Perma-Pipe's third quarter: 40% to 50% of the $142.3 million backlog converting, $57 million to $71 million, with gross margin moving toward 30% and no second receivable write-off.

Specification pending.

Funded, not forecast Demand is contracted, prepaid or oversubscribed and supply is the constraint, so converting orders is a matter of shipping.
A backlog is a promise Reported backlog overstates assured revenue: customers can exit, out-year buyers may lack the capital, and terms stretch to a year.

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