Fatpipe Inc/UT

Overview

FatPipe is a leading developer of enterprise-class, application-aware, secure SD-WAN solutions and integrated single-stack cybersecurity solutions for organizations, including enterprises, communication service providers, security service providers, government organizations, and other middle-market companies.

We strive to be the global leader in delivering leading-edge enterprise-class networking software technology. We are dedicated to continually improving the way organizations connect, ensuring their networks are secure, reliable, and supporting their continued success. Our commitment lies in empowering our customers with a seamless and dependable connectivity infrastructure that safeguards their critical data and fosters business continuity. We further aim to ensure our customers have unparalleled insights into their network operations.

We focus on enabling organizations to connect, secure, and monitor their networks through a unified software platform. Our solutions are designed to operate across cloud, hybrid cloud, and on-premise environments, supporting distributed applications, users, and infrastructure. By integrating networking, cybersecurity, and monitoring capabilities within a single software stack, we aim to reduce the complexity associated with deploying and managing multiple point solutions, while providing consistent policy enforcement, centralized visibility, and coordinated network and security operations.

To deliver on this vision, we hold over a dozen software and technology patents, which we leverage through an integrated suite of software solutions to offer our customers a reliable and secure platform to support mission-critical applications running on cloud, hybrid cloud and on-premise networks. Our core offerings include SD-WAN, SASE, single stack cybersecurity (“Cybersecurity”), and network monitoring service (“NMS”) software solutions, each of which is typically offered to our customers as a subscription service.

Our SD-WAN / SASE platform includes integrated traffic management and routing capabilities that address a broad set of network management needs to manage multi-line network traffic and routing. When customers have multiple data lines, and one of the lines fails, FatPipe automatically and dynamically transfers network traffic from one data line to another (failover) without disconnecting the application session. When all lines are functional, FatPipe is able to improve data traffic speed and optimize bandwidth.

Our cybersecurity platform is designed as an integrated component of our software stack and includes a range of security capabilities intended to protect network traffic, users, and applications across distributed environments. These capabilities include firewall functionality, intrusion detection and prevention, secure web gateway controls, content filtering, encrypted connectivity, secure virtual private network (“VPN”) access, and application-aware policy enforcement. Our platform is also designed to support advanced threat protection techniques, including traffic inspection, anomaly detection, and controls intended to mitigate unauthorized access and data exfiltration. These security capabilities are designed to operate consistently across WAN links, cloud environments, and network endpoints, providing coordinated protection across both edge and core network infrastructure.

In addition to our software capabilities, we provide cybersecurity testing and protection services designed to support customer security operations. These services include web application penetration testing, internal network and server penetration testing, vulnerability and port scanning of internet-facing assets, and managed web application firewall (“WAF”) services. These services are intended to complement our software platform by enabling customers to assess, validate, and enhance their security posture.

Our network monitoring capabilities provide visibility into network performance, device health, and traffic behaviour, enabling customers to monitor and manage their environments through centralized reporting and analytics. By integrating monitoring functionality within the same platform as networking and security, we aim to provide customers with a unified operational view of their network and security environments.

We service customers in geographies around the world, with our largest customer populations located in the United States and India. We plan to continue expanding our presence throughout North America and parts of Southeast Asia. Further, FatPipe is in discussions with potential partners to offer geography specific software license bundles to address these market needs. Customers in different geographies require different licenses and network servers specific to their needs and prices. We plan to expand its presence in Mexico and Asia markets with products and services bundles to address geography specific markets.

