in April. And it's going a little slower than they thought once they start pulling drums out of the ground. Those are the drums they'll be sending to us to vitrify -- or excuse me, to burn at our Northwest plant. And we continue to see -- receive waste from Mexico and Germany as well as Canada.

我們手上那個非常大的合約進展得很順利。他們在 4 月開始進行桶裝廢棄物的整治（remediation）。一旦開始把桶從地下挖出來，進度比他們原先想的慢一些。那些就是他們會送來讓我們玻璃固化——不好意思，是送到我們西北廠焚化處理的桶。此外，我們也持續看到——持續收到來自墨西哥、德國以及加拿大的廢棄物。

But the big contract in Italy is rolling. And it was significantly ahead of schedule. It's probably back close to original schedule now because as they're pulling drums out of ground, that it's going a little slower than they thought.

但義大利那個大合約正在推進。而且之前明顯超前進度。不過現在可能又回到接近原本的時程，因為他們把桶從地下挖出來時，速度比預期慢一些。

Again, that's not our scope. Our scope is to take the drums they pull out of the ground, characterize them, and then ship them over to Northwest and treat them. That -- it looks like it's still on track for Q1 of '27 for the first shipment. And then once those begin, it will be in the range of $6 million to $7 million a year of sustainable waste streams.

再次強調，那不在我們的工作範圍內。我們的範圍是接收他們從地下挖出的桶，進行特性鑑定（characterize），然後運到西北廠並加以處理。看起來第一批出貨仍可望在 2027 年第一季（Q1）進行。之後一旦開始，將會形成每年約 600 萬到 700 萬美元的可持續廢棄物流收入。

All right. When -- changing the subject again. You've mentioned mining, which that's the first I really -- well, I've heard of that. But -- so, I'm very aware of what's going on with rare earths and stuff like that. So what do you actually -- can you -- what do you actually pull out of it when you do it? Are you just cleaning the waste? Or are you actually pulling out something of value?

好。再換個話題。你提到採礦，這是我第一次真正——嗯，我有聽過。不過——所以我很清楚稀土之類目前的狀況。那你們實際上——你能——你們做這件事時到底能把什麼取出來？你們只是把廢棄物清理乾淨嗎？還是真的能取出一些有價值的東西？

Our process focuses on -- it's very simple, Steve, it focuses on segregation of radioactive components. So we can load a load of soil into our system, which is a large conveyor system, goes into a hopper and goes down on the conveyor belt at a very rapid pace, like 200 yards an hour, moves up the conveyor belt, and our detection technologies can separate the radiological components from the soil or debris at a very rapid and very accurate pace, so that you can concentrate the radioactive component or in remediation situation, you remove the good soil so you don't have -- you can reduce your waste volumes.

我們的流程重點在於——很簡單，Steve，重點在於把放射性成分分離出來。所以我們可以把一批土壤送入我們的系統；那是一套大型輸送帶系統，進入料斗後再落到輸送帶上，以非常快的速度運行，例如每小時 200 碼，沿著輸送帶往上移動；而我們的偵測技術可以非常快速且非常精準地把放射性成分從土壤或碎屑中分離出來，讓你能把放射性成分濃縮起來；或者在整治情境下，你把好的土壤分離出來，如此就不必——你可以降低廢棄物體積。

In the mining application, you're segregating your radioactive component for processing and reducing your waste component and concentrating your source. So that's generally what we do.

在採礦應用上，你是在把放射性成分分離出來以便後續處理，同時降低廢料部分並把來源物質濃縮。大致上我們就是做這件事。

And that's unprecedented?

而這是前所未有的嗎？

It's not unprecedented, but the technology we have is advanced, and we don't know of anyone else that can do this the way we're doing it. And it's largely a software application with the detection systems. And we have a very skilled couple of teams that run this unit very efficiently and inexpensively relatively.

不算前所未有，但我們的技術更先進，而且我們不知道還有誰能用我們這種方式做到。而且它很大程度上是一個結合偵測系統的軟體應用。我們有幾個非常熟練的團隊，能以非常高效率、且相對低成本地運行這套設備。

And so it's very high value. We haven't seen anybody else competing with us. There's other soil sorters out there, but not with the similar type of software technology and detection systems that we've got.

