Filing Flows › Perma-Pipe International Holdings (PPIH) › Q1 FY26
Perma-Pipe International Holdings (PPIH) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jun 13, 2025
Perma-Pipe International Holdings (PPIH) reported revenue of $46.7M for the first quarter fiscal 2026 (Q1 FY26), +36% from a year earlier and +4% from the quarter before. Operating margin was 16.9%, net earnings $5.0M (10.6% of revenue).
Perma-Pipe International Holdings, Q1 FY26: revenue $46.7M (+36% year over year), operating margin 16.9%, net earnings $5.0M, operating cash flow $733K. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.7M | +4% | +36% |
| Gross profit | $16.7M | +10% | +59% |
| Operating profit | $7.9M | +45% | +152% |
| Net earnings | $5.0M | +181% | +243% |
| Operating cash flow | $733K | -88% | — |
What changed
Revenue was $46.7M in Q1 FY26, up 36% year over year and up 4% from the previous quarter.
Gross margin was 35.8%, up 5.1 points from a year earlier. Operating profit was $7.9M, a 16.9% margin (up 7.7 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 9% margin then. Operating expenses grew 20% against revenue growth of 36%. The fastest-growing cost line was General & admin (+26%). Net earnings were $5.0M, up 243% year over year. The effective tax rate was 21.3%.
Operating cash flow was $733K, 13% of net income including minority interests. Non-cash charges added back $937K of depreciation and amortization and $224K of share-based compensation. Working capital and other items used $6.3M. Capital expenditures of $927K exceeded it, leaving free cash flow of −$194K.
Questions
What was Perma-Pipe International Holdings' revenue in the first quarter fiscal 2026?
Perma-Pipe International Holdings (PPIH) reported revenue of $46.7M for the first quarter fiscal 2026 (Q1 FY26), +36% from a year earlier and +4% from the quarter before.
Was Perma-Pipe International Holdings profitable in the first quarter fiscal 2026?
Operating profit was $7.9M (16.9% of revenue) and net earnings $5.0M.
Source: Perma-Pipe International Holdings 10-Q on SEC EDGAR.