Perma-Pipe International Holdings engineers, manufactures, and sells specialty piping systems, primarily for underground installations. The company's core products include district heating and cooling (DHC) piping systems, which distribute hot or cold water from central energy plants to buildings on university campuses, hospitals, and urban districts; containment piping for hazardous chemicals and petroleum; anti-corrosion coatings and insulation for oil and gas pipelines; and leak detection systems sold standalone or alongside piping. Most products are custom-engineered to project specifications. Perma-Pipe operates manufacturing facilities across North America, the Middle East, and Asia, with a growing presence in the UAE, Saudi Arabia, and Qatar. In the U.S., Perma-Pipe sells through independent manufacturers' representatives, while in Canada, India, Egypt, and the Middle East, it uses a direct sales force supplemented by local agents. The business is project-based — Perma-Pipe wins discrete contracts, fabricates to spec, and delivers to job sites where general contractors handle installation. Revenue and profitability can be lumpy given the project-driven model, and results depend on project mix, timing, and the ability to pass raw material cost increases (primarily steel, polyethylene, and polyurethane foam) through to customers. As of January 31, 2026, backlog stood at $121.6M. Perma-Pipe argues that its broad product line positions it as a single-source supplier for complex, multi-product piping projects.