FatPipe, Inc. (FATN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FATN SEC filings page.
FatPipe, Inc. (FATN) reported $19.2M in revenue for fiscal year 2026, up 17.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Reported profit coexists with operating cash consumption, while financing inflows cushion an increasingly cash-hungry cost structure.
The sharpest earnings-quality gap is in FY2026: net income was$5.0M despite operating cash flow of-$780K ; alongside a negative income-tax expense, this means reported earnings did not translate into cash. This is not simply a one-period mismatch: FY2025 also paired positive net income with negative operating cash flow, making the divergence persistent across the latest two years.
Revenue recovered to
The balance sheet became less debt-dependent: debt-to-equity declined from 0.3x to 0.2x while current ratio rose from 2.0x to 3.9x between FY2025 and FY2026. Yet financing cash flow was
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of FatPipe, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FatPipe, Inc. has an operating margin of 18.7%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 84/100, reflecting efficient cost management and pricing power. This is down from 21.3% the prior year.
FatPipe, Inc.'s revenue surged 17.9% year-over-year to $19.2M, reflecting rapid business expansion. This strong growth earns a score of 44/100.
FatPipe, Inc. carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.85, FatPipe, Inc. holds $3.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.
FatPipe, Inc.'s operations used $780K of cash, and capex of $52K added to the outflow, for a free cash flow shortfall of $833K. This results in a cash flow score of 18/100.
FatPipe, Inc. earns a strong 19.7% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 77/100. This is up from 12.3% the prior year.
FatPipe, Inc. scores 7.08, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($79.3M) relative to total liabilities ($9.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
FatPipe, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, FatPipe, Inc. used $0.16 of operating cash (-$780K OCF vs $5.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
FatPipe, Inc. earns $8.90 in operating income for every $1 of interest expense ($3.6M vs $403K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
FatPipe, Inc. generated $5.0M in revenue in Q1 2027. This represents an increase of 27.8% from the same quarter a year earlier. Against the prior quarter it is down 30.4%.
FatPipe, Inc.'s EBITDA was $945K in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 13.7% from the same quarter a year earlier. Against the prior quarter it is down 58.2%.
FatPipe, Inc. reported $1.2M in net income in Q1 2027. This represents an increase of 65.5% from the same quarter a year earlier. Against the prior quarter it is down 69.0%.
FatPipe, Inc. earned $0.09 per diluted share (EPS) in Q1 2027. This represents an increase of 80.0% from the same quarter a year earlier. Against the prior quarter it is down 67.9%.
Cash & Balance Sheet
FatPipe, Inc. held $4.3M in cash against $4.5M in long-term debt as of Q1 2027.
Not reported for Q1 2027.
Not reported for Q1 2027.
Margins & Returns
FatPipe, Inc.'s gross margin was 92.3% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is down 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
FatPipe, Inc.'s operating margin was 17.9% in Q1 2027, reflecting core business profitability. This is down 7.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 12.3 percentage points.
FatPipe, Inc.'s net profit margin was 24.4% in Q1 2027, showing the share of revenue converted to profit. This is up 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 30.5 percentage points.
FatPipe, Inc.'s ROE was 4.6% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 11.1 percentage points.
Capital Allocation
FatPipe, Inc. invested $527K in research and development in Q1 2027. This represents an increase of 11.1% from the same quarter a year earlier.
Not reported for Q1 2027.
Not reported for Q1 2027.
FATN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0M+27.8% | $7.2M+90.4% | $4.1M+29.8% | $4.0M-29.2% | $3.9M+4.9% | $3.8M | $3.1M | $5.6M |
| Cost of Revenue | $390K+71.9% | $685K+305.7% | $504K+32.6% | $313K+36.5% | $227K-20.0% | $169K | $380K | $229K |
| Gross Profit | $4.6M+25.1% | $6.5M+80.4% | $3.6M+29.4% | $3.6M-32.1% | $3.7M+7.0% | $3.6M | $2.8M | $5.4M |
| R&D Expenses | $527K+11.1% | N/A | $454K+1.1% | N/A | $474K | N/A | $449K | N/A |
