Perma-Fix Environmental Services, Inc. (NASDAQ: PESI)报告称，由于项目启动推迟和恶劣天气条件，该公司在2024年第一季度面临暂时挑战。尽管遭遇挫折，该公司预计今年下半年将强劲复苏，并积极投资于未来的增长，特别是在研发方面。
Perma-Fix还通过新合同扩大其国际影响力，并正在开发废物处理的创新技术，包括一种有前途的PFAS污染解决方案。
由于临时因素，Perma-Fix在2024年第一季度的总收入与去年相比有所下降。
公司是乐观的大约在2024年下半年，并专注于2025年的大幅增长愿景。
在研究和开发方面进行了投资，重点是分拣技术和PFAS公司ntamination治疗。
Perma-Fix已获得为期10年的IDIQ公司与美国能源部签订合同，并在国际上扩大其废物处理服务欧洲、墨西哥和加拿大等主要市场。
该公司的新型Perma-FAS技术用于治疗PFAS污染已经完成了中试工厂测试，预计将在2024年第四季度开始产生收入。
Perma-Fix预计2024年下半年将出现强劲增长，投资目标是在2025年实现大幅增长。
向国际扩张这两个市场每年的总收入预计将超过1000万美元。
该公司计划增加里奇兰工厂的灌浆能力，以满足汉福德项目的需求。
2024年第一季度，总收入同比下降。
现金流挑战包括公司使用的440万美元继续运算和加法用于投融资活动的全部现金。
该公司已经获得了几个大型采购机会，并对未来的发展持乐观态度关于未来的增长和可扩展性。
Perma-Fix的新型PFAS处理技术Perma-FAS有望在未来十年内进入价值约1000亿美元的市场。
2024年第一季度的暂时逆风影响了财务业绩，导致项目延迟启动和恶劣的天气条件。
管理层讨论了汉福德和解协议及其35年的废物处理前景，包括潜在的高水平废物处理。
该公司正在与德国的一个中央组织合作，为退役提供废物处理技术宁的过程。
Perma-Fix面临焚烧和深井注入方法的竞争，但相信其技术在简单和高效方面具有优势。
他们的技术的专利审查过程预计需要一到两年的时间，潜在客户和许可合作伙伴即将到来。
Perma-Fix环境服务公司正在经历一个充满挑战的时期，但仍然专注于利用其创新技术和扩大市场占有率来推动未来的增长。该公司的战略投资和最近赢得的合同为扭转局面和长期成功奠定了基础。
Perma-Fix Environmental Services, Inc. (PESI)正积极应对充满挑战的时期，将战略重点放在创新和扩张上。当投资者考虑公司的复苏和增长潜力时，以下来自InvestingPro和InvestingPro Tips的实时数据为公司的财务状况和市场表现提供了宝贵的见解:
InvestingPro哒助教:
市值:Perma-Fix的市值为1.7198亿美元，反映了其当前的市场估值。
市盈率:该公司的负市盈率为-61.58，表明该公司目前没有盈利。
收入增长:尽管季度收入下降了32.28%，但公司在过去12个月里实现了11.3%的收入增长截至2024年第一季度。
InvestingPro小贴士:
Perma-Fix有演示该股上周的总回报率为7.52%，三个月表现强劲第n次价格总回报率为61.9%。这表明近期市场表现强劲，这可能会引起寻求动能的投资者的兴趣。
然而，分析师预计该公司今年不会盈利，净利润预计将下降p.这与该公司在2024年第一季度报告的挑战一致，但应该与他们对今年下半年的乐观前景进行权衡。
对于寻求更多指导的投资者，可以在http://k1.fpubli.cc/file/upload/202405/13/mahtracmkwk上找到更多的InvestingPro Tips。深入分析Perma-Fix的财务状况和市场地位。此外，用户可以使用优惠券代码PRONEWS24享受独家优惠，获得每年或两年一次的Pro和Pro+订阅额外10%的折扣，解锁一套全面的工具和见解，为投资决策提供信息。目前，Perma-Fix还有9个额外的InvestingPro提示，为公司的前景和投资潜力提供了广阔的视角。
接线员:您好。欢迎参加永固公司2024年第一季度财报电话会议[接线员说明]。我现在把电话交给投资者关系部的大卫·沃尔德曼。请继续。
David Waldman:谢谢。大家早上好，欢迎参加Perma-Fix环境服务2024年第一季度电话会议。今天上午与我们通话的是总裁兼首席执行官马克·达夫;Louis Centofanti博士，战略计划执行副总裁;Ben Naccarato，首席财务官。该公司今天上午发布了一份新闻稿，其中包括2024年第一季度的财务业绩，该报告也发布在公司网站上。如果您在电话会议结束后有任何疑问或想了解有关公司的任何其他信息，请致电(212)671-1020与Crescendo Communications联系。我还想提醒大家，电话会议中包含的某些陈述可能被视为1995年《私人证券诉讼改革法案》意义上的前瞻性陈述，包括某些非公认会计准则财务措施。除历史事实陈述外，本次电话会议上的所有陈述均为前瞻性陈述，受已知和未知风险、不确定性和其他因素的影响，这些因素可能导致公司的实际结果和业绩与此类陈述存在重大差异。这些风险和不确定性在公司提交给美国证券交易委员会的文件以及今天上午的新闻稿中都有详细说明。公司不承诺披露对前瞻性陈述的任何修订，也不承诺披露在本协议日期之后对前瞻性陈述产生影响的任何事实、事件或情况。此外，今天的讨论将包括参考非公认会计准则的措施。Perma-Fix认为，这些信息提供了一个额外的测量和一致的历史比较其性能。非公认会计准则指标与最直接可比的公认会计准则指标的对账，可在今天的新闻发布会上在我们的网站上找到。现在我想把电话交给马克·达夫。请说吧，马克。
Mark Duff: All right. Thanks, David, and good morning. As discussed in our year-end conference call, our financial performance in the first quarter of 2024 was impacted by several temporary headwinds, which had a significant impact on the first quarter and, to a lesser extent, the second quarter. However, we believe these challenges were one-off impacts and are largely behind us now. As a result, we're regaining our momentum with improving Q2 performance and we anticipate a strong second half of 2024. At the same time, we continue to invest in our 2025 vision, which we believe has the potential for significant growth and even transformative performance. The weakness we experienced in Q1 was due in part to delayed project starts, as previously discussed during the fourth quarter of 2023. We completed our two largest service projects at Princeton Plasma Physics Lab and the ex-McKee project for the Navy. These two large projects have completed all field work now. However, they were not replaced in time by new projects due to delays in mobilization activities until late April. We also experienced challenging weather conditions during the first quarter of 2024, which resulted in the closure of two of our facilities for a week, including delays in waste shipments to support backlog. In addition, due to the inability of Congress to pass the federal budget on schedule, the government had been operating under a Continuing Resolution, which contributed to delays in procurements, project starts and waste shipments since government clients were holding back budgets due to uncertainty and the potential of a shutdown last year -- last March. However, we used this period for equipment replacement and repairs, treatment program and operational enhancements and testing to support permanent expansion and broader market penetration. We believe these headwinds are now largely behind us. And as things normalize, we remain confident in getting back to and surpassing our business-based goal of $25 million in revenue per quarter. Our earnings during the