Perma-Pipe International Holdings, Inc.

Listed Company

PPIHCIK 0000914122NasdaqAcceleratedSmaller ReportingIndustrial & Commercial Fans & Blowers & Air Purifing EquipDelawareFY ends Jan 31

Period

FY 2026

Revenue

—

Net Income

$17.04M

Total Assets

$217.49M

Equity

$90.64M

Shares Out

8.12M

Op. Cash Flow

$9.17M

Business

Perma-Pipe International Holdings, Inc. engineers, designs, manufactures and sells specialty piping systems and electronic leak detection systems. Its products include insulated and jacketed district heating and cooling piping, primary and secondary containment piping for chemicals and petroleum, coatings and insulation for oil and gas pipelines, and internal/external liquid and powder anti‑corrosion coatings, along with sensor-based leak detection and monitoring systems. The company reports a single business segment, Piping Systems, and frequently provides engineered, custom‑fabricated project solutions. It sells through direct sales forces, independent manufacturers’ representatives and agents across the United States, Canada, India, Egypt and multiple Middle East countries, with installations typically completed by unaffiliated contractors for underground projects.

Summary from filing dated 2025-05-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Net sales	211	158	151	143	139
Cost of sales	141	105	109	104	106
Gross profit	69	53	41	38	33
General and administrative expenses	35	28	23	22	20
Selling expense	5	5	6	5	5
Total operating expenses	40	33	28	27	24
Income from operations	29	20	13	11	8
Interest expense, net	2	2	2	2	828,000
Other (expense) income, net	−134,000	107,000	−1	533,000	1
Income from operations before income taxes	27	18	10	10	8
Income tax expense	7	5	−3	4	2
Net income	21	13	13	6	—
Net income attributable to redeemable non-controlling interest	4	4	3	0	—
Net income attributable to common stock	17	9	10	6	6
Basic (in shares)	8	8	8	8	8
Diluted (in shares)	8	8	8	8	8
Basic (in dollars per share)	2.12	1.13	1.31	0.75	0.75
Diluted (in dollars per share)	2.09	1.12	1.3	0.73	0.72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-12-31
Cash and cash equivalents	19	16	6	6	—
Restricted cash	4	1	1	1	—
Trade accounts receivable, less allowance for doubtful accounts of $1,571 at January 31, 2026 and $703 at January 31, 2025	66	43	47	42	—
Inventories	18	17	16	15	—
Prepaid expenses and other current assets	7	10	10	7	—
Unbilled accounts receivable	29	19	17	12	—
Costs and estimated earnings in excess of billings on uncompleted contracts	5	3	3	3	—
Total current assets	147	109	99	86	—
Property, Plant and Equipment, Net	44	35	38	27	—
Operating lease right-of-use asset	13	8	6	5	—
Long-term assets	6	7	8	696,000	—
Goodwill	2	2	2	2	2
Other long-term assets	5	4	3	3	—
Total long-term assets	71	56	57	37	—
Total assets	217	165	156	123	—
Trade accounts payable	25	24	25	15	—
Accrued compensation and payroll taxes	1	1	1	1	—
Commissions and management incentives payable	7	6	5	5	—
Long-term Debt, Current Maturities, Excluding North American Revolving Line	20	9	4	6	—
Customers' deposits	12	3	4	2	—
Operating lease liability short-term	2	1	914,000	912,000	—
Other accrued liabilities	7	7	9	6	—
Billings in excess of costs and estimated earnings on uncompleted contracts	2	1	500,000	1	—
Income taxes payable	4	2	2	2	—
Total current liabilities	80	54	58	44	—
Long-Term Debt, Excluding Current Maturities	4	4	4	4	—
Long-term finance obligation	9	12	12	—	—
Deferred compensation liabilities	2	2	1	2	—
Deferred tax liabilities	2	1	1	909,000	—
Operating lease liability long-term	12	8	6	4	—
Other long-term liabilities	3	2	1	1	—
Total long-term liabilities	31	28	26	21	—
Non-controlling interest	16	11	6	0	—
Commitments and contingencies (See Item 3)	—	—	—	—	—
Common stock, $.01 par value, authorized 50,000 shares; 8,122 issued and outstanding at January 31, 2026 and 7,983 issued and outstanding at January 31, 2025	81,000	80,000	80,000	80,000	—
Additional paid-in capital	61	60	60	63	—
Retained earnings	37	20	12	2	—
Accumulated other comprehensive loss	−8	−8	−6	−6	—
Total stockholders' equity	91	72	66	58	—
Total liabilities and stockholders' equity	217	165	156	123	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Depreciation and amortization	5	4	4	4	4
Deferred tax expense	1	2	−7	479,000	−195,000
Stock-based compensation expense	3	860,000	913,000	1	1
Provision on uncollectible accounts	880,000	4,000	89,000	142,000	20,000
(Gain) loss on disposal of fixed assets	−16,000	292,000	−6,000	43,000	41,000
Accounts payable	481,000	−1	9	1	3
Accrued compensation and payroll taxes	772,000	2	−1	65,000	2
Inventories	−1	−2	−830,000	−2	−2
Customers' deposits	9	−2	2	−336,000	990,000
Income tax receivable	15,000	0	—	—	—
Prepaid expenses and other current assets	3	−447,000	−3	−123,000	−2
Accounts receivable	−23	2	−5	−3	−21
Costs and estimated earnings in excess of billings on uncompleted contracts	−2	163,000	—	—	—
Billings in excess of costs and estimated earnings on uncompleted contracts	904,000	753,000	—	—	—
Other assets and liabilities	−85,000	−2	8	454,000	2
Net cash provided by operating activities	9	14	15	−1	−3
Capital expenditures	−10	−3	−11	−7	−2
Proceeds from sales of property and equipment	17,000	27,000	3,000	94,000	9,000
Net cash used in investing activities	−10	−3	−11	−6	−2
Proceeds from revolving lines	92	76	156	97	23
Payments of debt on revolving lines	−84	−77	−157	−91	−23
Payments of debt on mortgage	−222,000	−360,000	—	—	—
Increase (decrease) in drafts payable	−17,000	46,000	−197,000	42,000	58,000
Payments on finance lease obligations, net	−84,000	−31,000	—	—	—
Stock options exercised and taxes paid related to restricted shares vested	−509,000	−179,000	−273,000	−206,000	−210,000
Net cash provided by (used in) financing activities	7	−907,000	−3	5	6
Net increase in cash, cash equivalents and restricted cash	5	10	447,000	−3	1
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−154,000	−296,000	70,000	102,000	−10,000
Interest paid	2	2	2	2	791,000
Income taxes paid	4	4	3	2	1
Fixed assets acquired under financing leases - non-cash	711,000	0	139,000	—	—
Fixed assets acquired - non-cash	257,000	21,000	0	0	—

Filings

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