For the twelve months ended Sep 30, 2026, FatPipe Inc. reported $21.18M of revenue and $6.70M of net income.
FATN revenue was $4.83M in fiscal Q2 2027 (ended Sep 30, 2026), up 22.1% from a year earlier and down 3.9% from the prior quarter. For the full fiscal 2026 it was $19.21M, up 17.9% from fiscal 2025.
FATN net income was $1.20M in fiscal Q2 2027 (ended Sep 30, 2026), compared with -$43.4K a year earlier and down 2.0% from the prior quarter. For the full fiscal 2026 it was $4.97M, up 152.7% from fiscal 2025.
FATN diluted EPS was $0.09 in fiscal Q2 2027 (ended Sep 30, 2026), compared with $0.00 a year earlier and up 0.0% from the prior quarter. For the full fiscal 2026 it was $0.35, up 133.3% from fiscal 2025.
FATN free cash flow was -$832.9K for fiscal 2026 (ended Mar 31, 2026), compared with -$523.9K in fiscal 2025.
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Revenue | $19.21M | $16.29M | $17.86M |
| Cost of revenue | $1.73M | $1.06M | $1.07M |
| Gross profit | $17.48M | $15.23M | $16.79M |
| Research and development | $1.91M | $1.79M | - |
| Selling, general and admin | $4.76M | $3.42M | $3.15M |
| Operating income | $3.59M | $3.47M | $5.64M |
| Interest expense | $403.4K | $329.9K | $302.1K |
| Pre-tax income | $3.49M | $3.29M | $5.60M |
| Income tax | -$1.48M | $1.29M | $1.44M |
| Net income | $4.97M | $1.97M | $4.37M |
| EPS, basic | $0.36 | $0.15 | $0.35 |
| EPS, diluted | $0.35 | $0.15 | $0.35 |
| Diluted shares | 14.0M | 12.9M | 12.4M |
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Cash and equivalents | $5.21M | $2.92M | $1.11M |
| Receivables | $4.30M | $3.76M | $3.16M |
| Inventory | $445.8K | $419.7K | $113.5K |
| Current assets | $16.46M | $12.96M | $9.34M |
| Total assets | $34.52M | $28.29M | $21.44M |
| Current liabilities | $4.27M | $6.49M | $4.72M |
| Short-term debt | $0 | $13.7K | - |
| Total debt | $4.62M | $4.97M | - |
| Total liabilities | $9.31M | $12.36M | $7.39M |
| Shareholders' equity | $25.22M | $15.93M | $14.05M |
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Operating cash flow | -$780.4K | -$504.1K | -$363.4K |
| Capital expenditures | $52.5K | $19.8K | $19.2K |
| Free cash flow | -$832.9K | -$523.9K | -$382.6K |
| Investing cash flow | -$52.5K | -$19.8K | -$19.2K |
| Financing cash flow | $3.32M | $2.49M | $205.7K |
| Stock-based compensation | $770.2K | - | - |
| Depreciation and amortization | $369.2K | $545.7K | $699.3K |
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Revenue growth, YoY | 17.9% | -8.8% | - |
| Net income growth, YoY | 152.7% | -55.0% | - |
| EPS growth, YoY | 133.3% | -57.1% | - |
| Gross margin | 91.0% | 93.5% | 94.0% |
| Operating margin | 18.7% | 21.3% | 31.6% |
| Net margin | 25.9% | 12.1% | 24.4% |
| Free cash flow margin | -4.3% | -3.2% | -2.1% |
| Return on equity | 19.7% | 12.3% | 31.1% |
| Return on assets | 14.4% | 7.0% | 20.4% |
| Current ratio | 3.85 | 2.00 | 1.98 |
| Debt to equity | 0.18 | 0.31 | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.83M | $5.03M | $7.23M | $4.09M | $3.96M | $3.94M | $3.79M | $3.15M | $5.60M | $3.75M |
| Cost of revenue | $484.9K | $390.1K | $684.7K | $503.8K | $312.9K | $226.9K | $168.8K | $379.9K | $229.3K | $283.7K |
| Gross profit | $4.35M | $4.64M | $6.54M | $3.58M | $3.65M | $3.71M | $3.63M | $2.77M | $5.37M | $3.47M |
| Research and development | $524.8K | $527.0K | $487.9K | $453.5K | $489.2K | $474.5K | $479.7K | $448.6K | - | - |
| Selling, general and admin | $1.06M | $1.16M | $1.95M | $828.4K | $1.39M | $587.0K | $1.08M | $573.9K | $1.18M | $581.1K |
| Operating income | $844.7K | $901.5K | $2.19M | $402.4K | -$793 | $1.00M | $163.7K | $184.8K | $2.26M | $859.8K |