quarter were also impacted by deliberate investments in research and development. For instance, we are investing in our sorting technology, including the fabrication of a second unit to be deployed this summer and potentially a third unit to be deployed before the end of the year. Most importantly, we're investing in our new technology to treat PFAS contamination. As a result of these investments, we have completed the pilot plant testing the PFAS destruction levels and have seen them exceed anticipated regulatory requirements and are now in the process of final design and the fabrication of the first operational unit in late Q3. We plan to begin accepting PFAS contaminated liquids for destruction before the end of the year. We believe these investments are prudent, and I couldn't be more excited about this new PFAS business line, which I will discuss further in a moment. In addition, as we have discussed in the past, we are advancing several very large initiatives that we expect will begin to materialize in the second half of this year and set the stage for very significant growth beginning late this year and into 2025. But first, let me begin by providing an update on our Services and Treatment segments by addressing some of our recent wins, and then I'll provide updates on some of the larger initiatives that are underway. Within the Services segment, we are benefiting from increased bidding opportunities right now, including both the government and commercial sectors. We're positioned for large ongoing procurements within DOE and the US Navy, as well as other midsized procurement initiatives at DOE, DOD, and EPA. We've been able to secure strong teaming positions for awards -- for potential awards anticipated through 2025 that would potentially represent substantial increases in sustainable revenue for the next five to 10 years. For example, we're participating in large procurement opportunities as part of larger teams on the Operations and Site Mission Support contract, which we referred to in the past as the OSMS bid, along with the West Valley Demonstration Project near Buffalo, New York, and upcoming Navy projects, which are expected to be awarded over the next several quarters. In addition, I'm proud to report that we were recently selected by DOE's Office of Environmental Management to participate in a 10-year small business set-aside multiple award IDIQ contract to provide nationwide deactivation, decommissioning and removal services for the Office of Environmental Management, the National Nuclear Security Administration and the Office of Naval Reactors and Office of Sciences, all within DOE. Perma-Fix's team is among a select group of small businesses chosen, making us eligible to compete for firm fixed price and cost reimbursable task orders, the maximum ceiling on the overall contract of $2 billion. While this is an IDIQ contract, which means basically that it's a hunting license, we believe this award provides us several opportunities for revenue growth within our base business. Even if we were to win just a proportional share of the award, it would provide meaningful revenue to the company over the next 10 years. That said, we believe that based on our growing reputation, our technical capabilities and our proven track record relative to some of the small -- other small businesses participating in this IDIQ, the potential opportunity could be much greater. We expect that recent wins such as these and numerous projects currently in our pipeline will continue to support our long-term growth plan and help us further diversify our revenue stream. Overall, we're encouraged by the long-term outlook of the Services segment as seven new projects are mobilizing in May to support increased revenues in the latter half of the year. Several of these projects include soil sorting technology deployments, and we continue to realize the growth of these applications on larger projects, both in the US and in Europe. Within our Treatment segment, the backlog for waste treatment has been growing over the past few months, which we -- which has resulted in increasing revenues through the second quarter of 2024. This included increased waste shipments within the commercial sector, along with steady sales from our industrial waste programs as well. We've also been implementing facility upgrades at each of our waste treatment facilities to support modernization, new technology deployments and preparation for upcoming