Hi everyone, thank you so much for joining FatPipe's Q3 fiscal year 2026 earnings call. I will go ahead and read the Safe Harbor statement. Certain statements contained in this earnings call, including statements relating to the company's expectations regarding the completion, timing, and size of its proposed public offering, and listing may constitute forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as may, will, expect, intend, anticipate, estimate, believe, continue, or other similar words. Listeners are cautioned not to place undue reliance on these forward-looking statements, which are based on management's current expectations and are inherently subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. These risks and uncertainties include but are not limited to risks and uncertainties associated with the consummation of the offering and other risks described in FatPipe's registration statement for the S-1. Except as required by law, FatPipe expressly disclaims the duty to provide updates to forward-looking statements whether as a result of new information, future events, or other occurrences. Now I will let Dr. Bhaskar, the CEO of FatPipe, conduct their earnings presentation. Good afternoon, everyone. My name is Ragula Bhaskar, and I'm the CEO of FatPipe. Thank you for joining us on this webinar call, the Q3 earnings call. We have updated SEC with the latest filings, and we are submitting we're also putting out a press release in a moment. The next slide, please. I would like to show the highlights for this quarter. Our total revenues was $4.1 million, representing a 30% growth. We want to make sure if the others are able to listen. Sure. Those who joined the webinar, if you could check that. Yep. Okay. So the total revenues was up 30%. The monthly recurring billings grew 48% compared to last year's same quarter, reflecting a continued adoption of FatPipe's subscription model. Total quarterly billings increased 27% compared to last year, and then adjusted EBITDA for three months was $0.59 million, approximately 14% EBITDA compared to last year's $0.57 million. Cash equivalents were $6.2 million, providing us a flexibility to support growth, and then continued expansion of the sales organization and channel partner network to support growth and pipeline activity. We closed multiple large multi-site SD-WAN deployments across education, financial, and enterprise verticals. Next slide, please. Adjusted, again, the EBITDA was up 14% versus the 18% in the previous quarter, year-over-year, reflecting an increased investment in growth. In the nine months ending December 31st, EBITDA margin for nine months was about 21% versus 31%, again reflecting the investment in growth, which is starting to reflect in the top line. Net income was $310,000 compared to $84,000 last year, again due to higher revenues. And then net income ending December 31st of $1 million for nine months was lower compared to the previous year. A significant part of it was because of stock-based compensation expense. One thing I would like to caveat here, the stock-based compensation expense was recognized in the second quarter for the $625,000. The third quarter did not have stock-based compensation expense. Thank you. Next slide, please. This reflects the MRR and ARR growth as our strategy moves towards recurring revenue models. As you can see, there's been a growth in both MRR and annual and quarterly billing rates. We are happy with this progress as more customers adopt our recurring revenue model, while the bookings have been growing every quarter. New bookings. Next slide, please. This shows you the EBITDA numbers. These numbers are already in the 10-Q with the SEC. Next. Balance sheet has grown significantly, reflecting both the proceeds from the IPO as well as from operations. Cash flow for the last nine months was $132,000 Cash flow for the last three months was $240,000. Again, our focus is on growth and investment in growth, but we want to always keep it cash flow break-even. This quarter, of course, last quarter was a cash flow positive quarter. Next. This basically gives you the highlights of our financial performance for this past quarter. We are working towards making sure that this quarter also is a very good quarter. Again, these are personal aspirations, not projections. That concludes the presentation portion of the earnings call. We will now open it up for questions from the attendees on the phone. Vikrant will be managing the Q&A. So I'll ask the attendees, if you have any questions, please use the Q&A feature of the Zoom webinar to ask your questions, and we will start going through the Q&A as it comes in. Overall, while Vikrant is collecting the questions, we have been working towards building our other partner channels, so both in the traditional VAR channel, the solution provider channel, as well as the ISP channel. We have initiated those paths, and we have been hiring. As we told the Street, at the end of December, we had 24 salespeople, and the goal is this year to add another 12 salespeople in markets where we don't have a presence to bring it up to about 36 salespeople for our team. That should help in increasing the revenues for the company as well as expanding in different markets around the country. Vikrant, any questions? Yes, Dr. Bhaskar. So first question we received is, what do you see as FatPipe's top strategic priorities for the next quarter, so Q4 