Filing Flows › Perma-Pipe International Holdings (PPIH) › Q2 FY27
Perma-Pipe International Holdings (PPIH) Q2 FY27 earnings results (second quarter fiscal 2027)
10-Q filed Sep 9, 2026
Perma-Pipe International Holdings (PPIH) reported revenue of $59.6M for the second quarter fiscal 2027 (Q2 FY27), +24% from a year earlier and +19% from the quarter before. Operating margin was 7.1%, net earnings $2.5M (4.3% of revenue).
Perma-Pipe International Holdings, Q2 FY27: revenue $59.6M (+24% year over year), operating margin 7.1%, net earnings $2.5M, operating cash flow $7.2M. The chart follows the revenue to costs, profit and cash.
| Q2 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.6M | +19% | +24% |
| Gross profit | $17.4M | +19% | +21% |
| Operating profit | $4.3M | -8% | +33% |
| Net earnings | $2.5M | +41% | +199% |
| Operating cash flow | $7.2M | +18% | — |
| Free cash flow | $5.3M | +9% | — |
What changed
Revenue was $59.6M in Q2 FY27, up 24% year over year and up 19% from the previous quarter.
Gross margin was 29.2%, down 0.9 points from Q2 FY26. Operating profit was $4.3M, a 7.1% margin (up 0.5 points year over year). Of the extra revenue versus Q2 FY26, 9% reached operating profit, above the 7% margin then. Operating expenses grew 17% against revenue growth of 24%. The fastest-growing cost line was General & admin (+18%). Net earnings were $2.5M, up 199% year over year. The effective tax rate was 15.6%.
Operating cash flow was $7.2M, 222% of net income including minority interests. Non-cash charges added back $1.7M of depreciation and amortization and $233K of share-based compensation. Working capital and other items added $2.1M. Capital expenditures of $2.0M left free cash flow of $5.3M.
Questions
What was Perma-Pipe International Holdings' revenue in the second quarter fiscal 2027?
Perma-Pipe International Holdings (PPIH) reported revenue of $59.6M for the second quarter fiscal 2027 (Q2 FY27), +24% from a year earlier and +19% from the quarter before.
Was Perma-Pipe International Holdings profitable in the second quarter fiscal 2027?
Operating profit was $4.3M (7.1% of revenue) and net earnings $2.5M.
Source: Perma-Pipe International Holdings 10-Q on SEC EDGAR.