Fatpipe Inc/UT Q1 2027 Earnings Report

Fatpipe Inc/UT EPS Results

• Actual EPS: $0.09
• Consensus EPS: $0.07
• Beat/Miss: Beat by +$0.02
• One Year Ago EPS: N/A

Fatpipe Inc/UT Revenue Results

• Actual Revenue: $5.03 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Fatpipe Inc/UT Announcement Details

• Quarter: Q1 2027
• Date: 7/30/2026
• Time: After Market Closes
• Conference Call Date: Thursday, July 30, 2026
• Conference Call Time: 4:30PM ET

FatPipe Inc. is a Utah-based networking technology company that develops solutions for improving the reliability, performance and security of wide-area networks. Its offerings are designed to help organizations connect offices, data centers, cloud environments and remote users across multiple network connections.

The company’s product portfolio has included software-defined wide-area networking (SD-WAN), multi-path routing, WAN optimization, link aggregation, traffic management and network redundancy solutions. FatPipe products are intended to combine or manage connections from different service providers, helping businesses maintain connectivity and distribute network traffic across available links.

FatPipe has historically marketed its networking solutions to enterprises, government organizations, educational institutions and other organizations with geographically distributed operations. Public company materials have identified Salt Lake City, Utah, as the company’s base and have described its products as serving customers through international sales and distribution channels.

Fatpipe Inc/UT Q1 2027 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Sales increased approximately 27%, while income rose about 65% year over year; EPS improved to $0.09 from $0.05. Management said gross margins remain around 92%–93% despite larger deals.
• Positive Sentiment: FatPipe reported expanding deal sizes and momentum through its partner-led model, including TD SYNNEX, and said approximately 30%–35% of a recently announced $7 million education order may be recognized in the current quarter.
• Positive Sentiment: The company is winning customers from VeloCloud, Juniper, and other incumbent vendors, citing responsive support, competitive pricing, and product performance as differentiators. Management said the VeloCloud replacement pipeline remains active.
• Neutral Sentiment: Management increased investment in growth, including roughly $400,000 in marketing during the quarter and additional inventory purchases to support large orders; executives acknowledged that margins may decline somewhat as the company scales.
• Positive Sentiment: FatPipe said its Total Security 360 cybersecurity product is fully tested and entering customer deployments, while SATBOOST is gaining interest across public- and private-sector applications, including satellite and 5G connectivity. The company also plans to expand its sales team from roughly 30–31 people toward 36–38 by fiscal year-end.

Presentation

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Good afternoon, thank you for joining FatPipe's earnings conference call. Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding FatPipe's expected financial performance, business strategy, growth opportunities, customer demand, product development, recurring revenue initiatives, market position, and future operating results. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

For a discussion of important factors that could affect FatPipe's actual results, please refer to the risk factors and other disclosures contained in the company's filings with the Securities and Exchange Commission, including its most recent annual report, quarterly reports, current reports, and other SEC filings. Any forward-looking statements made on today's call speak only as of today's date. Except as required by law, FatPipe undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. During today's call, we may also discuss certain Non-GAAP financial measures. Reconciliations of these Non-GAAP measures to the most directly comparable GAAP measures, where applicable, are included in today's earnings release and related materials available through the company's investor relations website and SEC filings. With that, I will turn the call over to management.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Thank you very much, Vikrant. I appreciate it. Vikrant is our Director of Corp Dev and Investor Relations. Sitting along with me in the room today is Sanchaita Datta. She's the Co-Founder of the company, Chief Technology Officer, and now the President of the company. We like to let all of you know that Sanj is a major player in this company, directing all of engineering and also assisting in customer relationships and product management. Today, as you can see on the screen Vikrant, is this screen being shared?

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Yes, it is.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Thank you. Our sales has grown about 27%, income has gone up around 65%. We are happy to let you know that the earnings per share has gone up to $0.09 a share from $0.05 a share the previous year. As we grow and we start doing bigger deals, obviously the margin falls a little bit, but not by a lot. It is still around 92%-93%. Overall, we had a good quarter coming on the back of a previously very large quarter. We are very thankful to our employees, our partners, and our customers who are continuing to support us in our endeavor to be the very best company in this space in terms of product and in terms of support and management of customer relationships.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