target waste streams with larger inventories defined at several client sites. In March, the long-awaited TSCA VTD or vacuum thermal desorption system treatment took place at our Perma-Fix of Florida facility along with members of the U.S. EPA Region 4. While final review and verification analysis are still pending, acknowledgment of successful testing by the EPA in a few months will provide a basis for Perma-Fix of Florida to obtain a TSCA treatment permit to provide generators as a path forward for difficult to treat higher activity task and contaminated waste streams. We estimate this backlog of waste within the industry to generate approximately $10 million in incremental annual revenue beginning in Q4. I'd now like to turn our attention to several of the larger projects we're working towards. As we've discussed previously, we believe that these initiatives should contribute to a meaningful growth in revenue and earnings. I would like to briefly discuss each of these initiatives and provide our investors with an overview of the vision for the balance of the rest of the year and next year. First, let me start with the developments at Hanford. As many of you may be aware, DOE has been involved in what is known as the holistic negotiations for nearly five years with members of the tri-party agreement at Hanford, which includes state regulators, EPA and the DOE. The purpose of these negotiations, as defined in the Hanford Settlement Agreement, published for the public -- published for public comment just a few weeks ago on April 29, is to develop the strategic commitments by all the parties to clean up Hanford. I'd like to congratulate DOE for defining an agreement that adapts to new technologies to accelerate the tank cleanup program while leveraging existing commercial capabilities to be an integral part of the program over the next several decades. Under the Settlement Agreement, DOE states that the DFLAW hot commissioning program will be completed no later than August of 2025. While this is a few quarters later than anticipated, DOE is committed to the schedule and the legally binding agreement and may complete the milestones sooner. As we've discussed, the DFLAW affluent will be processed by Perma-Fix Northwest to include any potential waste generated during the hot commissioning program as well, and along with supporting the DFLAW operations for at least the initial 10 years of its operational life. We believe we are well-positioned to treat all of the affluent waste from the operations as defined in the January 2023 Record of Decision by DOE, which estimates up to 8,000 cubic meters of waste to be generated annually upon hot start-up of the vitrification. As I've mentioned in the past, the volume of this waste will be more than double the current production of all of our plants combined on an annual basis. Also defined in the new Settlement Agreement, DOE is committed to complete waste retrievable from 22 tanks within the west tank farm for grouting off-site and disposal off-site by 2040. It's difficult to define the exact quantity of waste to be removed from this inventory during that period, but unofficial estimates include expectations for up to approximately 3 million gallons of waste to be processed annually to meet these goals for 2040. The agreement is unclear about when these operations would commence. However, the recent Hanford systems 10 document defines retrievable operations beginning in the January '26 time frame. This is critically important as the DOE has formally recognized grouting's importance relative to the overall closure strategy as a preferred supplement to the current DOE vitrification strategy. And while DOE will continue to develop multiple pathways for grouting, we remain confident that our existing Perma-Fix Northwest facility in Richland, Washington adjacent to the site will continue to provide the lowest risk, best value strategy for grouting this waste for transport in a solid form via rail to out-of-state disposal facilities. We believe that our location is ideally suited to treat a large portion of this waste given its proximity, its permits and our proven track record overall for safety. Moreover, we believe we can provide a highly cost-effective solution for these wastes that could potentially save taxpayers billions of dollars as an alternative to vitrification alone. The Hanford mission and planning that has unfolded to include grouting of tank waste is a huge validation