PPIH — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-06-09

• Gross profit was $14.6 million and $16.7 million in the three months ended April 30, 2026 and 2025, respectively. The decrease of $2.1 million was primarily attributable to product mix across various jurisdictions, particularly in Canada due to seasonal factors, together with start-up and ramp-up co…

• Selling expenses remained consistent and were $ 1.2 million and $ 1.1 million in the three months ended April 30, 2026 and 2025 , respectively.

• Net interest expense was $0.6 million and $0.4 million in the three months ended April 30, 2026 and 2025, respectively. The increase of $0.2 was due to an increase in debt.

• Net income attributable to common stock was $1.8 million and $5.0 million in the three months ended April 30, 2026 and 2025, respectively. The decrease of $3.2 million was the result of the changes discussed above, net of amounts attributable to non-controlling interest.

• Cash and cash equivalents as of April 30, 2026, were $28.3 million, compared to $18.7 million as of January 31, 2026. As of April 30, 2026, $0.6 million of this total was held in the United States, and $27.7 million was held by the Company's foreign subsidiaries. The Company's working capital increa…

Text removed vs the prior filing · source: 10-Q · 2025-12-12

• Gross profit was $21.0 million and $14.1 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $6.9 million was driven primarily by increased volume of activity in the quarter.

• Selling expenses were $ 1.3 million and $ 1.2 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $ 0.1 million was due to higher payroll expense in the quarter.

• Net interest expense remained consistent and was $0.5 million in the three months ended October 31, 2025 and 2024, respectively.

• Net income attributable to common stock was $6.3 million and $2.5 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $3.8 million was mainly due to increased sales activity in the quarter, and better project execution.

• Nine months ended October 31, 2025 vs. Nine months ended October 31, 2024

Text added vs the prior filing · source: 10-Q · 2026-06-09

• ● We did not design and maintain effective controls over segregation of duties related to manual journal entries, account reconciliations and the purchases and payables process. We did not design and maintain effective controls over review of the financial close process, including the statement of c…

• These material weaknesses resulted in adjustments to property, plant, and equipment, net of accumulated depreciation, trade accounts payable, trade accounts receivable, and the statement of cash flows. These adjustments resulted in a revision of the unaudited Condensed Consolidated Financial Stateme…

• Additionally, each of these material weaknesses could result in a material misstatement of substantially all accounts and disclosures that would result in a material misstatement in the Company’s consolidated annual or interim financial statements that would not be prevented or detected on a timely …

• While management, under the leadership of our CEO, has improved our internal control over financial reporting throughout the three months ended April 30, 2026, additional time and effort is required to fully complete the remediation activities. We continue to believe these actions will be effective …

• ● During the fiscal quarter ended April 30, 2026, we continued an entity wide risk assessment over our financial reporting and our internal control over financial reporting, including identification of financially relevant systems and business processes at the financial statement assertion level, an…

Text removed vs the prior filing · source: 10-Q · 2025-12-12

• We did not design and maintain effective controls over financial reporting relating to the review and approval of manual journal entries, review of the financial close process, including the statement of cash flows, and review of certain financial policies and procedures; and

• These material weaknesses resulted in adjustments to property, plant, and equipment, net of accumulated depreciation, trade accounts payable, trade accounts receivable, and the statement of cash flows. These adjustments resulted in a revision of the unaudited consolidated financial statements as of …

• In addition, we have the following additional material weaknesses:

• • We did not design and maintain effective information technology general controls ("ITGCs"), specifically controls over the timely review of user access and administrative access to adequately restrict access, program change management, computer operations, and program development; and

• • We did not design and maintain effective controls over management's review of the completeness and accuracy of certain system-generated reports.