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Fatpipe cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$1.1M in Q2 FY27 · −$2.5M over twelve months

Operating cash flow−$1.1M
Free cash flow−$1.1M
Cash / net income-0.9×
Cash conversion cycle143 days

Analysis

In Q2 FY27, Fatpipe generated −$1.1M of operating cash flow. That is $1.5M less than in Q2 FY26 ($407K).

Over the twelve months to Sep 30, 2026, operating cash flow was −$2.5M; the largest uses were operating cash flow ($2.5M), net borrowing (+) / repaid (−) ($320K), other financing ($125K); the cash balance fell by $3.1M.

Operating cash flow was −$1.1M against net income of $1.2M — -0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities −$515K, payables −$499K, receivables −$222K.

Its cash conversion cycle was 143 days (receivables 79 + inventory 136 − payables 73).

Free cash flow

Fatpipe: free cash flow by quarterFatpipe: free cash flow by quarter−$110KQ3 FY25−$190KQ4 FY25−$551KQ1 FY26$407KQ2 FY26$241KQ3 FY26−$913KQ4 FY26−$679KQ1 FY27−$1.1MQ2 FY27
Operating cash flow less capital spending.
Fatpipe: operating cash flow against capital spendingFatpipe: operating cash flow against capital spendingOperating cash flowCapital spending−$110K$0Q3 FY25−$190K$0Q4 FY25−$509K$42KQ1 FY26$400K−$7KQ2 FY26$241K$0Q3 FY26−$913K$0Q4 FY26−$679K$0Q1 FY27−$1.1M$0Q2 FY27
Latest (Q2 FY27): Operating cash flow −$1.1M, Capital spending $0.

Capital allocation, year by year

Fatpipe: where the cash came from (up) and went (down), by fiscal yearFatpipe: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY24: Operating cash flow −$363KFY24: Net borrowing $500KFY24: Capital spending −$19K$500KFY24FY25: Operating cash flow −$504KFY25: Net borrowing $2.5MFY25: Capital spending −$20K$2.5MFY25FY26: Operating cash flow −$780KFY26: Net borrowing −$423KFY26: Shares issued $83KFY26: Capital spending −$52K$83KFY26
Over these 3 years operating cash flow totalled −$1.6M; the largest uses were operating cash flow ($1.6M) and net borrowing ($423K). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.1M
Debt$4.4M
Net debt$1.3M
Due within a year$391K
Cash runway15 months

Fatpipe is burning cash: its operations consume cash, a free cash flow of −$2.5M a year at the current rate against $3.1M of cash and investments: a runway of about 15 months; $391K of debt also comes due within a year, which the cash covers before any new financing.

Fatpipe: debt maturities by year (FY26)Fatpipe: debt maturities by year (FY26)$391KYear 1$422KYear 2$457KYear 3$493KYear 4$533KYear 5$2.3MAfter year 5
Principal due in each year as disclosed in the annual report, against $3.1M of cash and investments now.

Where the cash came from and went

Fatpipe: sources (+) and uses (−) of cash, Q2 FY27Fatpipe: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$1.2MOperating cash flow−$1.1MNet borrowing (+) / repaid (−)−$91KExchange rates−$8KOther investing$1K
Fatpipe: sources (+) and uses (−) of cash, TTM to Q2 FY27Fatpipe: sources (+) and uses (−) of cash, TTM to Q2 FY27Cash drawn (+) / kept (−)$3.1MOperating cash flow−$2.5MNet borrowing (+) / repaid (−)−$320KExchange rates−$202KOther financing−$125KCapital spending−$21K

From profit to cash

Fatpipe: net income to operating cash flow, Q2 FY27Fatpipe: net income to operating cash flow, Q2 FY27Net income$1.2MDepreciation & amortization$42KStock-based pay$15KReceivables−$222KInventory$107KPayables−$499KAccrued liabilities−$515KDeferred revenue−$92KPrepaid and other assets$22KOther liabilities−$2KOperating cash flow−$1.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY277913673143
Q1 FY277514211998
Q4 FY2629404920
Q3 FY2698455985
Q2 FY269610889116
Q1 FY2689166150105

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$1.1M—−$91K—$1.2M−$1.1M
Q1 FY27−$679K—−$93K—$906K−$679K
Q4 FY26−$913K—$24K−$83K$948K−$913K
Q3 FY26$241K—−$160K−$125K$66K$241K
Q2 FY26$400K$7K−$95K$83K−$322K$407K
Q1 FY26−$509K−$42K−$191K$3.8M−$3.0M−$551K
Q4 FY25−$190K———−$1.3M−$190K
Q3 FY25−$110K———−$770K−$110K

Fatpipe: income statement and cash flow

Fatpipe, Q2 FY27: revenue $4.8M (+22% year over year), operating margin 17.5%. The chart follows the revenue to costs, profit and cash.

Fatpipe: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.