fiscal year 2026? This coming quarter, the focus is on executing on all the orders that we have received as well as getting our salespeople to be productive and start to push more of our new products into the market. Then received one additional question related to that. Where do you see FatPipe going six months from now, and what is your level of confidence in meeting the expectations you set? We are pretty confident, I should say, for the goals we have set for the next six months. We have orders coming in. The pipeline looks very good. The new people have become productive. And so I feel comfortable that the next six months should see continued growth for the company. And as we have excess cash flow, we will continue to invest in building our sales team further. And then a question for Sanch. Can you explain the drop in deferred revenue this quarter while revenue has increased on the top line? That's a very good question. Thank you for that. The deferred revenue was a traditional revenue that we had from our existing customers from the past. As these customers move to monthly recurring revenue model, that revenue portion is going to decline, and it is going to contribute towards our monthly recurring revenue, which is increasing quarter-over-quarter. We are encouraging our customers to move to a monthly recurring revenue model, and this is a positive trend that we are seeing from our customers. Great. Thank you so much. And then for Dr. Bhaskar, FatPipe has been producing consistent product growth and very high gross margins. How sustainable do you see this trend going forward in the next few quarters? Our goal is to keep the margins up. However, if we get some big deals, big deals will require some level of discounting, as all of us know. So if those deals start coming in, you will see some lowering of gross profit margins, but that is going to be more than made up by total profit because the bigger deals don't need as much sales. Cost of sales will be less. So it'll balance out. Probably a lowering of gross margins will be more than offset by increase in gross profits. Great. Thanks so much, Dr. Bhaskar. How do you see your outlook with your various partners looking for revenue contribution by partner? Do you think that your larger partners will continue to contribute the same percentage to sales going forward, or do you think direct sales and other channel sales strategies will also have contributed to your top line? We expect our largest partners to continue to contribute. However, having said that, we are also developing other partners who we have ignored in the last few years simply because we were focused on our large partner. We are adding salespeople to support the other large partners that we have signed up, but we didn't have the resources to invest. Now that we have resources to invest, we are going back and developing those partners. By the end of the year, you should see a nice tilt again into more balance. That's a good problem to have. We are happy we have that problem. We will build out other partners who were contributing, and we just want to bring them back up to a healthy level of production. Thank you so much, Dr. Bhaskar. An additional question we received is, how does the company balance growth investment against maintaining positive cash flow? You have shown positive revenue growth compared to quarter this time. How do you anticipate this impacting cash going forward? The perfect scenario would be growth as well as cash flow break-even. Again, my goal is cash flow break-even for the next two years and reinvest the money in growth. But you'll find that as the growth goes up, you will have more positive cash flow. It's not going to be a perfect science of balancing cash flow versus growth. The emphasis is on growth because there is enough opportunity. The market is huge, and we feel that we are scratching the surface right now. So we feel comfortable that we can continue to invest in growth and see a positive return. But I always don't want to burn cash, so I want to be cash flow positive as much as possible. Great. Thanks so much, Dr. Bhaskar. And on the sales headcount, you mentioned that you plan to continue to grow your sales headcount quarter over quarter as you have been doing historically in the last few quarters. What is your plan for sales headcount and your sales organization over the next few quarters? As we mentioned, we have multiple channels, multiple partners, and multiple territories where we don't have a presence. To put things in perspective, like I mentioned last time, there are 30 NFL cities, and we are not in most of them. So there's a huge opportunity to be in the large cities, add local people. And in each local state or each state and each market, there are multiple channels, right? So we can add 12 people and not make a big dent in terms of coverage. So we'll continue to add more people in more geographies and in verticals. The possibilities are pretty much endless in terms of how many people we can add into different markets without bumping into each other. Thank you, Dr. Bhaskar. Next question is for Sanch. Are there any comments you can provide on current sales trends, and how is FatPipe navigating the political environment? Being in technology, politics plays a little less of a role in our sales trajectory. And as U.S. markets continue to grow, U.S. economy continues to grow, I don't believe politics has