Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc.

Company profile

• Operates as a single reportable segment: Piping Systems.
• Incorporated in Delaware in 1993.
• Ticker: PPIH (Nasdaq Global Market).
• Fiscal year ends January 31.

Products and services

• Engineers, designs, manufactures, and sells specialty piping systems and leak detection systems.
• Specialty piping systems include:
  • Insulated and jacketed district heating and cooling piping systems for centralized energy distribution.
  • Primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products.
  • Coating and/or insulation for oil and gas gathering and transmission pipelines.
  • Liquid and powder-based anti-corrosion coatings for external and internal surfaces of steel pipe and fittings, including bends, reducers, tees, and spools used in pipelines for oil, gas, and potable water.
• Leak detection systems:
  • Sold with piping systems or as stand-alone products to monitor areas where fluid intrusion could pose environmental, safety, or property risks.
• Custom fabrication:
  • Frequently engineered to job-site dimensions with provisions for thermal expansion due to temperature cycling.
• Installation:
  • Most piping systems are produced for underground installations and require trenching by general contractors and unaffiliated installation contractors.

Markets, customers, and sales channels

• Customer base is industrially and geographically diverse.
• U.S. sales through inside/outside sales managers and a network of independent manufacturers’ representatives (none sell competitive products).
• Direct sales force used in Canada, India, Egypt, and several Middle East countries.
• Country-by-country strategy that includes agent networks where advantageous.
• Customer concentration:
  • As of January 31, 2026, one customer accounted for approximately 23% of total accounts receivable and about 12% of total net sales for the year ended January 31, 2026.
  • As of January 31, 2025, no single customer accounted for more than 10% of accounts receivable or net sales.
• Backlog:
  • $121.6 million at January 31, 2026 (compared with $138.1 million at January 31, 2025).
  • Most backlog is expected to be completed within the year ending January 31, 2027.
  • Backlog equals the expected value of total revenue from confirmed purchase orders not yet recognized as revenue; orders can be canceled or modified.

Geographic and operating footprint

• Operating facilities across the United States, Canada, the Middle East, Europe, India, Egypt, Qatar, and other locations.
• Examples of sites:
  • United States: Rolling Meadows, IL; New Iberia, LA; Lebanon, TN
  • Canada: Camrose, AB; Vars, ON
  • Middle East and North Africa: Fujairah, UAE; Dammam and Riyadh, Saudi Arabia
• Ownership and leasing arrangements vary by site; see lease disclosures for details.

Employees and human capital

• Total employees: 909 (as of January 31, 2026)
  • U.S.: 222
  • International: 687
• Union representation: 97 employees are represented by labor unions under two collective bargaining agreements (expiring April 30, 2027 and April 30, 2028).

Management and governance (selected personnel)

• Executive officers (as of April 16, 2026):
  • Saleh N. Sagr — President, Chief Executive Officer, and Director; age 56 (appointed President March 2025; CEO June 2025; joined the board April 2026)
  • Matthew E. Lewicki — Vice President and Chief Financial Officer; age 43 (joined 2023)
• Company filings and corporate reports are available through SEC filings and on the company website.

Intellectual property and suppliers

• Intellectual property:
  • Holds patents covering piping and electronic leak detection systems.
  • Owns numerous trademarks worldwide.
• Suppliers and materials:
  • Raw materials include carbon steel, steel alloys, copper, ductile iron, polymers, polyols, isocyanate, urethane resin, polyethylene, and fiberglass.
  • Sensor cables and assembled monitoring components are sourced from multiple suppliers.
  • The company has experienced fluctuations in raw material costs and availability due to market volatility, supply chain disruptions, tariffs, and transportation delays.
• Mitigation approaches:
  • Seeking alternative suppliers
  • Planning purchases further in advance
  • Purchasing larger volumes from existing suppliers
  • Adjusting prices to offset raw material cost increases

Financial snapshot

• Backlog: $121.6 million (January 31, 2026); $138.1 million (January 31, 2025).
• Customer concentration highlighted above under Markets, customers, and sales channels.

Risks and operations context

• Business risks include oil and gas price fluctuations, raw material pricing and supply, government project spending, debt covenants, profitability and cash flow sustainability, international regulatory and geopolitical risks, cybersecurity, and potential product liability or vendor-recovery costs.
• Risk mitigation measures include price pass-through, supplier diversification, backlog management, and internal control practices.

Availability of information

• Company reports and related materials are available on the company website and through SEC filings.