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Performance was driven by 24% year-over-year sales growth, fueled by higher volumes in both the MENA and North America regions despite seasonal factors in Canada.

Management attributed the gross margin performance to a mix of product jurisdictions and initial startup costs at the new Ohio manufacturing facility.

The company is pivoting toward technology-enabled solutions, with the leak detection business already securing approximately 80% of its full-year bookings target.

Strategic positioning in the MENA region is being strengthened by establishing manufacturing capacity close to major customers like QatarEnergy to mitigate logistical challenges.

Growth in North America is being accelerated by the new Ohio facility, which serves as a primary engine for capturing the expanding AI data center and digital infrastructure market.

Management highlighted that the company's engineering-led, custom-engineered approach allows it to compete on quality and execution rather than commodity pricing.

The company expects a strong second half of fiscal 2026, supported by a $142.3 million backlog and a growing project pipeline exceeding $900 million.

Management anticipates the Ohio and Qatar facilities will reach full production capacity by early 2027, providing significant operating leverage as fixed costs are absorbed.

Strategic focus is shifting toward recurring revenue streams by developing multi-year service agreements for monitoring and support in the district heating and cooling markets.

The MOU in Jordan is framed as a multi-year entry point into the Levant region's reconstruction, targeting water, energy, and oil and gas infrastructure beyond the initial anchor project.

Future growth assumptions include the continued expansion of leak detection sensing technology through partnerships with original equipment manufacturers (OEMs).

A $3.9 million pre-tax charge was recognized for an uncollectible accounts receivable balance from a specific customer, which management has opted not to pursue for recovery at this time.

The company secured a new $90 million global credit facility with JPMorgan Chase, providing the financial scale necessary to compete for projects exceeding $100 million.

Perma-Pipe joined the Russell 2000 and 3000 indexes in June, a move intended to increase visibility and engagement with institutional investors.

Geopolitical dynamics in the Middle East, including the potential closure of the Strait of Hormuz, are creating new opportunities for land-based energy infrastructure projects.

Management acknowledged that global tariffs are impacting operations, though they attempt to mitigate this by outsourcing locally where possible.

They expect the current tariff-related impacts to subside and return to normal levels in the future.

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The Ohio facility is currently in a gradual ramp-up phase to ensure quality and safety, with full production expected by early 2027.

Management anticipates the active data center market cycle will last until approximately 2030 or 2031.

The partnership allows Perma-Pipe to enter the pipe manufacturing market for the first time, complementing its existing coating capabilities.

The venture serves as a manufacturing platform for the broader Levant region, including reconstruction projects in Iraq and Syria.

Management's objective is to return consolidated gross margins to the 'higher than 30s' as utilization improves and fixed costs are better absorbed.

Current margins are being pressured by rising shipping costs and commodity prices linked to Middle East conflicts, which cannot always be passed to customers on short-term contracts.

The new JPMorgan credit facility removes previous financial constraints that prevented the company from bidding on projects valued over $100 million.

Management confirmed they are now far better positioned to compete for major global opportunities than in previous years.