What changed in this filing

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Item 1. Business

2026-04-16 compared with 2025-05-01 · 38 added, 40 removed, 78 unchanged (50% of the section changed)

17 unchanged sentences

Perma-Pipe, Inc.

Perma-Pipe Middle East LLC

Rolling Meadows, IL

Abu Dhabi, United Arab Emirates

New Iberia, LA

Perma-Pipe Middle East FZC

Rolling Meadows, IL

Fujairah, United Arab Emirates

Perma-Pipe Canada, Ltd.

New Iberia, LA

Perma-Pipe Saudi Arabia, LLC

Dammam, Kingdom of Saudi Arabia

Perma-Pipe Canada, Ltd.

Perma-Pipe Arabia Contracting, LLC

Camrose, Alberta, Canada

Perma-Pipe Gulf Arabia, LLC

Vars, Ontario, Canada

Dammam, Kingdom of Saudi Arabia

Vars, Ontario, Canada

Perma-Pipe Gulf Arabia, LLC

Perma-Pipe Egypt for Metal Fabrication and Insulation Industries (Perma-Pipe Egypt) S.A.E.

Dammam, Kingdom of Saudi Arabia

Riyadh, Kingdom of Saudi Arabia

Beni Suef, Egypt

Medina, Kingdom of Saudi Arabia

Perma-Pipe India Pvt.

Medina, Kingdom of Saudi Arabia

Gandhidham, India

Perma-Pipe QA Factory, LLC

Perma-Pipe Middle East LLC

Abu Dhabi, United Arab Emirates

Customers and sales channels.

3 unchanged sentences

On a country-by-country basis, and where advantageous, the Company uses an agent network to assist in marketing and selling the Company's products and services.

For the years ended January 31, 2025 and 2024 , no one customer accounted for greater than 10% of the Company's consolidated net sales.

As of January 31, 2025 and 2024, no one customer accounted for greater than 10% of accounts receivable.

As of January 31, 2026, one customer accounted for approximately 23% of the Company’s total accounts receivable.

For the year ended January 31, 2026 , this same customer represented approximately 12% of total net sales.

As of January 31, 2025, and for the year then ended, no single customer accounted for more than 10% of total accounts receivable or net sales.

The Company monitors the creditworthiness of this customer on an ongoing basis.

As of January 31, 2026, no allowance for credit losses was deemed necessary as the Company expects to collect the full carrying value of the outstanding balance.

The Company’s backlog on January 31, 2026 was $ 121.6 million, compared to $ 138.1 million on January 31, 2025 , most of which is expected to be completed within the year ending January 31, 2027 .

The increase in the backlog was the result of new awards year-over-year in excess of completed projects during the year in North America and the Middle East.

The Company defines backlog as the expected total revenue value resulting from confirmed customer purchase orders that have not yet been recognized as revenue.

The decrease in backlog is primarily attributable to converting existing sales orders into revenue and the timing of new awards.

The Company defines backlog as the expected value of total revenue resulting from confirmed customer purchase orders that have not yet been recognized as revenue.

However, by industry practice, orders may be canceled or modified at any time.

8 unchanged sentences

The basic raw materials used in production are pipes and tubes made of carbon steel, steel alloys, copper, ductile iron, or polymers and various chemicals such as polyols, isocyanate, urethane resin, polyethylene, and fiberglass, which are mostly purchased in bulk quantities.

The Company believes there are currently adequate supplies and sources of availability of these needed raw materials.

The Company believes there are currently adequate supplies and sources of availability of these raw materials needed.

The sensor cables used in the Company's leak detection and location systems are manufactured to the Company's specifications by companies regularly engaged in manufacturing such cables.

The Company assembles the monitoring component of its leak detection and location systems from components purchased from many sources.

Due to the current inflationary environment, raw material supply shortages and transportation delays, the Company routinely experiences delays and increased prices for raw materials used in the Company's production processes.

To mitigate these impacts, the Company has implemented several strategies, including purchasing from alternative suppliers and planning for material purchases further in advance to ensure the Company has materials when needed.

The Company continues to experience fluctuations in the cost and availability of raw materials due to volatile economic conditions, supply chain disruptions, tariff uncertainties, and transportation delays.

To mitigate these impacts, the Company has implemented several strategies, including actively seeking alternative suppliers and planning for material purchases further in advance to ensure the Company has materials when needed.

The Company also adjusts its pricing to customers to offset the impacts of the raw material price increases.

