{"success":true,"data":{"pressRelease":{"id":"173986","rtpr_id":"nBw1r1DRZa-20261020","ticker":"PPIH","exchange":"NASDAQ","all_tickers":["PPIH"],"title":"Perma-Pipe Announces New Orders Exceeding $28 Million in North America Through First Two Months of Fiscal Q3, with Strong Winter Activity Expected in Canadian Oil and Gas Sector","author":"Business Wire","published_at":"2026-10-20T12:30:00.529Z","article_body":"Perma-Pipe Announces New Orders Exceeding $28 Million in North America Through\nFirst Two Months of Fiscal Q3, with Strong Winter Activity Expected in\nCanadian Oil and Gas Sector\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in\nengineered piping and corrosion protection solutions, today announced that its\nNorth American operations secured new orders in excess of $28 million during\nthe first two months of the Company’s fiscal third quarter.\n\nThe new orders secured to date in the fiscal third quarter of 2026 span\ndistrict heating, Canadian oil and gas, and U.S. data center projects,\nreflecting continued commercial momentum and strengthening demand across the\nregion. The Company expects Canadian oil and gas customers to be more active\nthis winter season, due to seasonal operating requirements and ongoing energy\ninfrastructure activities that are expected to provide additional business\nopportunities.\n\nSaleh Sagr, President and Chief Executive Officer of Perma-Pipe International\nHoldings, Inc., commented:\n\n“Securing bookings in excess of $28 million through the end of September\nreflects the strength of our North American business and the growing momentum\nbehind our regional growth strategy. We see significant opportunities to\nexpand our market presence, build on our customer relationships, and capture\ndemand across our core energy and infrastructure markets. In Canada, we\nanticipate a particularly active winter season in the oil and gas sector,\nproviding further opportunities to leverage our capabilities and strengthen\nour position.\n\n“In parallel, we continue to make progress on our strategic expansion into\nJordan. Following the signing of the Memorandum of Understanding (MOU) with\nWelspun, Perma-Pipe has established its legal presence in Jordan, marking an\nimportant milestone in advancing our plans to support the country’s major\nwater infrastructure initiatives. We expect to establish the joint venture\nbefore the end of the third quarter, positioning Perma-Pipe to capitalize on\nsignificant opportunities in Jordan and the broader region.\n\n“We remain confident in North America’s contribution to Perma-Pipe’s\nfuture growth and in the potential of our international expansion initiatives.\nAcross our markets, we remain focused on converting opportunities into\nsustainable, profitable growth and long-term shareholder value.”\n\nMarc Huber, Senior Vice President, North America, said:\n\n“Our North American business continues to build momentum, supported by\nstrong customer demand and a solid pipeline of opportunities. We expect\nincreased activity in Canada’s oil and gas sector this winter and are well\npositioned to meet customer needs and capitalize on emerging market\nopportunities.”\n\nPerma-Pipe continues to focus on executing its current backlog, maintaining\noperational readiness, and pursuing opportunities across its core energy and\ninfrastructure markets. With its established regional presence, engineering\nexpertise, and specialized piping and coating capabilities, the Company is\npositioned to support customer requirements while advancing its long-term\nNorth American growth objectives.\n\nAbout Perma-Pipe International Holdings, Inc.\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in\nengineered piping and corrosion protection solutions. The Company provides\npre-insulated piping systems, leak detection systems, anti-corrosion coatings\nand related engineered products and services to customers across the energy,\ndistrict energy, infrastructure, industrial, Oil & Gas, water\ntransmission, and other critical infrastructure markets.\n\nPerma-Pipe operates manufacturing and service facilities across North America,\nMiddle East, North Africa, India and other strategic markets, enabling the\nCompany to serve customers globally while providing local manufacturing and\nengineering capabilities.\n\nFor more information, visit www.permapipe.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.permapipe.com%2F&esheet=54624682&newsitemid=20261019886567&lan=en-US&anchor=www.permapipe.com&index=1&md5=d102a11df997cdfb2776570c41d2ebaa)\n.