had any impact on us in terms of the sales trends. We have shown that we have continued to grow over the last several quarters, and as you can see in the nine-month results as well. As Dr. Bhaskar said, our pipeline looks healthy, and 95% of our business is in the U.S. Given that and technology markets continuing to progress, we don't expect any impact of politics on our sales projections, sales projections, or sales outlook. If I may add, Sanch, it's more about us executing to what we told you we are doing, which is adding sales professionals with a solid experience in the business, solid Rolodex, come on and ramp up fast. So that is probably the most important thing for us. It's not about the size of the market, or it's not about the politics. So that's why we are heavily focused on our sales. Another question that had come up last time was acquisitions. We are interested in acquisitions. I know there are several people on the call who are investment bankers. We would love to talk to you if you bring in acquisitions that are attractive to the company, serving the same customer in terms of the buyer profile. Thanks, Dr. Bhaskar. And one additional question we've received from the group is, have you integrated any AI-driven threat detection or behavioral analytics tools into your Total Security 360 product that you have on the market? That's a good question. We have added different AI models inside our cybersecurity. In fact, we have our own AI machines in our premises here. The reason for that is customer data. We don't like customer data leaving the customer premises or GDPR requirements. So let me give a simple example of application of AI. Some schools would obviously like to block any images, pornographic images. Now, those are very hard to normally determine if they're pornographic or not. And we have our own AI model that can take a look at these images and determine if they are naked images or images that shouldn't be presented to children. And therefore, we can then highlight those images as blocked and refuse to download those images. Besides all the different things we do for URL filtering for porn sites and sites that we shouldn't be sending children to, we also have a way of doing image analysis. That is all pure AI, as you can imagine, because it is not a cut-and-dry process. Yes, we have added the AI component to a very specific portion of cybersecurity and security needs of, say, schools or companies. Dr. Bhaskar, one additional question is, what is it about FatPipe's suite of tech products that uniquely positions the company for continued and future growth? And how do you see durability holding up moving forward for FatPipe? FatPipe, if any of you have been using our products, you realize that we are always on top of the market, right? We develop technology before the customer asks for it. We develop technology that is unique, that serves a particular need for the customer even before the customer anticipates. So we have been with this for 20-some years. We have always been ranked number one. We just put out a press release that customer ratings we don't pay analysts, as you can imagine, but customer rates us always as number one for the product and for the features and for support. And the most recent one was Info-Tech SoftwareR eviews where we were called off the charts in terms of our support for the customer and our ability to take care of the customer. So that is always going to be our priority, adding more features. For instance, the most unique thing is, as you all know, typically, all the cybersecurity companies do cloud-based solutions. The problem with cloud-based solutions is, 38% of the time, this was a study done by McAfee. 38% of the time, hospital healthcare companies said that they have difficulties accessing the cloud because of latency, jitter, and everything else. Most recently, you've seen that several cloud cybersecurity companies went down. Cloud providers have gone down. So the system is starting to creep. What we have introduced is, besides a cloud-based solution, an on-premise-based solution for cybersecurity. The advantage is everything is local to the customer. Jitter and latency is almost removed because most of the employees are in the office or very close to the office, and the data does not leave the building. That is of great importance to a lot of people because every week, you see articles about that data being exposed. We have made sure that this technology, this architecture is very much suited for high security of data and then also applying the same cybersecurity postures across all types of security: network security, cybersecurity, and email security. So now your email is also processed internally. We look at everything about your email, data loss prevention, any attachments that you're sending that are confidential or have keywords. And if you're receiving an attachment that has a virus or a phishing email, we can monitor that. By doing this comprehensive cybersecurity and network security and email security solution, we believe we are offering the best solution for cybersecurity out there. And now we are going to spend a lot of time pushing hard on this particular product offering because we feel it's far superior to these disparate systems being offered by different companies. Thank you, Dr. Bhaskar. For Sanch, are you getting revenues from the new security products already, and are you planning to