Every 10-Q that Perma-Pipe International Holdings, Inc. (PPIH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PPIH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PPIH filings page.
Perma-Pipe International Holdings, Inc. (PPIH) reported stronger quarterly results for the three months ended July 31, 2026, with net sales of $59.6 million versus $47.9 million a year earlier, driven by higher volumes in North America and the MENA region. Net income attributable to common stock rose to $2.5 million from $0.9 million, and diluted EPS increased to $0.31 from $0.10, despite a $3.9 million customer receivable write-off classified in general and administrative expenses.
For the first six months of fiscal 2026, net sales were $109.8 million versus $94.6 million, but net income attributable to common stock declined to $4.3 million from $5.8 million, reflecting margin pressure, the receivable write-off, and higher interest expense. Operating cash flow improved substantially to $13.3 million from $(1.3) million, cash and cash equivalents increased to $31.8 million, and working capital reached $83.4 million. Debt totaled $36.1 million, and after quarter-end the company entered into a new $75.0 million revolving credit facility and $14.0 million term loan maturing in August 2031, which replaced the prior North American credit agreement.
Perma-Pipe International Holdings reported higher sales but sharply lower profit for the quarter ended April 30, 2026. Net sales rose to $50.3 million from $46.7 million, but net income attributable to common stock fell to $1.8 million from $5.0 million, with diluted EPS down to $0.22 from $0.61.
Gross margin declined to 29% from 36%, mainly due to product mix, seasonality in Canada, and ramp-up costs at a new Ohio facility and projects in Qatar. Operating cash flow improved to $6.1 million, lifting cash and restricted cash to $31.8 million. Total debt increased to $38.0 million, including a new $18.0 million North American asset-based revolver with $15.3 million drawn.
Management again concluded disclosure controls and procedures were not effective because of ongoing material weaknesses in internal control over financial reporting, some of which previously led to revisions and a restatement. Remediation efforts, including improved segregation of duties, new consolidation software, and strengthened MENA controls, are underway but not yet complete.
Perma-Pipe International Holdings, Inc. reported strong growth for the quarter ended October 31, 2025. Net sales rose to $61.1M from $41.6M, driven by higher project volumes in the Middle East and North America. Gross profit increased to $21.0M, keeping gross margin at 34%. Net income attributable to common stock more than doubled to $6.3M, or $0.78 per basic share, compared with $0.31 a year earlier.
For the first nine months of 2025, net sales reached $155.8M versus $113.4M, and net income attributable to common stock grew to $12.1M from $7.2M. Operating cash flow improved to $16.0M, helping lift cash and cash equivalents to $27.2M, while total debt increased to $29.7M to support growth and capital spending. The company had $31.8M of unused borrowing capacity and stated it believes its liquidity is sufficient for at least the next 12 months and beyond.
Perma-Pipe International Holdings (PPIH) reports interim disclosure of liquidity, credit facilities, and selected balance-sheet items for the six months ended July 31, 2025. The company maintains a Renewed Senior Credit Facility of $18.0 million maturing September 20, 2026, with $9.7 million borrowed and $3.0 million available under that North American facility as of July 31, 2025. Foreign revolving credit arrangements total approximately $45.0 million of facility limits, of which $5.8 million was borrowed and about $14.9 million remained available at July 31, 2025. The company completed a sale-leaseback of its Lebanon, Tennessee property that generated $9.1 million net proceeds and was recorded as a failed sale and leaseback under ASC 842, resulting in a current finance obligation of $0.2 million and a long-term finance obligation of $8.7 million.
Other balance-sheet items disclosed include approximately $18.9 million of unbilled accounts receivable as of July 31, 2025, an effective tax rate of 30% for the six months ended July 31, 2025 (25% in prior year), and foreign subsidiary debt guaranteed by the company of approximately $8.6 million at July 31, 2025. The company had approximately 8.09 million shares outstanding.