Perma-Pipe International (PPIH) 10-Q 11 Sep 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 31, 2024	Sep. 11, 2024
Document Information [Line Items]
Entity Central Index Key	0000914122
Entity Registrant Name	Perma-Pipe International Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	001-32530
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3922969
Entity Address, Address Line One	24900 Pitkin Road, Suite 309
Entity Address, City or Town	Spring
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77386
City Area Code	847
Local Phone Number	966-1000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	PPIH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,977,853

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Net sales	$ 37,513	$ 35,141	$ 71,834	$ 64,798
Cost of sales	24,039	25,677	47,843	48,559
Gross profit	13,474	9,464	23,991	16,239
Operating expenses
General and administrative expenses	5,979	5,283	12,128	10,742
Selling expenses	1,353	1,490	2,588	2,730
Total operating expenses	7,332	6,773	14,716	13,472
Income from operations	6,142	2,691	9,275	2,767
Interest expense	514	636	1,021	1,148
Other (expense) income	(38)	81	(105)	154
Income before income taxes	5,590	2,136	8,149	1,773
Income tax expense	1,306	966	2,076	1,725
Net income	4,284	1,170	6,073	48
Less: Net income attributable to non-controlling interest	995	148	1,341	148
Net income (loss) attributable to common stock	$ 3,289	$ 1,022	$ 4,732	$ (100)
Weighted average common shares outstanding
Basic (in shares)	7,954	8,029	7,930	8,017
Diluted (in shares)	8,125	8,139	7,987	8,017
Earnings (loss) per share attributable to common stock
Basic (in dollars per share)	$ 0.41	$ 0.13	$ 0.6	$ (0.01)
Diluted (in dollars per share)	$ 0.4	$ 0.13	$ 0.59	$ (0.01)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Net income	$ 4,284	$ 1,170	$ 6,073	$ 48
Other comprehensive income (loss)
Foreign currency translation adjustment	(192)	339	(1,607)	(98)
Comprehensive income (loss)	4,092	1,509	4,466	(50)
Less: Comprehensive income attributable to non-controlling interests	995	148	1,341	148
Total comprehensive income (loss) attributable to common stock	$ 3,097	$ 1,361	$ 3,125	$ (198)

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Current assets
Cash and cash equivalents	$ 9,455	$ 5,845
Restricted cash	1,426	1,395
Trade accounts receivable, less allowance for credit losses of $713 at July 31, 2024 and $699 at January 31, 2024	39,927	46,646
Inventories	15,823	15,541
Prepaid expenses and other current assets	13,197	9,697
Unbilled accounts receivable	17,850	16,597
Costs and estimated earnings in excess of billings on uncompleted contracts	3,085	3,097
Total current assets	100,763	98,818
Long-term assets
Property, plant and equipment, net of accumulated depreciation	37,518	37,620
Operating lease right-of-use asset	6,938	6,467
Deferred tax assets	7,866	7,919
Goodwill	2,156	2,222
Other long-term assets	3,946	2,665
Total long-term assets	58,424	56,893
Total assets	159,187	155,711
Current liabilities
Trade accounts payable	21,411	25,323
Accrued compensation and payroll taxes	1,358	1,214
Commissions and management incentives payable	5,210	4,523
Revolving line - North America	6,699	5,519
Current maturities of long-term debt	5,522	4,071
Customers' deposits	5,949	4,264
Operating lease liability short-term	965	914
Other accrued liabilities	6,178	9,039
Billings in excess of costs and estimated earnings on uncompleted contracts	704	495
Income taxes payable	2,475	2,380
Total current liabilities	56,471	57,742
Long-term liabilities
Long-term debt, less current maturities	8,912	9,035
Long-term finance obligation	3,974	4,229
Deferred compensation liabilities	1,180	1,212
Deferred tax liabilities	1,165	1,217
Operating lease liability long-term	6,689	6,270
Other long-term liabilities	1,403	1,275
Total long-term liabilities	26,076	25,991
Non-controlling interest	8,057	6,266
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value, authorized 50,000 shares; 7,978 issued and outstanding at July 31, 2024 and 8,017 at January 31, 2024	81	80
Additional paid-in capital	59,808	60,063
Treasury stock, 112 shares at July 31, 2024 and January 31, 2024	(968)	(968)
Retained earnings	16,820	12,088
Accumulated other comprehensive loss	(7,158)	(5,551)
Total stockholders' equity	68,583	65,712
Total liabilities and stockholders' equity	159,187	155,711
Related Party [Member]
Long-term assets
Total assets	26,400
Long-term liabilities
Loan payable to GIG	$ 2,753	$ 2,753

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Allowance for doubtful accounts	$ 713	$ 699
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000	50,000
Common stock, issued (in shares)	7,978	8,017
Common stock, outstanding (in shares)	7,978	8,017
Treasury stock (in shares)	112	112

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member] Revision of Prior Period, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Jan. 31, 2023		$ 80	$ 62,562	$ 1,617	$ (26)	$ (6,449)	$ 57,784
Net income		0	0	(1,123)	0	0	(1,123)
Stock-based compensation expense		0	229	0	0	0	229
Foreign currency translation adjustment		0	0	0	0	(437)	(437)
Balance at Apr. 30, 2023		$ 80	62,791	494	(26)	(6,886)	56,453
Balances (in shares) at Jan. 31, 2023	(56,947)	8,007,002
Balance at Jan. 31, 2023		$ 80	62,562	1,617	(26)	(6,449)	57,784
Net income							(100)
Foreign currency translation adjustment							(98)
Balance at Jul. 31, 2023		$ 81	62,762	1,516	(338)	(6,547)	57,474
Balances (in shares) at Jan. 31, 2023	(56,947)	8,007,002
Shares issued, net of shares used for tax withholding (in shares)		66,726
Balances (in shares) at Jul. 31, 2023		8,016,781
Balance at Apr. 30, 2023		$ 80	62,791	494	(26)	(6,886)	56,453
Net income		0	0	1,022	0	0	1,022
Stock-based compensation expense		0	245	0	0	0	245
Foreign currency translation adjustment		0	0	0	0	339	339
Common stock issued under stock plans, net of shares used for tax withholding		0	(274)	0	0	0	(274)
Balance at Jul. 31, 2023		81	62,762	1,516	(338)	(6,547)	57,474
Repurchase of common stock		$ 1
Repurchase of common stock			0	0	(312)	0	(311)
Balances (in shares) at Jul. 31, 2023		8,016,781
Balance at Jan. 31, 2024		$ 80	60,063	12,088	(968)	(5,551)	65,712
Net income		0	0	1,443	0	0	1,443
Stock-based compensation expense		0	228	0	0	0	228
Amount attributable to non-controlling interest		0	(421)	0	0	0	(421)
Foreign currency translation adjustment		0	0	0	0	(1,415)	(1,415)
Balance at Apr. 30, 2024		$ 80	59,870	13,531	(968)	(6,966)	65,547
Balances (in shares) at Jan. 31, 2024	0	8,016,781
Balance at Jan. 31, 2024		$ 80	60,063	12,088	(968)	(5,551)	65,712
Net income							4,732
Foreign currency translation adjustment							(1,607)
Balance at Jul. 31, 2024		$ 81	59,808	16,820	(968)	(7,158)	68,583
Balances (in shares) at Jan. 31, 2024	0	8,016,781
Shares issued, net of shares used for tax withholding (in shares)		73,087
Balances (in shares) at Jul. 31, 2024		8,089,868
Balance at Apr. 30, 2024		$ 80	59,870	13,531	(968)	(6,966)	65,547
Net income		0	0	3,289	0	0	3,289
Stock-based compensation expense		0	177	0	0	0	177
Amount attributable to non-controlling interest		0	(29)	0	0	0	(29)
Foreign currency translation adjustment		0	0	0	0	(192)	(192)
Common stock issued under stock plans, net of shares used for tax withholding		1	(210)	0	0	0	(209)
Balance at Jul. 31, 2024		$ 81	$ 59,808	$ 16,820	$ (968)	$ (7,158)	$ 68,583
Balances (in shares) at Jul. 31, 2024		8,089,868

