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FATN on Nasdaq

Fatpipe Inc/UT

Fatpipe Inc/UT is an American prepackaged software services company based in Salt Lake City.1 Its shares trade on Nasdaq under the symbol FATN.1

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Last updated Oct 21, 2026.

Overview

$19.2MRevenue, fiscal 20262
$5.0MNet income, fiscal 20262

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  • TickerFATN on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersSalt Lake City, Utah1
  • Incorporated inUT3
  • Business address392 E. Winchester Street, Fifth Floor, Salt Lake City, Ut 841073
  • Filer category, Emerging growth company3

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SD-WAN solution offers a number of benefits for managing and maintaining network infrastructure, including:4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

91.0%Gross margin2
18.7%Operating margin2
25.9%Net margin2
17.9%Revenue growth, 20262
19.7%Return on equity2
0.18×Debt to equity2
-$832.9KFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 68% of the revenue Fatpipe Inc/UT broke down this way in fiscal 2026.

  1. Product$13.0M268%up 22% from 2025
  2. Service$3.8M220%up 21% from 2025
  3. Consulting$2.4M212%down 3% from 2025
Products and services by year
Products and services20252026
Product$10.7M$13.0M
Service$3.1M$3.8M
Consulting$2.5M$2.4M

Regions

United States brought in 96% of the revenue Fatpipe Inc/UT broke down this way in fiscal 2026.

  1. United States$18.5M296%up 20% from 2025
  2. Outside the United States$698.3K24%down 21% from 2025
Regions by year
Regions20252026
United States$15.4M$18.5M
Outside the United States$884.4K$698.3K

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue9¢$1.7M
  • Research and development10¢$1.9M
  • Other costs45¢$8.7M
  • Interest2¢$403.4K
  • Income tax8¢$1.5M
  • Profit26¢$5.0M

Out of $19.2M in revenue.2

Financial statements

Revenue52$19.2M in 2026+8% since 2024
0$5.0M$10.0M$15.0M$20.0M2024: $17.9M$17.9M20242025: $16.3M$16.3M2025−9%2026: $19.2M$19.2M2026+18%
Gross profit52$17.5M in 2026+4% since 2024
0$5.0M$10.0M$15.0M$20.0M2024: $16.8M$16.8M20242025: $15.2M$15.2M2025−9%2026: $17.5M$17.5M2026+15%
Operating income52$3.6M in 2026−36% since 2024
0$2.0M$4.0M$6.0M2024: $5.6M$5.6M20242025: $3.5M$3.5M2025−38%2026: $3.6M$3.6M2026+3%
Net income52$5.0M in 2026+14% since 2024
0$2.0M$4.0M$6.0M2024: $4.4M$4.4M20242025: $2.0M$2.0M2025−55%2026: $5.0M$5.0M2026+153%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2026-03-312025-03-31
Revenues$19.2M$16.3M
Cost of revenues$1.7M$1.1M
Gross profit$17.5M$15.2M
Sales and marketing$4.8M$3.8M
General and administrative$4.8M$3.4M
Product development$1.9M$1.8M
Employee cost$2.4M$2.8M
Total operating expenses$13.9M$11.8M
Income (loss) from operations$3.6M$3.5M
Interest income$125.2K$42.7K
Other Income$1.8K
Foreign exchange gain/(loss)$246.9K$101.4K
Interest expense-$475.1K-$329.9K
Total other income (expense), net-$103.0K-$184.0K
Income (loss) before benefit/(provision) for taxes$3.5M$3.3M
Income tax benefit/(provision)$1.5M-$1.3M
Deferred tax asset / (liability)-$40.5K
Net income$5.0M$2.0M
Less: Net loss attributable to non-controlling interests-$13.5K
Net income attributable to stockholders$5.0M$2.0M
Net income per common share - basic$0.36$0.15
Net income per common share - diluted$0.35$0.15
Weighted average common shares outstanding - basic13.9M shares12.9M shares
Weighted average common shares outstanding - diluted14.0M shares12.9M shares
Foreign currency translation adjustment-$192.0K-$153.8K
Total other comprehensive income, net of tax-$192.0K-$153.8K
Comprehensive income (loss)$4.8M$1.8M
Less: Comprehensive loss attributable to non-controlling interests-$13.1K
Comprehensive income attributable to stockholders$4.8M$1.8M

