PESI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Management’s Discussion and Analysis of Financial Condition and Results of Operations

• Certain statements contained within this report may be deemed “forward-looking statements” within the meaning of the “Private Securities Litigation Reform Act of 1995”. All statements in this report other than a statement of historical fact are forward-looking statements that are subject to known an…

• ● reductions in the level of government funding in future years;

• ● passage of U.S. fiscal year government budgets or enactment of CRs to keep government departments and agencies in operations;

• ● advancement of our Perma-FAS technology to support long-term growth;

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• Certain statements contained within this report may be deemed “forward-looking statements” within the meaning of the “Private Securities Litigation Reform Act of 1995.” All statements in this report other than a statement of historical fact are forward-looking statements that are subject to known an…

• ● effect of reductions in the level of government funding or government programs;

• ● continued improvement in financial results in the fourth quarter of 2025 and in 2026;

• ● revenue contribution from the West Valley Development Project to ramp up in 2026;

• ● approvals of scope attributable to the Company under the West Valley Development Project contract;

Text added vs the prior filing · source: 10-Q · 2026-05-07

• For the Treatment Segment, management did not have a completeness check control that was effectively designed and implemented to provide assurance that revenue for waste disposal was appropriately accounted for as part of the period-end revenue reconciliation process. The material weakness identifie…

• Remediation of Material Weakness in Internal Control Over Financial Reporting

• We are committed to maintaining a strong internal control. For the material weakness identified, we have commenced the process of developing and implementing our remediation plan that includes completeness checks and additional reconciliation procedure related to processed waste and our inventory wa…

• Other than the identification of the material weakness and the related remediation plan described above, there have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recently completed fiscal quarter …

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• There was no other change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over fina…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• There are no material legal proceedings pending against us and/or our subsidiaries not previously reported by us in Item 3 of our Form 10-K for the year ended December 31, 2025, except as described in “Management’s Discussion and Analysis—Known Trends and Uncertainties—Environmental Contingencies” a…

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• There are no material legal proceedings pending against us and/or our subsidiaries not previously reported by us in Item 3 of our Form 10-K for the year ended December 31, 2024. Additionally, there has been no other material change in legal proceedings previously disclosed by us in our Form 10-Q for…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Risks Relating to our Financial Performance and Position and Need for Financing:

• We have incurred recurring losses and negative operating cash flows, which have reduced our liquidity and raise substantial doubt about our ability to continue as a going concern.

• Our Liquidity (defined under our PNC Loan Agreement as borrowing availability under the Revolving Credit facility plus cash in our MMDA maintained with our lender) declined from $18,126,000 at December 31, 2025 to $10,720,000 at March 31, 2026, driven by ongoing operating losses, investments in PFAS…

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• The following additional Risk Factor under “Risks Relating to our Business Operations” is as follows:

• A prolonged federal government shutdown may materially impact our results of operations.

• On October 1, 2025, the U.S. federal government entered into a partial shutdown as Congress failed to pass a new fiscal year funding bill. As a result of the government shutdown, we have been recently informed by certain government related clients that waste shipments are likely to be delayed until …