10-Q · November 3, 2025
FatPipe reported Q1 (three months ended Sept 30, 2025) revenue of $3,959,231, down from $5,595,576 in the year-ago quarter, while gross profit remained high at $3,646,327 (92.06% gross margin) and operating loss was…
Earnings analysis · 10-K
FATN earnings analysis
Filed May 18, 2026 · Our reading of the company's report
The latest report
FatPipe, Inc. (FATN) reported strong Q4 FY2026 results with revenue of $7.2 million, exceeding the expected $6.8 million. This marks a significant recovery from a revenue of $3.8 million in Q4 FY2025, showcasing a…
Read full summary
FatPipe, Inc. (FATN) reported strong Q4 FY2026 results with revenue of $7.2 million, exceeding the expected $6.8 million. This marks a significant recovery from a revenue of $3.8 million in Q4 FY2025, showcasing a robust 90% year-over-year growth, alongside a diluted EPS of $0.36 versus expectations of $0.11. The company's strategic focus on expanding its cybersecurity offerings and strengthening its distribution partnerships contributed to its impressive financial performance and future growth prospects.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.28
What stood out
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Revenue Growth of 90% YoY
FATN reported Q4 FY2026 revenue of $7.2M, a 90% increase from $3.8M in Q4 FY2025.
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Diluted EPS Surpasses Expectations
Diluted EPS reached $0.36 in Q4 FY2026, significantly beating the expected $0.11.
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Successful IPO and Subsequent Expansion
After its IPO in April 2025, the company expanded its sales organization, contributing to a revenue increase of $2.9 million, or 17.9%, in FY2026.
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Improved Gross Margins
Gross margin for FY2026 improved to approximately 91%, though slightly down from 93.5% in FY2025.
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Strong Free Cash Flow Generation
The company generated positive cash flow from operations despite a net cash used of $780,393, reflecting a focus on collection from receivables.
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Innovations in Cybersecurity Solutions
Introduction of integrated cybersecurity solutions is expected to enhance future revenue streams.
What to watch
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Increased Competition in Cybersecurity
FATN operates in a highly competitive environment; competition could lead to pricing pressures and market share loss.
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Dependence on Major Resellers
In FY2026, three major resellers accounted for approximately 64.59% of revenues, indicating high dependency.
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Economic Conditions Impacting IT Spending
Macroeconomic factors and potential recessions could impact IT spending, adversely affecting future revenue.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 3
10-Q · July 30, 2025
FatPipe reported Q1 revenue of $3,935,923, up $185,604 (≈5%) versus $3,750,319 a year ago, with gross profit of $3,708,989 and operating income of $1,002,677. Net income increased to $741,195 but EPS remained $0.05 due…
10-K · June 30, 2025
FatPipe completed an IPO in April 2025 raising gross proceeds of approximately $4.5 million (net proceeds ~ $3.7 million) and listed on Nasdaq (ticker FATN). The company emphasizes a patent-backed SD-WAN/SASE/NMS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.