NASDAQ : FATN
FatPipe, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 5.1 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 72.06M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
FatPipe, Inc. (FATN) reported revenue of 20.30M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 20.30M | 19.21M | 16.29M | 17.86M | 15.80M | 12.40M |
| Cost of Revenue | 1.89M | 1.73M | 1.06M | 1.07M | 1.10M | 691.61K |
| Gross Profit | 18.41M | 17.48M | 15.23M | 16.79M | 14.69M | 11.71M |
| Selling, General & Admin | 12.97M | 11.99M | 9.97M | 9.42M | 9.66M | 9.70M |
| Research & Development | 1.96M | 1.91M | 1.79M | 1.74M | 1.80M | 1.63M |
| Operating Expenses | 14.92M | 13.89M | 11.76M | 11.15M | 11.45M | 11.93M |
| Operating Income | 3.49M | 3.59M | 3.47M | 5.64M | 3.24M | -224.14K |
| Interest Expense | -500.30K | -475.07K | -329.89K | -302.12K | -107.13K | -31.27K |
| Interest & Investment Income | 161.07K | 125.19K | 42.69K | 27.26K | 134.00 | 84.30K |
| Currency Exchange Gain (Loss) | 236.45K | 246.87K | 101.38K | 27.18K | -49.97K | 103.82K |
| Other Non Operating Income (Expenses) | 1.83K | 256.73K | 59.70K | 5.26K | ||
| EBT Excluding Unusual Items | 3.39M | 3.49M | 3.29M | 5.65M | 3.14M | -62.03K |
| Gain (Loss) on Sale of Assets | -49.07K | -586.00 | ||||
| Other Unusual Items | 548.90K | |||||
| Pretax Income | 3.39M | 3.49M | 3.29M | 5.60M | 3.14M | 486.88K |
| Income Tax Expense | -2.07M | -1.48M | 1.33M | 1.32M | 255.46K | 32.69K |
| Earnings From Continuing Operations | 5.46M | 4.97M | 1.95M | 4.28M | 2.89M | 454.19K |
| Minority Interest in Earnings | -13.51K | 13.51K | 87.03K | 25.98K | 29.54K | |
| Net Income | 5.44M | 4.97M | 1.97M | 4.37M | 2.91M | 483.73K |
| Net Income to Common | 5.44M | 4.97M | 1.97M | 4.37M | 2.91M | 483.73K |
| Shares Outstanding (Basic) | 13.95M | 13.88M | 12.86M | 12.45M | 12.45M | 12.45M |
| Shares Outstanding (Diluted) | 14.07M | 14.01M | 12.86M | 12.45M | 12.45M | 12.45M |
| EPS (Basic) | 0.39 | 0.36 | 0.15 | 0.35 | 0.23 | 0.04 |
| EPS (Diluted) | 0.39 | 0.35 | 0.15 | 0.35 | 0.23 | 0.04 |
| Free Cash Flow | -965.39K | -832.88K | -523.89K | -382.61K | -2.01M | -226.03K |
| Free Cash Flow Per Share | -0.07 | -0.06 | -0.04 | -0.03 | -0.16 | -0.02 |
| Gross Margin | 90.68% | 91.00% | 93.48% | 94.01% | 93.02% | 94.42% |
| Operating Margin | 17.18% | 18.69% | 21.31% | 31.57% | 20.51% | -1.81% |
| Profit Margin | 26.80% | 25.87% | 12.07% | 24.45% | 18.43% | 3.90% |
| Free Cash Flow Margin | -4.75% | -4.34% | -3.22% | -2.14% | -12.70% | -1.82% |
| EBITDA | 3.81M | 3.96M | 4.02M | 6.34M | 3.82M | 289.62K |
| EBITDA Margin | 18.76% | 20.61% | 24.66% | 35.48% | 24.19% | 2.34% |
| D&A For EBITDA | 320.41K | 369.25K | 545.71K | 699.26K | 582.33K | 513.75K |
| EBIT | 3.49M | 3.59M | 3.47M | 5.64M | 3.24M | -224.14K |
| EBIT Margin | 17.18% | 18.69% | 21.31% | 31.57% | 20.51% | -1.81% |
| Effective Tax Rate | 40.60% | 23.55% | 8.13% | 6.71% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.31M | 5.21M | 2.92M | 1.11M | 1.08M | 1.38M |
| Cash & Short-Term Investments | 4.31M | 5.21M | 2.92M | 1.11M | 1.08M | 1.38M |
| Receivables | 11.11M | 10.67M | 8.96M | 7.53M | 4.80M | 2.56M |
| Inventory | 769.90K | 445.84K | 419.68K | 113.52K | 355.95K | 655.99K |
| Other Current Assets | 203.75K | 125.27K | 666.38K | 582.39K | 1.00M | 138.84K |
| Total Current Assets | 16.40M | 16.46M | 12.96M | 9.34M | 7.24M | 4.73M |
