Slides
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FATPIPE ROUTERS, FIREWALLS, WAN EDGE, SD-WAN AND CYBERSECURITY CO-MANAGED SOLUTIONS
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• Total revenue, including professional services, was $4.1 million, representing 30% growth • Monthly Recurring Billings grew 48% compared to the third quarter of fiscal 2025, reflecting continued adoption of FatPipe’s subscription offerings • Total Quarterly Billings increased 27% compared to the third quarter of fiscal 2025 • Adjusted EBITDA for the three months ended December 31 was $0.59 million, representing an EBITDA margin of approximately 14%, reflecting operating leverage as the Company scales and invests in growth, compared to $0.57 million in the third quarter of fiscal 2025 • Cash and cash equivalents as of December 31, 2025, were $6.2 million, providing flexibility to support continued growth initiatives • Continued expansion of the sales organization and channel partner network to support growing pipeline activity • Closed multiple large multi-site SD-WAN deployments across education, financial services, and enterprise verticals FATN Q3 Highlights
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• In the three months ended December 31, 2025, adjusted EBITDA margin for the three months ended December 31, 2025 was 14%, vs 18% for the three months ended December 31,2024. reflecting an increased investment in growth • In the nine months ended December 31, 2025, adjusted EBITDA margin for the nine months ended December 31, 2025 was 21%, vs 31% for the nine months ended December 31, 2024. • Net income for the three months ended December 31, 2025 was $310,662, compared to $84,372 for the three months ended December 31, 2024, primarily due to higher revenues in the 2025 period. • Net income for the nine months ended December 31, 2025 of $1,008,470 was lower than net income for the nine months ended December 31, 2024 of $2,321,098, a major factor being stock- based compensation expense of $625,220 recognized in the nine months ended on December 31, 2025. Financial Measures
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MRR/ARR $0 $500 $1,000 $1,500 $2,000 $2,500 Q1 25A Q2 25A Q3 25A Q4 25A Q1 26A Q2 26A Q3 26A Monthly Recurring Billings ($k) Total Recurring $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Q1 25A Q2 25A Q3 25A Q4 25A Q1 26A Q2 26A Q3 26A Total Quarterly Billings ($k) Total Billings incl. Hardware Replacement and Consulting Income $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Q1 25A Q2 25A Q3 25A Q4 25A Q1 26A Q2 26A Q3 26A New Revenue Bookings ($k) One Large Contract Revenue excl. Single Contract Consulting Income
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2025 2024 2025 2024 Net income $ 310,662 $ 84,372 $ 1,008,470 $ 2,321,098 Depreciation and amortization 102,837 236,053 298,902 399,354 Income tax benefit/(provision) 90,192 60,054 292,782 774,569 Interest expense 104,072 118,081 299,993 290,524 Foreign exchange gain/(loss) (61,361) 60,506 (107,048) 50,460 Interest income 41,145 15,342 89,893 25,856 Stock based compensation (non-cash) - - 625,220 - Adjusted EBITDA $ 587,547 $ 574,408 $ 2,508,212 $ 3,861,861 (Unaudited) Nine Months Ended December 31, Three Months Ended December 31, (Unaudited) EBITDA Non-GAAP Financial Measures
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December 31, March 31, 2025 2025 Cash $ 6,163,214 $ 2,920,550 Accounts receivable, net 4,414,594 3,764,945 Total assets 32,378,402 28,287,769 Deferred revenue 1,098,571 1,358,632 Notes payable 4,600,644 5,105,739 Total stockholders' equity 21,160,178$ 15,925,317$ Cash provided by operating activities - 9 months ended 12/31/25 132,132$ Cash provided by operating activities - 3 months ended 12/31/25 240,901$ Balance Sheet Items