Company Summary: Perma-Pipe International Holdings, Inc.

Business Overview

Perma-Pipe International Holdings, Inc. (PPIH) is engaged in the manufacture and sale of specialty piping systems and leak detection systems, primarily operating within a single reportable segment: Piping Systems.

Core Products and Services

• Specialty Piping Systems, including:

  • Insulated and jacketed district heating and cooling piping systems for energy distribution.
  • Primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products.
  • Coatings and insulation for oil and gas gathering and transmission pipelines.
  • Liquid and powder-based anti-corrosion coatings applied to steel pipes, including bends, reducers, tees, and fittings.

• Leak Detection Systems, which:

  • Can be sold standalone or with piping systems.
  • Monitor environments for fluid intrusion that could contaminate, pose safety hazards, cause fires, harm services, or damage property.
  • Are engineered and custom-fabricated, often for underground installations, and typically involve trenching done by third-party contractors.

Operations & Facilities

• Operates multiple manufacturing and office facilities across the U.S., Canada, Middle East, Asia, and Africa, including:
  • U.S. locations in Illinois, Louisiana, and Lebanon, TN.
  • International locations in Abu Dhabi, UAE; Lebanon; Canada (Alberta & Ontario); Egypt; India; and Saudi Arabia.
• The company produces products suited for underground installations and custom projects.

Customer Base & Sales

• International and diverse, including customers across North America, Middle East, Canada, India, and Egypt.
• Uses a combination of direct sales, independent manufacturer representatives, and agent networks.
• No single customer accounted for more than 10% of net sales or accounts receivable in 2024 or 2025.

Financial Highlights (2025 Fiscal Year)

• Revenue: $158.4 million
• Net Income: $9.0 million (attributable to common stock)
• Employees:
  • Approximately 175 full-time employees in the U.S.
  • About 575 full-time employees internationally.
• Market Capitalization:
  • The market value of shares held by non-affiliates was approximately $71.6 million as of July 31, 2024, based on a stock price of $9.49 per share.
• Outstanding Shares: 7,982,568 as of April 21, 2025.

Additional Details

• The company’s operations are project-based, with most products sold through discrete projects that can vary significantly in demand.
• Backlog as of January 31, 2025, was $138.1 million, more than double the previous year's backlog of $68.4 million, mainly driven by new awards in North America and the Middle East.
• The company emphasizes custom engineering, design, and fabrication, especially for underground and energy-related infrastructure projects.
• The business faces risks related to raw material supply, international trade, and project delays but maintains a diverse and geographically dispersed customer base without reliance on any single customer.