Perma-Pipe International Holdings, Inc. reported solid top-line growth in fiscal 2025 and further gains in 2026 driven by increased sales volumes and enhanced project execution in key geographic markets including the Middle East and North America. The company’s operating income and net income surged markedly year-over-year, reflecting leverage on higher revenues and operational efficiencies. Liquidity remains sufficient with $27.2 million cash on hand and credit facilities aggregating $74.9 million, but upcoming debt maturities within the next 12 months require careful monitoring. Perma-Pipe continues managing risks inherent in its discrete project business model by securing payment assurances and maintaining strong relationships with regional customers.