As you will see in the next slide, our products have been recognized for their contributions to the technology space. This is ChannelVision, the largest channel partner show in the United States, or probably in the world, and we got an award for our product offering. We have been able to successfully convert customers from other vendors, such as VeloCloud. We have an active VeloCloud conversion program. VeloCloud is a company that became part of two different large companies, and since then we have been able to win customers who are using those products. I will show you as a sample here. This is InfoTech. They are about a 4,000-person data analytics company. As you can see here, the third year or fourth year in a row, our products have distinguished themselves sharply compared to everybody else, whether it is Cisco, VMware, or any of the other big boys.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

On the right, you see in every category, we have a very good rating. Top of the chart. We also like to pick one competitor and show you the comparison in a Gartner survey. This is a Gartner survey of end customers. We have not paid Gartner for any of this. These are pure rankings by customers. As you can see here, we beat out Cisco's products in this space, and 97% of customers said they will recommend FatPipe. This gives you an idea of our product offering and what we do in this space. We have been fortunate. We have been developing new products. We earlier released a cybersecurity product, and now that is going into various customers, quotations, and more marketing.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

This year, this quarter is one of the first quarters where we spent a significant amount of money in developing our partners, marketing, our trade shows, and related travel. That is helping us a lot. For instance, in Las Vegas at ChannelVision, we hosted a Happy hour at one of the bars. We thought we needed only quarter of the space. We ended up occupying the entire bar, and about 120 people, partners showed up. That is becoming an event by itself, because last year we had 80 people, the previous year we had about 40 people. We are finding that our name is getting out there, which also means that more partnerships to come. With that, I will open it up for any questions. Vikrant, if you want to add any more to this conversation.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

If you have any questions, please feel free to put them in chat and raise your hand, and we can answer them live. Looks like the first question is coming from Lisa Thompson from Zacks. Let me see if I can bring you into the room.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Hi, Lisa.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Lisa, you are now unmuted. Please ask your question.

[Lisa Thompson, Analyst at Zacks Investment Research]

Yes. Got it figured out now. Hi.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Hi, Lisa.

[Lisa Thompson, Analyst at Zacks Investment Research]

You had a great quarter. Could you tell us where the revenues came from? Were there a bunch of large contracts? I know you had the second half of one of them. Are the channel partners doing better? What's happening out there?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Lisa, we are clicking on all cylinders, both in terms of market segments as well as various channel partners. Channel partners, as you know, we have started investing in the channel partner program. We signed up TD Synnex, used to be called Tech Data, the largest distributor in the world for technology.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

The size of the deals have gone up, and this is partly because as we develop closer relationships and trust with the partner, the partners are taking us to bigger deals, and that started happening. It's a combination of deal size increasing, more deals, more markets, and more partners bringing in deals. We expect the channel partners to increase the amount of deals, and number, and amount, and size of deals.

[Lisa Thompson, Analyst at Zacks Investment Research]

Is the percent of revenue going to shift more to partners, or is direct sales also growing?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

We don't do any direct sales. I can't say any. There's always a few, where the customers want to deal with us directly. Almost all our sales come through partners, and that is our strategy, that partners will be our feet on the street.

[Lisa Thompson, Analyst at Zacks Investment Research]

One last question was, you did announce a $7 million deal a few weeks ago. How much of that is going to get booked in the September quarter?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

I will have to find that exact number, but we can get back to you on that.

[Lisa Thompson, Analyst at Zacks Investment Research]

Okay. Thank you.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

It's probably about 30%, 35%. Probably about 30%, 35% will probably be booked this quarter as we deliver those units out. In fact, I saw a whole bunch of units going out today.

[Lisa Thompson, Analyst at Zacks Investment Research]

Oh, great. Okay. That's close enough. Thank you.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Thank you.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Okay. Thank you, Lisa. I will move you back into attendee for now. Next up, we have two questions, one in the chat, and Nehal's raising his hand. I will have Nehal ask his questions first, then I will answer the question in chat. Nehal, I am making you a presenter, so you should be able to unmute and ask the question..

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Good afternoon. For folks who do not know Nehal is ranked 185 out of 12,000 analysts in the country, and he works for Northland Securities.

[Nehal Chokshi, Analyst at Northland Securities]

Thank you. Thank you, Bhaskar. Congratulations from me on a good quarter here.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Thank you.

[Nehal Chokshi, Analyst at Northland Securities]

Can you give us a sense as far as what were bookings in the June quarter?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Can you repeat that, Nehal?

[Nehal Chokshi, Analyst at Northland Securities]

Can you give us a sense as to what were the bookings in the June quarter?

[Sanchaita Datta, Co-Founder, President, and CTO at FatPipe]

What were the bookings.

[Nehal Chokshi, Analyst at Northland Securities]

Can you hear me?

[Sanchaita Datta, Co-Founder, President, and CTO at FatPipe]

for future purposes? Yes, we can.

[Nehal Chokshi, Analyst at Northland Securities]

Yeah.

[Sanchaita Datta, Co-Founder, President, and CTO at FatPipe]

Bookings is a significantly higher number. However, it is a really forward-looking statement, so at this point, I would like to answer that question on one-on-one rather than.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

What we do, Nehal, as we get the orders, and we start getting the units in and assigning it to customers, there's always a lag between bookings and actual revenue recognition. There's a little bit of lag. Yeah.

[Nehal Chokshi, Analyst at Northland Securities]

Understood.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Those that we didn't fulfill in June or ending June, they'll be starting rolling over to this quarter, the present quarter.

[Nehal Chokshi, Analyst at Northland Securities]

Got it. The $7 million education win disclosed a couple of weeks ago and discussed already, that was booked within the June quarter. Is that correct?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Not all of it. We book as we get the orders processed and assigned to the customer, the products assigned to customer, either shipped or installed or assigned. Got it.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Not all-

[Nehal Chokshi, Analyst at Northland Securities]

Can you discuss what are the drivers for winning this very material order?

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Working closely with the partner. It was an RFP. Partner chose us over a major incumbent. We just met all the technical criteria and of course, made sure we gave a good price to the partner to win the deal. Essentially, product and pricing.

[Nehal Chokshi, Analyst at Northland Securities]

Okay, great.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Sorry.

[Nehal Chokshi, Analyst at Northland Securities]

Were you disclosing the monthly Yep, go ahead, please.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Oh, yeah, sorry. One additional detail I wanted to add is that the incumbents who we were replacing, as well as the competitors we won against, those companies have recently been acquired. Juniper was acquired by Hewlett Packard Enterprise, and VeloCloud was reacquired for the third time in five years by Arista. As these competitive products have been acquired, support from OEM has dropped significantly. Customers choose FatPipe because we still provide first-party support and market-leading support that customers appreciate.

[Nehal Chokshi, Analyst at Northland Securities]

Got it. Great. You were disclosing monthly recurring revenue for the past two quarters, which was up 50% year-over-year. Are you disclosing it again this quarter? If so, what is it?

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Good point. I didn't check the actual numbers. We will be posting it as we get the numbers together. I don't think we disclosed that this quarter. Yeah. It does go up. Every quarter it goes up, as you can imagine, as we have new customers being added and renewals happening. Yeah, it does go up.

[Nehal Chokshi, Analyst at Northland Securities]

Okay. Finally, can you give us an update on where you are in sales headcount and where you expect to be at the end of the fiscal year?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Yeah. I think we are now up to 30+ people, 30 people, 31 people. We were 24 people at the end of March. We have about five more people. Our goal is, as we had stated before, to get to 36 people by the end of fiscal. We will be recruiting more people. We actually added two, three people a couple of weeks ago, we will be adding another five, six people by the end of December. If there's any stragglers or netting out anybody we let go, by end of March, we'll be at 36 people-38 people. We are on track as we projected last year.

[Nehal Chokshi, Analyst at Northland Securities]

Okay, great. Can you just remind us what are your sales quota expectations? Presumably, you're seeing a ramp-up satisfactory that is driving this healthy pace of sales ramp additions.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

When we add the sales team, their quota's $2 million the first year. We can expect between $700,000-$1 million. Those who have a good Rolodex will hit that number faster. At the end of the first year, they all become very productive. We always are evaluating those who are not very productive and helping them get to be productive or having them leave. It's a simple concept there. The persons who have a good Rolodex and who have applied themselves very well to their job are doing well.

[Nehal Chokshi, Analyst at Northland Securities]

Thank you for the update.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

I don't have a specific number.

[Nehal Chokshi, Analyst at Northland Securities]

No, you answered the question beautifully. Thank you.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Oh, thank you.

