Perma-Pipe International Holdings, Inc. 10-K

Business

Note 1 - Business information Perma-Pipe International Holdings, Inc. ("PPIH", the "Company", "we", or "our") was incorporated in Delaware on October 12, 1993. The Company is engaged in the manufacture and sale of products in one distinct segment: Piping Systems. Fiscal year. The Company's fiscal year ends on January 31. Years, results and balances described as 2025 and 2024 are for the fiscal years ended January 31, 2026 and 2025 , respectively. Nature of business. The Company engineers, designs, manufactures and sells specialty piping systems and leak detection systems. Specialty piping systems include: (i) insulated and jacketed district heating and cooling ("DHC") piping systems for efficient energy distribution from central energy plants to multiple locations, (ii) primary and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, and (iii) the coating and/or insulation of oil and gas gathering and transmission pipelines, and (iv) liquid and powder based anti-corrosion coatings applied both to the external and internal surfaces of steel pipe, including shapes such as bends, reducers, tees, and other spools/fittings used in pipelines for the transportation of oil and gas products and potable water. The Company's leak detection systems are sold with its piping systems or on a stand-alone basis, to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or damage equipment or property. Geographic information. Net sales are attributed to geographic areas based on the location of the facility from which the product is shipped. Sales originating from international operations represented 71.7 % and 66.9 % of total net sales in 2025 and 2024 , respectively. Long-lived assets, which consist of property, plant, and equipment, are attributed to geographic areas based on their physical location. 2025 2024 Net sales United States $ 59,601 $ 52,495 Canada 48,070 32,756 United Arab Emirates 47,311 23,875 Saudi Arabia 45,395 37,663 Other 10,548 11,595 Total net sales $ 210,925 $ 158,384 Property, plant and equipment, net of accumulated depreciation United States $ 4,116 $ 4,650 Canada 11,715 9,622 United Arab Emirates 12,308 10,683 Saudi Arabia 10,796 7,483 Other 5,181 2,927 Total property, plant and equipment, net of accumulated depr