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Operating activities
Net income	$ 6,073	$ 48
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,717	1,791
Deferred tax expense	203	191
Stock-based compensation expense	396	456
Provision on uncollectible accounts	43	8
Gain (loss) from disposal of fixed assets	29	(5)
Changes in operating assets and liabilities
Accounts receivable	6,090	(9,865)
Inventories	(809)	882
Costs and estimated earnings in excess of billings on uncompleted contracts	221	2,495
Accounts payable	(3,064)	8,044
Accrued compensation and payroll taxes	(48)	(1,650)
Customers' deposits	1,810	534
Income tax receivable	(789)	(766)
Prepaid expenses and other current assets	(3,209)	989
Other assets and liabilities	(2,974)	389
Net cash provided by operating activities	3,832	3,533
Investing activities
Capital expenditures	(3,180)	(6,797)
Proceeds from insurance recovery for property and equipment	0	5
Net cash used in investing activities	(3,180)	(6,792)
Financing activities
Proceeds from revolving credit lines	39,540	96,920
Payments of debt on revolving credit lines	(36,887)	(92,091)
Payments of other debt	(117)	(124)
Increase (decrease) in drafts payable	8	(178)
Payments on finance lease obligations	(16)	(154)
Repurchase of common stock	0	(312)
Stock options exercised and taxes paid related to restricted shares vested	(201)	(273)
Net cash provided by financing activities	2,236	3,732
Effect of exchange rate changes on cash, cash equivalents and restricted cash	753	61
Net increase in cash, cash equivalents and restricted cash	3,641	534
Cash, cash equivalents and restricted cash - beginning of period	7,240	6,793
Cash, cash equivalents and restricted cash - end of period	10,881	7,327
Supplemental cash flow information
Cash interest paid	1,000	1,302
Cash income taxes paid	2,436	2,234
Fixed assets acquired under finance leases - non-cash	0	139
Fixed assets acquired from non affiliates - non-cash	0	4,357
Finance Lease Obligations [Member]
Financing activities
Payments on finance lease obligations	(16)	(154)
Land and Buildings in Lebanon, Tennessee [Member]
Financing activities
Payments of principal on finance obligation	(91)	(56)
Unbilled Revenues [Member]
Changes in operating assets and liabilities
Unbilled accounts receivable	$ (1,857)	$ (8)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries (collectively, "PPIH", "Company", or "Registrant") are unaudited, but include all adjustments that the Company's management considers necessary to fairly state the financial position and results of operations for the periods presented. These adjustments consist of normal recurring adjustments. Certain information and footnote disclosures have been omitted pursuant to Securities and Exchange Commission ("SEC") rules and regulations. The consolidated balance sheet as of January 31, 2024 not 10 January 31. 2024 2023 January 31, 2025 January 31, 2024 Significant New Accounting Policies Refer to the Company's Annual Report on Form 10 January 31, 2024 April 26, 2024 During the six July 31, 2024 not

Note 2 - Business Segment Repor

Note 2 - Business Segment Reporting	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 2 The Company is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The Company engineers, manufactures and sells pre-insulated specialty piping systems, and leak detection systems. Pre-insulated specialty piping systems include: (i) insulated and jacketed district heating and cooling piping systems for efficient energy distribution from central energy plants to multiple locations, (ii) primary and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (iii) the coating and/or insulation of oil and gas gathering and transmission pipelines, and (iv) liquid and powder based anti-corrosion coatings applied both to the external and internal surfaces of steel pipe, including shapes like bends, reducers, tees, and other spools/fittings used in pipelines for the transportation of oil and gas products and potable water. The Company's leak detection systems are sold with its piping systems or on a stand-alone basis to monitor areas where fluid intrusion may

Note 3 - Accounts Receivable

Note 3 - Accounts Receivable	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 3 The majority of the Company's accounts receivable are due from geographically dispersed contractors and manufacturing companies. Credit is extended based on an evaluation of a customer's financial condition. In the United States, collateral is not 30 60 may In 2015, not July 31, 2024 long-term assets on the Company's consolidated balance sheets. The Company has been actively involved in ongoing efforts to collect this outstanding balance. The Company continues to engage with the customer to ensure full payment of the open balances, and during the six July 31, 2024 2023, 2024 not July 31, 2024 not may For the three July 31, 2024 10% 2023, one 10% six July 31, 2024 2023 10% As of July 31, 2024 January 31, 2024 , individual customer accounted for more than 10% of the Company's accounts receivable, and one 10% of the Company's accounts receivable, respectively.

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 4 The Company accounts for its revenues under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers Revenue from contracts with customers The Company defines a contract as an agreement that has approval and commitment from both parties, defined rights and identifiable payment terms, which ensures the contract has commercial substance and that collectability is reasonably assured. The Company’s standard revenue transactions are classified into two 1 Systems and Coating - which include all bundled products in which Perma-Pipe engineers, and manufactures pre-insulated specialty piping systems mainly relating to the district heating and cooling and oil & gas markets. 2 Products - which include cables, leak detection products, heat trace products, material/goods not not In accordance with ASC 606 10 25 27 29, one 1 the customer owns the material that is being coated, so the customer controls the asset and thus the work-in-process; or 2 the customer controls the work-in-process due to the custom nature of the pre-insulated, fabricated system being manufactured, which has no Products revenue is recognized when goods are shipped or services are performed (ASC 606 10 25 30 A breakdown of the Company's revenues by revenue class for the three six July 31, 2024 2023 Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Sales % of Total Sales % of Total Sales % of Total Sales % of Total Products $ 2,795 7 % $ 2,146 7 % $ 6,048 8 % $ 4,988 7 % Specialty Piping Systems and Coating Revenue recognized under input method 12,613 34 % 12,801 36 % 22,752 32 % 23,139 36 % Revenue recognized under output method 22,105 59 % 20,194 57 % 43,034 60 % 36,671 57 % Total $ 37,513 100 % $ 35,141 100 % $ 71,834 100 % $ 64,798 100 % The input method as noted in ASC 606 10 55 20 The output method as noted in ASC 606 10 55 17 may Some of the Company’s operating entities invoice and collect milestones or other contractual obligations prior to the transfer of goods and services, but do not Contract modifications that occur prior to the start of the manufacturing process will supersede the original contract and revenue is recognized using the modified contract value. Contract modifications that occur during the manufacturing process (changes in scope of work, job performance, material costs, and/or final contract settlements) are recognized in the period in which the revisions are known. Provisions are made for estimated losses on uncompleted contracts in the contract liabilities account in the period in which such losses are determined. The transaction price associated with the Company's contracts with customers are generally determined based on the fixed amount of consideration as specified in a contract. This may not not third 30 60 Contract assets and liabilities Contract assets represent revenue recognized in excess of amounts billed for work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Contract liabilities represent billings in excess of costs for work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Both customer billings and the satisfaction (or partial satisfaction) of the performance obligation(s) occur throughout the manufacturing process and impact the period end balances in these accounts. In addition, contract assets include receivables or amounts that are billable beyond the passage of time. The following table shows the reconciliation of costs in excess of billings and billings in excess of costs: July 31, 2024 January 31, 2024 Costs incurred on uncompleted contracts $ 17,686 $ 21,912 Estimated earnings 12,110 11,270 Earned revenue 29,796 33,182 Less billings to date 27,415 30,580 Costs in excess of billings, net $ 2,381 $ 2,602 Balance sheet classification Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts $ 3,085 $ 3,097 Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts (704 ) (495 ) Costs in excess of billings, net $ 2,381 $ 2,602 The Company anticipates that substantially all costs incurred on uncompleted contracts as of July 31, 2024 one . Unbilled accounts receivable The Company has recorded $ million and $16.6 million s July 31, 2024 January 31, 2024 , July 31, 2024 will be billed within one Practical expedients Costs to obtain a contract are not not one As a result of the Company's contracts having a duration of less than one

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 5 Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first Inventories consisted of the following: July 31, 2024 January 31, 2024 Raw materials $ 14,777 $ 13,787 Work in process 574 611 Finished goods 1,275 2,022 Subtotal 16,626 16,420 Less allowance 803 879 Inventories $ 15,823 $ 15,541 The Company conducts periodic reviews of its inventory and records allowances for slow moving and obsolete items to reflect their net realizable value, which is primarily attributable to finished goods.

Note 6 - Income Taxes

Note 6 - Income Taxes	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 6 The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets. The relative proportion of taxable income earned domestically versus internationally can fluctuate significantly from period to period. Changes in the estimated level of annual pre-tax income, tax laws and the results of tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the Company's projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections. The Company's worldwide effective tax rates ("ETR") for the three July 31, 2024 2023 were and , respectively. The Company's ETR was 25% and 97% for the six July 31, 2024 2023 The Company expects that future distributions from foreign subsidiaries will not not July 31, 2024

Note 7 - Impairment of Long-liv

Note 7 - Impairment of Long-lived Assets	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Asset Impairment Charges [Text Block]	Note 7 The Company's assessment of long-lived assets, and other identifiable intangibles is based upon factors that market participants would use in accordance with the accounting guidance for the fair value measurement of assets. At July 31, 2024 may not may not may not July 31, 2024 Goodwill. July 31, 2024 January 31, 2024 2016. The following table provides a reconciliation of changes in the carrying amount of goodwill: January 31, 2024 Foreign exchange change effect July 31, 2024 Goodwill $ 2,222 $ (66 ) $ 2,156 The Company performs an impairment assessment of goodwill annually as of January 31, July 31, 2024 may not not not July 31, 2024 not January 31,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 8 The Company has prior incentive plans under which previously granted awards remain outstanding, but under which no may 2021 May 2024. July 31, 2024 196,026 The Company's prior incentive plans provided for the grant of deferred shares, non-qualified stock options, incentive stock options, restricted shares, restricted stock units, and performance-based restricted stock units intended to qualify under section 422 The Company's 2024 May 28, 2024, July 2024 ( "2024 2024 July 2027. 2024 Grants were made in connection with the 2024 Stock-based compensation expense The Company has granted stock-based compensation awards to eligible employees, officers or independent directors. The Company recognized the following stock-based compensation expense for the periods presented: Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Restricted stock-based compensation expense $ 177 $ 227 $ 396 $ 456 Stock options The Company did not three six July 31, 2024 Options Weighted Average Exercise Price (Per share) Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value Outstanding at January 31, 2024 22 $ 11.15 0.7 $ 6 Exercised (1 ) 6.85 - 2 Expired or forfeited (17 ) 12.41 - - Outstanding and exercisable at July 31, 2024 4 $ 6.89 1.4 $ 10 There was no vesting, expiration or forfeiture of previously unvested stock options during the six July 31, 2024 . In addition , there were no remaining unvested stock options outstanding, and therefore no unrecognized compensation expense related to unvested stock options. Restricted stock The following table summarizes the Company's restricted stock activity for the six July 31, 2024 Restricted Shares Weighted Average Price (Per share) Aggregate Intrinsic Value Outstanding at January 31, 2024 222 $ 9.33 $ 2,078 Granted 108 8.81 Vested and issued (73 ) 9.36 Forfeited or retired for taxes (27 ) 10.25 Outstanding at July 31, 2024 230 $ 9.05 $ 2,083 As of July 31, 2024 million years

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 9 Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Basic weighted average common shares outstanding at July 31, 2024 7,954 8,029 7,930 8,017 Dilutive effect of equity compensation plans 171 110 57 - Weighted average common shares outstanding assuming full dilution 8,125 8,139 7,987 8,017 Stock options and restricted stock not included in the computation of diluted earnings per share of common stock because the option exercise prices or grant date prices exceeded the average market prices of the common shares 0 79 114 18 Stock options and restricted stock with exercise prices or grant date prices below the average market prices 171 110 57 170 Net income (loss) attributable to common stock $ 3,289 $ 1,022 $ 4,732 $ (100 ) Earnings (loss) per share attributable to common stock Basic $ 0.41 $ 0.13 $ 0.60 $ (0.01 ) Diluted $ 0.40 $ 0.13 $ 0.59 $ (0.01 )

Note 10 - Debt

Note 10 - Debt	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 10 Debt totaled $27.9 million and $25.7 million at July 31, 2024 January 31, 2024 Revolving lines - North America . September 20, 2018, three On September 17, 2021, five The Borrowers have used and will continue to use borrowings under the Renewed Senior Credit Facility (i) to fund future capital expenditures; (ii) to fund ongoing working capital needs; and (iii) for other corporate purposes, including potentially additional stock repurchases. Borrowings under the Renewed Senior Credit Facility bear interest at a rate equal to an alternate base rate, SOFR rate index, plus, in each case, an applicable margin. The applicable margin is based on a fixed charge coverage ratio ("FCCR") range. Interest on alternate base rate borrowings is the alternate base rate (as defined in the Renewed Senior Credit Facility) plus an applicable margin ranging from 1.00% to 1.50%, based on the FCCR in the most recently reported period. Interest on SOFR rate borrowings is the SOFR rate (as defined in the Renewed Senior Credit Facility) plus an applicable margin ranging from 2.00% to 2.50%, based on the FCCR in the most recently reported period, as well as an additional SOFR adjustment ranging from 0.10% to 0.25%, based on the term of the interest period. Additionally, the Borrowers pay a 0.25% per annum facility fee on the unused portion of the Renewed Senior Credit Facility. Subject to certain exceptions, borrowings under the Renewed Senior Credit Facility are secured by substantially all of the North American Loan Parties’ assets. The Renewed Senior Credit Facility matures on September 20, 2026. may not may not The Renewed Senior Credit Facility also contains financial covenants requiring the North American Loan Parties to achieve a ratio of its EBITDA (as defined in the Renewed Senior Credit Facility) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Renewed Senior Credit Facility to be not 1.00 five may not July 31, 2024 The Renewed Senior Credit Facility contains customary events of default. If an event of default occurs and is continuing, then PNC may As of July 31, 2024 $6.7 million at a rate of 10.0% and had $4.7 million available under the Renewed Senior Credit Facility. As of January 31, 2024 Finance obligation - buildings and land. On April 14, 2021, fifteen four five In accordance with ASC 842, Leases July 31, 2024 . The net carrying amount of the financial liability and remaining assets will be zero Revolving lines - foreign . The Company also has credit arrangements used by its Middle Eastern subsidiaries in the U.A.E. , Egypt and Saudi Arabia as discussed further below. United Arab Emirates The Company has a revolving line for 8.0 million U.A.E. Dirhams (approximately $2.2 million at July 31, 2024 July 31, 2024 July 2024, $1.2 July 31, 2024 January 31, 2024 July 31, 2024 January 31, 2024 The Company has a revolving line for 20.5 million U.A.E. Dirhams (approximately $5.6 million at July 31, 2024 July 31, 2024 August 2024, f $1.0 July 31, 2024 January 31, 2024 July 31, 2024 January 31, 2024 $1.2 $1.0 Egypt In June 2021, $2.1 million July 31, 2024 July 31, 2024 20.8% and expires in November 2024. July 31, 2024 January 31, 2024 July 31, 2024 January 31, 2024 of $2.1 million and $3.2 m In December 2021, y $0.1 mi July 31, 2024 The facility has an interest rate of approximately 11.0% and, as of November 2022, $0.1 July 31, 2024 January 31, 2024 Saudi Arabia In March 2022, July 31, 2024 May 2024 May 2025. July 31, 2024 f $2.6 million and $3.2 million July 31, 2024 January 31, 2024 July 31, 2024 January 31, 2024 $6.3 million and $6.1 These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets (such as accounts receivable and inventory), and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends or undertaking of additional debt. The Company guarantees only a portion of the subsidiaries' debt, including foreign debt. The amount of foreign subsidiary debt guaranteed by the Company was approxim ately $1.1 million and $0.1 million at July 31, 2024 January 31, 2024 The Company was in compliance with the covenants under the credit arrangements in the U.A.E., Egypt and Saudi Arabia as of July 31, 2024 with the exception of those arrangements that have expired or are set to expire and have not July 31, 2024 two July 31, 2024 $24.7 million As of July 31, 2024 , $7.1 million o f availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. Additionally, as of July 31, 2024 , the Company had borrow ed $7.8 million $12.6 million July 31, 2024 January 31, 2024 In June 2023, (see Note 16 April 9, 2026, Mortgages. July 28, 2016, December 23, 2042. July 31, 2024 July 31, 2024 July 31, 2024 July 31, 2024 January 31, 2024

Note 11 - Leases

Note 11 - Leases	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	Note 11 The Company accounts for its leases under ASC 842, Leases ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the ROU asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of the Company's leases do not In calculating the ROU asset and lease liability, the Company elects to combine lease and non-lease components. Additionally, the Company excludes short-term leases having an initial term of 12 Operating Leases. August 2020, y $0.3 July 31, 2024 August 2050. In March December 2022, December 2022 December 2024. first three July 31, 2024 . The termination resulted in decreases of $0.4 million, $6.0 million and $5.5 million to operating lease liability short-term, operating lease liability long-term and operating lease right-of-use asset, respectively, in the consolidated balance sheets as of July 31, 2024 . There were no January 31, 2024, three six July 31, 2024 At July 31, 2024 $7.7 $6.9 million Finance Leases. one thirty not not not not At July 31, 2024 Supplemental balance sheet information related to leases is as follows: Operating and Finance leases July 31, 2024 January 31, 2024 Finance leases assets: Property and Equipment - gross $ 942 $ 970 Accumulated depreciation and amortization (595 ) (536 ) Property and Equipment - net $ 347 $ 434 Finance lease liabilities: Finance lease liability short-term $ 32 $ 113 Finance lease liability long-term 62 - Total finance lease liabilities $ 94 $ 113 Operating lease assets: Operating lease ROU assets $ 6,938 $ 6,467 Operating lease liabilities: Operating lease liability short-term $ 965 $ 914 Operating lease liability long-term 6,689 6,270 Total operating lease liabilities $ 7,654 $ 7,184 Total lease costs consist of the following: Three Months Ended July 31, Six Months Ended July 31, Lease costs Consolidated Statements of Operations Classification 2024 2023 2024 2023 Finance Lease Costs Amortization of ROU assets Cost of sales $ 37 $ 33 $ 75 $ 87 Interest on lease liabilities Interest expense 2 3 3 5 Operating lease costs Cost of sales, SG&A expenses 438 426 893 882 Short-term lease costs (1) Cost of sales, SG&A expenses 93 59 236 245 Sub-lease income SG&A expenses - (20 ) - (40 ) Total Lease costs $ 570 $ 501 $ 1,207 $ 1,179 ( 1 not Supplemental cash flow information related to leases is as follows: Six Months Ended July 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash outflows from finance leases $ 16 $ 154 Operating cash outflows from finance leases 3 5 Operating cash outflows from operating leases 1,045 890 ROU assets obtained in exchange for new lease obligations: Operating leases liabilities $ 1,041 $ 3,484 Weighted-average lease terms and discount rates are as follows: July 31, 2024 Weighted-average remaining lease terms (in years): Finance leases 2.8 Operating leases 12.7 Weighted-average discount rates: Finance leases 6.4 % Operating leases 10.4 % Maturities of lease liabilities as of July 31, 2024 Operating Leases Finance Leases For the six months ending January 31, 2025 $ 1,012 $ 16 For the year ended January 31, 2026 1,993 33 For the year ended January 31, 2027 1,980 36 For the year ended January 31, 2028 1,963 9 For the year ended January 31, 2029 1,617 - For the year ended January 31, 2030 612 - Thereafter 6,982 - Total lease payments $ 16,159 $ 94 Less: amount representing interest (8,505 ) - Total lease liabilities at July 31, 2024 $ 7,654 $ 94 Rent expense on operating leases, which is recorded on straight-line basis, was $0.6 million three July 31, 2024 2023

Note 12 - Restricted Cash

Note 12 - Restricted Cash	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 12 Restricted cash held by foreign subsidiaries is related to fixed deposits that also serve as security deposits and guarantees: July 31, 2024 January 31, 2024 Cash and cash equivalents $ 9,455 $ 5,845 Restricted cash 1,426 1,395 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,881 $ 7,240

Note 13 - Fair Value

Note 13 - Fair Value	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 13 The carrying values of cash and cash equivalents, accounts receivable and accounts payable are considered reasonable estimates of fair value due to their short-term nature. The carrying amount of the Company's short-term debt, revolving lines of credit and long-term debt approximate fair value because the majority of the amounts outstanding accrue interest at variable market rates.

Note 14 - Recent Accounting Pro

Note 14 - Recent Accounting Pronouncements	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	Note 14 In November 2023, No. 2023 07, Segment Reporting Topic 280 Improvements to Reportable Segment Disclosures December 15, 2023, December 15, 2024. In December 2023, No. 2023 09, Income Taxes Topic 740 Improvements to Income Tax Disclosures December 15, 2024. not

Note 15 - Treasury Stock

Note 15 - Treasury Stock	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Treasury Stock [Text Block]	Note 15 The repurchase program approved on October 4, 2021 December 7, 2022 October 4, 2021 October 3, 2022. twelve January 31, 2024 here was no repurchase activity with respect to the Company's shares of common stock during the three six July 31, 2024

Note 16 - Noncontrolling Intere

Note 16 - Noncontrolling Interest	6 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	Note 16 On June 1, 2023, third Pursuant to the applicable guidance in ASC 805, Business Combinations and Noncontrolling Interests not not no No The Company has a 60% controlling financial interest in the JV which is not third 810, Consolidations he carrying amount of the assets and liabilities of the JV that are consolidated by the Company totaled $26.4 million and $15.5 million, respectively, as of July 31, 2024 The Company adjusts net income in the consolidated statements of operations to exclude the proportionate share of results that is attributable to the non-controlling interest. Additionally, the Company presents the proportionate share that is attributable to the redeemable non-controlling interest as temporary equity within the consolidated balance sheets. This mezzanine presentation is the result of the non-controlling interest being subject to a put option that is not five not not not As a result of the non-controlling interest being subject to redemption rights that are not 480, Distinguishing Liabilities from Equity no Net income attributable to GIG was $1.0 million and $0.1 million for the three July 31, 2024 2023 six July 31, 2024 2023 The Company is the ultimate parent of the JV through its 60% no no two 60% The non-controlling interest as measured at fair value was $8.1 million and $6.3 million, and was recorded within temporary equity at July 31, 2024 January 31, 2024 no July 31, 2024 January 31, 2024

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		OTHER
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Significant New Accounting Policies Refer to the Company's Annual Report on Form 10 January 31, 2024 April 26, 2024 During the six July 31, 2024 not

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Sales % of Total Sales % of Total Sales % of Total Sales % of Total Products $ 2,795 7 % $ 2,146 7 % $ 6,048 8 % $ 4,988 7 % Specialty Piping Systems and Coating Revenue recognized under input method 12,613 34 % 12,801 36 % 22,752 32 % 23,139 36 % Revenue recognized under output method 22,105 59 % 20,194 57 % 43,034 60 % 36,671 57 % Total $ 37,513 100 % $ 35,141 100 % $ 71,834 100 % $ 64,798 100 %
Schedule of Assumptions for Long-Duration Contracts by Product and Guarantee [Table Text Block]	July 31, 2024 January 31, 2024 Costs incurred on uncompleted contracts $ 17,686 $ 21,912 Estimated earnings 12,110 11,270 Earned revenue 29,796 33,182 Less billings to date 27,415 30,580 Costs in excess of billings, net $ 2,381 $ 2,602 Balance sheet classification Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts $ 3,085 $ 3,097 Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts (704 ) (495 ) Costs in excess of billings, net $ 2,381 $ 2,602

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	July 31, 2024 January 31, 2024 Raw materials $ 14,777 $ 13,787 Work in process 574 611 Finished goods 1,275 2,022 Subtotal 16,626 16,420 Less allowance 803 879 Inventories $ 15,823 $ 15,541

Note 7 - Impairment of Long-l_2

Note 7 - Impairment of Long-lived Assets (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Schedule of Goodwill [Table Text Block]	January 31, 2024 Foreign exchange change effect July 31, 2024 Goodwill $ 2,222 $ (66 ) $ 2,156

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Restricted stock-based compensation expense $ 177 $ 227 $ 396 $ 456
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Options Weighted Average Exercise Price (Per share) Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value Outstanding at January 31, 2024 22 $ 11.15 0.7 $ 6 Exercised (1 ) 6.85 - 2 Expired or forfeited (17 ) 12.41 - - Outstanding and exercisable at July 31, 2024 4 $ 6.89 1.4 $ 10
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Restricted Shares Weighted Average Price (Per share) Aggregate Intrinsic Value Outstanding at January 31, 2024 222 $ 9.33 $ 2,078 Granted 108 8.81 Vested and issued (73 ) 9.36 Forfeited or retired for taxes (27 ) 10.25 Outstanding at July 31, 2024 230 $ 9.05 $ 2,083

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Basic weighted average common shares outstanding at July 31, 2024 7,954 8,029 7,930 8,017 Dilutive effect of equity compensation plans 171 110 57 - Weighted average common shares outstanding assuming full dilution 8,125 8,139 7,987 8,017 Stock options and restricted stock not included in the computation of diluted earnings per share of common stock because the option exercise prices or grant date prices exceeded the average market prices of the common shares 0 79 114 18 Stock options and restricted stock with exercise prices or grant date prices below the average market prices 171 110 57 170 Net income (loss) attributable to common stock $ 3,289 $ 1,022 $ 4,732 $ (100 ) Earnings (loss) per share attributable to common stock Basic $ 0.41 $ 0.13 $ 0.60 $ (0.01 ) Diluted $ 0.40 $ 0.13 $ 0.59 $ (0.01 )

Note 11 - Leases (Tables)

