XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.24.3

Revenue | 9 Months Ended
--- | ---
Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 3. Revenue Disaggregation of Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Schedule of Disaggregation of Revenue
Revenue by Contract Type |  |  |  |  |  |
(In thousands) |  | Three Months Ended |  |  | Three Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | Treatment |  |  | Services |  |  | Total |  |  | Treatment |  |  | Services |  |  | Total |
Fixed price |  | $ | 9,064 |  |  | $ | 6,396 |  |  | $ | 15,460 |  |  | $ | 10,795 |  |  | $ | 10,188 |  |  | $ | 20,983 |
Time and materials |  |  | — |  |  |  | 1,352 |  |  |  | 1,352 |  |  |  | — |  |  |  | 894 |  |  |  | 894 |
Total |  | $ | 9,064 |  |  | $ | 7,748 |  |  | $ | 16,812 |  |  | $ | 10,795 |  |  | $ | 11,082 |  |  | $ | 21,877 |
Revenue by Contract Type |  |  |  |  |  |
(In thousands) |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | Treatment |  |  | Services |  |  | Total |  |  | Treatment |  |  | Services |  |  | Total |
Fixed price |  | $ | 26,116 |  |  | $ | 15,405 |  |  | $ | 41,521 |  |  | $ | 33,223 |  |  | $ | 29,995 |  |  | $ | 63,218 |
Time and materials |  |  | — |  |  |  | 2,894 |  |  |  | 2,894 |  |  |  | — |  |  |  | 3,798 |  |  |  | 3,798 |
Total |  | $ | 26,116 |  |  | $ | 18,299 |  |  | $ | 44,415 |  |  | $ | 33,223 |  |  | $ | 33,793 |  |  | $ | 67,016 |
Revenue by generator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In thousands) |  | Three Months Ended |  |  | Three Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | Treatment |  |  | Services |  |  | Total |  |  | Treatment |  |  | Services |  |  | Total |
Domestic government |  | $ | 6,578 |  |  | $ | 7,346 |  |  | $ | 13,924 |  |  | $ | 7,095 |  |  | $ | 8,444 |  |  | $ | 15,539 |
Domestic commercial |  |  | 2,229 |  |  |  | 312 |  |  |  | 2,541 |  |  |  | 3,450 |  |  |  | 2,170 |  |  |  | 5,620 |
Foreign government |  |  | — |  |  |  | 65 |  |  |  | 65 |  |  |  | 250 |  |  |  | 445 |  |  |  | 695 |
Foreign commercial |  |  | 257 |  |  |  | 25 |  |  |  | 282 |  |  |  | — |  |  |  | 23 |  |  |  | 23 |
Total |  | $ | 9,064 |  |  | $ | 7,748 |  |  | $ | 16,812 |  |  | $ | 10,795 |  |  | $ | 11,082 |  |  | $ | 21,877 |
Revenue by generator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In thousands) |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | Treatment |  |  | Services |  |  | Total |  |  | Treatment |  |  | Services |  |  | Total |
Domestic government |  | $ | 18,997 |  |  | $ | 17,129 |  |  | $ | 36,126 |  |  | $ | 24,160 |  |  | $ | 29,603 |  |  | $ | 53,763 |
Domestic commercial |  |  | 6,045 |  |  |  | 867 |  |  |  | 6,912 |  |  |  | 7,925 |  |  |  | 3,509 |  |  |  | 11,434 |
Foreign government |  |  | 1 |  |  |  | 232 |  |  |  | 233 |  |  |  | 1,002 |  |  |  | 615 |  |  |  | 1,617 |
Foreign commercial |  |  | 1,073 |  |  |  | 71 |  |  |  | 1,144 |  |  |  | 136 |  |  |  | 66 |  |  |  | 202 |
Total |  | $ | 26,116 |  |  | $ | 18,299 |  |  | $ | 44,415 |  |  | $ | 33,223 |  |  | $ | 33,793 |  |  | $ | 67,016 |
Contract Balances The timing of revenue recognition and billings can result in unbilled receivables (contract assets) or deferred revenue (contract liabilities). The following table represents changes in our contract asset and contract liabilities balances for the periods noted: The reduction in deferred revenue from December 31, 2023, to September 30, 2024, was primarily due to the substantial completion of a waste treatment project for a certain customer in which a prepayment was made to the Company by the customer in 2023. Schedule of Contract Balances
(In thousands) |  | September 30, 2024 |  |  | December 31, 2023 |  |  | Change ($) |  |  | Change (%) |
Contract assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unbilled receivables - current |  | $ | 7,277 |  |  | $ | 8,432 |  |  | $ | (1,155 | ) |  |  | -14 | %
Contract liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 5,398 |  |  | $ | 6,815 |  |  | $ | (1,417 | ) |  |  | -20.8 | %
(In thousands) |  | September 30, 2023 |  |  | December 31, 2022 |  |  | Change ($) |  |  | Change (%) |
Contract assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unbilled receivables - current |  | $ | 9,336 |  |  | $ | 6,062 |  |  | $ | 3,274 |  |  |  | 54.0 | %
Contract liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 7,765 |  |  | $ | 4,813 |  |  | $ | 2,952 |  |  |  | 61.3 | %
During the three and nine months ended September 30, 2024, the Company recognized revenue of $677,000 and $5,596,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of the year. During the three and nine months ended September 30, 2023, the Company recognized revenue of $842,000 and $6,289,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of the year. All revenue recognized in each period related to performance obligations satisfied within the respective period. Accounts Receivable The following table represents changes in accounts receivable, net of credit losses, for the periods noted: Schedule of Changes in Accounts Receivable, Net of Credit Losses
(In thousands) |  | September 30, 2024 |  |  | December 31, 2023 |  |  | Change ($) |  |  | Change (%) |
Accounts Receivable (net) |  | $ | 8,741 |  |  | $ | 9,722 |  |  | $ | (981 | ) |  |  | -10.1 | %
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | Change ($) |  |  | Change (%) |
Accounts Receivable (net) |  | $ | 15,342 |  |  | $ | 9,364 |  |  | $ | 5,978 |  |  |  | 63.8 | %
The decrease from December 31, 2023, to September 30, 2024, was primarily due to reduced billing from decreased revenues. The decrease in accounts receivable was also attributed to the collection by May 2024 of outstanding accounts receivable for work performed for a certain Canadian project for which a settlement agreement was reached, with collection subject to meeting certain conditions/terms. (see “Note 11 - Perma-Fix Canada Inc. (“PF Canada”)”) for a discussion on the collection of the receivables). Remaining Performance Obligations The Company applies the practical expedient in Accounting Standards Codification (“ASC”) 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts. The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration