Revenue Up 33%, EPS Up 87%, and the Data Center Pivot Is Now Real (NASDAQ: PPIH)
Record fiscal year, $54 million in fresh awards four days later, and a two-vector growth engine now fully operating.
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Perma-Pipe International Holdings published its audited fourth quarter and full-year fiscal 2025 results last Thursday.
The headline: record everything.
Revenue grew 33.1% to $210.9 million.
Net income attributable to common stock grew 88.9% to $17.0 million.
GAAP diluted EPS grew 87% to $2.09 from $1.12.
Income before income taxes grew 49% to $27.5 million, or $29.6 million on an adjusted basis.
Operating income grew 45% to $29.4 million.
Gross profit grew 30.6% to $69.5 million at a 33% margin.
Four days later, on Monday, the company disclosed approximately $54 million in new Q1 2026 project awards - including named AI-enabled data center contracts, the National Research Laboratories project, the Marathon project, and major District Heating & Cooling awards in the United Arab Emirates and Saudi Arabia.
PPIH now has roughly $175 million of visible, awarded work on the books - and that is with three quarters of fiscal 2026 still open to new orders.
The business reports a strengthened working capital position, a modernised global capital structure through a new J.P. Morgan credit facility, and a dedicated new US manufacturing facility in Ohio positioned specifically for AI data centers and the Northeast corridor district heating and cooling market.
The stock is trading around $30, implying a market cap of approximately $245 million.
On trailing numbers, that gives you an EV/EBITDA of approximately 7x.
A trailing P/E of around 14x.
For a business growing revenue at 33%, operating profit at 45%, with contracted backlog visibility, named end-market exposure to the AI infrastructure build-out, and two distinct growth vectors firing simultaneously.
In the rest of this post, I cover:
The audited fiscal 2025 numbers and how the operating leverage shows up
Regional performance across MENA and North America
The Ohio facility and what it means for data center exposure
The J.P. Morgan credit facility and capital structure transformation
The backlog and what fiscal 2026 actually looks like
Bear, base, and bull case valuations
Key developments since December and what I am watching from here