| SG&A Expenses | $1.2M+98.2% | $2.0M+80.1% | $828K+44.3% | $1.4M+17.6% | $587K+1.0% | $1.1M | $574K | $1.2M |
| Operating Income | $901K-10.1% | $2.2M+1234.8% | $402K+117.7% | -$793-100.0% | $1.0M+16.6% | $164K | $185K | $2.3M |
| EBITDA | $945K-13.7% | $2.3M+628.3% | $503K+58.3% | $103K-95.7% | $1.1M+10.2% | $310K | $317K | $2.4M |
| Interest Expense | $95K+36.1% | $103K+162.6% | $104K-11.9% | $126K+45.9% | $70K-18.8% | $39K | $118K | $86K |
| Income Tax | -$371K-272.4% | -$1.8M-441.8% | $90K+50.2% | -$13K-102.3% | $215K+31.7% | $520K | $60K | $551K |
| Net Income | $1.2M+65.5% | $4.0M+1216.9% | $311K+268.2% | -$43K-102.7% | $741K+18.5% | -$355K | $84K | $1.6M |
| EPS (Basic) | $0.09+80.0% | $0.29+1066.7% | $0.02+100.0% | $0.00-100.0% | $0.050.0% | -$0.03 | $0.01 | $0.13 |
| EPS (Diluted) | $0.09+80.0% | $0.28+1033.3% | $0.02 | $0.00-100.0% | $0.050.0% | -$0.03 | $0.01 | $0.13 |
| Diluted Shares (Avg) | 14M+1.9% | N/A | 14M | 14M+9.1% | 14M+11.1% | N/A | 13M | 13M |
FATN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $35.5M+10.8% | $34.5M+22.0% | $32.4M | $32.2M | $32.0M | $28.3M+32.0% | N/A | N/A |
| Current Assets | $16.4M+0.4% | $16.5M+27.0% | $16.6M | $16.6M | $16.3M | $13.0M+38.8% | N/A | N/A |
| Cash & Equivalents | $4.3M-27.1% | $5.2M+78.6% | $6.2M+281.3% | $6.2M+636.4% | $5.9M+669.3% | $2.9M+162.5% | $1.6M | $846K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $770K+88.6% | $446K+6.2% | $167K | $329K | $408K | $420K+269.7% | N/A | N/A |
| Accounts Receivable | $4.0M+2.1% | $4.3M+14.1% | $4.4M | $4.3M | $4.0M | $3.8M+19.0% | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $9.0M-22.9% | $9.3M-24.7% | $11.2M | $11.3M | $11.6M | $12.4M+67.4% | N/A | N/A |
| Current Liabilities | $4.1M-34.6% | $4.3M-34.2% | $6.1M | $6.1M | $6.3M | $6.5M+37.5% | N/A | N/A |
| Non-Current Liabilities | $4.8M-9.1% | $5.0M-14.2% | $5.1M | $5.2M | $5.3M | $5.9M+120.3% | N/A | N/A |
| Long-Term Debt | $4.5M-7.8% | $4.6M-7.0% | $4.6M | $4.8M | $4.9M | $5.0M | N/A | N/A |
| Total Equity | $26.5M+30.0% | $25.2M+58.3% | $21.2M+27.1% | $21.0M+29.0% | $20.4M+40.0% | $15.9M+14.3% | $16.7M | $16.3M |
| Retained Earnings | $17.3M+46.0% | $16.1M+44.7% | $12.1M | $11.8M | $11.8M | $11.1M+22.8% | N/A | N/A |
Not reported in any period shown, so not listed: Goodwill.
FATN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$679K-33.5% | -$913K-380.3% | $241K+319.1% | $400K+728.0% | -$509K-101.5% | -$190K | -$110K | $48K |
| Depreciation & Amortization | $43K-53.1% | $70K-51.9% | $100K-24.5% | $104K-21.8% | $92K-31.1% | $146K | $133K | $133K |
| Stock-Based Compensation | $204K | N/A | N/A | $625K | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | $42K+2071.3% | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$551K-116.6% | N/A | N/A | N/A |
| Investing Cash Flow | -$5K+89.4% | -$9K-21.4% | -$9K+65.9% | $7K-59.3% | -$42K-756.7% | -$7K | -$25K | $17K |
| Financing Cash Flow | -$93K-102.6% | $23K-98.8% | -$285K-147.5% | -$12K | $3.6M | $2.0M | $601K | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FATN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.3%-2.0pp | 90.5%-5.0pp | 87.7%-0.3pp | 92.1%-3.8pp | 94.2%+1.8pp | 95.5% | 87.9% | 95.9% |
| Operating Margin | 17.9%-7.6pp | 30.2%+25.9pp | 9.8%+4.0pp | 0.0%-40.5pp | 25.5%+2.6pp | 4.3% | 5.9% | 40.5% |
| Net Margin | 24.4%+5.5pp | 54.8%+64.2pp | 7.6%+4.9pp | -1.1%-29.9pp | 18.8%+2.1pp | -9.3% | 2.7% | 28.8% |
| Return on Equity | 4.6%+1.0pp | 15.7%+17.9pp | 1.5%+1.0pp | -0.2%-10.1pp | 3.6%-0.7pp | -2.2% | 0.5% | 9.9% |
| Return on Assets | 3.5%+1.1pp | 11.5%+12.7pp | 1.0% | -0.1% | 2.3% | -1.3% | N/A | N/A |
| Current Ratio | 3.98+1.4x | 3.85+1.9x | 2.71 | 2.74 | 2.59 | 2.000.0x | N/A | N/A |
| Debt-to-Equity | 0.17-0.1x | 0.18-0.1x | 0.22 | 0.23 | 0.24 | 0.31-0.2x | N/A | N/A |
| Asset Turnover | 0.140.0x | 0.21+0.1x | 0.13 | 0.12 | 0.12 | 0.13 | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | -14.0%-7.2pp | N/A | N/A | N/A |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| FatPipe, Inc. FATN | FY2026 | $19.2M | $5.0M | 25.9% | $79.3M | 67/100 |
| Katapult Holdings, Inc. KPLT | FY2025 | $291.8M | $1.4M | 0.5% | $777.5M | 28/100 |
| MicroAlgo, Inc. MLGO | FY2025 | $60.0M | $18.1M | 30.2% | $40.2M | 43/100 |
| XBP Global Holdings, Inc. XBP | FY2024 | $872.7M | -$215.2M | -24.6% | $33.4M | 13/100 |
| AEye, Inc. LIDR | FY2025 | $233K | -$34.0M | N/A | $59.5M | — |
| VirnetX Holding Corp VHC | FY2025 | $162K | -$18.2M | N/A | $48.8M | — |
Where FatPipe, Inc. Ranks
Frequently Asked Questions
What is FatPipe, Inc.'s annual revenue?
FatPipe, Inc. (FATN) reported $19.2M in total revenue for fiscal year 2026. This represents a 17.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is FatPipe, Inc.'s revenue growing?
FatPipe, Inc. (FATN) revenue grew by 17.9% year-over-year, from $16.3M to $19.2M in fiscal year 2026.
Is FatPipe, Inc. profitable?
Yes, FatPipe, Inc. (FATN) reported a net income of $5.0M in fiscal year 2026, with a net profit margin of 25.9%.
What is FatPipe, Inc.'s EBITDA?
FatPipe, Inc. (FATN) had EBITDA of $4.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does FatPipe, Inc. have?
As of fiscal year 2026, FatPipe, Inc. (FATN) had $5.2M in cash and equivalents against $4.6M in long-term debt.
What is FatPipe, Inc.'s gross margin?
FatPipe, Inc. (FATN) had a gross margin of 91.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is FatPipe, Inc.'s operating margin?
FatPipe, Inc. (FATN) had an operating margin of 18.7% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is FatPipe, Inc.'s net profit margin?
FatPipe, Inc. (FATN) had a net profit margin of 25.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is FatPipe, Inc.'s return on equity (ROE)?
FatPipe, Inc. (FATN) has a return on equity of 19.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is FatPipe, Inc.'s free cash flow?
FatPipe, Inc. (FATN) recorded an outflow of $833K in free cash flow during fiscal year 2026. This represents a -59.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is FatPipe, Inc.'s operating cash flow?
FatPipe, Inc. (FATN) recorded an outflow of $780K in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are FatPipe, Inc.'s total assets?
FatPipe, Inc. (FATN) had $34.5M in total assets as of fiscal year 2026, including both current and long-term assets.
What are FatPipe, Inc.'s capital expenditures?
FatPipe, Inc. (FATN) invested $52K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does FatPipe, Inc. spend on research and development?
FatPipe, Inc. (FATN) invested $1.9M in research and development during fiscal year 2026.
What is FatPipe, Inc.'s current ratio?
FatPipe, Inc. (FATN) had a current ratio of 3.85 as of fiscal year 2026, which is generally considered healthy.
What is FatPipe, Inc.'s debt-to-equity ratio?
FatPipe, Inc. (FATN) had a debt-to-equity ratio of 0.18 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is FatPipe, Inc.'s return on assets (ROA)?
FatPipe, Inc. (FATN) had a return on assets of 14.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is FatPipe, Inc.'s P/E ratio?
FatPipe, Inc. (FATN) trades at 14.5x earnings, its market capitalization divided by net income of $5.5M net income, trailing 12 months to June 30, 2026. The market capitalization is $79.3M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is FatPipe, Inc.'s price-to-sales ratio?
FatPipe, Inc. (FATN) trades at 3.9x sales, its market capitalization divided by revenue of $20.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $79.3M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does FatPipe, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, FatPipe, Inc. (FATN) held $5.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $780K over that year. Dividing the one by the other, the reported balance equals about 80 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is FatPipe, Inc.'s Altman Z-Score?
FatPipe, Inc. (FATN) has an Altman Z-Score of 7.08, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is FatPipe, Inc.'s Piotroski F-Score?
FatPipe, Inc. (FATN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FatPipe, Inc.'s earnings high quality?
For every $1 of reported earnings, FatPipe, Inc. (FATN) used $0.16 of operating cash (-$780K OCF vs $5.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can FatPipe, Inc. cover its interest payments?
FatPipe, Inc. (FATN) has an interest coverage ratio of 8.90x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is FatPipe, Inc.?
FatPipe, Inc. (FATN) scores 67 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.