Note 11 - Leases (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Supplemental Balance Sheet Information Related to Leases [Table Text Block]	Operating and Finance leases July 31, 2024 January 31, 2024 Finance leases assets: Property and Equipment - gross $ 942 $ 970 Accumulated depreciation and amortization (595 ) (536 ) Property and Equipment - net $ 347 $ 434 Finance lease liabilities: Finance lease liability short-term $ 32 $ 113 Finance lease liability long-term 62 - Total finance lease liabilities $ 94 $ 113 Operating lease assets: Operating lease ROU assets $ 6,938 $ 6,467 Operating lease liabilities: Operating lease liability short-term $ 965 $ 914 Operating lease liability long-term 6,689 6,270 Total operating lease liabilities $ 7,654 $ 7,184
Lease, Cost [Table Text Block]	Three Months Ended July 31, Six Months Ended July 31, Lease costs Consolidated Statements of Operations Classification 2024 2023 2024 2023 Finance Lease Costs Amortization of ROU assets Cost of sales $ 37 $ 33 $ 75 $ 87 Interest on lease liabilities Interest expense 2 3 3 5 Operating lease costs Cost of sales, SG&A expenses 438 426 893 882 Short-term lease costs (1) Cost of sales, SG&A expenses 93 59 236 245 Sub-lease income SG&A expenses - (20 ) - (40 ) Total Lease costs $ 570 $ 501 $ 1,207 $ 1,179
Supplemental Cash Flow Information Related Leases [Table Text Block]	Six Months Ended July 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash outflows from finance leases $ 16 $ 154 Operating cash outflows from finance leases 3 5 Operating cash outflows from operating leases 1,045 890 ROU assets obtained in exchange for new lease obligations: Operating leases liabilities $ 1,041 $ 3,484
Weighted-average Lease Terms and Discount Rates [Table Text Block]	July 31, 2024 Weighted-average remaining lease terms (in years): Finance leases 2.8 Operating leases 12.7 Weighted-average discount rates: Finance leases 6.4 % Operating leases 10.4 %
Finance and Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases For the six months ending January 31, 2025 $ 1,012 $ 16 For the year ended January 31, 2026 1,993 33 For the year ended January 31, 2027 1,980 36 For the year ended January 31, 2028 1,963 9 For the year ended January 31, 2029 1,617 - For the year ended January 31, 2030 612 - Thereafter 6,982 - Total lease payments $ 16,159 $ 94 Less: amount representing interest (8,505 ) - Total lease liabilities at July 31, 2024 $ 7,654 $ 94

Note 12 - Restricted Cash (Tabl

Note 12 - Restricted Cash (Tables)	6 Months Ended
	Jul. 31, 2024
Notes Tables
Restrictions on Cash and Cash Equivalents [Table Text Block]	July 31, 2024 January 31, 2024 Cash and cash equivalents $ 9,455 $ 5,845 Restricted cash 1,426 1,395 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,881 $ 7,240

Note 2 - Business Segment Rep_2

Note 2 - Business Segment Reporting (Details Textual)	6 Months Ended
	Jul. 31, 2024
Number of Reportable Segments	1

Note 3 - Accounts Receivable (D

Note 3 - Accounts Receivable (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended	103 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2023	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jan. 31, 2024	Jul. 31, 2024 USD ($)	Dec. 31, 2015 USD ($)
Increase (Decrease) in Accounts Receivable			$ (6,090)	$ 9,865
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Number of Major Customers	0	1	0	0
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Major Customers			0		1
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Accounts Receivable, after Allowance for Credit Loss	$ 1,800		$ 1,800			$ 1,800	$ 41,900
Increase (Decrease) in Accounts Receivable			(300)	$ (600)		(40,100)
Accounts Receivable, Allowance for Credit Loss	0		0			0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Noncurrent Assets [Member]
Accounts Receivable, after Allowance for Credit Loss	$ 1,300		$ 1,300			$ 1,300

Note 4 - Revenue Recognition (D

Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period (Year)	1 year
Unbilled Receivables, Current	$ 17,850	$ 16,597

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Sales by product	$ 37,513	$ 35,141	$ 71,834	$ 64,798
Sales by product, percent	100%	100%	100%	100%
Product [Member] | Transferred at Point in Time [Member]
Sales by product	$ 2,795	$ 2,146	$ 6,048	$ 4,988
Sales by product, percent	7%	7%	8%	7%
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Input Method [Member]
Sales by product	$ 12,613	$ 12,801	$ 22,752	$ 23,139
Sales by product, percent	34%	36%	32%	36%
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Output Method [Member]
Sales by product	$ 22,105	$ 20,194	$ 43,034	$ 36,671
Sales by product, percent	59%	57%	60%	57%

Note 4 - Revenue Recognition _2

Note 4 - Revenue Recognition - Reconciliation of the Cost in Excess of Billings (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Costs incurred on uncompleted contracts	$ 17,686	$ 21,912
Estimated earnings	12,110	11,270
Earned revenue	29,796	33,182
Less billings to date	27,415	30,580
Costs in excess of billings, net	2,381	2,602
Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts	3,085	3,097
Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts	(704)	(495)
Costs in excess of billings, net	$ 2,381	$ 2,602

Note 5 - Inventories - Schedule

Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Raw materials	$ 14,777	$ 13,787
Work in process	574	611
Finished goods	1,275	2,022
Subtotal	16,626	16,420
Less allowance	803	879
Inventories	$ 15,823	$ 15,541

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	23%	45%	25%	97%
Undistributed Earnings of Foreign Subsidiaries	$ 0.7		$ 0.7

Note 7 - Impairment of Long-l_3

Note 7 - Impairment of Long-lived Assets (Details Textual)	Dec. 31, 2016
Perma-Pipe Canada, Ltd [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage	50%

Note 7 - Impairment of Long-l_4

Note 7 - Impairment of Long-lived Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2024 USD ($)
Goodwill	$ 2,222
Goodwill, foreign exchange change effect	(66)
Goodwill	$ 2,156

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2024 USD ($) shares	Jul. 31, 2024 USD ($) shares
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	196,026	196,026
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period (in shares)		0
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $	$ 0	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period (in shares)		17,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $	$ 1,500	$ 1,500
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 1 month 6 days

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Restricted Stock [Member]
Stock-based compensation expense	$ 177	$ 227	$ 396	$ 456

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
Expired or forfeited, options (in shares)	0
Share-Based Payment Arrangement, Option [Member]
Outstanding, options (in shares)	22
Outstanding, weighted average exercise price (in dollars per share)	$ 11.15
Outstanding, weighted average remaining contractual term (Year)	1 year 4 months 24 days	8 months 12 days
Outstanding, aggregate intrinsic value	$ 10	$ 6
Exercised, options (in shares)	(1)
Exercised, weighted average exercise price (in dollars per share)	$ 6.85
Exercised, aggregate intrinsic value	$ 2
Expired or forfeited, options (in shares)	(17)
Expired or forfeited, weighted average exercise price (in dollars per share)	$ 12.41
Outstanding, options (in shares)	4	22
Outstanding, weighted average exercise price (in dollars per share)	$ 6.89	$ 11.15