Industry

SD-WAN is a network architecture that allows enterprises to utilize software and virtualization technologies to enhance the performance, security, and manageability of their WANs that connect offices, data centers, cloud applications, and cloud storage. This innovative architecture has emerged as a force in the world of networking and connectivity, revolutionizing the way organizations manage and optimize their WANs. SD-WAN technology enables organizations to leverage multiple types of connection, such as broadband, multiprotocol label switching, and LTE, to create a unified and intelligent network that can be centrally managed and orchestrated. This flexibility not only improves network efficiency but also reduces costs associated with expensive dedicated circuits, and the technology represents a seismic shift from traditional static network architectures to dynamic, agile, and cloud-centric solutions. SD-WAN applications have gained tremendous momentum in recent years due to its ability to address many evolving needs of modern businesses.

SASE technology enhances network security by enabling centralized policy enforcement and encryption. It allows for granular control over traffic, ensuring that sensitive data is transmitted securely across the network. This is particularly significant in today’s cyber-threat landscape, where data breaches and network vulnerabilities are constant concerns for businesses of all sizes, and trends such as remote work and distributed organizations have only served to exacerbate potential susceptibility.

NMS allows for the systematic monitoring and management of computer networks. Generally consisting of an integrated set of tools, NMS solutions provide network administrators with the ability to remotely detect and address network issues or anomalies before they affect network performance, integrity, or end-user experience. Many NMS solutions combine multiple data collection methods to offer comprehensive insights into a range of network performance metrics, allowing administrators to continuously and remotely optimize network configurations, troubleshoot problems, manage capacity, identify suspicious network activity and generate analytics for further assessment.

Cybersecurity solutions are designed to protect networks, applications, and data from unauthorized access, disruption, or attack. These solutions may include a range of capabilities such as firewalling, intrusion detection and prevention, secure access controls, traffic inspection, and threat detection. As organizations increasingly operate in distributed, cloud-based environments, cybersecurity has become a critical component of network infrastructure, requiring protection across endpoints, network layers, and cloud applications. Enterprises are increasingly adopting integrated approaches to cybersecurity that combine multiple security functions within unified platforms in order to reduce complexity and improve coordination across security operations.

The continued evolution of enterprise IT environments, including increased reliance on cloud computing, remote access, and distributed applications, has contributed to the convergence of networking, security, and monitoring functions. As a result, organizations are increasingly seeking solutions that provide integrated capabilities across these domains, rather than deploying and managing multiple independent systems.

Total Addressable Market

SD-WAN. The market for SD-WAN products was estimated to be approximately $4.5 billion in 2023 (according to the research published via the Maia Research Report) with expected market size to grow to over $17.6 billion by 2030. The North America and Asia-Pacific (“APAC”) segments of the market, which represent FatPipe’s primary markets, are expected to achieve continued growth in the near term. According to Gartner, Inc., the North America market for SD-WAN solutions will grow at an estimated 18% compound annual growth rate (“CAGR”) through 2025, while growth in APAC is projected to exceed 60% CAGR. This significant growth trajectory has been attributed to several factors, including the rise in remote work, need for enhanced network security, migration of applications to the cloud, and overall digital transformation efforts of enterprises.

*SASE.*According to the Maia Research Report, total revenues for SASE software and platform solutions is expected to grow from $6.4 billion in 2022 to $27.2 billion by 2030, resulting in a CAGR of almost 20.0% during the forecast period. This is driven by the rise of work-from-home mandating secure zero-trust remote connectivity, cloud-adoption broadening the definition of a corporate network, and the convergence of cloud and on-premise networks creating the need for a unified solution.

NMS. The total NMS market, including both cloud-based and on-premise solutions, is projected by the Maia Research Report to grow at a more modest CAGR of 10.0% for the period from 2022 to 2030. Total market revenues for NMS solutions is estimated at $2.0 billion in 2022, approximately three-quarters of which is categorized at cloud-based, and is projected to grow to approximately $4.4 billion, when cloud-based solutions will account for almost 85% of the total market.

