Perma-Pipe Reports 24% Revenue Growth, Expands MENA Footprint…

Event summary

Q2 2026 revenue rose 24% YoY to $59.6M, driven by North America and MENA demand.
Backlog grew to $142.3M, with $67M in new orders, including oil & gas awards in MENA and Canada.
New $90M global credit facility with JPMorgan Chase Bank, N.A., replacing prior $18M revolving credit.
Ohio facility ramped up, Qatar facility expanding; joint venture in Jordan announced post-quarter.
Net income attributable to common stock rose to $2.5M ($0.31 per diluted share) from $0.9M ($0.10 per diluted share) YoY.

The big picture

Perma-Pipe's Q2 results reflect strong demand for infrastructure solutions in energy and water sectors. The company's strategic expansions in MENA and Ohio, coupled with a larger credit facility, position it to capitalize on secular trends in critical infrastructure. However, rising costs and execution risks remain key challenges.

What we're watching

Execution Risk: Whether Perma-Pipe can sustain growth amid rising materials and logistics costs.
Geographic Expansion: The pace at which MENA and Ohio facility expansions drive long-term revenue.
Debt Management: How the new $90M credit facility will support future growth initiatives.