所以它的價值非常高。我們還沒看到有人在跟我們競爭。市面上有其他土壤分選設備，但沒有具備我們這種同類型的軟體技術與偵測系統。

My understanding of rare earth is that the real challenge there is the ability to refine. So what you're doing is before they start refining?

我對稀土的理解是，真正的挑戰在於精煉能力。所以你們做的是在他們開始精煉之前的那一步？

Right. We're at the mine site, concentrating the source material that they're looking for. I guess, because your -- so this is just radioactive components at this point.

對。我們在礦場現地，把他們要找的來源物質加以濃縮。我想，因為你——所以到目前為止這只是放射性成分。

Right. So your success makes the refining easier in that sense, right?

對。所以從這個意義上說，你們的成功讓精煉更容易，對吧？

Right. More efficient.

對。更有效率。

In theory.

理論上。

Yes.

是的。

All right. Turning to PFAS. What's happening with the arrangement you made with that non-PFAS fire company in Atlanta that provides non-PFAS product?

好。轉到 PFAS。你們與亞特蘭大那家提供非 PFAS 產品的非 PFAS 消防公司所做的安排，目前進展如何？

Right. We're working with them on several change-outs right now, along with several other companies. And that's where we're seeing a lot of our larger revenue streams coming in, as I mentioned, with airports, where we're proposing on several airports. We've just recently won one in Arizona. But we're working with several different companies, that's one of them, to replace the PFAS firefighting foam out of the airports and putting in new stuff, new foam that doesn't have PFAS in it. So that's one of our more exciting programs we're doing right now contributing to our backlog.

對。我們目前正與他們以及其他幾家公司一起，進行數個更換專案。正如我提到的，這也是我們看到許多較大營收來源進來的地方，尤其是在機場方面，我們正在對多個機場提出方案。我們最近剛在亞利桑那州拿下一個案子。但我們正與幾家不同的公司合作，他們是其中之一，目的是把機場裡的 PFAS 消防泡沫替換掉，換成新的、不含 PFAS 的新泡沫。所以這是我們目前正在做、也最令人振奮的計畫之一，並且正在為我們的在手訂單做出貢獻。

Right. So that -- I don't think -- at least I, from earnings call, didn't understand this until someone told me. But basically, your -- am I correct that your connection with this company that, basically, their fire systems are they have huge tanks. They're replacing huge tanks of the foam. Is that correct?

對。所以那個——我想——至少我從法說會上並沒有理解到這點，直到有人告訴我。但基本上，你們——我理解正確嗎：你們與這家公司之間的連結在於，他們的消防系統有很大的儲槽。他們正在更換大量儲槽裡的泡沫。是這樣嗎？

That's correct.

沒錯。

Okay. Good. All right. And then the last question regarding PFAS is the fact that the President EPA stopped the total ability of companies to use -- to have to deal with their PFAS situation. How does that impact you?

好。很好。好。那麼關於 PFAS 的最後一個問題是，總統與 EPA 停止了要求企業必須——必須處理其 PFAS 狀況的整體能力。這對你們有什麼影響？

Yes. It hasn't helped, but what has helped is the states are promulgating their own policies and rules and several states have taken steps in that direction. I think we believe there's a dozen of them. And it would be optimal if this administration would promulgate some policies and designate as a hazardous waste like under CERCLA or something like that, that would require accountability for managing their PFAS on site and reporting on it and being enforced.

是的。這並沒有帶來幫助，但有幫助的是，各州正在制定各自的政策與規則，而且已有數個州朝這個方向採取行動。我們認為大約有十二個州。如果本屆政府能制定一些政策，並將其指定為危險廢棄物，例如依 CERCLA 之類的法規，那將是最理想的，因為那會要求對現場 PFAS 的管理負起責任、進行申報，並且受到執法。

That hasn't happened yet. We do think it will happen eventually, and we'll be ready when it does because that will change the whole market overnight. But right now, it's being driven largely by states and best management practices relative to liabilities, people getting contaminated PFAS and industry recognizing the importance of removing PFAS from the facilities.