\n\nForward-Looking Statements\n\nCertain statements and other information contained in this press release that\ncan be identified by the use of forward-looking terminology constitute\n“forward-looking statements” within the meaning of Section 27A of the\nSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange\nAct of 1934, as amended, and are subject to the safe harbors created thereby,\nincluding, without limitation, statements regarding the expected future\nperformance and operations of the Company. These statements should be\nconsidered as subject to the many risks and uncertainties that exist in the\nCompany's operations and business environment. Such risks and uncertainties\ninclude, but are not limited to, the following: (i) the impact of a health\npandemic on the Company's results of operations, financial condition and cash\nflows; (ii) fluctuations in the price of oil and natural gas and its impact on\nthe customer order volume for the Company's products; (iii) the Company's\nability to comply with all covenants in its credit facilities; (iv) the\nCompany’s ability to repay its debt and renew expiring international credit\nfacilities; (v) the Company’s ability to effectively execute its strategic\nplan and achieve profitability and positive cash flows; (vi) the impact of\nglobal economic weakness and volatility; (vii) fluctuations in steel prices\nand the Company’s ability to offset increases in steel prices through price\nincreases in its products; (viii) the timing of order receipt, execution,\ndelivery and acceptance for the Company’s products; (ix) decreases in\ngovernment spending on projects using the Company’s products, and challenges\nto the Company’s non-government customers’ liquidity and access to capital\nfunds; (x) the Company’s ability to successfully negotiate progress-billing\narrangements for its large contracts; (xi) aggressive pricing by existing\ncompetitors and the entrance of new competitors in the markets in which the\nCompany operates; (xii) the Company’s ability to purchase raw materials at\nfavorable prices and to maintain beneficial relationships with its suppliers;\n(xiii) the Company’s ability to manufacture products free of latent defects\nand to recover from suppliers who may provide defective materials to the\nCompany; (xiv) reductions or cancellations of orders included in the\nCompany’s backlog; (xv) the Company's ability to collect an account\nreceivable related to a project in the Middle East; (xvi) risks and\nuncertainties related to the Company's international business operations;\n(xvii) the Company’s ability to attract and retain senior management and key\npersonnel; (xviii) the Company’s ability to achieve the expected benefits of\nits growth initiatives; (xix) the Company’s ability to interpret changes in\ntax regulations and legislation; (xx) the Company's ability to use its net\noperating loss carryforwards; (xxi) reversals of previously recorded revenue\nand profits resulting from inaccurate estimates made in connection with the\nCompany’s percentage-of-completion revenue recognition; (xxii) the\nCompany’s failure to establish and maintain effective internal control over\nfinancial reporting; and (xxiii) the impact of cybersecurity threats on the\nCompany’s information technology systems. Shareholders, potential investors\nand other readers are urged to consider these factors carefully in evaluating\nthe forward-looking statements and are cautioned not to place undue reliance\non such forward-looking statements. The forward-looking statements made herein\nare made only as of the date of this press release and we undertake no\nobligation to publicly update any forward-looking statements, whether as a\nresult of new information, future events or otherwise. More detailed\ninformation about factors that may affect our performance may be found in our\nfilings with the Securities and Exchange Commission, which are available at\nhttps://www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sec.gov&esheet=54624682&newsitemid=20261019886567&lan=en-US&anchor=https%3A%2F%2Fwww.sec.gov&index=2&md5=934acff2fe24421f77051393dcd6a066)\nand under the Investor Center section of our website\n(http://investors.permapipe.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Finvestors.permapipe.com&esheet=54624682&newsitemid=20261019886567&lan=en-US&anchor=http%3A%2F%2Finvestors.permapipe.com&index=3&md5=f183dde5a9c1de818cc580b783b36258)\n).\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261019886567/en/\n(https://www.businesswire.com/news/home/20261019886567/en/)\n\nSaleh Sagr, President and CEO \n\nPerma-Pipe Investor Relations \n\n847.929.1200 \n\ninvestor@permapipe.com (mailto:investor@permapipe.