of our capabilities. As such, we plan to increase from our current capacity of 300,000 gallons per year for grouting to levels around 3 million gallons per year as the program progresses over the next several years. As I mentioned, the agreement is unclear about when these operations would commence. However, the Hanford system's Rev 10 document published in January by DOE is currently being implemented to include two new tank waste removal systems to be installed and operating in late 2025 and early '26. One of these removal systems will be built, installed and operated to support the DFLAW facility, while the other will be dedicated to the removal of tank waste for shipment to commercial grouting facilities for off-site disposal. This is a very significant development and reaffirms our strategy and outlook for our involvement in these transformative projects. Overall, we look forward to working closely with DOE to support this mission of remediating Hanford, both through vitrification and through grouting, as well as leveraging these capabilities at our other critical sites around the country. On a separate note, we're expanding our waste treatment offering within the commercial and international markets, including Europe, Mexico and Canada. As announced last year, our joint venture was awarded a EUR 50 million seven year contract by the Joint Research Council for the European Union at the Ispra facility in Italy. Work on this project is progressing at JRC as we continue to work on the design and business model for our proposed new facility in the UK, with the initial waste shipments projected for that JRC contract to begin in late Q4 of 2025 to the US until the new facility in the UK is commissioned. This award is very important to us and it opens up substantial opportunities throughout Europe. This and other international opportunities in Germany and other European countries, along with Mexico, are expected to generate sustained receipts beginning in 2025, providing combined revenues estimated to be over $10 million annually. On one final note, I'd like to discuss the rapid and significant progress we're making in advancing our new patent-pending technology to treat PFAS contamination, which we recently trademarked as Perma-FAS. Both the White House and EPA have made this a major focus due to the hazards associated with these forever chemicals. Thousands of sites across the country and the world have large inventories of these chemicals, not to mention all the sites with PFAS contamination that would require remediation. Estimates of this market vary widely. However, the opportunity to provide services and treat PFAS contaminated waste for government, municipal and commercial applications is estimated to exceed $100 billion over the next 10 years. In addition, initial estimates associated with impact to soils include more than 200 million acres of contaminated farmland in the US alone. In addition to earmarking billions of dollars in federal funding, the EPA has taken decisive action to address this problem, including the recent designation of PFAS as a hazardous substance, which enables the Agency to compel responsible parties to pay for or conduct investigations and cleanup, as well as the addition of 7 additional PFAS to the list of chemicals covered by the Toxics Release Inventory. EPA has also issued a CERCLA enforcement discretion policy that makes it clear that EPA will focus enforcement on parties who significantly contribute to the release of PFAS chemicals into the environment, including parties that have manufactured PFAS or used PFAS in the manufacturing process, along with federal facilities and other industrial parties. importantly, current and former waste producers are now beginning to understand that liability ultimately resides with the generator of the waste and that they are not absolved of this liability if the waste is not properly remediated. In contrast to our party -- excuse me, in contrast to our process, which offers a sustainable and an environmentally responsible solution, traditional disposal methods for PFAS contamination materials such as deep well injection and land-filling pose substantial environmental risk, including the potential for groundwater contamination. Towards this end, we continue to scale the process, and with the pilot plant test now complete, we have a very high degree of confidence in moving forward. And the pilot plant testing was not only successful, but