NWPX Infrastructure manufactures water infrastructure products for the U.S. market across two segments. The larger segment, Water Transmission Systems (WTS), makes large-diameter, high-pressure engineered steel pipeline systems used to transport drinking water from sources to treatment facilities and into distribution networks. WTS products include spiral welded steel pipe, bar-wrapped concrete cylinder pipe, and the proprietary Permalok steel casing pipe, a press-fit joining system used in trenchless construction. WTS operates on a project-based, long-term contract model: public water agencies design transmission projects, contractors bid them out, and NWPX bids the pipe portion to those contractors. Revenue is recognized on a percent-of-completion basis. Key margin drivers include plant utilization, project mix, and freight efficiency across NWPX's seven facilities. The smaller Precast segment makes reinforced concrete and precast products — including pipe, manholes, box culverts, and stormwater management systems — for gravity-fed sewer and stormwater applications. Precast operates under two brands: Geneva, serving residential and municipal markets in Utah and the Intermountain West, and Park, serving commercial markets primarily in Texas. NWPX's growth strategy uses WTS as the cash flow engine to fund Precast expansion, both organically and through acquisitions. Both Geneva and Park are targeting $100M annual revenue run rates by end of 2026, with longer-term aspirations of reaching $1B in total revenue.