[Nehal Chokshi, Analyst at Northland Securities]

Congratulations.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Thank you, sir. Thank you, Nehal.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Yes. Going into question in chat. Got a question from Rudy. Question being, "SATBOOST is a latent game changer, especially in the government space, where many agencies are operating in low power and austere environments. Have there been any serious inquiries about adopting it?" To answer the question, Rudy, yes. We've already had deployment with state health agencies, with supermarkets, and with other, call it, rurally distributed customers. These deployments have already happened and customers are live and appreciating the use of the SATBOOST product. In terms of the sales pipeline, I obviously cannot talk too much about the sales pipeline due to it being forward-looking statements. However, we are seeing strong interest in the SATBOOST product from a variety of end customers across both public sector and private sector.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

As we get more sales and specific case studies regarding SATBOOST, we will continue to post those on a regular basis, either on the website as case studies or we will mention it in future earnings calls.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Also, in fact, just today, we had a call with a major partner about the product and its application. Interestingly, a variant of the same product can be also applied for 5G. We can speed up 5G performance and connectivity. We had a call with a partner who's looking at both for satellite as well as for 5G. Anything wireless, really, in a generic way. Anything wireless because of our technology that we can improve the performance of these transmission media or lack of media here. We are able to improve the quality of this transmission as well as the speed of the transmission. There is very good traction. Short answer is yes.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Those of you who are investors, we appreciate you sending us leads. I know a couple of investors sent us leads saying, "Hey, you need to talk to this guy and that guy." Those of you who are on the call, if you know any potential opportunities, we would very much appreciate you sending us these leads. We'll take leads from anyone, and especially our investors who have a very vested financial interest in this company. You're all a big family for us. What is interesting is some of our original investors, they still have held on to their shares, and they're accumulating shares every time the stock drops. You can imagine that we have a big ecosystem that supports FatPipe.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Thanks, Bhaskar. One question-and-answer we've received is, FatPipe reported their strong revenue growth and profitability in Q1. How should investors think about the balance between growth and operating discipline going forward?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

It's a balancing act, right? When there's growth, you are investing more in growth. I think it was Nehal or somebody had told me, focus on growth and it's okay for margins to come down. We are doing that, as you can see here. Also last quarter, we invested a significant amount of money in inventory, because when you get these big orders, you have to lock in the inventory. We locked in the inventory. We spent buying the inventory and also buying RAMs and SSDs and paying it forward in terms of buying those products with a fixed price. Marketing, we spent nearly $400,000 last quarter on marketing. The reason is that's the time when a lot of trade shows happen.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Now, this quarter, we won't have much marketing expenses, we are investing in all these opportunities to increase the growth of the company.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Great. Thank you, Dr. Bhaskar. An additional question we have is, where are you seeing success in the market? Are there any areas that you've been seeing notable wins in or continued momentum?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Very similar to the answer that I gave to Lisa. Across the board, there are some segments where the deal sizes are bigger, obviously we tend to focus on those kind of deals. Other than that, we are servicing the economy, regardless of whether it's a hospital or a retail store or a company, a manufacturing, financial, credit unions, just across the board.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Great. Thank you, Dr. Bhaskar. One question is someone is inquiring about our VeloCloud replacement program that we had announced in press releases in the past. How is that VeloCloud replacement program coming along?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

It's actually coming along well. We have enough number of deals that we have closed to turn those customers to our side, we have a number of opportunities we are working on. The way this works is as more and more of those customers, more marketing happens to our partners and bringing awareness. As time goes by, when those deals come up for renewals, we'll see more happening.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

We are not just going after VeloCloud. As you know, some of the big companies don't do a great job of taking care of their customers or partners. There's one company that takes three weeks to give you a quotation to a partner. We just snag that partner and that customer. The whole important thing is being a smaller company, we are able to produce products faster, features faster, respond to our partners faster. We are doing all of that at the same time. Like the $7 million order, we displaced a very large company. It was all about product and pricing and the fact that our partners know we are very responsive. All of that is captured in the awards that InfoTech gives us or the customer feedback on Gartner's website. All of that is captured.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

One question we got in chat was describing the equipment spend that we have over competitors and how this edge is defensible. The way a child would characterize that is FatPipe is first and foremost a software company. The actual appliances we sell are commodity hardware, and we load our proprietary software onto that. In the vein of that, where some of our competitors have seen significant supply chain price increases as a result of competing needs from their semiconductor manufacturers overseas, where they're now competing with the standard GPU and data center companies for allocation of fab times.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

