FatPipe (FATN) 2027年度第2四半期決算説明会：売上高22%増、リカーリング請求額55%増

主なポイント

• 2027年度第2四半期の売上高は前年同期比22%増の約480万ドルとなり、純利益は120万ドル、調整後EBITDAは同60%増の116万ドルに達した。
• 粗利益率は90%を維持し、1株当たり利益（EPS）は前年同期の横ばい水準から0.09ドルに増加した。
• リカーリング請求額は前年同期比55%増、前四半期の240万ドルから290万ドルへと増加した。新規受注、契約更新、および大規模導入の進展が寄与した。
• 上半期の売上高は前年同期比25%増の990万ドルとなった。純利益は同250%増の243万ドル、調整後EBITDAは同34%増の245万ドルとなった。
• FatPipeは、単体製品または同社の広範なソリューションの一部として利用可能なネットワーク監視プラットフォーム「Constellation」を投入した。経営陣によると、すでに受注を開始しており、顧客への導入ペースは同社のサイバーセキュリティ製品を上回っているという。
• 経営陣は、FatPipeが10月に損益分岐点に達したとし、3月末までに営業組織を30人から36人に拡大する一方で、プラスのキャッシュフローの達成を目指す方針を示した。

主要財務データ

上半期の数値は2026年9月30日に終了した6カ月間を対象としている。経営陣は、2027年度第2四半期の売上高の大半が新規受注によるものだと述べた。

事業および営業実績

当四半期における主要な製品展開は「Constellation」であった。同プラットフォームは、個々のデバイス、スイッチポート、光ファイバー接続、ソフトウェア資産、更新期日、ソフトウェアの脆弱性など、広域ネットワーク（WAN）およびローカルエリアネットワーク（LAN）を監視する。また、リアルタイムのアラート、警報、レポートを生成する。

顧客はConstellationを単独で、またはFatPipeのソリューションの一部として購入可能であり、オンプレミス型またはクラウド型のいずれでも導入できる。料金体系は監視対象のデバイス数またはIPアドレス数に基づいている。経営陣によると、同製品はすでに受注を獲得しており、一般に既存システムの刷新を必要としないため導入しやすいという。

FatPipeは、顧客が複数のベンダーと3〜5年の契約を結んでいることが多いため、サイバーセキュリティの導入には時間がかかる場合があると述べた。対照的に、Constellationはテネシー州の自治体や銀行など、既存顧客の間でより速やかに受け入れられている。

リカーリング請求額は、顧客への段階的な導入、契約更新、および大型契約の恩恵を受けた。700万ドル規模の教育関連案件の受注がリカーリング請求額に寄与し始めている。経営陣は、全面的な導入が完了すれば、月額約11万8,000ドル、四半期あたり約35万ドルを生み出す可能性があると指摘した。

FatPipeはまた、TD SYNNEXおよびCarasoftを通じた進捗も報告した。経営陣は、政府関連の提案案件の獲得やパートナー経由のパイプラインが拡大していると述べた。同社は最近、あるパートナー企業で営業担当者72人に研修を実施したほか、現地でのトレーニング、価格設定支援、営業リソースの提供を継続している。

10月、FatPipeは自己資金を活用して小規模なソフトウェア技術企業を買収した。買収した事業は、ソフトウェアおよびテクノロジーサービスを提供するFatPipe Technologiesを支援する予定である。

経営陣のガイダンス

経営陣は、12月四半期におけるホリデーシーズンに伴う季節的要因の可能性を認識しつつも、社内目標として最低18%の成長率および18%のEBITDAマージンを改めて表明した。

FatPipeは、3月の会計年度末までに営業人員を30人から36人に増員する計画である。翌年度の目標は営業担当者48人としている。経営陣は、新規採用の営業担当者が損益分岐点または黒字化を達成するまでに通常3〜6カ月を要し、大型案件に注力する担当者の場合は6〜9カ月かかる可能性があると説明した。

同社は10月に損益分岐点に達したと発表し、顧客導入に向けたハードウェアの調達を継続し、営業体制を拡充しながら、持続的なプラスのキャッシュフローの達成に向けて取り組む見通しを示した。

