Perma-Pipe has filed a shelf registration statement to offer and sell up to $75,000,000 of any combination of debt securities, common stock, warrants, stock purchase contracts, and stock purchase units. The company intends to utilize this prospectus for future capital raises, offering securities in one or more series at prices and terms determined at the time of each offering. This filing provides the company with flexibility to access capital markets efficiently as needed.

The securities may be offered directly to purchasers or through underwriters, dealers, and agents designated at a future date. Specific terms regarding the distribution plan, offering prices, and other details will be provided in one or more supplements to this prospectus. Investors are advised to review both the base prospectus and the applicable supplement carefully before investing.

Perma-Pipe's common stock is currently listed on The Nasdaq Stock Market LLC under the symbol "PPIH." The last reported sale price of the common stock was $31.27 per share on June 8, 2026. Future prospectus supplements will indicate whether any newly offered securities will be listed on a securities exchange.

Key Offering Details

Perma-Pipe International Holdings, Inc. reported net sales of $50.265 million for the first quarter ended April 30, 2026, an increase of 7.53% compared to $46.747 million in the prior-year quarter. Despite the sales growth, the company missed the analyst consensus estimate of $54.000 million by 6.92%. Earnings per share (EPS) stood at $0.22, missing the analyst consensus estimate of $0.48 by 54.17% and decreasing 63.93% from $0.61 in the same period last year. The financial performance was impacted by geopolitical project delays in the Middle East and increased compliance costs.

President and Chief Executive Officer Saleh Sagr stated that geopolitical developments in the Middle East caused delays in project execution, affecting revenue recognition and profitability in the MENA region. He emphasized that no projects were cancelled and customer demand remains strong. Sagr added that the company anticipates both revenue growth and net income growth for fiscal 2026 compared to fiscal 2025.

Net income attributable to common stock decreased to $1.801 million from $4.952 million in the same period of fiscal 2025. Gross profit for the quarter was $14.636 million, down from $16.724 million in the prior-year quarter. The decline reflects project and product mix across jurisdictions, seasonal factors in Canada, and start-up costs for new manufacturing facilities in Ohio and Qatar. Selling, general and administrative expenses increased to $9.999 million from $8.835 million, driven by professional fees related to the company's transition to accelerated filer status and Sarbanes-Oxley compliance initiatives.

Earnings before income taxes were $3.9 million, compared to $7.4 million in the prior-year quarter. The effective tax rate rose to 34% from 21%, reflecting the impact of earnings mix across tax jurisdictions. Net interest expense increased to $0.6 million from $0.4 million, primarily due to incremental borrowings.

The company's backlog stood at $136.5 million at April 30, 2026, an increase of approximately 12% from $121.6 million at January 31, 2026. Sagr noted that the backlog includes contributions from recently awarded AI-driven data center projects in North America. The company also reported robust bidding activity across infrastructure, energy, industrial, water-related, and data center projects.

Financial Results

Balance Sheet Highlights

Perma-Pipe International Holdings, Inc. expects to initiate quarterly earnings conference calls beginning with the second quarter of fiscal 2026 to enhance transparency and engagement with the investment community.