Cybersecurity. According to a report by Grand View Research, the global cybersecurity market was valued at approximately $245.6 billion in 2024 and is projected to reach approximately $500.7 billion by 2030, representing a CAGR of approximately 12.9% over the forecast period. Growth in this market is being driven by increasing adoption of cloud computing, the expansion of connected devices, the growing complexity of cyber threats, and evolving regulatory requirements. As organizations continue to operate in distributed and hybrid environments, demand for cybersecurity solutions has expanded beyond traditional perimeter defenses to include protection across endpoints, network infrastructure, and cloud-based applications. In addition, enterprises are increasingly adopting integrated security approaches that combine multiple security functions within unified platforms in order to reduce operational complexity and improve coordination across security operations.

FatPipe Software Solutions

Our objective is to offer a suite of solutions to ensure our customers can securely support their networks in this cloud-first world. We are committed to driving a trusted customer experience through innovation and a diverse set of capabilities. Our core offerings are based on a complete, integrated suite of software solutions, including SD-WAN, SASE, NMS, and Cybersecurity capabilities, each of which can be individually licensed to create an experience tailored to a customer’s needs and network configuration. Additionally, all of our technologies are available for commercial sale. These capabilities are designed to operate together as part of a single software stack, allowing customers to manage networking, security, and monitoring functions through a centralized platform. By integrating these functions, our solutions are intended to reduce the complexity associated with deploying and maintaining multiple independent systems, while enabling consistent policy enforcement, centralized visibility, and coordinated network and security operations across distributed environments. Further, our product pipeline consists of new SD-WAN security features and enhancements to the NMS, as well as single-stack cybersecurity features to serve all of a customer’s cybersecurity requirements from a single vendor.

As networks become increasingly critical to business operations and more exposed to cyber threats, organizations require continuous monitoring and protection across both network infrastructure and application environments. Our platform incorporates built-in and automated capabilities designed to monitor network status, detect potential intrusion activity, enforce geographic access controls, and regulate external web access based on defined policies.

Our SD-WAN capabilities provide application-aware traffic management and dynamic routing across multiple network connections. When multiple data connections are available, our platform is designed to manage traffic across those connections and, in the event of a disruption, transfer traffic between available links without interrupting application sessions. When multiple links are active, our platform is designed to optimize bandwidth utilization and improve overall network performance.

Our cybersecurity capabilities are integrated within the same software platform and are designed to protect network traffic, users, and applications across distributed environments. These capabilities include firewall functionality, intrusion detection and prevention, secure web gateway controls, content filtering, encrypted connectivity, and secure virtual private network (“VPN”) access. Our platform also supports application-aware policy enforcement, enabling organizations to define and apply security policies based on application behavior and traffic characteristics.

In addition, our cybersecurity functionality is designed to support advanced threat protection techniques, including traffic inspection, anomaly detection, and controls intended to mitigate unauthorized access and data exfiltration. These capabilities are designed to operate consistently across WAN links, cloud environments, and network endpoints, providing coordinated protection across both edge and core network infrastructure. To support these capabilities, we also provide cybersecurity testing and protection services, including web application penetration testing, internal network and server penetration testing, vulnerability and port scanning of internet-facing assets, and managed web application firewall (“WAF”) services. These services are designed to assist customers in identifying vulnerabilities, validating security controls, and maintaining the effectiveness of their security environments.

Our network monitoring capabilities provide centralized visibility into network performance, device health, and traffic activity. By integrating monitoring functionality within the same platform as networking and security, our solutions are designed to enable customers to correlate performance metrics with security and traffic patterns, supporting more efficient troubleshooting and operational decision-making. Our monitoring and reporting capabilities may also be utilized in conjunction with our cybersecurity services to provide customers with ongoing visibility into network activity, security events, and system performance.

Software-Defined Wide Area Network (SD-WAN)

Our primary offering is an SD-WAN software platform that integrates a broad array of network traffic management and routing, security, and monitoring functions and is predominately sold on a subscription basis. The platform can be delivered on a dedicated commodity appliance or virtual configuration, and can be installed in a variety of network environments, including cloud, hybrid or on-premise.

