Revenue: As of FY2026, the actual value is USD 19.21 M.EPS: As of FY2026, the actual value is USD 0.35.EBIT: As of FY2026, the actual value is USD 3.939 M.<h4>Segment Revenue</h4><ul><li>Total Revenue: FatPipe, Inc. reported net revenue of $19,208,294 for the fiscal year ended March 31, 2026, an increase of $2,919,413, or 17.9%, from $16,288,881 in the prior fiscal year ended March 31, 2025. This growth was primarily driven by the expansion of the sales organization and contributions from cybersecurity offerings.</li><li>Product Revenue: $13,041,271 in FY2026 compared to $10,706,169 in FY2025.</li><li>Service Revenue: $3,768,998 in FY2026 compared to $3,110,230 in FY2025.</li><li>Consulting Revenue: $2,398,025 in FY2026 compared to $2,472,482 in FY2025.</li><li>Revenue by Geography:<ul><li>U.S.: $18,510,010 in FY2026 compared to $15,404,512 in FY2025.</li><li>Rest of the World: $698,284 in FY2026 compared to $884,369 in FY2025.</li></ul></li><li>Channel Partner Concentration: For FY2026, three major channel partners accounted for 64.59% of consolidated revenues, up from two major channel partners accounting for 53.77% in FY2025. Partner A’s revenue increased from $7,710,820 in FY2025 to $11,665,341 in FY2026.</li></ul><h4>Operational Metrics</h4><ul><li>Cost of Revenue: Increased by $666,737, or 62.8%, to $1,728,384 in FY2026 from $1,061,647 in FY2025, due to higher variable hardware costs and personnel costs in customer support and implementation.</li><li>Gross Profit: Increased by $2,252,676, or 14.8%, to $17,479,910 in FY2026 from $15,227,234 in FY2025.</li><li>Gross Margin: Decreased to 91.0% in FY2026 from 93.5% in FY2025, reflecting a higher proportion of cost of revenue relative to revenue growth.</li><li>Sales and Marketing Expense: Increased by $1,037,958, or 27.6%, to $4,791,906 in FY2026 from $3,753,948 in FY2025, driven by investment in the sales organization.</li><li>General and Administrative Expense: Increased by $1,337,057, or 39.1%, to $4,759,653 in FY2026 from $3,422,596 in FY2025, due to public company operating costs, including $770,220 in stock-based compensation and $664,217 in impairment of contract assets.</li><li>Product Development Expense: Increased by $117,914, or 6.6%, to $1,905,042 in FY2026 from $1,787,128 in FY2025.</li><li>Employee Cost: Decreased by $357,877, or 12.8%, to $2,433,939 in FY2026 from $2,791,816 in FY2025, reflecting shifts in personnel cost allocation and reduced headcount in certain support functions.</li><li>Income from Operations: Increased to $3,589,370 in FY2026 from $3,471,746 in FY2025.</li><li>Net Income: Increased to $4,969,961 in FY2026 from $1,952,894 in FY2025.</li><li>Adjusted EBITDA: Increased by $1,375,601, or 34.2%, to $5,393,056 in FY2026 from $4,017,456 in FY2025.</li><li>Non-GAAP Net Income: Increased by $4,451,503, or 228%, to $6,404,398 in FY2026 from $1,952,895 in FY2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: - $780,393 in FY2026 compared to - $504,124 in FY2025, primarily due to significant growth in contracts receivable partially offset by higher net income.</li><li>Net Cash Used in Investing Activities: - $52,483 in FY2026 compared to - $19,762 in FY2025, reflecting increased purchases of computer and office equipment.</li><li>Net Cash Provided by Financing Activities: $3,319,131 in FY2026 compared to $2,485,739 in FY2025, driven by net proceeds from the initial public offering.</li></ul><h4>Unique Metrics</h4><ul><li>Recurring Billings: FatPipe, Inc.’s annual and monthly recurring billings from products and services (excluding consulting) increased by approximately 14% in FY2026 compared to the prior fiscal year.</li><li>Stock-Based Compensation: FatPipe, Inc. recognized $770,220 in stock-based compensation expense in FY2026; no such expense was recognized in FY2025.</li><li>Impairment of Contract Assets: $916,419 in FY2026 compared to $292,810 in FY2025.</li></ul><h4>Outlook / Guidance</h4>FatPipe, Inc. anticipates continued growth in sales and revenue, with recurring billings expected to increase due to new contracts and renewals of existing 36-month contracts, including contributions from new cybersecurity offerings. The company plans to expand into Mexico and Asia with tailored product and service bundles. While expecting lower gross margins from sales in cost-sensitive regions like India and South Asia, these will be partially offset by lower costs of sales in those areas, and the company anticipates paying additional U.S. income taxes after exhausting net operating losses.

Fatpipe | 10-K: FY2026 Revenue: USD 19.21 M