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw1r1DRZa-20261020","title":"Perma-Pipe Announces New Orders Exceeding $28 Million in North America Through First Two Months of Fiscal Q3, with Strong Winter Activity Expected in Canadian Oil and Gas Sector","author":"Business Wire","ticker":"PPIH","created":"2026-10-20T12:30:00.529Z","tickers":["PPIH"],"exchange":"NASDAQ","article_body":"Perma-Pipe Announces New Orders Exceeding $28 Million in North America Through\nFirst Two Months of Fiscal Q3, with Strong Winter Activity Expected in\nCanadian Oil and Gas Sector\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in\nengineered piping and corrosion protection solutions, today announced that its\nNorth American operations secured new orders in excess of $28 million during\nthe first two months of the Company’s fiscal third quarter.\n\nThe new orders secured to date in the fiscal third quarter of 2026 span\ndistrict heating, Canadian oil and gas, and U.S. data center projects,\nreflecting continued commercial momentum and strengthening demand across the\nregion. The Company expects Canadian oil and gas customers to be more active\nthis winter season, due to seasonal operating requirements and ongoing energy\ninfrastructure activities that are expected to provide additional business\nopportunities.\n\nSaleh Sagr, President and Chief Executive Officer of Perma-Pipe International\nHoldings, Inc., commented:\n\n“Securing bookings in excess of $28 million through the end of September\nreflects the strength of our North American business and the growing momentum\nbehind our regional growth strategy. We see significant opportunities to\nexpand our market presence, build on our customer relationships, and capture\ndemand across our core energy and infrastructure markets. In Canada, we\nanticipate a particularly active winter season in the oil and gas sector,\nproviding further opportunities to leverage our capabilities and strengthen\nour position.\n\n“In parallel, we continue to make progress on our strategic expansion into\nJordan. Following the signing of the Memorandum of Understanding (MOU) with\nWelspun, Perma-Pipe has established its legal presence in Jordan, marking an\nimportant milestone in advancing our plans to support the country’s major\nwater infrastructure initiatives. We expect to establish the joint venture\nbefore the end of the third quarter, positioning Perma-Pipe to capitalize on\nsignificant opportunities in Jordan and the broader region.\n\n“We remain confident in North America’s contribution to Perma-Pipe’s\nfuture growth and in the potential of our international expansion initiatives.\nAcross our markets, we remain focused on converting opportunities into\nsustainable, profitable growth and long-term shareholder value.”\n\nMarc Huber, Senior Vice President, North America, said:\n\n“Our North American business continues to build momentum, supported by\nstrong customer demand and a solid pipeline of opportunities. We expect\nincreased activity in Canada’s oil and gas sector this winter and are well\npositioned to meet customer needs and capitalize on emerging market\nopportunities.”\n\nPerma-Pipe continues to focus on executing its current backlog, maintaining\noperational readiness, and pursuing opportunities across its core energy and\ninfrastructure markets. With its established regional presence, engineering\nexpertise, and specialized piping and coating capabilities, the Company is\npositioned to support customer requirements while advancing its long-term\nNorth American growth objectives.\n\nAbout Perma-Pipe International Holdings, Inc.\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in\nengineered piping and corrosion protection solutions. The Company provides\npre-insulated piping systems, leak detection systems, anti-corrosion coatings\nand related engineered products and services to customers across the energy,\ndistrict energy, infrastructure, industrial, Oil & Gas, water\ntransmission, and other critical infrastructure markets.\n\nPerma-Pipe operates manufacturing and service facilities across North America,\nMiddle East, North Africa, India and other strategic markets, enabling the\nCompany to serve customers globally while providing local manufacturing and\nengineering capabilities.\n\nFor more information, visit www.permapipe.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.permapipe.com%2F&esheet=54624682&newsitemid=20261019886567&lan=en-US&anchor=www.permapipe.com&index=1&md5=d102a11df997cdfb2776570c41d2ebaa)\n.