Our SD-WAN solution is designed to enable organizations to manage multiple network connections simultaneously and dynamically control the flow of application traffic across those connections. By supporting multiple connectivity types, including broadband, fiber, and wireless networks, our platform provides flexibility in network design and supports distributed enterprise environments.

A key capability of our platform is its ability to maintain continuous application connectivity in the event of network disruptions. When one connection becomes unavailable, our software is designed to transfer traffic across alternate connections without interrupting active application sessions. This functionality is intended to support business continuity for applications that require persistent connectivity, including voice, video, and transactional systems.

When multiple connections are active, our platform is designed to distribute traffic across available links in order to improve bandwidth utilization and optimize application performance. These capabilities are intended to reduce reliance on higher-cost dedicated circuits while maintaining performance and reliability across the network.

Our SD-WAN solution offers a number of benefits for managing and maintaining network infrastructure, including:

Our SD-WAN solution is suitable for multi-location, single location with high density, and multi-cloud environments, and offers these features in a single device for network end-point (or edge) and branch network needs. The solution enables multi-path VPN for hybrid connectivity, intelligent WAN edge management, cloud disaster recovery for hybrid cloud management, and other capabilities, all at enterprise-class performance levels. Its application-aware network optimization capabilities are suitable for virtual machines (“VMs”) for all major hypervisors, including AWS, Azure Cloud, Oracle and Google.

According to research published in 2026 by Software Reviews, an independent research organization and division of Info-Tech Research Group, FatPipe’s SD-WAN solutions are the top-ranked solutions for middle-market companies, based on Software Review’s assessment of the complete software experience, which includes measurement of product features and satisfaction, as well as vendor experience and capabilities. FatPipe has also been previously rated as top-ranked in InfoTech’s 2024 and 2025 reports.

Secure Access and Service Edge (SASE)

Our SASE solution seamlessly integrates a WAN-Edge appliance with an SASE software access solution, to provide connectivity, consistent security and optimized user experience for hybrid workforce, branch office and retail locations. Our SASE capabilities are designed to operate as part of our broader software platform, enabling organizations to apply networking and security policies across users, devices, and locations within a unified architecture. By combining connectivity and security functions, our solution is intended to support secure access to applications and data while reducing the operational complexity associated with managing multiple independent systems. Our SASE solution offers virtual network functions, which combine networking and network security services into a single cloud-delivered solution, and are available for major virtual customer premise equipment (vCPE) hardware providers. Additionally, our SASE offerings include the following features:

Network Monitoring Service (NMS)

Our EnterpriseView reporting system for network monitoring provides a platform to monitor customer network environments, including wide area network performance and the operation of deployed devices. The system is designed to support centralized visibility across distributed network infrastructures, including branch locations and cloud-based environments. Our NMS capabilities are integrated within our broader software platform and are designed to operate in conjunction with our SD-WAN and cybersecurity functionality. By incorporating monitoring within the same platform as networking and security, our solution is intended to enable customers to observe network performance, traffic behavior, and security-related events through a unified interface. This integration is designed to allow customers to correlate network performance metrics with traffic patterns and security activity, supporting more efficient identification of performance issues, anomalous behavior, and potential security concerns.

Our NMS solution is a scalable solution that supports large data loads, maintains seamless connectivity across thousands of branches, boosts network performance to handle intensive demands, ensures comprehensive network monitoring and management, and provides real-time insights into a network or device’s health and performance. The platform provides real-time visibility into network and device performance, including connection status, utilization, and operational health. Device health information is presented through centralized dashboards and reporting tools in real time, and a tabular dashboard gives a detailed view of each device’s line condition and utilization in real time, enabling administrators to monitor network conditions and performance trends. The system is designed to provide detailed views of network line conditions, traffic utilization, and device status in real time, supporting proactive management and troubleshooting.