Note 8 - Stock-based Compensa_6

Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
Outstanding (in shares)	222
Outstanding, weighted average price (in dollars per share)	$ 9.33
Outstanding, aggregate intrinsic value	$ 2,083	$ 2,078
Granted (in shares)	108
Granted, weighted average price (in dollars per share)	$ 8.81
Vested and issued (in shares)	(73)
Vested and issued, weighted average price (in dollars per share)	$ 9.36
Forfeited or retired for taxes (in shares)	(27)
Forfeited or retired for taxes (in dollars per share)	$ 10.25
Outstanding (in shares)	230
Outstanding, weighted average price (in dollars per share)	$ 9.05

Note 9 - Earnings Per Share - S

Note 9 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2024	Jul. 31, 2023
Basic (in shares)	7,954		8,029		7,930	8,017
Dilutive effect of equity compensation plans (in shares)	171		110		57	0
Weighted average common shares outstanding assuming full dilution (in shares)	8,125		8,139		7,987	8,017
Stock options and restricted stock not included in the computation of diluted earnings per share of common stock because the option exercise prices or grant date prices exceeded the average market prices of the common shares (in shares)	0		79		114	18
Stock options and restricted stock with exercise prices or grant date prices below the average market prices (in shares)	171		110		57	170
Net income (loss) attributable to common stock	$ 3,289	$ 1,443	$ 1,022	$ (1,123)	$ 4,732	$ (100)
Basic (in dollars per share)	$ 0.41		$ 0.13		$ 0.6	$ (0.01)
Diluted (in dollars per share)	$ 0.4		$ 0.13		$ 0.59	$ (0.01)

Note 10 - Debt (Details Textual

Note 10 - Debt (Details Textual) $ in Thousands, د.إ in Millions, ج.م. in Millions, $ in Millions					6 Months Ended
	Sep. 17, 2021 USD ($)	Apr. 14, 2021 USD ($)	Sep. 20, 2018 USD ($)	Jul. 28, 2016	Jul. 31, 2024 USD ($)	Jul. 31, 2024 AED (د.إ)	Jul. 31, 2024 EGP (ج.م.)	Jul. 31, 2024 CAD ($)	Jan. 31, 2024 USD ($)	Aug. 31, 2023	Jun. 30, 2023 USD ($)	Nov. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 EGP (ج.م.)	Jun. 30, 2021 EGP (ج.م.)
Debt and Lease Obligation					$ 27,900				$ 25,700
Line of Credit, Current					6,699				5,519
Long-Term Debt and Lease Obligation, Noncurrent					3,974				4,229
Long-term Debt, Current Maturities, Excluding North American Revolving Line					5,522				4,071
Land and Buildings in Lebanon, Tennessee [Member]
Lessee, Finance Lease, Term of Contract (Year)		15 years
Sale Leaseback Transaction, Annual Rental Payments, Amount		$ 800
Lessee, Finance Lease, Annual Rent Increase, Percentage		2%
Lessee, Finance Lease, Number of Options to Extend		4
Lessee, Finance Lease, Renewal Term (Year)		5 years
Lessee, Finance Lease, Discount Rate		8%
Long-Term Debt and Lease Obligation, Current					200
Long-Term Debt and Lease Obligation, Noncurrent					8,900
Mortgage Note Secured by Tennessee Manufacturing Facility [Member]
Repayments of Secured Debt		$ 900
Promissory Note [Member]
Debt Instrument, Face Amount											$ 2,800
Canadian Mortgage Note [Member]
Debt Instrument, Maturity Date				Dec. 23, 2042
Secured Debt					$ 4,300			$ 5.9
Debt Instrument, Interest Rate, Effective Percentage					8.80%	8.80%	8.80%	8.80%
Debt Issuance Costs, Net					$ 100				100
Land and Buildings in Lebanon, Tennessee [Member]
Disposal Group, Including Discontinued Operation, Consideration		10,400
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 9,100
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Year)					1 year	1 year	1 year	1 year
Maximum [Member]
Lessee, Finance Lease, Term of Contract (Year)					30 years	30 years	30 years	30 years
Revolving Lines, North America [Member]
Debt Instrument, Term (Year)	5 years		3 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 18,000		$ 18,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit, Current					$ 6,700				5,500
Line of Credit Facility, Interest Rate at Period End					10%	10%	10%	10%
Line of Credit Facility, Current Borrowing Capacity					$ 4,700				4,000
Revolving Lines, North America [Member] | North American Loan Parties [Member]
Line of Credit Facility, Capital Expenditures Restrictions	$ 5,000
Line of Credit Facility, Common Stock Repurchase Restrictions	$ 3,000
Line of Credit Facility, Fixed Charge Coverage Ratio Required	1.1
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Minimum Undrawn Availability for Five Consecutive Days	$ 3,000
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Minimum Undrawn Availability	$ 2,000
Line of Credit Facility, Default, Additional Interest Rate	2%
Revolving Lines, North America [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1%
Revolving Lines, North America [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Lines, North America [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2%
Revolving Lines, North America [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | Additional SOFR Adjustment Based on Interest Period [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Lines, North America [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Revolving Lines, North America [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | Additional SOFR Adjustment Based on Interest Period [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Foreign Revolving Lines [Member]
Line of Credit Facility, Maximum Borrowing Capacity					24,700
Line of Credit Facility, Remaining Borrowing Capacity					12,600
Line of Credit Facility, Guaranteed Amount					1,100				100
Letters of Credit Outstanding, Amount					7,100
Proceeds from Issuance of Debt					7,800
Foreign Revolving Lines [Member] | Revolving Credit Lines Used by Middle Eastern Subsidiaries, 1 [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 2,200	د.إ 8.0
Line of Credit Facility, Interest Rate at Period End					8.60%	8.60%	8.60%	8.60%
Long-term Debt, Current Maturities, Excluding North American Revolving Line					$ 1,200				200
Line of Credit Facility, Remaining Borrowing Capacity					1,000				1,900
Foreign Revolving Lines [Member] | Revolving Credit Lines Used by Middle Eastern Subsidiaries, 2 [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 5,600	د.إ 20.5
Line of Credit Facility, Interest Rate at Period End					8.70%	8.70%	8.70%	8.70%
Long-term Debt, Current Maturities, Excluding North American Revolving Line					$ 1,000				100
Line of Credit Facility, Remaining Borrowing Capacity					1,200				1,000
Foreign Revolving Lines [Member] | Revolving Credit Lines Used by Egypt Subsidiaries [Member]
Line of Credit Facility, Interest Rate at Period End										20.80%
Long-term Debt, Current Maturities, Excluding North American Revolving Line									1,400
Line of Credit Facility, Remaining Borrowing Capacity					2,100				3,200						ج.م. 100.0
Foreign Revolving Lines [Member] | Revolving Credit Lines Used by Egypt Subsidiaries 2 [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 100		ج.م. 2.1					$ 0		ج.م. 28.2
Line of Credit Facility, Interest Rate at Period End					11%	11%	11%	11%
Long-term Debt, Current Maturities, Excluding North American Revolving Line					$ 100				100
Foreign Revolving Lines [Member] | Revolving Credit Lines Used by Saudi Arabian Subsidiary [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 9,900								$ 37,000
Line of Credit Facility, Interest Rate at Period End					9.70%	9.70%	9.70%	9.70%
Long-term Debt, Current Maturities, Excluding North American Revolving Line					$ 2,600				3,200
Foreign Revolving Lines [Member] | Renewal of Revolving Credit Lines Used by Saudi Arabian Subsidiary [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 6,300				$ 6,100
Foreign Revolving Lines [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate at Period End					8.60%	8.60%	8.60%	8.60%
Debt Instrument, Interest Rate, Stated Percentage					4.50%	4.50%	4.50%	4.50%
Foreign Revolving Lines [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate at Period End					20.80%	20.80%	20.80%	20.80%
Foreign Revolving Lines [Member] | Weighted Average [Member]
Line of Credit Facility, Interest Rate at Period End					11.50%	11.50%	11.50%	11.50%
Foreign Revolving Lines [Member] | EIBOR [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					3%
Foreign Revolving Lines [Member] | EIBOR [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					3.50%
Foreign Revolving Lines [Member] | Central Bank of Eqypt (CBE) Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					1.50%
Foreign Revolving Lines [Member] | Central Bank of Eqypt (CBE) Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					3.50%
Foreign Revolving Lines [Member] | SIBOR [Member]
Debt Instrument, Basis Spread on Variable Rate					3.50%