FatPipe has continued to use our commodity supply chain for our equipment, which allows us to see less price increases and less increased lead times than what our competitors have seen, which has allowed us to maintain prices as is, in terms of the customer-facing prices and partner-facing prices, while competitors have had to increase their prices, and we haven't had any increased lead times as a result. That's for both order fulfillment and in general, supply chain. In general, we have that advantage versus our competitors, given we are using commodity hardware and loading our proprietary software onto it. Hey, thanks, everyone. If you have any other questions, please feel free to send them to me or put them in Q&A or in chat. One question is: what is FatPipe doing in AI, Dr. Bhaskar?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

FatPipe has added AI in all aspects of our business, software coding, fulfillment services, software for fulfillment, pretty much everything. In terms of the product, we are a highly deterministic product. We use machine learning. When you say AI, machine learning is a subset of that. Machine learning enables us to do the fastest routing using spanning tree algorithms and allowing for jitter latency and everything else. Our job is to transmit packets from point A to point B in the fastest route possible with the least latency, and we do that better than everybody else. Now, you cannot apply AI to a very deterministic problem. Where AI comes in is when you have more fuzziness. As you all know, fuzzy logic is where AI came from originally. We are now looking at how to generate reports.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

If you look at HPE and others, their application of AI in the business has been about creating reports using natural language questions. That is the easiest thing to do, right? It's not the smartest application of AI. Where we need to apply AI is when we can see how we can take a whole network and then see how to release congestions in the network. That is what we are working on. That is a lot more harder in a real-time space than anything else. I also told you how we have applied AI to content, graphical content. Graphical content, AI is perfect for that because it's fuzzy. When I say fuzzy, meaning you could have a person in a bikini versus a person who's naked, and the AI has to distinguish between the two. We have developed the software for that.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

If you're a school and you want to block graphical images or sexual content, we have the AI technology applied for that. That is a perfect example of a perfect application of AI. Totally fuzzy logic. Content that cannot be just described deterministically, and our software is doing a great job on that. That will be applicable more to schools, but obviously, I have to charge more for that.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

As Chief Executive Officer, what are the two or three priorities you are most focused on for the rest of the year?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Okay. I'm going to be a little facetious here. Number one is sales. Number two is sales. Number three, go to the person for number one and number two. It's all focused on sales, performance, financial discipline, and trying to help the stock price go up. It's just focused on sales, guys. That's all I tell my team. We have good products. We have a good organization in terms of customer support. The only thing we need to focus on is increasing our sales and keeping our margins as much as possible.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Great. One additional question is, do you have any updates on FatPipe's Total Security 360 cybersecurity solution that you have mentioned in the past?

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

We have completed the product. We have fully tested, load tested the product, and we have started giving it out to customers. It's been not as fast to start, but it's happening now. Like anything, our customers will change their current products with our product as those contracts come to an end. That is what we are focused on, finding out when the contracts are coming to an end, then pushing our product. Like I again said, our products are a lot more comprehensive. Total Security 360 is designed to block any type of gaps. Between when you buy three or four different products from four different vendors, there are gaps, cybersecurity gaps. By we giving a single product that covers all aspects of cybersecurity, we give you a total cocoon in which you can operate your business.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

For the price of a latte per employee per month, you get everything, including endpoint detection and response, which itself costs about $5 from CrowdStrike. For that, I give you all the other aspects of cybersecurity.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

Great. I think we are at 3:00 P.M.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Okay. Thank you, everyone. I really appreciate you taking the time to listen to this presentation and also being a shareholder. It's a great privilege to have you as a shareholder.

[Vikrant Ragula, Director of Investor Relations at FatPipe]

If you have any additional questions, please feel free to email the investor relations email. I believe it is investors.ir@fatpipeinc.com, and that email can also be found on the website, and we'll be happy to respond to your questions over email if you weren't able to get them answered on today's call. With that, thank you everyone for joining the first quarter fiscal 2027 FatPipe earnings call. We hope you all have a great rest of your day. Thank you, everyone.

[Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director at FatPipe]

Thank you

Participants

Executives

• Ragula Bhaskar, Co-Founder, CEO, Chairman, and Director
• Sanchaita Datta, Co-Founder, President, and CTO

Analysts

• Vikrant Ragula, Director of Investor Relations at FatPipe
• Lisa Thompson, Analyst at Zacks Investment Research
• Nehal Chokshi, Analyst at Northland Securities