PPIH$29.39-1.08%
Perma-Pipe International Holdings, Inc.
Sector: Industrial & Commercial Fans & Blowers & Air Purifing EquipIndustry: Industrial - MachineryCountry: USExchange: Nasdaq
Mkt Cap:$240.86M
Float & O/S:
Inst Own:
DilutionScan read 26 of Perma-Pipe International Holdings, Inc.'s SEC filings and found 1 shelf registration on file for PPIH. The latest dilution event on file is a registration statement on Jun 26, 2026. Analysis updated Nov 2, 2026.
Signal8 Summary
PPIH
Growing small-cap, margins under pressure
- Business
- MixedRevenue +24% but gross margin slipped to 29.2%, $3.9M bad-debt charge
- Stock risk
- Elevated$240M small-cap, share count +1.7%, disclosure-control weaknesses flagged
Snapshot
Perma-Pipe is a small industrial piping and leak-detection maker growing fast: FY 2025 revenue hit $210.9M, up 33.2%, with $17.0M in net profit.
What's Happening Right Now
- : Perma-Pipe replaced its prior credit agreement with a new $90M JPMorgan facility (a $75M revolver plus $14M term loan), with access to up to $50M more incremental capacity.
- : Q2 FY2026 net sales rose 24.4% to $59.6M and net income hit $2.5M, but the quarter absorbed a $3.9M charge for an uncollectible receivable and gross margin slipped to 29.2% from 30.1%.
- : The 10-Q disclosed that the CEO and CFO concluded disclosure controls were not effective as of July 31, 2026 due to material weaknesses in internal controls, with remediation still in progress.
- : Perma-Pipe signed an MOU with Welspun and the Jordanian government to form a joint venture for pipe manufacturing and coating facilities tied to Jordan's National Water Carrier Project, with definitive terms still pending.
- : Perma-Pipe secured more than $67 million in new orders in Q2 fiscal 2026, growing its backlog to $142.3 million.