exceeded our expectations. In fact, our process achieved PFAS destruction levels of 6 9s or 99.9999%, exceeding anticipated regulatory requirements. These tests affirm -- or reaffirm our prior bench-scale testing, which indicated our process should effectively destroy these harmful chemicals at high levels of efficiency, and could be applied to a variety of potential markets, including liquids, soils, biosolids and sludges. The initial feedback from customer -- from potential customers we've been talking to has been extremely positive, given the increasing pressure to treat and dispose of waste or for these waste streams. In addition to the costs associated with storing these materials, as I mentioned, there are significant growing legal and regulatory requirements to treat these waste, not to mention the potential liabilities associated with these harmful and dangerous waste streams that have permeated landfills and water supplies. We're now in the process of the final design of the operational unit, and we've also selected a build partner for the fabrication of our initial operational system and look forward to providing updates on this shortly. As a result, we're aiming for start-up in September of a system that can destroy PFAS at approximately 1,000 gallon batches and for up to 3x a day. We anticipate this system will receive a variety of modifications and upgrade as we optimize performance and make adjustments to the treatment parameters. We have established goals for additional units to be installed in each of our existing treatment plants in 2025. In parallel with this effort, we're rapidly progressing the development of both soil and bio-sludge applications, which will use the same technology but require different engineering considerations. We have completed bench-scale demonstration successfully on the solids and are now moving towards pilot scale testing at a 55-gallon volume. We also continue to develop partnerships with industry leaders in remediation as well as universities to provide R&D breadth and verification of services and performance while expanding on new ideas and applications. As I mentioned, given the low cost as well as the technological and environmental advantages of our new process, we are already witnessing significant interest from large potential customers as well as regulatory agencies. We expect to begin generating revenue from this process in Q4, and our initial estimate for revenues in '24 is approximately $1 million to $2 million. However, based on discussions with customers, we expect to dramatically expand our revenues from this process in 2025 as we have the ability to ramp up production rapidly. And this process has a very high margin potential. So to wrap up, we're extremely encouraged by the outlook for the business. The foundation we have laid over the past several years and the investments we've undertaken in the first half of 2024 should position Perma-Fix for solid growth in the second half of the year and set the stage for a potential breakout year in 2025 and beyond. We've also trimmed certain costs and have built a highly scalable business model, which we expect will drive very meaningful returns for our shareholders. All right. On that note, I'll now turn it over to Ben, who will discuss the financial results in more detail. Ben?
Ben Naccarato:谢谢你，Mark。我先从收入说起。我们第一季度来自持续经营业务的总收入为1360万美元，比去年第一季度的2010万美元减少了650万美元，降幅达32%。我们两个业务部门的收入都有所下降，因为处理的废物量减少，以及与废物组合相关的平均价格降低，导致处理的废物减少了88.5万英镑。在服务部门，我们的收入下降了560万美元，主要是由于两个大型项目在2023年底有效完成，由于合同中标的时间和新项目启动的延迟，部分原因是持续解决方案的影响，没有被类似规模的项目所取代。我们本季度的毛利润为负62万美元，而2023年第一季度的毛利润为300万美元。在这两个部门，较低的收入对我们的毛利润产生了重大影响，累计总额约为210万美元。此外，低利润废物/项目混合也影响了毛利润约170万美元。正如我们之前披露的那样，特别是在治疗部门，我们有大量的固定成本，当收入较低时，这对我们的毛利润有很大的影响。我们本季度的一般及行政费用为350万美元，比去年同期高出58,000美元。成本的适度增加是业务发展成本增加的结果，这抵消了较低的法律费用和公用事业费用。我们本季度的净亏损为360万美元，而去年的净亏损为41.1万美元。本季度每股基本亏损和摊薄后亏损总额为0.26美元，上年同期为每股亏损0.03美元。根据今天上午的新闻稿，本季度持续经营业务的EBITDA为负400万美元，而EBITDA为17.1万美元。再来看看资产负债表。资产负债表上的现金为240万美元，而2023年底为750万美元。我们的流动负债下降了130万美元，这反映了与生产相关的成本下降以及供应商付款的时间。截至3月底，我们的废物积压额为1060万元，高于去年年底的870万元和2023年3月的940万元。我们本季度的总债务为270万美元，不包括我们的债务发行成本，其中大部分是欠PNC银行的。最后，我将总结我们2024年的现金流活动。我们用于持续经营的现金为440万美元。我们用于终止业务的现金，15.9万美元。用于投资持续经营业务的现金为244,000美元，这与资本支出有关。用于融资的现金为12.5万美元。这代表了我们每月支付259,000美元的定期和资本贷款，以及支付75,000美元的融资租赁，由期权和认股权证的收入抵消209,000美元。说到这里，我现在把电话转给接线员提问。
接线员:[接线员说明]你的第一个问题来自威灵顿·希尔兹的霍华德·布朗斯。
霍华德·布朗斯:马克，本，路易斯，首先，祝贺你们创造了无数的机会，我们正在寻找。那么恭喜你。汉福德和解案，华盛顿州生态部门，能源部，环保局，马克，你提到的，我当然读过这些文件。我需要你确认我的理解，即这是各方之间具有法律约束力的协议。这种说法正确吗?