\n\nForward-Looking Statements\n\nCertain statements and other information contained in this press release that\ncan be identified by the use of forward-looking terminology constitute\n“forward-looking statements” within the meaning of Section 27A of the\nSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange\nAct of 1934, as amended, and are subject to the safe harbors created thereby,\nincluding, without limitation, statements regarding the expected future\nperformance and operations of the Company. These statements should be\nconsidered as subject to the many risks and uncertainties that exist in the\nCompany's operations and business environment. Such risks and uncertainties\ninclude, but are not limited to, the following: (i) the impact of a health\npandemic on the Company's results of operations, financial condition and cash\nflows; (ii) fluctuations in the price of oil and natural gas and its impact on\nthe customer order volume for the Company's products; (iii) the Company's\nability to comply with all covenants in its credit facilities; (iv) the\nCompany’s ability to repay its debt and renew expiring international credit\nfacilities; (v) the Company’s ability to effectively execute its strategic\nplan and achieve profitability and positive cash flows; (vi) the impact of\nglobal economic weakness and volatility; (vii) fluctuations in steel prices\nand the Company’s ability to offset increases in steel prices through price\nincreases in its products; (viii) the timing of order receipt, execution,\ndelivery and acceptance for the Company’s products; (ix) decreases in\ngovernment spending on projects using the Company’s products, and challenges\nto the Company’s non-government customers’ liquidity and access to capital\nfunds; (x) the Company’s ability to successfully negotiate progress-billing\narrangements for its large contracts; (xi) aggressive pricing by existing\ncompetitors and the entrance of new competitors in the markets in which the\nCompany operates; (xii) the Company’s ability to purchase raw materials at\nfavorable prices and to maintain beneficial relationships with its suppliers;\n(xiii) the Company’s ability to manufacture products free of latent defects\nand to recover from suppliers who may provide defective materials to the\nCompany; (xiv) reductions or cancellations of orders included in the\nCompany’s backlog; (xv) the Company's ability to collect an account\nreceivable related to a project in the Middle East; (xvi) risks and\nuncertainties related to the Company's international business operations;\n(xvii) the Company’s ability to attract and retain senior management and key\npersonnel; (xviii) the Company’s ability to achieve the expected benefits of\nits growth initiatives; (xix) the Company’s ability to interpret changes in\ntax regulations and legislation; (xx) the Company's ability to use its net\noperating loss carryforwards; (xxi) reversals of previously recorded revenue\nand profits resulting from inaccurate estimates made in connection with the\nCompany’s percentage-of-completion revenue recognition; (xxii) the\nCompany’s failure to establish and maintain effective internal control over\nfinancial reporting; and (xxiii) the impact of cybersecurity threats on the\nCompany’s information technology systems. Shareholders, potential investors\nand other readers are urged to consider these factors carefully in evaluating\nthe forward-looking statements and are cautioned not to place undue reliance\non such forward-looking statements. The forward-looking statements made herein\nare made only as of the date of this press release and we undertake no\nobligation to publicly update any forward-looking statements, whether as a\nresult of new information, future events or otherwise. More detailed\ninformation about factors that may affect our performance may be found in our\nfilings with the Securities and Exchange Commission, which are available at\nhttps://www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.sec.gov&esheet=54624682&newsitemid=20261019886567&lan=en-US&anchor=https%3A%2F%2Fwww.sec.gov&index=2&md5=934acff2fe24421f77051393dcd6a066)\nand under the Investor Center section of our website\n(http://investors.permapipe.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Finvestors.permapipe.com&esheet=54624682&newsitemid=20261019886567&lan=en-US&anchor=http%3A%2F%2Finvestors.permapipe.com&index=3&md5=f183dde5a9c1de818cc580b783b36258)\n).