| Interest expense | $101.8K | $95.1K | $103.4K | $104.1K | $126.0K | $69.9K | $39.4K | $118.1K | $86.4K | $86.0K |
| Pre-tax income | $830.8K | $855.4K | $2.19M | $400.9K | -$56.0K | $956.4K | $192.1K | $144.4K | $2.18M | $772.5K |
| Income tax | -$370.8K | -$370.9K | -$1.78M | $90.2K | -$12.6K | $215.2K | $519.7K | $60.1K | $551.1K | $163.4K |
| Net income | $1.20M | $1.23M | $3.96M | $310.7K | -$43.4K | $741.2K | -$354.7K | $68.0K | $1.63M | $609.1K |
| EPS, basic | $0.09 | $0.09 | $0.29 | $0.02 | $0.00 | $0.05 | -$0.04 | $0.01 | $0.13 | $0.05 |
| EPS, diluted | $0.09 | $0.09 | $0.28 | $0.02 | $0.00 | $0.05 | -$0.04 | $0.01 | $0.13 | $0.05 |
| Diluted shares | 14.1M | 14.1M | - | 13.9M | 13.9M | 13.8M | - | 13.0M | 12.7M | 12.4M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.10M | $4.31M | $5.21M | $6.16M | $6.23M | $5.91M | $2.92M | $1.62M | $845.9K | $767.8K |
| Receivables | $4.29M | $4.05M | $4.30M | $4.41M | $4.33M | $3.97M | $3.76M | - | - | - |
| Inventory | $663.3K | $769.9K | $445.8K | $167.3K | $328.7K | $408.2K | $419.7K | - | - | - |
| Current assets | $15.66M | $16.40M | $16.46M | $16.57M | $16.60M | $16.34M | $12.96M | - | - | - |
| Total assets | $35.38M | $35.48M | $34.52M | $32.38M | $32.24M | $32.02M | $28.29M | - | - | - |
| Current liabilities | $3.05M | $4.12M | $4.27M | $6.12M | $6.05M | $6.30M | $6.49M | - | - | - |
| Short-term debt | $418.8K | $391.4K | $0 | $417.3K | $577.7K | $731.2K | $13.7K | - | - | - |
| Total debt | $4.44M | $4.53M | $4.62M | $4.60M | $4.76M | $4.91M | $4.97M | - | - | - |
| Total liabilities | $7.66M | $8.96M | $9.31M | $11.22M | $11.26M | $11.62M | $12.36M | - | - | - |
| Shareholders' equity | $27.72M | $26.52M | $25.22M | $21.16M | $20.99M | $20.40M | $15.93M | $16.65M | $16.26M | $14.57M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.11M | -$679.0K | -$912.5K | $240.9K | $399.8K | -$508.6K | -$190.0K | -$110.0K | $48.3K | -$252.5K |
| Capital expenditures | - | - | - | - | -$7.0K | $42.4K | - | - | - | $2.0K |
| Free cash flow | - | - | - | - | $392.8K | -$551.1K | - | - | - | -$254.4K |
| Investing cash flow | $998 | -$4.5K | -$8.5K | -$8.5K | $7.0K | -$42.4K | -$7.0K | -$25.0K | $17.2K | -$5.0K |
| Financing cash flow | -$90.9K | -$92.7K | $23.3K | -$285.4K | -$12.1K | $3.59M | $1.97M | $601.1K | - | - |
| Stock-based compensation | $14.8K | $204.3K | $145.0K | $0 | $625.2K | $0 | - | - | - | - |
| Depreciation and amortization | $42.4K | $43.1K | $70.3K | $102.8K | $104.1K | $92.0K | $146.4K | $132.7K | $133.1K | $133.5K |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 22.1% | 27.8% | 90.4% | 29.8% | -29.2% | 4.9% | - | - | - | - |
| Net income growth, YoY | - | 65.5% | - | 357.2% | - | 21.7% | - | - | - | - |
| EPS growth, YoY | - | 80.0% | - | 100.0% | -100.0% | 0.0% | - | - | - | - |
| Gross margin | 90.0% | 92.2% | 90.5% | 87.7% | 92.1% | 94.2% | 95.6% | 87.9% | 95.9% | 92.4% |
| Operating margin | 17.5% | 17.9% | 30.2% | 9.8% | -0.0% | 25.5% | 4.3% | 5.9% | 40.4% | 22.9% |
| Net margin | 24.9% | 24.4% | 54.8% | 7.6% | -1.1% | 18.8% | -9.3% | 2.2% | 29.1% | 16.2% |
| Free cash flow margin | - | - | - | - | 9.9% | -14.0% | - | - | - | -6.8% |
| Current ratio | 5.13 | 3.98 | 3.85 | 2.71 | 2.74 | 2.59 | 2.00 | - | - | - |
| Debt to equity | 0.16 | 0.17 | 0.18 | 0.22 | 0.23 | 0.24 | 0.31 | - | - | - |
Source: XBRL data FatPipe Inc. files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| FATN | $21.18M | +42.7% | $6.70M | 31.6% | $61.9M |
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| SHOP | $14.17B | +32.5% | $2.13B | 15.0% | $191.58B |
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| NOW | $15.43B | +21.8% | $1.45B | 9.4% | $105.84B |