separate security and SD-WAN revenues in the future? So as the revenues grow and we start categorizing our product with different products, we will separate the revenues by product in the future. At the present time, we do have revenue from our cybersecurity offering where we are providing firewalling, access control, geoblocking, all these functionalities to our customers. So yes, we are generating security revenue as well as SD-WAN revenue. At this time, we have not separated them, but in the future, as the company grows, as the revenues grow, we will consider separating them. Great. Thank you, Sanch. And Dr. Bhaskar, do you see any growth? How do you see growth comparing between the mid-markets versus enterprise or SMB markets for FatPipe? And do you plan on targeting any of these markets going forward with a particular emphasis? We have different products for different customer markets, right? Our main SD-WAN product is for enterprise-class customers. However, having said that, small customers, single-location customers also use our SD-WAN products. We have so many features that different customer startups use different parts of the product. So to answer the question, we would go where the market is. Obviously, enterprise customers are high-margin customers, and the smaller, lower-market customers are more scattered, but they contribute there. It's an economic contribution from those customers too. And everybody needs cybersecurity. Everybody needs network security. And then we are also introducing a new set of services, and we will be announcing that this quarter. And so we are going to add more security services to customers that will benefit both across the enterprise to the lower-end mid-market and small customers. But security, everybody needs security. And people cannot afford the current cybersecurity providers. They charge ridiculous amounts of money per seat. You need a whole lot of bandwidth going back and forth. We believe that the lower-end customers need service and support because of our low-cost structure and we have expertise in providing on-premise products. Not everybody does anymore. For instance, we can take all the cybersecurity features. That's an amazing amount of features. We can pack it into a box that sits at the customer's site and can respond faster and can process thousands of emails, literally 20,000 emails I can process, and also thousands of sections. I'm able to do it in the box sitting on the customer's premise. That's the beauty of our architecture. We are able to do what the customer needs and more. There is a question around the stock price and M&A activity. To be clear, we are aware of what the stock price is and do not plan to issue shares to do acquisitions. We will be balance sheet financing any acquisitions to avoid any dilution to the stock where it does not make sense to use equity in that case. Yes, I agree with that. Equity is not on the table. We do have good friends in the investment banking industry. If we are going to acquire something, it will be in the form of a note payable, in which case we will be using the cash flow from the acquired entity to finance a lot of the project. As we grow, we will continue to generate cash, and we'll have to do a delicate balance between additional investment and growth or needing the cash to pay for the acquisition. I have two Wharton graduates here who have worked in the industry with significant experience in investment banking and in consulting, management consulting. So they have seen between them 18 acquisitions, very large, of course, but they bring the same philosophy to the table to help figure out how to do an acquisition and how to finance an acquisition. Thank you, Dr. Bhaskar. In terms of your cybersecurity product, do you see Palo Alto and CrowdStrike as competitors, or how do you think about the competitive landscape for your cybersecurity solution? Yeah. CrowdStrike does what it does, and it does extremely well. Palo Alto does what it does, and they do it extremely well. And they are the 800-pound gorillas in the industry. But as we all talked about, everyone has their sandbox. The focus is to thrive in your sandbox, take care of your customers, and have your cost structure such that you can offer an equivalent or better product at a lower price. There's somebody who told me once, it says, "Always be the mostest with the cheapest." And if I can provide the mostest with the best possible pricing, I will get my market while the big boys have their own cost structure. Thank you, Dr. Bhaskar. I think those are the bulk of the questions in the chat. If anybody has any final questions, please feel free to add them to the Q&A. Again, thank you very much, everyone, for joining the call. We appreciate it. We look forward to your support of FatPipe. We will, on our side, continue to work to do a good job of growing the company, getting good margins, and more importantly, providing value to the customer and making sure the customer continues to like our product and rate us number one. That's probably the most important thing because if we can take care of our customer, the customer will take care of us. Thanks, everyone. Thank you so much, everyone. That is the FatPipe Q3 2026 earnings call presentation. If you have any additional questions, please feel free to email us at investor.ir@fatpipeinc.com. We look forward to continuing to meet your expectations for FatPipe. I.