马克·达夫:这话说得对，霍华德。这是一份具有法律约束力的文件。这花了很长时间，正如我提到的，一个调解人花了将近五年的时间才得出这些结论，监管机构和能源部之间有很多相互让步。有很多资金方面的考虑，进度方面的考虑。所以这里的承诺是刻在石头上的。但是，请记住，这只是一份草案文件。它将公开征求公众意见。我不记得它什么时候出来了，但很快就有60天了。我相信它会很受欢迎。我相信会有很多评论，但它会受到欢迎的原因是，与之前的一些三方协议不同，这个协议有很多行动。我知道我正在和能源部谈话，他们的目的是能够展示真正的进展，有意义的进展，从本届政府开始，并表明有一个最终状态或最终目标，以一种方式确定了实现目标的方式，认识到他们选择的技术将会做什么。换句话说，玻璃化能做什么加上灌浆。所以回答你的问题，是的，这是一个具有法律约束力的文件，一旦它得到公众评论，那么它将是三方的承诺。
霍华德·布朗斯:文件中的一个评论。双方同意，和解协议不受公众评论的约束。很明显，这意味着它实际上是固定不变的。如果我指的是-首先，ROD是在2023年1月发布的，其他文件是在23年1月发布的，以及最近的和解协议，它基本上锁定了，首先，ROD将你锁定在永久固定的10年里。但d缺陷和富人将从2025年(最晚的8月)开始接受治疗，可能更早到2060年。我知道你没有合同，但除了ROD，在治疗富人方面有竞争吗?
马克·达夫:你的问题是，确保我理解了。霍华德，你的问题是，处理dflaws的污水有什么竞争吗?
霍华德·布朗:对。
Mark Duff:是的，现在，ROD承诺10年，从启动开始。原因是相对于废物管理，汉福德其他机会的竞争较少因为废物是在我们处理废物之后处理的或者任何处理废物的人，都会在汉福德当地的垃圾填埋场处理。所以，当我们距离实际地点只有10英里的时候，让这个地区以外的人把它运到又运回来是没有任何意义的。是的，就像我之前提到的，要获得许可证是非常困难的。获得许可证需要10年以上的时间。它还需要对设备本身进行大量投资，引用它，许可它，并通过所有的程序，使其投入使用。所以它在10年内是非常稳固的。最有可能的是，我不认为能源部会决定在他们的基地上建造这些设施，只要我们提供价值并有效地完成工作。
霍华德·布朗斯:所以实际上，你将在接下来的35年里治疗富人，最迟从明年8月开始。这种说法公平吗?
马克·达夫:没错。再说一遍，我不能对10年以后的情况发表评论，但是他们很有可能在电站的整个生命周期内支持电站，也就是2060年。
霍华德·布朗斯:此外，在解决方案中，他们还讨论了其他机会，当然，对于高放射性废物，他们计划建立第二个玻璃化工厂。所以这不仅仅是分裂，我希望我没记错。东部坦克应该是，东部坦克应该是玻璃化的。西方的坦克应该是灌浆的。我写对了吗?
