D. Boral Capital Initiates Coverage on FatPipe (NASDAQ: FATN), Sets $8.00 Price Target with Buy Rating Accessibility StatementSkip NavigationSALT LAKE CITY, March 23, 2026 /PRNewswire/ -- FatPipe, Inc. (NASDAQ:FATN) ("FatPipe" or the "Company"), today announced that D. Boral Capital ("D. Boral") Head of Equity Research Jason Kolbert has initiated independent equity research coverage on the Company. D. Boral Capital initiated coverage with a Buy rating with an $8.00 price target.Jason Kolbert commented,"I'm ...

Core Insights - FatPipe, Inc. will present its growth strategy and innovations at the 38th Annual ROTH Conference from March 22 to 24, 2026, highlighting its leadership in Secure SD-WAN and cybersecurity solutions [1][1][1] Company Overview - FatPipe is a pioneer in software-defined wide area networking (SD-WAN) and holds 13 U.S. patents related to multipath, software-defined networking technology [1][1][1] - The company provides high levels of reliability, security, and optimization for Wide Area Networks (WANs) [1][1][1] Strategic Focus - The CEO, Dr. Ragula Bhaskar, emphasized that as enterprises prioritize network reliability, Zero Trust security, and performance optimization, FatPipe is well-positioned to meet these critical requirements [1][1][1] - The company aims to discuss its strategic initiatives, product expansion, and long-term growth plans with investors during the conference [1][1][1] Market Engagement - The ROTH Conference is a significant event that brings together public and private growth companies, institutional investors, and industry leaders across various sectors, providing a platform for FatPipe to engage with the investment community [1][1][1]

Core Insights - FatPipe, Inc. has been recognized for its innovative cybersecurity solutions, specifically the FatPipe Total Security 360, which has been awarded the 2025 TMCnet Zero Trust Security Excellence award [1] Company Overview - FatPipe, Inc. is a leader in enterprise-class Secure SD-WAN and cybersecurity solutions, holding multiple patents in software-defined wide area networking [1] Industry Recognition - The TMCnet Zero Trust Security Excellence award highlights the importance of innovative security solutions in combating complex cyber threats faced by organizations [1]

Core Viewpoint - FatPipe, Inc. has received independent equity research coverage from Zacks Small-Cap Research, indicating a positive outlook for the company due to its increased salesforce and anticipated growth in FY 2027 [1] Company Summary - Zacks Senior Equity Analyst Lisa Thompson highlighted that FatPipe's significantly expanded salesforce is expected to drive growth in the upcoming fiscal year [1] - The valuation of FatPipe is suggested to be compared to peer companies, which trade at an average of 7.0 times EV/2026 calendar sales, indicating a benchmark for assessing FatPipe's market position [1]

Market Growth Projections - The SD-WAN market is estimated to be approximately $4.5 billion in 2023, projected to grow to over $17.6 billion by 2030, with a CAGR of 18% in North America and over 60% in APAC[125]. - SASE software revenues are expected to grow from $6.4 billion in 2022 to $27.2 billion by 2030, reflecting a CAGR of almost 20%[126]. - The NMS market is projected to grow at a CAGR of 10% from 2022 to 2030, with total revenues estimated at $2.0 billion in 2022, growing to approximately $4.4 billion[127]. - The global cybersecurity market was valued at approximately $245.6 billion in 2024 and is projected to reach about $500.7 billion by 2030, corresponding to a CAGR of roughly 12.9%[128]. Company Overview - FatPipe's software solutions include SD-WAN, SASE, NMS, and cybersecurity capabilities, each available for individual licensing to meet customer needs[129]. - FatPipe's revenue is derived from software solutions and services delivered on commodity network servers or virtually in cloud environments, with contracts typically ranging from 36 to 60 months[130]. - The company recognizes software license revenue at the time of delivery or transfer of control, with deferred revenue consisting of service portions amortized pro-rata over the contract term[131]. - FatPipe holds over a dozen software and technology patents, leveraging them through an integrated suite of software solutions to support mission-critical applications[119]. Financial Performance - Net revenue for the three months ended December 31, 2025, was $4,087,786, an increase of $939,109, or 30%, compared to the same period in 2024[140]. - Product revenue increased by 32% to $2,572,879, driven by improved core sales activity[140]. - Gross profit for the three months ended December 31, 2025, was $3,583,970, an increase of $815,163, or 29%, from the prior period[142]. - Total operating expenses for the three months ended December 31, 2025, were $3,181,550, an increase of $597,571, or 23%[140]. - Sales and marketing expenses increased by 44% to $1,282,706, primarily due to increased salary expenses for scaling sales headcount[144]. - General and administrative expenses rose by 44% to $828,350, mainly due to higher compliance costs[145]. - Product development expenses were $453,539, a slight increase of $4,971, as the company continued its development plans for cybersecurity and satellite products[146]. - Net income attributable to stockholders for the three months ended December 31, 2025, was $310,662, compared to $67,956 in the prior period[139]. - For the nine months ended December 31, 2025, net revenue was $11,982,940, a decrease of $511,632, or 4%, from the prior period[152]. - Net income for the nine months ended December 31, 2025 was $1,008,470, a decrease from $2,321,098 in the prior year, primarily due to stock-based compensation expense of $625,220[179]. - Adjusted EBITDA margin for the nine months ended December 31, 2025 was 21%, down from 31% in the prior year, with adjusted EBITDA decreasing by $1,353,649 due to lower revenues[178]. - Monthly recurring billings increased by 49% year-over-year, indicating strong growth in this revenue segment[184]. - Adjusted EBITDA for the three months ended December 31, 2025 was $587,547, compared to $574,408 in the prior year[181]. Cash Flow and Financing - Net cash provided by operating activities was $132,132 for the nine months ended December 31, 2025, compared to net cash used of $314,150 in the prior period[173]. - Net cash provided by financing activities was $3,295,802, including $3,742,472 from the April 2025 IPO, partially offset by $446,670 in net repayments of debt[175]. - Net cash used in investing activities was $43,969, primarily due to the purchase of equipment, compared to $12,748 in the prior period[174]. - Cash and cash equivalents at the end of the period were $6,163,214, up from $1,616,163 at the end of the prior period[172]. Strategic Plans - The company plans to expand its presence in North America and Southeast Asia, with specific strategies for geographic market needs and software license bundles[120]. - The company expanded its sales team from 15 to 25 salespeople post-IPO to enhance its growth strategy[185]. Regulatory and Compliance - The Company is classified as a "smaller reporting company" and is not required to provide detailed market risk disclosures as per Regulation S-K[198].

Core Insights - FatPipe, Inc. reported a total revenue of $4.1 million for Q3 FY 2026, marking a 30% increase compared to Q3 FY 2025 [1] - Monthly Recurring Billings grew by 48% year-over-year, indicating strong adoption of subscription offerings [1] - Adjusted EBITDA for the quarter was $0.59 million, with an EBITDA margin of approximately 14%, reflecting operational efficiency [1] Financial Performance - The revenue growth was primarily driven by increased recurring billings, customer renewals, and new customer acquisitions [1] - Total Quarterly Billings increased by 27% compared to the same quarter last year [1] - Cash and cash equivalents stood at $6.2 million as of December 31, 2025, providing financial flexibility for growth initiatives [1] Business Development - The company continued to expand its sales organization and channel partner network to support a growing pipeline of activities [1] - Multiple large multi-site SD-WAN deployments were closed across various sectors, including education, financial services, and enterprise verticals [1]

Core Viewpoint - FatPipe, Inc. will host an investor webinar to present its financial results for the third quarter of fiscal year 2026 on February 2, 2026 [1] Company Summary - FatPipe, Inc. is a pioneer in enterprise-class software-defined wide area networking and cybersecurity solutions [1]

Core Insights - FatPipe, Inc. has been recognized as 1 for Product and 1 for Support in the 2026 SD-WAN Midmarket Report by Info-Tech Research Group [1] Company Overview - FatPipe, Inc. specializes in enterprise-class, application-aware, secure Software-Defined Wide Area Network (SD-WAN) solutions [1] - The company's solutions are designed to provide high levels of reliability, security, and optimization for Wide Area Networks (WANs) [1] Industry Recognition - The rankings in the report are based on user reviews collected from the SoftwareReviews platform, which is a leading source for insights on the software provider landscape [1]

Core Viewpoint - Recent service disruptions of Waymo autonomous vehicles in San Francisco highlight the critical challenge of reliance on a single network or network access technology in autonomous mobility [1] Group 1: Service Disruptions - Waymo vehicles faced difficulties in maintaining reliable 5G connectivity during a widespread power and infrastructure outage [1] - The disruptions led to service pauses and stalled operations for Waymo vehicles [1]

Core Insights - FatPipe, Inc. is hosting a webinar on December 16, 2025, to discuss its leadership in the SD-WAN market and its subscription-based software model [1][2] Company Overview - FatPipe is a pioneer in software-defined wide area networking (SD-WAN) solutions, focusing on reliability, security, and optimization for WANs [1][6] - The company has over 2,500 enterprise customers across various sectors, including government, healthcare, and finance [3] - FatPipe's technology ensures secure and uninterrupted connectivity in complex IT environments [3] Financial Performance - The company boasts a robust recurring revenue model with gross margins exceeding 90% and a net margin of 24.4% in fiscal 2024, indicating strong profitability and capital efficiency [3] - FatPipe's market is projected to exceed $49 billion by 2030, highlighting significant growth potential [3] Product and Innovation - In May 2025, FatPipe launched Total Security 360, a comprehensive cybersecurity and network security solution [6] - The company holds 12 U.S. patents related to multipath, software-defined networking, showcasing its innovation in the field [6] Market Positioning - FatPipe is positioned at the intersection of SD-WAN, SASE, and network monitoring, which enhances its competitive edge in the software-defined networking market [3] - The company has established long-term reseller partnerships and is expanding its global footprint, further solidifying its market presence [3]