Our cybersecurity capabilities are designed as an integrated component of our software platform and are intended to provide protection for network traffic, users, and applications across distributed and cloud-based environments. These capabilities are delivered within the same software stack as our SD-WAN, SASE, and network monitoring solutions, enabling coordinated enforcement of security policies and centralized visibility across network and application environments.

Our cybersecurity software functionality includes a range of security controls designed to operate across network infrastructure and endpoints. These capabilities include firewall functionality, intrusion detection and prevention, secure web gateway controls, content filtering, encrypted connectivity, and secure virtual private network (“VPN”) access. In addition, our platform supports application-aware policy enforcement, enabling organizations to define and apply security policies based on application behavior, user activity, and traffic characteristics.

Our platform is also designed to support advanced threat protection techniques, including traffic inspection, detection of anomalous behavior, and controls intended to mitigate unauthorized access and data exfiltration. These capabilities are designed to operate consistently across wide area network connections, cloud environments, and network endpoints, providing coordinated protection across both edge and core network infrastructure.

By integrating cybersecurity capabilities within the same platform as networking and monitoring functions, our solutions are designed to enable customers to manage security and network operations through a unified interface. This integration is intended to reduce the complexity associated with deploying multiple standalone security products while supporting consistent policy enforcement and improved visibility across network environments.

In addition to our software-based cybersecurity capabilities, we provide cybersecurity testing and protection services designed to support customer security operations and risk management efforts. These services include web application penetration testing, internal network and server penetration testing, vulnerability and port scanning of internet-facing assets, and managed web application firewall (“WAF”) services.

These services are designed to assist customers in identifying potential vulnerabilities, validating the effectiveness of implemented security controls, and maintaining the integrity of their network and application environments. Our cybersecurity services may be utilized in conjunction with our software platform to provide ongoing visibility into security posture and to support continuous monitoring and improvement of customer security environments.

Technology and Architecture

Our core technology has been developed internally by its founding management team and supported by a long-tenured group of engineers and software developers. We hold a portfolio of 13 patents that cover a range of SD-WAN and related capabilities. Specifically, our patented claims cover key SD-WAN and related functionality, including:

FatPipe’s Services

Our software solutions are provided through a subscription-based model. During the fixed term of the subscription, we include a portfolio of services, which offer our customers technical support, professional services, training, and cybersecurity services.

Technical Support Services

We maintain our own team of technical support specialists to ensure quality control and build and retain trust throughout the entire customer experience. Our technical support services, incorporating both remote and on-site support, include installation services, configuration assistance, monitoring and alerts notification, and development of performance reports.

Professional Services

We offer limited professional services to our customers and channel partners. We may also provide more customized services for more complex use cases, such as implementation design, network analysis, and projected capacity requirements.

Training Services

We offer training to our customers and channel partners directly through our support staff. These services are designed to educate end-users and partners on implementation, use, functionality, and maintenance of FatPipe solutions.

Cybersecurity Services

We provide cybersecurity services designed to support customers in identifying vulnerabilities, assessing security controls, and maintaining the effectiveness of their security environments. These services are intended to complement our software platform and may be delivered in conjunction with deployments of our networking and cybersecurity solutions.

Our cybersecurity services include web application penetration testing, internal network and server penetration testing, vulnerability and port scanning of internet-facing assets, and managed web application firewall (“WAF”) services. These services are designed to simulate real-world attack scenarios, identify potential weaknesses in network and application environments, and provide customers with actionable insights to address identified risks.

Web application penetration testing is designed to evaluate the security of customer-facing applications by identifying vulnerabilities in application logic, configuration, and underlying systems. Internal network and server penetration testing is intended to assess potential risks associated with internal access, including the ability of unauthorized actors to move laterally within a network environment.

Vulnerability and port scanning services are used to identify exposed services, open ports, and known vulnerabilities across internet-facing infrastructure. Managed WAF services are designed to provide protection for web-based applications by monitoring and filtering incoming traffic based on defined security rules and threat patterns.

Technology Development Services

Through our FatPipe Technologies division, we offer a diverse set of consulting services for the development and deployment of highly optimized and often complex wide area network (“WAN”) and local area network (“LAN”) solutions. We provide a host of networking, programming, and professional services as part of our engagement, which often include a mix of web, software, and application development, ERP integrations, outsourced staffing assistance and a range of IT consulting services. These services are generally independent of our core software solution offerings, and typically serve enterprises involved with such technologies as telemedicine, university and educational institution management, kiosk development, and multimedia communications. In addition, network design services further assist in marketing FatPipe’s core software solutions.

Reseller and Channel Partnerships

We primarily offer our software solutions to end-user customers through our distributors, value-added resellers, ISPs, and other third parties, with whom we build and maintain relationships through our territory managers. We leverage a diverse network of over 100 partnerships to generate revenues, and have maintained many of these relationships for over a decade.

Our revenues are primarily generated in the United States, with India generating an increasing share of sales since 2022. FatPipe has invested considerable resources in developing these relationships, and our distribution arrangements are not exclusive with any partner.

In 2023, we began an extensive program to train our sales force to support domestic and international commercial accounts. The program focused on enhancing our partners’ product knowledge and technical capabilities, and has been instrumental in driving sales growth. Further, to minimize barriers during the sales process, FatPipe software solutions are sold off a pre-approved price list and customer contracts between FatPipe and the end-user customer are embedded within the partner’s master agreement. After a sale, FatPipe maintains a direct relationship with the end-user by providing installation, maintenance, and support services.

We plan to replicate our reseller and channel partner model to enter or expand in new markets or geographies. We are currently exploring options to grow our global sales, with emphasis on expansion opportunities within the burgeoning India information technology market. We are in discussions with multiple potential partners in Southeast Asia, which does not include China, to address these local markets. Further, FatPipe is in discussions with potential partners to offer geography specific software license bundles to address these market needs. Customers in different geographies require different licenses and network servers specific to their needs and prices. We plan to expand our presence in Mexico and Asia markets with products and services bundles to address geography specific markets.

Diverse End Customers

FatPipe’s software solutions have been deployed by over 2,500 end-user customers across a diverse set of sectors including education, financial services, government, healthcare, hospitality, legal, manufacturing, retail, and transportation and in various deployment models, including hybrid, SaaS, and managed services. The Company’s end-user customers range in size from smaller businesses to Fortune 1000 enterprise users, but its core customer base can be classified as mid-market companies. No end-user customer accounted for over 10% of total revenue in fiscal year 2026 or 2025.

Channel partner concentration in our revenue base is significant. For the fiscal year ended March 31, 2026, three channel partners accounted for approximately 39.31% of total revenue (fiscal year 2025: two channel partners accounted for approximately 49.54% of total revenue, with one channel partner accounting for approximately 45.09% of total revenue). Channel partner concentration is described in further detail in Note 1 to the consolidated financial statements.

Competition

FatPipe faces competition from companies with varying capabilities in SD-WAN, SASE, NMS, and Cybersecurity, some of which are larger companies with greater access to capital and other resources.

Sales and Marketing

Our marketing strategy is focused on building our brand and driving end-user customer awareness for our solutions. Our internal marketing team is responsible for developing marketing materials and allocating our marketing resources across various channels and activities. We supplement our marketing activities with a variety of sales tools, including product literature, awards, technical materials, training, seminars, conference attendance, webinars, and various other activities.

Software Development (Research and Development)

FatPipe has maintained a robust research and development team of employees, many of whom have 15 or more years of experience with us. We continue to develop new technologies and features that help us maintain or improve our position in the market. We also have enhanced our support database to enable faster resolution of complex problems and to train our engineers to address problems faster, enabling us to grow without the need to linearly add personnel as we scale. We are automating our testing processes to reduce the time to introduce new features and new versions of software to control and manage engineering costs.