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What it owns

What Fatpipe Inc/UT reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$781.5K2 Mar 31, 2026$750.3K2 Mar 31, 2025+4.2%
Accumulated depreciation$686.0K2 Mar 31, 2026$692.4K2 Mar 31, 2025−0.9%
Property and equipment, net$95.5K2 Mar 31, 2026$57.8K2 Mar 31, 2025+65.1%
Operating-lease assets (leased space)$1.0M2 Mar 31, 2026$1.5M2 Mar 31, 2025−28.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.9M5 Mar 31, 2025$1.1M5 Mar 31, 2024+162.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$694.2K2 Mar 31, 2026$1.0M2 Mar 31, 2025−33.8%
Finite-lived intangibles, gross$7.4M2 Mar 31, 2026$8.0M2 Mar 31, 2025−7.2%
Accumulated amortization$6.7M2 Mar 31, 2026$7.0M2 Mar 31, 2025−3.2%
Finite-lived intangibles, net$694.2K2 Mar 31, 2026$1.0M2 Mar 31, 2025−33.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$445.8K2 Mar 31, 2026$419.7K2 Mar 31, 2025+6.2%

Properties, in its own words

Our principal executive offices are located at 392 East Winchester Street, Fifth Floor, Salt Lake City, Utah, where we lease approximately 7,400 square feet of office space pursuant to a lease that runs through November 30, 2028. FatPipe Networks Private Limited leases office space in Chennai, India under leases with our related party, Back Office Xtensions India Pvt. Ltd. See Note 9 to the consolidated financial statements for additional information regarding our related-party leases. We also maintain a smaller engineering presence in the Philippines.

We believe that our existing facilities are adequate for our current needs and that suitable additional or substitute space will be available on commercially reasonable terms as needed.

Item 2 of the 10-K filed May 18, 2026.4

Leadership

Who has led Fatpipe Inc/UT, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ragula Bhaskar2025–now

Chief financial officer

  1. Sanchaita Datta2025–2026
  2. Kanishka Ragula2026–now
Board members and other officers (5)

Timeline

  1. Oct 7, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation15
  2. Sep 15, 20268-K Executive or director change16
  3. Jul 30, 20268-K Results of operations17
  4. Jul 23, 20268-K Regulation FD disclosure18
  5. Jul 21, 20268-K Other events19
  6. Jul 2, 20268-K Entered a material agreement20
  7. May 18, 20268-K Results of operations21
  8. Apr 30, 20268-K Results of operations22
  9. Mar 5, 20268-K Regulation FD disclosure23
  10. Apr 29, 20258-K Executive or director change24
  11. Apr 22, 2025New chief executive Ragula Bhaskar becomes CEO9
  12. Apr 11, 20258-K Entered a material agreement; Other events25

Calendar

Coming up

  1. Nov 2, 2026Reports results for the quarter ending Sep/202626

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results17
  2. May 18, 2026Reported quarterly or annual results21
  3. Apr 30, 2026Reported quarterly or annual results22

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

71 filings to the SEC since October 2021: 2 annual reports, 4 quarterly reports, 11 major events, 14 insider forms, 40 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 14, 20263 EDGAR
  4. Jul 30, 202610-Q EDGAR
  5. Jul 30, 20268-K EDGAR
  6. Jul 23, 20268-K EDGAR
  7. Jul 21, 20268-K EDGAR
  8. Jul 13, 2026EFFECT EDGAR
  9. Jul 13, 20264 EDGAR
  10. Jul 13, 20264 EDGAR
  11. Jul 2, 20268-K EDGAR
  12. Jul 2, 2026S-3 EDGAR
  13. Jun 25, 2026DRS EDGAR
  14. Jun 22, 20264/A EDGAR
  15. Jun 18, 20264 EDGAR
  16. May 18, 202610-K EDGAR
  17. May 18, 20268-K EDGAR
  18. Apr 30, 20268-K EDGAR
  19. Mar 25, 20264 EDGAR
  20. Mar 5, 20268-K EDGAR