| Property, Plant & Equipment | 1.03M | 1.14M | 1.51M | 280.48K | 801.16K | 139.89K |
| Other Intangible Assets | 661.04K | 694.19K | 1.05M | 1.56M | 2.18M | 2.64M |
| Long-Term Accounts Receivable | 16.94M | 15.78M | 12.31M | 9.96M | 5.41M | 3.18M |
| Long-Term Deferred Tax Assets | 76.91K | 76.91K | 76.91K | 117.45K | ||
| Other Long-Term Assets | 372.46K | 372.35K | 379.08K | 186.91K | 108.11K | 126.14K |
| Total Assets | 35.48M | 34.52M | 28.29M | 21.44M | 15.73M | 10.82M |
| Accounts Payable | 632.00K | 390.17K | 437.25K | 417.53K | 241.11K | 69.46K |
| Accrued Expenses | 426.25K | 334.77K | 448.33K | 2.50M | 1.45M | 786.60K |
| Current Portion of Long-Term Debt | 391.40K | 391.40K | 463.42K | 120.00K | 86.35K | |
| Current Portion of Leases | 411.08K | 401.41K | 366.68K | 164.15K | 412.76K | |
| Current Income Taxes Payable | 1.11M | 1.48M | 2.97M | |||
| Current Unearned Revenue | 919.25K | 1.09M | 1.36M | 1.52M | 1.85M | 2.23M |
| Other Current Liabilities | 229.59K | 175.43K | 447.46K | |||
| Total Current Liabilities | 4.12M | 4.27M | 6.49M | 4.72M | 3.96M | 3.18M |
| Long-Term Debt | 4.14M | 4.23M | 4.64M | 2.50M | 2.00M | 855.83K |
| Long-Term Leases | 575.90K | 682.44K | 1.11M | 50.56K | 216.28K | |
| Long-Term Unearned Revenue | 5.05K | |||||
| Other Long-Term Liabilities | 121.89K | 121.82K | 116.99K | 116.01K | ||
| Total Liabilities | 8.96M | 9.31M | 12.36M | 7.39M | 6.17M | 4.04M |
| Common Stock | 141.25K | 132.25K | 130.26K | 124.49K | 124.49K | 124.49K |
| Additional Paid-In Capital | 6.29M | 6.10M | 1.59M | 1.52M | 1.52M | 1.52M |
| Retained Earnings | 17.30M | 16.08M | 11.11M | 9.04M | 4.67M | 1.89M |
| Comprehensive Income & Other | 2.78M | 2.91M | 3.10M | 3.25M | 3.05M | 3.03M |
| Total Common Equity | 26.52M | 25.22M | 15.93M | 13.94M | 9.37M | 6.57M |
| Minority Interest | 112.65K | 190.29K | 215.41K | |||
| Shareholders' Equity | 26.52M | 25.22M | 15.93M | 14.05M | 9.56M | 6.78M |
| Total Liabilities & Equity | 35.48M | 34.52M | 28.29M | 21.44M | 15.73M | 10.82M |
| Total Debt | 5.52M | 5.71M | 6.59M | 2.83M | 2.63M | 942.18K |
| Net Cash (Debt) | -1.21M | -493.35K | -3.67M | -1.72M | -1.55M | 433.67K |
| Net Cash Per Share | -0.09 | -0.04 | -0.29 | -0.14 | -0.12 | 0.03 |
| Filing Date Shares Outstanding | 14.13M | 14.02M | 13.82M | 12.45M | 13.03M | 12.45M |
| Total Common Shares Outstanding | 14.13M | 14.02M | 13.03M | 12.45M | 12.45M | 12.45M |
| Working Capital | 12.27M | 12.19M | 6.47M | 4.62M | 3.28M | 1.55M |
| Book Value Per Share | 1.88 | 1.80 | 1.22 | 1.12 | 0.75 | 0.53 |
| Tangible Book Value | 25.86M | 24.52M | 14.88M | 12.38M | 7.19M | 3.92M |
| Tangible Book Value Per Share | 1.83 | 1.75 | 1.14 | 0.99 | 0.58 | 0.32 |
| Machinery | 786.47K | 781.50K | 750.29K | 733.53K |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 5.44M | 4.97M | 1.97M | 4.37M | 2.91M | 483.73K |
| Depreciation & Amortization | 320.41K | 369.25K | 545.71K | 699.26K | 582.33K | 513.75K |
| Loss (Gain) From Sale of Assets | 49.07K | 586.00 | ||||
| Stock-Based Compensation | 974.51K | 770.22K | ||||
| Provision & Write-off of Bad Debts | 1.23M | 1.11M | 768.80K | 208.49K | -323.12K | 232.96K |
| Other Operating Activities | 13.51K | -13.51K | -87.03K | -635.00K | -578.44K | |
| Change in Accounts Receivable | -7.09M | -6.30M | -4.55M | -7.49M | -4.27M | -557.03K |