\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261019886567/en/\n(https://www.businesswire.com/news/home/20261019886567/en/)\n\nSaleh Sagr, President and CEO \n\nPerma-Pipe Investor Relations \n\n847.929.1200 \n\ninvestor@permapipe.com (mailto:investor@permapipe.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-20T12:30:00.608416946Z","server_sent_at_ms":1792499400608},"received_at":"2026-10-20T12:30:01.489Z","source_url":"https://www.businesswire.com/news/home/20261019886567/en/"},"analysis":{"id":"162057","press_release_id":"173986","analysis_json":{"industry":{"label":"Building Products","sector":"Industrials"},"redFlags":["forward-looking statements flag credit facility compliance and debt renewal risks, plus an uncollected Middle East receivable"],"eventType":"operations_update","narrative":"Perma-Pipe's North American operations booked more than $28 million in new orders in the first two months of its fiscal third quarter, spanning district heating, Canadian oil and gas, and U.S. data center projects.\n\nManagement expects Canadian oil and gas customers to be particularly active this winter, driven by seasonal operating requirements and energy infrastructure activity.\n\nThe company also established its legal presence in Jordan following the MOU with Welspun and expects to form the joint venture before the end of the third quarter.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong order momentum for a micro-cap: $28M+ bookings in two months plus a Jordan JV with Welspun on track."},"keyFigures":{"dealValueUsd":28000000,"customDimensions":{"orders_context":"new North American orders in first two months of fiscal Q3 2026"}},"quotedText":"Securing bookings in excess of $28 million through the end of September reflects the strength of our North American business and the growing momentum behind our regional growth strategy.","namedEntities":{"people":[{"name":"Saleh Sagr","role":"President and CEO"},{"name":"Marc Huber","role":"Senior Vice President, North America"}],"products":["pre-insulated piping systems","leak detection systems","anti-corrosion coatings"],"companies":[{"name":"Perma-Pipe International Holdings, Inc.","ticker":"PPIH","relationship":"filer"},{"name":"Welspun","relationship":"joint venture partner"}],"dollarAmounts":[{"amount":"$28 million","context":"new North American orders in first two months of fiscal Q3 2026"}]},"materialImpact":{"score":3,"reasoning":"Concrete new bookings exceeding $28 million in the first two months of fiscal Q3 with a constructive winter outlook, plus progress on the Jordan JV with Welspun. Material for a small-cap but not a market-moving event."},"tickerRelevance":{"others":[],"primary":"PPIH"},"globalImportance":25,"audienceRelevance":15,"eventTypeSecondary":["partnership"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"positive order bookings update","householdBrandBoost":false,"retailFavoriteBoost":false}},"event_type":"operations_update","event_type_secondary":["partnership"],"sentiment":"bullish","material_impact_score":3,"narrative":"Perma-Pipe's North American operations booked more than $28 million in new orders in the first two months of its fiscal third quarter, spanning district heating, Canadian oil and gas, and U.S. data center projects.\n\nManagement expects Canadian oil and gas customers to be particularly active this winter, driven by seasonal operating requirements and energy infrastructure activity.\n\nThe company also established its legal presence in Jordan following the MOU with Welspun and expects to form the joint venture before the end of the third quarter.","key_figures":{"dealValueUsd":28000000,"customDimensions":{"orders_context":"new North American orders in first two months of fiscal Q3 2026"}},"named_entities":{"people":[{"name":"Saleh Sagr","role":"President and CEO"},{"name":"Marc Huber","role":"Senior Vice President, North America"}],"products":["pre-insulated piping systems","leak detection systems","anti-corrosion coatings"],"companies":[{"name":"Perma-Pipe International Holdings, Inc.","ticker":"PPIH","relationship":"filer"},{"name":"Welspun","relationship":"joint venture partner"}],"dollarAmounts":[{"amount":"$28 million","context":"new North American orders in first two months of fiscal Q3 2026"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-20T12:30:13.972Z","global_importance":25,"audience_relevance":15,"importance_components":{"tickerTier":"micro-cap","eventGravity":"positive order bookings update","householdBrandBoost":false,"retailFavoriteBoost":false}},"durationMs":6083,"modelName":"glm-5.3-flashx"}}