The 71 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 3, 2026Bhaskar RagulaDirectorBuy20,000$1.45$29.0KForm 4
Jan 15, 2025Datta SanchaitaDirectorBuy2,000$2.15$4.3KForm 4
Jan 14, 2025Datta SanchaitaDirectorBuy1,000$2.12$2.1KForm 4
Jan 13, 2025Datta SanchaitaDirectorBuy1,500$2.14$3.2KForm 4

From Forms 4 filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Torrey Growth & Income Advisors210,450$1.3M0.5%New
Jane Street Group, LLC125,209$788.8K0.0%New
Citadel Advisors LLC29,595$186.4K0.0%New
Essex Investment Management Co LLC29,053$183.0K0.0%New
BlackRock, Inc.27,020$170.2K0.0%+5,337
Allworth Financial LP25,675$161.8K0.0%New
UBS Group AG23,843$150.2K0.0%+22,734
Focus Partners Wealth17,183$108.3K0.0%New
Osaic Holdings, Inc.5,500$34.6K0.0%+4,500
Jones Financial Companies Lllp493$3.0K0.0%New
Royal Bank Of Canada347$2.0K0.0%+260
Wells Fargo & Company/mn10$630.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Fatpipe Inc/UT is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFatpipe Inc/UT1
  • CIK0001993400
  • Employer ID (EIN)27-11133254
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inUtah4
  • Fiscal year endsMarch 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address392 E. Winchester Street, Fifth Floor, Salt Lake City, UT 841071
  • Phone801-560-20031
  • Shares outstanding14,128,468 as of Jul 30, 20268
  • Public float$41.8M as of Sep 30, 20254
  • AuditorSuri & Co., Chartered Accountants, Chennai, India PCAOB ID 6727; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 10, 20231
  • Filings71 in all: 8-K (11), 3 (8), UPLOAD (8), CORRESP (7), S-1/A (6), 4 (5), 10-Q (4), DRS/A (3)1
    All 20 form types

    DRSLTR (3), EFFECT (3), 10-K (2), 424B4 (2), DRS (2), 4/A (1), 8-A12B (1), CERT (1), POS AM (1), S-1 (1), S-3 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) May 18, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Latest 8-K (8-K) Oct 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, No Par Value Per ShareFATNNASDAQ

From the cover page of the 10-K filed May 18, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Fatpipe Inc/UT names in Item 1A of its 10-K filed May 18, 2026: 38 risks under these headings, as written.4