马克·达夫:你说得对。这让人很困惑，霍华德。我很高兴你提出来了。是的，最初计划有三个玻璃化工厂。第一个正在运转的是设计每年生产100万加仑的油库，它负责东部油库的前40%。然后，西部油库也要建一个。然后有一个已经开始建设，它将处理剩下的20%，他们认为这是高放射性废物。高放射性废物，如果我没记错的话，应该在36或34年投入使用或启动。这是完全不同的事情。我们还不确定我们在多大程度上参与了你能用它做的事情。现在猜测还为时过早。所以这三个工厂，三方协议，不好意思，和解协议刚刚被批准将三个玻璃化工厂改为两个他们用40%或50%的西部储罐灌浆。
霍华德·布朗斯:如果我理解的话，高放射性废物大约有600万到800万加仑，他们将把剩下的2400万加仑用于玻璃化，2400万加仑用于灌浆。这是正确的理解吗?
马克·达夫:非常接近。没错，霍华德。
霍华德·布朗斯:所以如果有2400万加仑的低水平废物，加上可能的高水平废物，这将有效地持续30到40年?
马克·达夫:没错。
接线员:你的下一个问题来自ARS投资公司的罗斯·泰勒。
罗斯·泰勒:马克，我同意霍华德关于创造大量机会向前推进的观点。有几件事我想讲。你提到了中欧，那里的机会。我们都知道，德国基本上，我想，拆除了他们的核反应堆。你能给我们一个时间和规模的概念吗，无论是规模，还是资金方面，以及你期望看到这些项目运行的时间范围?我们什么时候能从他们那里看到收入?一旦开始，你觉得会持续多久?
马克·达夫:德国人做事的方式，罗斯，谢谢你的溢美之词。但在德国，它的运作方式是由一个中央组织管理退役过程中产生的废物。这就是我们正在合作的对象——我们在那里合作的一个实体是提供我们在美国拥有的处理技术，以减少他们产生的大量废物量，75%到90%，并把它们放在一个位置，可以储存在新的德国或德国的储存设施，称为康拉德设施。康拉德设施将为整个国家提供放射性废物储存。它会非常大。他们所做的基本上是定义废物接受标准或者现在储存的标准每个计划运送到他们那里的人现在都必须满足这个标准。我们已经和欧洲的一个更大的客户——德国——一起经历了这个过程，这需要德国监管机构对我们的设施和我们处理废物的方式进行审查，他们会进行实地考察。有各种各样的文件，许可证和计划。都已经批准了。我们也在为退役项目申请同样的东西。这就是我们在这个过程中所处的位置。所以回答你的问题，我认为它将开始缓慢。在我们通过许可程序的过程中，每个人的行动都非常缓慢，一切都与此同时，我们必须达成协议。因此，我们预计，在24世纪末，德国的浪费将开始出现合理的增长，每年约为500万或600万美元。一旦我们在英国的工厂启动并运行，我们看到这个数字至少会翻倍，因为那里的工厂效率和经济得多。这很难定义，因为我们现在还没有固定的合同，但我们知道他们的方式。我们知道它们的体积。它们的体积非常非常大。他们有非常快的时间线。他们必须将废物从储存中移除，以稳定的形式放置，然后在康拉德设施启动并运行时将其放入，我认为这是28或29年的时间框架。这是一种真正的紧迫感。所以我们看到第四季度和整个25年都在增长。
接线员:你的下一个问题来自Breakout Investors的亚伦·沃里克。
Aaron Warwick:我想问更多关于PFAS的问题。我想先说——我的意思是，我最近在新闻里看到了很多关于它的报道。其他一些公司也在讨论这个问题。只是想了解一下——很明显，你提到了巨大的TAM。你们在这个市场上的竞争是怎样的?
马克·达夫:现在，市场上有竞争对手。我们已经看到一些大公司的新闻稿，他们打算进行焚烧，这并不一定会摧毁一切，而且对很多组织来说并不可取，特别是美国能源部和国防部，他们说他们不允许或禁止考虑将其作为一种处理方法。还有深井注入，主要是在德克萨斯州，这些深井注入的水非常非常大，每年有数百万加仑的水注入地下4000到5000英尺深的基岩中。这些都在发挥作用。还有我们现在的选择。还有过滤，这并不适用于很多不同的废物流，因为你的过滤器很快就会粘起来。但这些都是现有的技术。即将出现的是完全破坏技术，我们已经能够识别出大约六种即将出现的技术，你可以在互联网上看到，还有我们认识的其他同事。他们都有非常创新的方法。我们还没见过任何有鉴别器的东西，特别是在低温和低压下处理的东西。还有速度，我们可以做到。但最重要的是，我们的装置很简单。我们的装置非常简单，在这个过程中依赖于化学和一些工程，但它是一个便宜的装置。一旦我们对这个东西进行了微调，我们就可以让它动员起来，并在比我们开始时更高的水平上运行。而且，就像我之前说的，会转化为土壤。就竞争而言，有几家初创公司，你可以在那里读到，但每个人都描述了他们的技术在经济和流程简化方面有一些我们没有的东西。路易，你还有什么要补充的吗?
