What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-03-24 compared with 2025-03-13 · 36 added, 39 removed, 67 unchanged (53% of the section changed)

13 unchanged sentences

for our services;

opportunities

international

opportunities in 2026;

in the level of government funding in future years;

business is positioned for improvement in 2025;

of operations improvement in 2025;

of initiatives to be further realized in 2025;

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

of the West Valley Development Project;

Tank Waste and benefits of supplemental capability;

priorities of Congress;

fiscal year government budgets or enactment of CRs to keep government departments and agencies in operations;

in financial results in 2026;

in revenue under Italian contract in late 2026;

of our Perma-FAS technology;

pricing, or throughput levels for PFAS waste volumes are sufficient to offset costs incurred from PFAS initiatives;

and capacity of PFNWR facility to support the DFLAW program;

of several effluent waste streams by our PFNWR facility;

phase of DFLAW to begin in 2026;

in Hanford waste receipts in first half of 2026;

in anticipated treatment waste volumes;

losses in the near term;

operating costs and non-essential expenditures;

relating to the West Valley Development Project;

to meet loan agreement quarterly financial covenant requirements;

priorities under new Administration;

of the 2025 fiscal year U.S.

government budget;

to meet our quarterly financial covenant requirements under our loan agreement;

into international markets;

flow requirements;

cash flow and Liquidity to fund operations for the next twelve months;

of international waste shipments in 2025;

of capital expenditures;

under the Italian project;

in which the applicable government will be required to spend funding to remediate various sites;

on international bids;

of operating and capital expenditures from cash from operations, Liquidity under our Credit Facility, and/or financing;

PFAS technology process will exceed current treatment options available;

of an additional 20,000 AFFF liquid;

of the second generation unit;

for our System;

of our PFAS technology;

in which the applicable government authority will be required to spend funding to remediate various sites;

in bidding on international contracts;

of operating and capital expenditures from existing cash from operations, Liquidity under our Credit Facility, and/or financing;

efficacy of our PFAS technology process compared to other PFAS destruction or treatment methods;

and acceptance of our PFAS technology are subject to regulatory and market factors;

current treatment destruction options for these materials to eliminate generator liabilities;

of the second generation PFAS destruction unit in second half of 2026;

that the second generation PFAS destruction unit will triple our production capacity;

of remediation expenditures for sites from funds generated internally;

1 unchanged sentence

for procurements from DOE and other government agencies;

effect of being a potentially responsible party (“PRP”);

to remediation reserves;

of material weakness identified;

effect of being a PRP;

violations of environmental laws and attendant remediation at our facilities.

financial covenant requirement for the next twelve months.

the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance such expectations

3 unchanged sentences

economic conditions and uncertainties;

bids, including international markets;

dependence on contracts with federal, state and local governments, agencies, and departments for the majority of our revenue;

to properly bid contracts;

in or inability to obtain new contracts with federal, state and local governments, agencies and departments, resulting in a reduction

in federal government budgeting and spending priorities;

by Congress or other governmental bodies to approve budgets and debt ceiling increases in a timely fashion and related reductions

in government spending and/or a government shutdown;

uncertainties

relating to the new presidential administration (the “Administration”) and failure of the Administration to spend Congressionally

mandated appropriations, which may result in the failure to realize the full amount of our backlog;

of the Administration and Congress to agree on spending priorities, which may result in temporary shutdowns of non-essential federal

functions, including our work to support such functions;

of routine and non-routine government audits and investigations, including the unpredictability of the actions of the newly-formed

in government spending;

actions and uncertainties related to trade wars;

to meet PNC covenant requirements;

4 unchanged sentences

to maintain and obtain closure and operating insurance requirements;

to retain or renew certain required permits;

of additional contamination or expanded contamination at any of the sites or facilities leased or owned by us or our subsidiaries

which would result in a material increase in remediation expenditures;

at our third-party disposal site can extend collection of our receivables greater than twelve months;

of third-party disposal sites to accept our waste;

in federal, state and local laws and regulations, especially environmental laws and regulations, or in interpretation of such;

to obtain permits for treatment, storage and disposal (TSD) activities or licensing requirements to handle low level radioactive

materials are limited or lessened;

or additional requirements to handle low-level radioactive and hazardous waste materials;

retention and development;

6 unchanged sentences

in the scope of work relating to existing contracts;

of an event similar to COVID-19 having adverse effects on the U.S.

of a health pandemic having adverse effects on the U.S.

and world economics;

renegotiation

of contracts involving government agencies;

or termination of contracts involving government agencies;

expense accrual could prove to be inadequate in the event the waste requires re-treatment;

5 unchanged sentences

to our valuation allowance;

chain difficulties;

reduction measures;

governmental regulations;

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk