FatPipe (FATN) Registration Filing summary

Company overview and business model

• Develops enterprise-class, application-aware, secure SD-WAN, SASE, and NMS software solutions, primarily offered as subscriptions.

• Serves enterprises, service providers, government, and mid-market companies globally, with major customer bases in the US and India.

• Solutions are distributed via a network of distributors, value-added resellers, ISPs, and third parties.

• Holds 13 patents covering SD-WAN and related technologies; core technology developed internally.

• Revenue model is predominantly subscription-based, with contracts typically spanning 36–60 months.

Financial performance and metrics

• Fiscal year ended March 31, 2024: net revenue $17.86M, up 13% YoY; gross profit $16.79M, gross margin 94%.

• Six months ended September 30, 2024: net revenue $9.35M, up 10% YoY; gross margin 95%.

• Net income for FY 2024 was $4.28M, up from $2.89M in FY 2023.

• Adjusted EBITDA for FY 2024 was $6.34M, up from $3.82M in FY 2023.

• Cash and cash equivalents as of September 30, 2024: $845,850; total assets $25.24M; total liabilities $8.94M.

• As of March 31, 2024, $2.5M drawn on a $5M credit facility maturing January 2026.

Use of proceeds and capital allocation

• Net proceeds will be used for sales and marketing, customer support, ongoing corporate purchases, R&D, and general working capital.

• Management has discretion over the allocation of proceeds and may adjust plans as business conditions evolve.