Note 11 - Leases (Details Textu

Note 11 - Leases (Details Textual) $ in Thousands, د.إ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jan. 31, 2024 AED (د.إ)	Jan. 31, 2024 USD ($)
Operating Lease, Liability	$ 7,654	$ 7,654		$ 7,184
Operating Lease, Right-of-Use Asset	6,938	6,938		6,467
Finance Lease, Liability	94	94		$ 113
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	300	300
Operating Lease, Expense	$ 600	$ 600
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Year)	1 year	1 year
Maximum [Member]
Lessee, Finance Lease, Term of Contract (Year)	30 years	30 years
Abu Dhabi Land Lease [Member]
Lessee, Operating Lease, Annual Payment		$ 300	د.إ 1.2
Decrease in Operating Lease Liability, Current	$ 400	400
Decrease in Operating Lease Liability, Noncurrent	6,000	6,000
Decrease in Operating Lease Right-of-use Asset	$ 5,500	$ 5,500

Note 11 - Leases - Supplemental

Note 11 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Property and Equipment - net	$ 37,518	$ 37,620
Finance lease liability short-term	32	113
Finance lease liability long-term	62	0
Total finance lease liabilities	94	113
Operating Lease, Right-of-Use Asset	6,938	6,467
Operating lease liability short-term	965	914
Operating lease liability long-term	6,689	6,270
Total operating lease liabilities	7,654	7,184
Finance Leases Assets [Member]
Property and Equipment - gross	942	970
Accumulated depreciation and amortization	(595)	(536)
Property and Equipment - net	$ 347	$ 434

Note 11 - Leases - Lease Costs

Note 11 - Leases - Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Amortization of ROU assets		$ 37	$ 33	$ 75	$ 87
Interest on lease liabilities		2	3	3	5
Operating lease costs		438	426	893	882
Short-term lease costs (1)	[1]	93	59	236	245
Sub-lease income		0	(20)	0	(40)
Total Lease costs		$ 570	$ 501	$ 1,207	$ 1,179
[1]Includes variable lease costs, which are not material.

Note 11 - Leases - Supplement_2

Note 11 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Financing cash outflows from finance leases	$ 16	$ 154
Operating cash outflows from finance leases	3	5
Operating cash outflows from operating leases	1,045	890
Operating leases liabilities	$ 1,041	$ 3,484

Note 11 - Leases - Weighted-ave

Note 11 - Leases - Weighted-average Lease Terms and Discount Rates (Details)	Jul. 31, 2024
Finance leases (Year)	2 years 9 months 18 days
Operating leases (Year)	12 years 8 months 12 days
Finance leases	6.40%
Operating leases	10.40%

Note 11 - Leases - Maturities o

Note 11 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
For the six months ending January 31, 2025	$ 1,012
For the six months ending January 31, 2025, finance leases	16
For the year ended January 31, 2026, operating leases	1,993
For the year ended January 31, 2026, finance leases	33
For the year ended January 31, 2027, operating leases	1,980
For the year ended January 31, 2027, finance leases	36
For the year ended January 31, 2028, operating leases	1,963
For the year ended January 31, 2028, finance leases	9
For the year ended January 31, 2029, operating leases	1,617
For the year ended January 31, 2029, finance leases	0
For the year ended January 31, 2030, operating leases	612
For the year ended January 31, 2030, finance leases	0
Thereafter, operating leases	6,982
Thereafter, finance leases	0
Total lease payments, operating leases	16,159
Total lease payments, finance leases	94
Less: amount representing interest, operating leases	(8,505)
Less: amount representing interest, finance leases	0
Total lease liabilities, operating leases	7,654	$ 7,184
Total lease liabilities, finance leases	$ 94	$ 113

Note 12 - Restricted Cash - Sum

Note 12 - Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Cash and cash equivalents	$ 9,455	$ 5,845
Restricted cash	1,426	1,395
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 10,881	$ 7,240

Note 15 - Treasury Stock (Detai

Note 15 - Treasury Stock (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Dec. 07, 2022	Oct. 04, 2021
Share Repurchase Program, Authorized, Amount				$ 1	$ 3
Stock Repurchase Program, Authorized Repurchase Amount Used			$ 1
Stock Repurchased During Period, Shares (in shares)	0	0

Note 16 - Noncontrolling Inte_2

Note 16 - Noncontrolling Interest (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024	Jun. 01, 2023
Assets	$ 159,187		$ 159,187		$ 155,711
Net Income (Loss) Attributable to Noncontrolling Interest	995	$ 148	1,341	$ 148
Redeemable Noncontrolling Interest, Equity, Carrying Amount	8,057		8,057		6,266
Gulf Insulation Group [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	1,000	$ 100	1,300	$ 100
Redeemable Noncontrolling Interest, Equity, Carrying Amount	8,100		8,100		$ 6,300
Noncontrolling Interest, Increase from Business Combination			500
Related Party [Member]
Financing Receivable, after Allowance for Credit Loss						$ 4,200
Assets	26,400		26,400
Liabilities	$ 15,500		$ 15,500
Gulf Insulation Group [Member] | Related Party [Member]
Notes Payable						$ 2,800
Joint Venture [Member]
Subsidiary, Ownership Percentage, Parent						60%
Joint Venture [Member] | Gulf Insulation Group [Member]
Subsidiary, Ownership Percentage, Parent						40%
Property, Plant, and Equipment, Fair Value Disclosure						$ 6,800