FatPipeはさらに、SBA（米中小企業庁）ローンを借り換えて金利を約1.85パーセントポイント引き下げたほか、地方銀行から150万ドルの信用枠を確保した。

リスクと注視すべきポイント

• 多くの見込み客が依然として3〜5年のベンダー契約を結んでいるため、サイバーセキュリティのクロスセルは進展が遅れる可能性がある。
• 多くの顧客が通信速度の向上よりもバックアップ目的で衛星接続を利用しているため、SATBoostの導入は経営陣の当初の想定よりも遅れている。
• 営業人員の拡大には、案件規模や担当者の生産性に応じて、3〜9カ月の立ち上がり期間（戦力化期間）が伴う。
• 新規のリカーリング受注による伸びが、従来型顧客の一括期間ライセンスからリカーリング請求への移行によって相殺されたため、残余履行義務（RPO）は前四半期比でほぼ横ばいとなった。
• 経営陣はプラスのキャッシュフローを目指しているものの、顧客導入に向けた継続的なハードウェア購入によってキャッシュが消費される可能性がある。

アナリスト質疑応答（Q&A）のハイライト

経営陣は、Constellationは既存契約の満了を待つことなく即座に導入可能であると述べた。同製品は顧客のネットワーク内で稼働し、監視対象のIPアドレス数に応じて課金される。

リカーリング請求額について、経営陣は前四半期比での増加要因として、新規顧客の獲得、契約更新、および大規模導入の進展を挙げた。700万ドル規模の教育関連契約が他の大型案件とともに寄与し始めている。

公共部門における商機に関して、経営陣は教育関連契約の履行によって大規模導入に対応できるFatPipeの能力が実証されたと述べた。同社はその後、全米の他の地域でも追加案件を獲得している。

経営陣は、導入顧客基盤の拡大に伴い、契約更新が事業において極めて重要な要素になりつつあると説明した。FatPipeの顧客には、市、郡、警察・救急サービス、病院、大規模な学校組織などが含まれる。

SATBoostはまだ大型案件の獲得には至っていないものの、経営陣は40〜50カ所以上の拠点に衛星接続を展開している顧客からの関心が最近高まっていると指摘した。また、FatPipeは最近、VeloCloudからのリプレイスに関する大規模案件を2〜3件完了しており、さらに複数のリプレイス提案を行っているところだと述べた。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Vikrant Ragula

Hi, everyone. Good afternoon, and thank you for joining FatPipe's earnings conference call.

Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include, but are not limited to, statements regarding FatPipe's expected financial performance, business strategy, growth opportunities, customer demand, product deployment, recurring revenue initiatives, market position and future operating results.

These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.

For a discussion of important factors that could affect FatPipe's actual results, please refer to the risk factors and other disclosures contained in the company's filings with the Securities and Exchange Commission, including its most recent annual report, quarterly reports, current reports and other SEC filings.

Any forward-looking statements made on today's call speak only as of today's date. Except as required by law, FatPipe undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

And during today's call, we may also discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, where applicable, are included in today's earnings release and related materials available through the company's Investor Relations website and SEC filings.

With that, I will turn the call over to management.

Ragula Bhaskar

Good afternoon, everyone. This is Ragula Bhaskar, the CEO of FatPipe Inc. And with me, I have Vikrant and Kanishka.

Vikrant is the one who read the safe harbor announcement. He's our VP for Corp Dev and IR. And then I also have with me our Chief Financial Officer, Kanishka. And Tanishka will join me for this presentation.

I'm excited to have you all on this call. A lot of exciting things are happening. We had a good quarter. And besides that, we also introduced a new product called Constellation.

That is for network monitoring, both on the wide area and on the local area side. And that is an exciting product that is gaining traction. Orders have already started coming in.

We are also working towards positive cash flow. Last quarter, most of our cash went to buy inventory to deliver on the orders we had. And in October, we broke even as a company.

So we hope to continue to be a positive cash flow company, as I promised you at the beginning of the year.

With that, I would like to move to the financial numbers that you have been waiting for. This is for quarter 2 of this year. Kanishka, please take it away.

