Perma-Pipe International(NASDAQ) PPIH

Perma-Pipe makes special pipes that move heat, cold, and liquids safely. These systems help cities share energy and factories move chemicals without leaks. The company helps prevent spills that could harm the environment.

What Does Perma-Pipe Make?

• Specialty Piping Systems: Insulated pipes for moving energy to heat or cool large areas; accounts for 94% of net sales.
• Containment Systems: Primary and secondary pipes designed to move chemicals and hazardous liquids without leaks.
• Pipeline Coatings: Layers that protect oil, gas, and water pipes from corrosion and extreme temperatures.
• Leak Detection: Sensing technology that finds and reports escapes in piping or containment systems.

Growing Around the Globe

• Formed a joint venture with Gulf Insulation Group in June 2023 to expand sales in the Middle East.
• Replaced its previous credit facility with an $18 million agreement from JPMorgan Chase Bank, N.A. in April 2026.
• Sold and then leased back its Tennessee manufacturing property in April 2021 to generate $9.1 million in cash.
• Purchased the remaining 50% interest in Perma-Pipe Canada, Ltd. in 2016 to gain full control.

Why It Wins

Perma-Pipe operates across the United States, Canada, the Middle East, Europe, and India. Its ability to custom-engineer pipes for both energy transport and hazardous containment supports complex infrastructure projects.

The Latest Numbers

• Net sales reached $50.3 million in Q1 2026, up 7.5% from Q1 2025.
• Gross profit fell to $14.6 million in Q1 2026, down 12.5% from Q1 2025.
• Net income attributable to common stock fell to $1.8 million in Q1 2026, down 63.6% year-over-year.
• Operating cash flow grew to $6.1 million in Q1 2026, up 733.6% from the previous year.

Bottom Line

Perma-Pipe has shifted focus toward global infrastructure through specialized piping and joint ventures. Its transition to new financing and expansion in international markets supports its long-term operational strategy.