| Change in Inventory | -361.74K | -26.16K | -306.15K | 242.43K | 300.04K | -574.77K |
| Change in Accounts Payable | 321.77K | -47.08K | 19.73K | 176.42K | 166.38K | -78.81K |
| Change in Unearned Revenue | -298.93K | -265.19K | -160.78K | -330.04K | -384.98K | 232.20K |
| Change in Other Net Operating Assets | -1.50M | -1.36M | 1.22M | 1.80M | -186.83K | 135.80K |
| Operating Cash Flow | -950.84K | -780.39K | -504.12K | -363.43K | -1.84M | -190.61K |
| Capital Expenditures | -14.55K | -52.48K | -19.76K | -19.19K | -163.53K | -35.42K |
| Sale (Purchase) of Intangibles | -2.94K | |||||
| Investing Cash Flow | -14.55K | -52.48K | -19.76K | -19.19K | -163.53K | -38.35K |
| Short-Term Debt Issued | 120.00K | |||||
| Long-Term Debt Issued | 5.51M | 500.00K | 2.63M | 855.83K | ||
| Total Debt Issued | 5.51M | 620.00K | 2.63M | 855.83K | ||
| Long-Term Debt Repaid | -423.03K | -3.03M | -414.32K | -942.18K | -1.34M | |
| Net Debt Issued (Repaid) | -324.54K | -423.03K | 2.49M | 205.68K | 1.69M | -481.72K |
| Issuance of Common Stock | 3.74M | |||||
| Financing Cash Flow | -366.85K | 3.32M | 2.49M | 205.68K | 1.69M | -481.72K |
| Foreign Exchange Rate Adjustments | -266.41K | -192.03K | -153.82K | 211.95K | 20.55K | -125.46K |
| Miscellaneous Cash Flow Adjustments | -1.00 | |||||
| Net Cash Flow | -1.60M | 2.29M | 1.81M | 35.02K | -298.35K | -836.15K |
| Free Cash Flow | -965.39K | -832.88K | -523.89K | -382.61K | -2.01M | -226.03K |
| Free Cash Flow Margin | -4.75% | -4.34% | -3.22% | -2.14% | -12.70% | -1.82% |
| Free Cash Flow Per Share | -0.07 | -0.06 | -0.04 | -0.03 | -0.16 | -0.02 |
| Levered Free Cash Flow | -383.94K | -348.05K | 1.89M | 2.85M | 16.42K | |
| Unlevered Free Cash Flow | -71.25K | -51.13K | 2.10M | 3.04M | 83.37K | |
| Cash Interest Paid | 500.30K | 475.07K | 329.89K | 302.12K | 107.13K | 31.27K |
| Change in Working Capital | -8.93M | -8.00M | -3.77M | -5.60M | -4.38M | -842.62K |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 70.78M | 33.98M | ||||
| Enterprise Value | 71.99M | 33.61M | ||||
| Last Close Price | 5.10 | 2.44 | ||||
| PE Ratio | 12.87 | 6.84 | ||||
| Forward PE | 12.83 | 25.68 | ||||
| PS Ratio | 3.55 | 1.77 | ||||
| PB Ratio | 2.72 | 1.35 | ||||
| P/TBV Ratio | 2.79 | 1.39 | ||||
| EV/Sales Ratio | 3.61 | 1.75 | ||||
| EV/EBITDA Ratio | 19.24 | 8.49 | ||||
| EV/EBIT Ratio | 21.00 | 9.36 | ||||
| Debt / Equity Ratio | 0.21 | 0.23 | 0.41 | 0.20 | 0.28 | 0.14 |
| Debt / EBITDA Ratio | 1.28 | 1.28 | 1.44 | 0.41 | 0.61 | 3.25 |
| Net Debt / Equity Ratio | 0.05 | 0.02 | 0.23 | 0.12 | 0.16 | -0.06 |
| Net Debt / EBITDA Ratio | 0.32 | 0.12 | 0.91 | 0.27 | 0.41 | -1.50 |
| Net Debt / FCF Ratio | -1.25 | -0.59 | -7.00 | -4.50 | -0.77 | 1.92 |
| Asset Turnover | 0.60 | 0.61 | 0.66 | 0.96 | 1.19 | |
| Inventory Turnover | 3.21 | 3.99 | 3.98 | 4.56 | 2.18 | |
| Quick Ratio | 3.74 | 3.72 | 1.83 | 1.83 | 1.49 | 1.24 |
| Current Ratio | 3.98 | 3.85 | 2.00 | 1.98 | 1.83 | 1.49 |
| Return on Equity (ROE) | 23.26% | 24.16% | 13.03% | 36.25% | 35.32% | |
| Return on Assets (ROA) | 6.46% | 7.14% | 8.73% | 18.96% | 15.25% | |
| Return on Invested Capital (ROIC) | 13.06% | 15.85% | 11.66% | 32.07% | 34.09% | -6.48% |
| Return on Capital Employed (ROCE) | 11.10% | 11.90% | 15.90% | 33.70% | 27.50% | -2.90% |
| Earnings Yield | 7.77% | 14.63% | ||||
| FCF Yield | -1.34% | -2.45% | ||||
| Buyback Yield / Dilution | -6.59% | -8.92% | -3.29% |