  • Risks Related to Our Business and Financial Position
  • Our operating results are likely to vary significantly and be unpredictable.
  • We rely heavily on our reselling partners and our ability to work with suitable partners may impact our growth plans.
  • If we are unable to develop and introduce new software solutions and improve existing software solutions in a cost-effective and timely manner, then our competitive position may be negatively impacted and our business, results of operations, and financial condition may be adversely affected.
  • We invest significantly in research and development, and to the extent our research and development efforts are unsuccessful, our competitive position may be negatively impacted and our business, results of operations, and financial condition may be adversely affected.
  • We operate in a highly competitive market.
  • Increases in costs of the materials and other components that we use in our solutions would adversely affect our business, results of operations, and financial condition.
  • Adverse economic conditions, such as a possible recession and possible impacts of inflation or stagflation, increasing or decreasing interest rates, reduced information technology spending or any economic downturn or recession, may adversely impact our business.
  • Our billings, revenue and free cash flow growth may slow or may not continue, and our operating margins may decline.
  • We are dependent on the continued services and performance of our senior management, the loss of any of whom could adversely affect our business, operating results and financial condition.
  • If we are unable to attract, retain, and motivate key employees, then our business, results of operations, and financial condition would be adversely affected.
  • We may need to raise additional capital in the future, which may not be available on terms acceptable to us, or at all.
The other 27 risks
  • Risks Related to Our Sales and End-Customers
  • If we do not increase the effectiveness of our sales organization, we may have difficulty adding new end-customers or increasing sales to our existing end-customers and our business may be adversely affected.
  • Unless we continue to develop better market awareness of our company and our software solutions, and to improve lead generation and sales enablement, our revenue may not continue to grow.
  • Risks Related to Our Industry, Customers, Software and Services
  • We face competition in our market and we may not maintain or improve our competitive position.
  • If our new software solutions and enhancements do not achieve sufficient market acceptance, our results of operations and competitive position will suffer.
  • Demand for our software solutions may be limited by market perception that individual software solutions from one vendor that provide multiple layers of security protection in one offering are inferior to point solution network security solutions from multiple vendors.
  • If functionality similar to that offered by our software solutions is incorporated into our competitors’ existing network infrastructure products, our customers may decide against adding our appliances to their network, which would have an adverse effect on our business.
  • Because some of the key components in our hardware come from limited sources of supply, we are susceptible to supply shortages, long or uncertain lead times for components, and supply changes, each of which could disrupt or delay our scheduled software deliveries to our customers, result in inventory shortage, cause loss of sales and customers or increase component costs resulting in lower gross margins and free cash flow.
  • The sales prices of our hardware and software solutions may decrease, which may reduce our gross profits and operating margin and may adversely impact our financial results and the trading price of our common stock.
  • The network security market is rapidly evolving and the complex technology incorporated in our software solutions make them difficult to develop. If we do not accurately predict, prepare for and respond promptly to technological and market developments and changing end-customer needs, our competitive position and prospects may be harmed.
  • Our ability to sell our software solutions is dependent on our quality control processes and the quality of our technical support services, and our failure to offer high-quality technical support services could have a material adverse effect on our sales and results of operations.
  • Our historical financial information may not be representative of our results as a public company.
  • Risks Related to Our Systems and Technology
  • Our business and operations have experienced growth in recent periods, and if we do not effectively manage any future growth or are unable to improve our systems, processes, and controls, our operating results could be adversely affected.
  • Risks Related to Our Intellectual Property
  • Our proprietary rights may be difficult to enforce and we may be subject to claims by others that we infringe their propriety technology.
  • Claims by others that we infringe their proprietary technology or other litigation matters could harm our business.
  • Other Risks Related to Our Business and Financial Position
  • Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose end-customers in the public sector or negatively impact our ability to contract with the public sector.
  • We are subject to governmental export and import controls that could subject us to liability or restrictions on sales, and that could impair our ability to compete in international markets.
  • Investors’ expectations of our performance relating to environmental, social and governance factors may impose additional costs and expose us to new risks.
  • We have incurred indebtedness and may incur other debt in the future, which may adversely affect our financial condition and future financial results.
  • Risks Related to Finance, Accounting and Tax Matters
  • If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our operating results could fall below expectations of securities analysts and investors, resulting in a decline in our stock price.
  • We are affected by fluctuations in currency exchange rates, including those in connection with recent inflationary trends in the United States.
  • We could be subject to changes in our tax rates, the adoption of new U.S. or international tax legislation, exposure to additional tax liabilities or impacts from the timing of tax payments.
  • Forecasting our estimated annual effective tax rate is complex and subject to uncertainty, and there may be material differences between our forecasted and actual tax rates.
  • Risks Related to Ownership of Our Common Stock
  • As a public company, we are subject to compliance initiatives that will require substantial time from our management and result in significantly increased costs that may adversely affect our operating results and financial condition.
  • If securities or industry analysts stop publishing research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • General Risks
  • Global economic uncertainty, an economic downturn, the possibility of a recession, inflation, rising interest rates, weakening product demand caused by political instability, changes in trade agreements and conflicts such as the war in Ukraine, could adversely affect our business and financial performance.
  • Changes in financial accounting standards may cause adverse unexpected fluctuations and affect our reported results of operations.

Legal proceedings

In the ordinary course of business, we may become a party to lawsuits involving various matters. The impact and outcome of litigation, if any, is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We believe the ultimate resolution of any such current proceeding will not have a material adverse effect on our continued financial position, results of operations or cash flows. However, assessment of any current litigation or other legal claims could change in light of the discovery of facts not presently known to the Company or by judges, juries or other finders of fact, which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims.

As of the date of this Annual Report, we are not a party to any legal proceedings that are expected, individually or in the aggregate, to have a material adverse impact on our financial position or results of operations.

The opening of Item 3, Legal Proceedings.4

Sources

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    SEC EDGAROther events
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