這還沒有發生。我們確實認為最終會發生，而且一旦發生我們會準備就緒，因為那將在一夜之間改變整個市場。但目前主要是由各州以及與責任風險相關的最佳管理實務所推動，例如人們受到 PFAS 污染，以及產業認知到從設施中移除 PFAS 的重要性。

All right. Well, keep on trucking. It's the number of opportunities I've never seen here.

好。那就繼續加油。我從沒在這裡看過這麼多機會。

Ladies and gentlemen, as we have reached the end of our Q&A session, I would like to turn the call back over to management for any closing remarks.

各位女士、先生，問答環節已到尾聲，我想把電話交回管理層，請他們做任何結語。

All right. Thank you, operator, and thank you to everyone who joined us today on the call. I want to close by reinforcing the main message from this morning's call. While the first quarter was challenging, we view it as a transitional period that helped position Perma-Fix for a stronger activity beginning in the second quarter. We took deliberate steps to reduce existing waste inventories, prepare our facilities for higher waste receipts, complete lower-margin work, and invest in the personnel, training and infrastructure needed to support the opportunities that are now developing across the business.

好。謝謝接線員，也謝謝今天加入電話會議的各位。我想在結尾再次強調今天上午電話會議的核心訊息。雖然第一季充滿挑戰，但我們將其視為一個過渡期，有助於讓 Perma-Fix 自第二季起進入更強勁的活動階段。我們採取了審慎的措施來降低既有廢棄物庫存、讓設施為更高的廢棄物接收量做好準備、完成較低毛利的工作，並投資於人員、訓練與基礎設施，以支援目前正在全公司範圍內發展的各項機會。

More importantly, we believe the Hanford opportunity is beginning to move from preparation towards execution. ETF waste receipts have started. We continue to work with DOE contractors. In addition, for additional DFLAW waste -- related waste streams and our Perma-Fix Northwest facility is well-positioned to support multiple Hanford-related programs over time.

更重要的是，我們相信 Hanford 的機會正開始從準備階段走向執行階段。ETF 廢棄物接收已經開始。我們持續與 DOE 承包商合作。此外，針對額外的 DFLAW 廢棄物——相關的廢棄物流，以及我們的 Perma-Fix Northwest 設施，也具備良好條件，可隨時間推進支援多項與 Hanford 相關的計畫。

At the same time, we're seeing renewed momentum in nuclear services, including the mobilization of our $24 million Livermore contract and continued progress with PFAS destruction, including our new wins and installation of our Gen 2.0 system. Taken together, we believe Perma-Fix is entering a strong phase. The investments we've made over the past several years in permitting, technology, people, facilities, and customer relationships were designed to prepare us for this opportunity set.

同時，我們也看到核能服務再度出現動能，包括我們 2,400 萬美元 Livermore 合約的動員，以及 PFAS 銷毀業務的持續進展，其中包含我們新取得的案子與 Gen 2.0 系統的安裝。綜合來看，我們相信 Perma-Fix 正進入一個強勁的階段。過去幾年我們在許可、技術、人員、設施與客戶關係上的投資，都是為了讓我們能為這一組機會做好準備。

While timing may vary quarter-to-quarter, we believe the direction of the business has improved materially, and we're increasingly confident in our ability to improve performance beginning in Q2 through the balance of 2026 and over the longer term as these opportunities begin to scale. We appreciate the continued support of our shareholders, our employees, customers, and partners, and we look forward to updating you on our progress in the coming quarters. Thank you.

雖然時點可能會因季度而異，但我們相信公司的發展方向已實質改善，並且我們對自第二季起、一路到 2026 年剩餘期間以及更長期隨著這些機會開始擴大規模而提升表現的能力，愈來愈有信心。我們感謝股東、員工、客戶與合作夥伴持續的支持，也期待在接下來的幾個季度向各位更新我們的進展。謝謝。

Thank you. Ladies and gentlemen, this does conclude today's call, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。各位女士、先生，今天的電話會議到此結束，您現在可以掛線，感謝您的參與。