Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH)

Perma-Pipe International Holdings, Inc. is engaged in the manufacture and sale of specialty piping systems and leak detection systems. The company was incorporated in Delaware on October 12 1993 and its common stock trades on the Nasdaq Global Market under the ticker PPIH. Perma-Pipe International Holdings, Inc. engineers designs fabricates and sells products that serve district energy networks chemical and hazardous fluid transport oil and gas pipelines and water distribution systems. The company operates from facilities located in the United States Canada India Egypt Qatar Saudi Arabia and the United Arab Emirates.

Perma-Pipe International Holdings, Inc. generates revenue primarily through the sale of its specialty piping systems which include insulated and jacketed district heating and cooling pipes primary and secondary containment piping for chemicals and petroleum products coating and insulation of oil and gas gathering and transmission pipelines and liquid and powder based anti‑corrosion coatings applied to internal and external steel pipe surfaces. The company also sells leak detection systems either integrated with its piping products or as stand‑alone monitors to detect fluid intrusion that could cause environmental contamination safety hazards or equipment damage. Revenue is derived from discrete project based sales where products are custom fabricated to job site dimensions and include provisions for thermal expansion. The company employs a combination of inside and outside sales representatives independent manufacturers’ representatives in the United States and direct sales forces in Canada India Egypt and various Middle Eastern countries supplemented by agent networks where advantageous.

The company operates through the following segments:

• Piping Systems. This segment encompasses the design engineering manufacture and sale of specialty piping systems and leak detection solutions. Products include insulated and jacketed district heating and cooling piping for efficient energy distribution from central plants to multiple sites primary and secondary containment piping for transporting chemicals hazardous fluids and petroleum products coating and insulation services for oil and gas gathering and transmission pipelines and internal and external anti‑corrosion coatings applied to steel pipe bends reducers tees and other fittings. Leak detection systems are offered either bundled with piping products or sold separately to monitor areas where fluid intrusion could endanger safety impair services or damage property. Perma‑Pipe International Holdings, Inc. frequently custom fabricates products to match exact job site specifications and incorporates allowances for thermal expansion due to temperature cycling. Most piping systems are intended for underground installation requiring trenching performed by unaffiliated contractors. The company’s sales are typically tied to individual projects resulting in variable demand across reporting periods.

Perma-Pipe International Holdings, Inc. competes in a highly competitive piping systems market where quality service engineering design capabilities technical support a comprehensive product line timely execution plant location and price are decisive factors. The company believes it offers a more comprehensive product line than any competitor which enables it to address a broad range of customer needs from district energy to oil and gas pipeline protection. While the company holds various patents covering its piping and electronic leak detection systems it considers these patents non‑material to its overall performance because it believes sales would not be significantly affected if patent protection were unavailable. Perma-Pipe International Holdings, Inc. also maintains numerous trademarks worldwide associated with its piping and leak detection brands reinforcing its market presence.

The company’s customer base is industrially and geographically diverse. In the United States Perma-Pipe International Holdings, Inc. utilizes inside and outside sales managers supported by a network of independent manufacturers’ representatives who do not sell competing products. In Canada India Egypt and several Middle Eastern countries the company employs a direct sales force and where appropriate engages local agent networks to assist with marketing and sales. Customers include operators of district heating and cooling projects chemical and petrochemical facilities oil and gas pipeline operators water utility providers and contractors involved in underground infrastructure development. As of January 31 2026 one customer represented approximately 23 percent of total accounts receivable and 12 percent of total net sales while no other customer exceeded ten percent of receivables or sales in either the 2026 or 2025 fiscal years. Perma-Pipe International Holdings, Inc. monitors the creditworthiness of its major customers on an ongoing basis.