11 unchanged sentences

In addition, district heating and cooling plants can provide better pollution control than localized boilers and cooling equipment.

As of January 31, 2025, the Company had approximately 175 full-time employees working in the United States, of which approximately 79 were under two collective bargaining agreements expiring on April 30, 2027 and May 5, 2025.

As of January 31, 2025, there were approximately 575 full-time employees working at the Company's international locations.

The Company considers its relationship with its employees to be good.

HUMAN CAPITAL

As of January 31, 2026, we employed a total of 909 individuals, of whom 222 were located in the United States and 687 were located internationally.

Within the United States, 97 employees are represented by labor unions and are covered under two collective bargaining agreements, which expire on April 30, 2027 and April 30, 2028, respectively.

We believe that our human capital, including our ability to attract, develop, and retain skilled personnel, is critical to the success of our operations.

We consider our relationships with our employees to be constructive and stable, and we have not experienced any material work stoppages to date.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following table sets forth information regarding the executive officers of the Company as of May 1, 2025:

The following table sets forth information regarding the executive officers of the Company as of April 16, 2026 :

Executive officer of the

1 unchanged sentence

Company since

Director, Chief Executive Officer;

President, Chief Executive Officer, and Director;

Vice President and Chief Financial Officer;

Chief Executive Officer ("CEO") and member of the Board of Directors since November 2016.

From 2015 to 2016, Mr.

Mansfield served as Chief Financial Officer ("CFO") of Compressor Engineering Corp.

& CECO Pipeline Services Co., which provides products and services to the gas transmission, midstream, gas processing, and petrochemical industries.

In this position, he had overall responsibility for the group’s financial affairs, including the development and execution of turnaround plans and the successful negotiation of a corporate refinancing.

From 2009 to 2014, Mr.

Mansfield served as CFO and as Acting CEO of Pipestream, Inc., a venture capital-owned technology development company providing a suite of products to the oil and gas pipeline industry.

From 1992 to 2009, Mr.

Mansfield was employed with Bredero Shaw, the world’s largest provider of protective coatings for the oil and gas pipeline industry, most recently as Vice President Strategic Planning.

During his tenure with Bredero Shaw, Mr.

Mansfield served in numerous roles including Vice President Controller, and Commercial General Manager, Europe, Africa & the former Soviet Union region, and played a key role in strategy development and merger and acquisition activities as the company grew from annual revenues of $100 million to over $900 million.

He is a Fellow member of the Association of Chartered Certified Accountants.

Appointed President in April 2025 and has previously served as the Company’s Senior Vice President of the MENA region since June 2021, where he was responsible for overseeing operations in the U.A.E., Saudi Arabia, India, and Egypt.

He joined the Company in May 2019 as Vice President of the MENA region.

Prior to joining Perma-Pipe, Mr.

Sagr served as General Manager for Global Anti Corrosion Techniques Co.

Ltd, in Saudi Arabia, a Saudi pipeline company he co-founded in 2005.

From 1995 to 2005, Mr.

Sagr held various positions for BrederoShaw, such as engineering, startups, and operations management.

A ppointed President of PERMA-PIPE as of March 31, 2025, and CEO on June 7, 2025;

he further expanded his leadership mandate with an appointment to the Board of Directors in April 2026.

Sagr was formerly Senior Vice President, Middle East North Africa (MENA), as of July 2021, where he had overall responsibility for MENA region expansion and the area’s continued business and financial growth.

Sagr was formerly Vice President, MENA since May 2019, where he was responsible for facilities in Fujairah – UAE, Dammam – Saudi Arabia, Gujarat – India, and Beni Suef – Egypt.

Before joining PERMA-PIPE, Mr.

Sagr served as General Manager for Global Anti Corrosion Techniques in Saudi Arabia, a Saudi pipeline coating company he co-founded in 2005.

Sagr has gained extensive knowledge and experience in strategic planning, business development, startups, and turnarounds during the last 32 years, specifically in the Middle East.

Previously, he was based in Edinburgh, the United Kingdom, where he held several significant positions, including engineering, startups, and operations management for Bredero Shaw, the world’s largest provider of protective coatings for the oil & gas pipeline industry from October 1995 to February 2005.

His projects took him to the United Kingdom, Russia, Nigeria, Saudi Arabia, and other international locations.

Vice President and CFO since October 2023 and previously served as Chief Accounting Officer from May 2023 to October 2023.

14 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business