Intellectual Property

We primarily rely upon patent, trademark, copyright, and trade secret laws, confidentiality procedures, and contractual provisions to protect our IP and proprietary technology. As of the date of this Annual Report, we had 13 U.S. patents and seven U.S. trademarks for FatPipe, Inc. and FatPipe Networks Private Limited.

Issued Patents, per data of the United States Patent and Trademark Office (USPTO) as of March 31, 2026.

Trademark Registrations, per data of the United States Patent and Trademark Office (USPTO) as of March 31, 2026.

Recent Developments

Initial Public Offering

On April 7, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with D. Boral Capital LLC, as representative (the “Representative”) of the underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to sell to the Underwriters, in a firm commitment initial public offering (the “Offering”), an aggregate of 695,656 shares of the Company’s common stock, no par value per share (the “Common Stock”), at an initial public offering price of $5.75 per share. The Common Stock was offered pursuant to a registration statement on Form S-1, as amended (File No. 333-280925), originally filed with the U.S. Securities and Exchange Commission (the “Commission”) on July 19, 2024, as amended, and which was declared effective by the Commission on February 12, 2025. A post-effective amendment to the registration statement related to the Offering was filed with the Commission on March 11, 2025, and was declared effective by the Commission on March 17, 2025.

On April 9, 2025, the Company closed the Offering and, including the partial exercise of the underwriters’ over-allotment option, issued and sold an aggregate of 800,004 shares of common stock. The total gross proceeds to the Company from the Offering, before deducting discounts and expenses, were approximately $4,600,023. The Company received net proceeds of approximately $3,935,522 pursuant to the Offering.

A final prospectus relating to the Offering was filed with the Commission on April 7, 2025. The Common Stock was previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “FATN” on April 8, 2025.

Platform and Sales Organization Expansion

Since our initial public offering, we have expanded our platform capabilities and expanded our sales organization. We introduced an integrated single-stack architecture that combines our networking, security, and monitoring functionality within a unified software platform. As part of this expansion, we enhanced our product offerings to include additional cybersecurity capabilities designed to operate within the same software environment as our SD-WAN, SASE, and network monitoring solutions.

In addition, we have doubled the headcount of our sales organization, increasing the number of sales personnel, which has resulted in an increase in sales capacity. This expansion has contributed to growth in our sales pipeline and the number of customer opportunities processed during the fiscal year.

Based on current business trends and internal expectations, we anticipate continued growth in sales activity and overall revenue. These expectations are subject to various risks and uncertainties, including those described in the “Risk Factors” section of this Annual Report.

Human Capital Management

As of March 31, 2025, we had 172 full-time employees, with 56 in the United States, 112 in India, and 4 in the Philippines. None of our employees are represented by labor unions and we consider our employee relations to be good. Due to our consistent presence as an employer in India, which dates back to 2002, we believe we enjoy a more stable workforce than many technology companies in the region.

We do not currently have any employment agreements with our co-founders or other employees. Compensation arrangements with our executive officers and directors are governed by our Compensation Committee.

Facilities

FatPipe, Inc. and FatPipe Technologies, Inc. are headquartered in Salt Lake City, Utah. FatPipe Networks (India) Private Limited is headquartered in Chennai, India. We conduct sales, marketing, research and development, and customer support activities from each of these locations.

Corporate Information

FatPipe, Inc. was incorporated in Utah on October 14, 2009. Our principal executive offices are located at 392 East Winchester Street, Fifth Floor, Salt Lake City, Utah 84107, and our telephone number is (801) 281-3434. Our website address is www.fatpipe.com. The information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information on our website to be part of this Annual Report.

Available Information

We make available, free of charge through our website, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file or furnish them to the SEC. The SEC also maintains an Internet website (www.sec.gov) that contains such reports, proxy statements and other information about us.