Market Growth and 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[25]. - SASE software and platform revenues are expected to grow from $6.4 billion in 2022 to $27.2 billion by 2030, resulting in a CAGR of almost 20%[26]. - The total NMS market is projected to grow at a CAGR of 10% from $2.0 billion in 2022 to approximately $4.4 billion by 2030, with cloud-based solutions accounting for almost 85% of the total market[27]. Company Overview and Operations - FatPipe has over 2,500 end-user customers across various sectors, with no single customer accounting for over 10% of total revenue in fiscal years 2024 and 2025[53]. - The company is headquartered in Salt Lake City, Utah, with additional operations in Chennai, India, highlighting its international presence[64]. - The company has 154 full-time employees, with 57 in the U.S., 92 in India, and 5 in the Philippines, reflecting a diverse workforce[62]. Financial Performance - For the fiscal year ended March 31, 2025, net revenue was $16,288,881, a decrease of $1,572,028, or 9%, from the prior fiscal year[180]. - Gross profit for the fiscal year ended March 31, 2025, was $15,227,234, a decrease of $1,564,101, or 9%, from the prior fiscal year[182]. - Net income for the fiscal year 2025 was $1,952,895, down from $4,279,681 in 2024, indicating a significant decline[208]. Revenue Sources and Contracts - FatPipe's revenue is derived from software solutions and services, with customer contracts typically ranging from 36 to 60 months[170]. - Recurring billings from monthly and annual subscriptions increased by 23% in 2025, up from a growth of 14% in the previous fiscal year[209]. - The addition of a new cybersecurity product is anticipated to contribute to new revenues and recurring billings going forward[209]. Strategic Partnerships and Market Expansion - Three channel partners accounted for approximately 53.77% of total revenue during fiscal year 2025, highlighting the importance of strategic partnerships[53]. - FatPipe plans to expand its presence in Mexico and Asia markets with geography-specific software license bundles[21]. - The company is in discussions with potential partners to address local market needs in Southeast Asia, excluding China[52]. Intellectual Property and Competitive Edge - The company holds a portfolio of 13 patents covering a range of SD-WAN and related capabilities, enhancing its competitive edge[41]. - As of June 30, 2025, the company holds 13 U.S. patents and seven U.S. trademarks, indicating a strong intellectual property portfolio[58]. Risks and Challenges - The company operates in a highly competitive market, with significant risks related to the introduction of new solutions and the ability to maintain its competitive position[65][66]. - The company faces risks from supply shortages and fluctuating costs of materials, which could adversely affect its financial condition[66][67]. - Increased competition in the market poses risks to the company's ability to acquire new customers and maintain market share[75]. Governance and Management - The company plans to structure employment agreements for co-founders and other employees once independent board members are elected, indicating a focus on governance[63]. - The company is dependent on the continued services of its senior management, and any loss could adversely affect its business and financial condition[80]. Initial Public Offering (IPO) - The company completed its initial public offering on April 9, 2025, selling 791,024 shares at an initial price of $5.75 per share, generating gross proceeds of approximately $4,500,000[59][60]. - The company received net proceeds of approximately $3,700,000 from the IPO after deducting discounts and expenses[60]. Operating Expenses and Financial Management - Operating expenses include marketing and sales, general and administrative, and product development, with expectations for G&A expenses to increase as the company hires more personnel[175]. - The company anticipates continued reliance on operating cash flows and cash raised from the public offering conducted in April 2025 to meet its capital requirements[194]. Cybersecurity and Risk Management - FatPipe's cybersecurity risk management is integrated into its overall risk management framework, ensuring cybersecurity considerations are part of decision-making processes[148]. - The company has not encountered any cybersecurity challenges that materially impaired its operations or financial standing during the year ended March 31, 2025[151]. Compliance and Regulatory Risks - Non-compliance with laws and regulations could result in fines and penalties, negatively impacting the company's ability to contract with public sector clients[123]. - The company relies on various regulatory and contractual requirements when selling solutions to the U.S. government, with non-compliance potentially leading to severe penalties[124].

Company Overview - FatPipe, Inc. has been added to the Russell 3000E™ and Russell Microcap® Indexes, effective after the US market closed on June 27, 2025, as part of the 2025 Russell Indexes annual reconstitution [1][2] - The inclusion in these indexes signifies a milestone for the company, reflecting strong execution and momentum as it scales its high-margin software platform and expands globally [2] Industry Context - Russell indexes are widely utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies, serving as a benchmark for approximately $10.6 trillion in assets as of June 2024 [3] - FTSE Russell, the global index provider, calculates thousands of indexes that cover 98% of the investable market globally, with about $18.1 trillion benchmarked to its indexes [5] Product and Innovation - FatPipe pioneered the concept of software-defined wide area networking (SD-WAN) and hybrid WANs, allowing companies to control multi-link network traffic without the need for hardware or cooperation from ISPs [4] - In May 2025, FatPipe introduced Total Security 360, a comprehensive cybersecurity and network security solution that provides control over data within company and sovereign boundaries [4]

Company Overview - FatPipe, Inc. is a pioneer in enterprise-class, application-aware, secure software-defined wide area network (SD-WAN) solutions, providing high levels of reliability, security, and optimization for Wide Area Networks (WANs) [1] - The company holds 12 U.S. patents related to multipath, software-defined networking, and its products are sold by over 200 resellers worldwide [3] Event Announcement - Dr. Ragula Bhaskar, Chairman and CEO of FatPipe, will present at the virtual Northland Capital Markets Growth Conference on June 25, 2025 [2] - Interested participants are encouraged to contact their Northland Capital Markets sales representative for additional details and meeting opportunities [2]

Core Points - Fatpipe Inc./UT (FATN) opened at $6.50 on its first day of trading, above the IPO price of $5.75 per share [1] Company Summary - The IPO price was set at $5.75 per share, indicating a positive market reception as the opening price exceeded this benchmark [1]