Perma-Pipe International Holdings Inc
permapipe.comWhat Do They Do?
Designs, manufactures, and sells specialty piping and leak-detection systems for district energy, oil and gas, and industrial uses.
10-K for FY2026, filed Apr 16, 2026The Company engineers, designs, manufactures and sells specialty piping systems and leak detection systems. Specialty piping systems…View ↗
How Do They Make Money?
Customers buy custom piping and coating through projects, with sales counted as manufacturing progresses; separately sold products count when shipped and field services when performed. Some project customers are billed and pay at milestones during the work.
10-K for FY2026, filed Apr 16, 2026In accordance with ASC 606-10-25-27 through 29, the Company recognizes specialty piping and coating systems revenue over time as the…View ↗
Products revenue is recognized at a point in time when control of the promised goods is transferred to the customer, generally upon…View ↗
Some of the Company’s operating entities invoice and collect milestones or other contractual obligations prior to the transfer of goods and…View ↗
$210.9M
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10-K for FY2026, filed Apr 16, 2026
$210.9M ↗
Who Are Their Customers?
Its buyers are industrial customers. U.S. sales managers use independent manufacturers’ representatives, while a direct sales force serves customers in Canada, India, Egypt and several Middle Eastern countries; agents may assist in some markets.
10-K for FY2026, filed Apr 16, 2026Customers and sales channels. The Company's customer base is industrially and geographically diverse. In the United States, the Company…View ↗
10-K for FY2026, filed Apr 16, 2026
As of January 31, 2026, one customer accounted for approximately 23% of the Company’s total accounts receivable. For the year ended January…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2026, but spent more cash than it brought in: free cash flow was −$1.3M.
10-K for FY2026, filed Apr 16, 2026
$29.4MView ↗
10-K for FY2026, filed Apr 16, 2026
$17MView ↗
10-K for FY2026, filed Apr 16, 2026
−$1.3MView ↗
How Are They Changing?
Growing. Revenue grew 52% in 4 years, from $138.6M in FY2022 to $210.9M in FY2026, about 11% a year.
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