PPIH — what changed in the latest 10-Q

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

• Gross profit was $17.4 million, or 29% of net sales and $14.4 million, or 30% of net sales, in the three months ended July 31, 2026 and 2025, respectively. The increase of $3.0 million was driven by higher sales volumes and consistent gross margins globally.

• General and administrative expenses were $11.9 million and $10.0 million in the three months ended July 31, 2026 and 2025, respectively. The increase of $1.9 million was primarily due to a $3.9 million write-off of a customer receivable during the second quarter of 2026, partially offset by a $2.0 m…

• Net sales were $ 109.8 million and $ 94.6 million in the six months ended July 31, 2026 and 2025 , respectively. The increase of $ 15.2 million was driven by higher sales volumes in both North America and the MENA region.

• Gross profit was $32.0 million, or 29% of net sales and $31.1 million, or 33% of net sales, in the six months ended July 31, 2026 and 2025, respectively. The increase of $0.9 million was primarily driven by higher sales volumes, and is partially offset with the product mix across various jurisdictio…

• General and administrative expenses were $20.7 million and $17.8 million in the six months ended July 31, 2026 and 2025, respectively. The increase of $2.9 million was primarily due to a $3.9 million write-off of a customer receivable during the second quarter of fiscal 2026, partially offset by a n…

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

• (In thousands, except per share data, or unless otherwise specified)

• 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…

• General and administrative expenses were $8.8 million and $7.7 million in the three months ended April 30, 2026 and 2025, respectively. The increase of $1.1 million was mainly due to higher payroll expenses and professional fees relating to Sarbanes-Oxley 404 compliance in connection with our transi…

• 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…

• Net cash provided by operating activities was $6.1 million and $0.7 million in the three months ended April 30, 2026 and 2025, respectively. The increase of $5.4 million was primarily attributable to favorable changes in operating assets and liabilities, partially offset by lower net income.

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

• While management, under the leadership of our CEO, has improved our internal control over financial reporting throughout the three months ended July 31, 2026, additional time and effort is required to fully complete the remediation activities. During the fiscal quarter ended July 31, 2026, we contin…

• Our remediation plans related to entity level controls, financial reporting controls, and business process controls include:

• Further enhancements to our segregation of duties framework within the purchases and payables cycle to ensure appropriate segregation of duties within these areas;

• Continued to operate previously implemented controls related to our segregation of duties framework within the journal entry and account reconciliation processes as well as controls regarding the review of the statement of cash flows and to verify the financial statement disclosures agree to the Com…

• Providing continuing training, coaching, and reviews around our internal control over financial reporting.

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

• 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…

• We continue to design and implement controls to identify and evaluate changes in our business and the impact on our internal control over financial reporting; Our remediation plans related to entity level controls, financial reporting controls, and business process controls include:

• ● Further enhancements to our segregation of duties framework within the journal entry and account reconciliation processes and the purchases and payables cycle to ensure appropriate segregation of duties within these areas;

• ● Ongoing updates in the design of controls for the preparation and review of the financial close process, including the statement of cash flows and to verify the financial statement disclosures agree to the Company’s accounting records;