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Fatpipe vs Smith Micro Software: FATN and SMSI compared
Fatpipe is the larger company: $4.8M of revenue in its latest quarter (Q2 FY27) against $4.3M for Smith Micro Software (Q2 2026). Fatpipe is growing faster (+22% against -2% a year earlier). Fatpipe is more profitable, with an operating margin of 17.5% against -54.6%.
Where the money goes: FATN and SMSI
Fatpipe (FATN) · Q2 FY27
Fatpipe, Q2 FY27: revenue $4.8M (+22% year over year), operating margin 17.5%, net earnings $1.2M, operating cash flow −$1.1M. The chart follows the revenue to costs, profit and cash.
Smith Micro Software (SMSI) · Q2 2026
Smith Micro Software, Q2 2026: revenue $4.3M (-2% year over year), operating margin -54.6%, net loss $2.6M, operating cash flow −$882K. The chart follows the revenue to costs, profit and cash.
| Fatpipe (FATN) | Smith Micro Software (SMSI) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q2 2026 |
| Revenue | $4.8M | $4.3M |
| Revenue growth, Y/Y | +22% | -2% |
| Gross margin | 90.0% | — |
| Operating margin | 17.5% | -54.6% |
| Net earnings | $1.2M | −$2.6M |
| Net margin | 24.9% | -61.0% |
| Operating cash flow | −$1.1M | −$882K |
Where the revenue comes from
Fatpipe
- Product: $3.3M (69%)
- Service: $918K (19%)
- Consulting: $593K (12%)
Smith Micro Software
- Family Safety: $3.5M (81%)
- CommSuite: $826K (19%)
Questions
Which is bigger, Fatpipe or Smith Micro Software?
Fatpipe is the larger company: $4.8M of revenue in its latest quarter (Q2 FY27) against $4.3M for Smith Micro Software (Q2 2026).
Is Fatpipe or Smith Micro Software growing faster?
Fatpipe is growing faster (+22% against -2% a year earlier).
Which is more profitable, Fatpipe or Smith Micro Software?
Fatpipe is more profitable, with an operating margin of 17.5% against -54.6%.
More: Fatpipe earnings · how Fatpipe makes money · Smith Micro Software earnings · how Smith Micro Software makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Aug 14, 2026). Fiscal quarters can end on different dates. Not investment advice.