Perma‑Pipe International Holdings, Inc. announced that it has secured approximately $54 million in new project awards for the first quarter of 2026, covering North America and the Middle East and North Africa (MENA). The awards include AI‑enabled data‑center developments in the United States, projects for the National Research Laboratories and the Marathon project, and district heating and cooling projects in the United Arab Emirates and Saudi Arabia.
The $54 million in new awards is roughly double the $27 million in project awards announced in September 2025 and far exceeds the $6.5 million in contracts announced in Q1 2023, indicating a clear acceleration in win momentum for the company.
Perma‑Pipe’s Q4 fiscal‑2025 results provide context for the impact of these new awards. Net sales for the quarter were $55.1 million, up 22.4 % year‑over‑year, and fiscal‑2025 net sales totaled $210.9 million, up 33.1 % YoY. Net income rose 89 % from the prior year, underscoring the company’s strong financial performance and the role of new project awards in sustaining revenue growth.
Management highlighted the significance of the new awards. Senior Vice President Marc Huber said, "In North America, investment in AI and data center infrastructure continues to accelerate. Our participation in major data center projects, along with key awards such as the National Research Laboratories and Marathon project, highlights our ability to deliver reliable, high‑performance solutions that meet the rigorous demands of these environments." President and CEO Saleh Sagr added, "These project wins reflect the strength of our global platform and the disciplined execution of our growth strategy. We are seeing increasing demand across both traditional energy infrastructure and next‑generation applications such as AI‑driven data centers. Our ability to respond with engineering expertise, manufacturing capacity, and localized capabilities positions us well to capture these opportunities and drive sustainable growth." In the Q4 fiscal‑2025 earnings call, Sagr noted, "With record earnings as our foundation and a modernized capital structure as our fuel, we enter the remainder of 2026 with strong confidence in our ability to scale our global operations and drive meaningful shareholder returns."
The new awards reinforce Perma‑Pipe’s competitive positioning against larger industrial players and support its expansion into AI data‑center cooling and district heating markets. The company plans to open a new facility in the U.S. Northeast in Q2 2026, targeting the AI data‑center and district heating/cooling sectors, and is seeking a new global banking agreement to enhance liquidity. Perma‑Pipe remains an independent public company and continues to focus on pre‑insulated piping and leak‑detection systems for oil and gas, district heating/cooling, and data‑center cooling.
Perma‑Pipe’s MENA operations remain unaffected by regional conflicts, and the company’s continued success in securing high‑value, technically complex projects across North America and MENA demonstrates its ability to deliver reliable, high‑performance solutions in diverse markets.
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