路易斯·森托凡蒂:是的，我们还没有看到任何经济上的东西，首先，真正破坏了PFAS，只是没有把它分开，在我们这样一个简单的系统中。因此，我们对在竞争方面的进展非常乐观。
马克·达夫:正如我提到的，亚伦，我们真正的竞争对手——我们已经和他们中的大多数或很多人谈过了。昨天环保局发布的新闻稿和上周环保局发布的公告意义重大因为它为市场和市场时机奠定了基础，而不仅仅是每个拥有PFAS的人都知道发生了什么或者至少有一种感觉。但现在，它即将被颁布为法规，包括时间紧迫的要求，以及环保局的接受，更重要的是执行。一旦开始，每个人都会被点燃，开始行动。我们看到市场真的起飞了，部署我们的系统对我们来说至关重要，这样我们就可以开始处理由此产生的数量。
亚伦·沃里克:除了你自己在电话中提到的，还有哪些独立实体(如果有的话)证实了你的流程是有效的?
Louis Centofanti:嗯，我们使用了两所大学和各种私人公司进行测试。现在，由于这项技术的专有性质是如此独特，我们还没有关于它是如何工作的白皮书，以及这里发生了什么。所以我们已经申请了各种各样的专利，我们还会申请更多的专利，因为我们对这项技术的研究越深入，我们就会看到它可能有价值的各种市场。
亚伦·沃里克:那么在9月10月开始交易之前，这些专利的授权时间是什么时候?
路易斯·森托凡蒂:嗯，不。我们申请了专利。专利正在申请中。在这一点上，专利审查，尤其是这个——这些是非常基础的化学专利，需要一些时间。我们在专利方面的经验或者我们可以看到对这些专利进行一年或两年的审查，特别是因为它们的重要性。
亚伦·沃里克:我的意思是，你提到有一些竞争，即使他们不能做你说你能做的事情。但我的理解是让你们走上这条轨道开始研发PFAS疗法的原因是你们已经有了一些客户。这是一个准确的说法，你已经有一些人，你已经准备好进行这种治疗，一旦你的工厂启动并运行?
马克·达夫:是的，亚伦。我们没有大量的合同，我们有几个客户，我们每月定期与他们打交道，他们有非常明确的库存，正在等待我们让系统启动并运行。所以当我们接近行动的时候，我们会转向那些合同。他们中的一些人实际上是从现在开始采集样本，以确保我们能够按照我们所说的方式行事。这对我们来说很有战略意义。一些大公司有更大的库存，他们向我们射击或者寄给我们液体样本让我们在中试规模测试中运行。所以，是的，我们确实锁定了一些。我们不应该说锁在里面。我们有一些定义将在接下来的几周内锁定，还有一些我们也在争取拨款来做演示。
亚伦·沃里克:最后一件事，我想，对我来说，你认为除了你自己的工厂之外，任何一种合作伙伴关系或许可利益都可以成为你的额外收入来源?
Mark Duff:我们认为授权是一种选择。在我们能够展示我们的操作系统的性能之前我们还没有讨论过这个问题。但我们已经与几家公司进行了交谈，这些公司在进入市场方面有很大的影响力，有大量的客户，或者客户本身就有大量的客户，这将是我们在1月份的时间框架内寻求解决的一个步骤。
接线员:现在没有问题了。我现在把发言权交给管理层，请大家作结束语。
马克·达夫:好的。感谢大家参加我们第一季度的电话会议。正如你所看到的，我们对未来几年的业务前景充满信心。随着我们继续执行我们的战略，我们期待提供进一步的更新。我们感谢股东们的持续支持和耐心，我们期待着随着事态发展提供进一步的更新。谢谢你！
接线员:谢谢。今天的电话会议到此结束。你可以在这个时候断开电话线，享受美好的一天。谢谢你的参与。
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