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Fatpipe (FATN) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 4, 2026 · Fatpipe (FATN) Q2 FY27 earnings results →

Q2 FY27 Revenue up 22% year over year to $4.8M · 25¢ of every $1 of revenue kept as net profit · operating margin 17.5%

Fatpipe made $4.8M in Q2 FY27 (+22% Y/Y): Product $3.3M, Service $918K, Consulting $593K. Operating margin 17.5%, net earnings $1.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$4.8M
Year over year+22%
Operating margin17.5%
Net earnings$1.2M
Operating cash flow−$1.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $4.8M in Q2 FY27, up 22% year over year and down 4% from the previous quarter. Product was the largest line at 69% of revenue. Product added $902K year over year (up 37%), 103% of the total change. Consulting declined 6%.

Gross margin was 90.0%, down 2.1 points from Q2 FY26. Operating profit was $845K, a 17.5% margin (up 17.5 points year over year). Operating expenses fell 4% while revenue rose 22%. The fastest-growing cost line was Sales & marketing (+12%). Net earnings were $1.2M. The effective tax rate was -44.6%.

Operating cash flow was −$1.1M. Non-cash charges added back $42K of depreciation and amortization and $15K of share-based compensation. Working capital and other items used $2.4M.

Quarterly history

Fatpipe revenue by quarterFatpipe revenue by quarter$9.8MQ4 FY25$3.9MQ1 FY26$4.0MQ2 FY26$4.1MQ3 FY26$13.6MQ4 FY26$5.0MQ1 FY27$4.8MQ2 FY27
Fatpipe net earnings by quarterFatpipe net earnings by quarter−$368KQ4 FY25$741KQ1 FY26−$43KQ2 FY26$311KQ3 FY26$4.0MQ4 FY26$1.2MQ1 FY27$1.2MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 4, 2026$4.8M+22%17.5%$1.2M−$1.1M
Q1 FY2710-QJul 30, 2026$5.0M+28%17.9%$1.2M−$679K
Q4 FY2610-KMay 18, 2026$13.6M+38%16.1%$4.0M−$913K
Q3 FY2610-QFeb 2, 2026$4.1M+30%9.8%$311K$241K
Q2 FY2610-QNov 3, 2025$4.0M-29%0.0%−$43K$400K
Q1 FY2610-QJul 30, 2025$3.9M+5%25.5%$741K−$509K
Q4 FY2510-KJun 30, 2025$9.8M—1.7%−$368K−$190K

Charts

Fatpipe: revenue growth, year over year and quarter over quarterFatpipe: revenue growth, year over year and quarter over quarterY/YQ/Q+5%-60%Q1 FY26-29%+1%Q2 FY26+30%+3%Q3 FY26+38%+232%Q4 FY26+28%-63%Q1 FY27+22%-4%Q2 FY27
Latest (Q2 FY27): Y/Y +22%, Q/Q -4%.
Fatpipe: where the cash came from (+) and went (−), TTM to Q2 FY27Fatpipe: where the cash came from (+) and went (−), TTM to Q2 FY27Cash drawn (+) / kept (−)$3.1MOperating cash flow−$2.5MNet borrowing (+) / repaid (−)−$320KExchange rates−$202KOther financing−$125KCapital spending−$21K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Fatpipe: profit against cash, quarter by quarterFatpipe: profit against cash, quarter by quarterNet incomeOperating cash flow$68K−$110KQ3 FY25−$355K−$190KQ4 FY25$741K−$509KQ1 FY26−$43K$400KQ2 FY26$311K$241KQ3 FY26$4.0M−$913KQ4 FY26$1.2M−$679KQ1 FY27$1.2M−$1.1MQ2 FY27
Latest (Q2 FY27): Net income $1.2M, Operating cash flow −$1.1M.
Fatpipe: diluted shares by fiscal yearFatpipe: diluted shares by fiscal year12MFY2413MFY2514MFY26
+12.5% since FY24: more shares outstanding (issuance, stock pay).
Fatpipe: long-term debt falling due (FY26)Fatpipe: long-term debt falling due (FY26)$391K2027$422K2028$457K2029$493K2030$533K2031$2.3MLater
Cash $5.2M, short-term investments —, long-term debt $4.6M at 2026-03-31.
Fatpipe in its industry: growth against margin (192 companies, SIC 7372)Fatpipe in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYFATN (+22%, 18%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Fatpipe

FatPipe is a leading developer of enterprise-class, application-aware, secure SD-WAN solutions and integrated single-stack cybersecurity solutions for organizations, including enterprises, communication service providers, security service providers, government organizations, and other middle-market companies. We strive to be the global leader in delivering leading-edge enterprise-class networking software technology. We are dedicated to continually improving the way organizations connect, ensuring their networks are secure, reliable, and supporting their continued success. Our commitment lies in empowering our customers with a seamless and dependable connectivity infrastructure that safeguards their critical data and fosters business continuity. We further aim to ensure our customers have unparalleled insights into their network operations.

In its own words, from its 10-K, filed May 18, 2026.

Fatpipe against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +19%. Operating margin: 17.5% against the peers' median 17.5%.

CompanyQuarterRevenueY/YOp. margin
FATN FatpipeQ2 FY27$4.8M+22%17.5%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Fatpipe 10-Q on SEC EDGAR · CIK 1993400 · Services-Prepackaged Software

Guidance and outlook

Fatpipe: what its forward-looking statements are about (10-Q filed 2026-11-04)Fatpipe: what its forward-looking statements are about (10-Q filed 2026-11-04)Other3Demand2Financing2Costs1Tax1Margins1
10 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.
Fatpipe: outlook statements against the filing beforeFatpipe: outlook statements against the filing beforeConfident3Cautious3

13F: who owns FATN and who is buying

Largest holders of FATN (13F)Largest holders of FATN (13F)Torrey Growth & Income Advisors$1.1MJane Street Group, LLC$789KCitadel Advisors LLC$186KBlackRock$170KAllworth Financial LP$162KEssex Investment Management Co LLC$159KUBS Group AG$150KFocus Partners Wealth$108KOsaic Holdings$35KJones Financial Companies Lllp$3K
Funds' net buying of FATN by quarter (13F)Funds' net buying of FATN by quarter (13F)$857K2025-06−$383K2025-09$171K2025-12−$155K2026-03$2.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FATN

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Fatpipe（FATN）财报

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