Kanishka Ragula

Thank you, Dr. Bhaskar. So, as a summary of the financial results from this quarter, for Q2, we had about $4.8 million of revenue, which was a 22% year-over-year growth.

Net income of $1.2 million, which was an increase of $125 million of net income relative to the same quarter last year. Adjusted EBITDA of $1.16 million, which is about a 60% year-over-year increase on the EBITDA side.

Gross margins continue to remain healthy at 90%. And earnings per share were $0.09 a share, which was an increase from flat in last year's same quarter.

Going into the first half results as a whole for Q1 and Q2 combined on the next slide. We had 25% year-over-year growth -- apologies, can this move to the next slide?

Yes. We had $9.9 million of revenue, which is about 25% year-over-year growth for the 6 months ended September 30, '26. relative to the 6 months ended September 30, '25.

Net income grew 250% to $2.43 million. Adjusted EBITDA was up 34% year-over-year to $2.45 million. Gross margin once again remained healthy, 91% blended, and earnings per share was at $0.17 a share, which is up 240% year-over-year.

Next slide. Going to our recurring billings. Our recurring billings continued to be strong year-over-year. Relative to the same quarter last year, our recurring billings grew 55% year-over-year.

As a reminder, recurring billings are those billings that are billed regularly either on a monthly or annual basis. This represents those billings that were collected in the quarter for the 3 months ended September 30, 2026.

And with that, that's the summary of the financial results. I'll pass it back to Dr. Bhaskar to go over product and customer.

Ragula Bhaskar

Thank you, Kanishka. Ladies and gentlemen, when you go to the next slide, Vikrant, I would like to talk to you about the company.

As we always wanted to be, and we'll continue to strive to be, we always want to be the #1 product in our business and also provide the #1 support to our customers so that we have happy customers.

And the entire emphasis here is to make this customer experience the best that can be in the networking business. So with that goal in mind, we have always continued to do well in that arena.

And the customer feedback -- this is one of the charts from a company called InfoTech. I believe it's a $4 billion marketing company. As you can see, we are way ahead of Cisco, Meraki, VMware, and everybody else in the game. And that is because we actually focus on the customer.

If you look at Gartner survey, another company, if you look at independent surveys of customers, we are always rated #1 over all the other majors in every single category. And that will continue to be our goal.

In terms of what we plan to do for the next few quarters, keep up the same production, work on creating more sales. At the beginning of the year, our plan was to have 36 salespeople by the end of the year.

We are midway there. We are at 30 salespeople net, and we plan to add 6 more by the end of March, which is our fiscal year. And in terms of product, as I mentioned, Constellation was a very good product that we brought out.

To give you an idea of what Constellation does, we can monitor every single aspect of your network, every single device in your network, down to every single port in your switch and your fiber connection.

The advantage of that is, from a customer perspective, they don't have to go to multiple vendors. In a single stack, we are able to provide you with cybersecurity, FatPipe, of course, our base product, and complete network analysis.

Now, as a customer, what is the advantage? You have all the data you need, networking data, cybersecurity data and the entire company devices, inventory, in fact, including all the software you have, when the software are coming up for renewals, which software is vulnerable.

We can give you a list of software that has not been updated. So essentially, it's one stop, one call, that's all. And that's our goal: to achieve network singularity, and we are headed there.

That's our biggest achievement in terms of new product last quarter. At the beginning of this, in October, we acquired a small software technology company, and we'll continue to look for more companies to add.

We did not raise any money to buy that company. We are doing it with our internal resources. And again, we had to acquire quite a bit of equipment and hardware to meet our sales obligations.

We are doing that. And in October, we broke even, and we expect to continue to break even and make positive cash flow going forward as we continue to hire people and expand our sales motions.

I don't have any other things to share with you. Vikrant, are there any questions that I can answer? If anyone wants to ask questions, please do raise your hand and ask questions.

And Vikrant, could you transcribe for me.

Vikrant Ragula

Yes. So we have some questions from our equity analysts. So I will start off by pulling in Lisa Thompson to share her question.

I enabled her microphone and camera.

質疑応答

Lisa Thompson

Thank you. So just to go back to Constellation, can you tell us a little bit more about how people are charged for that?

Do you have to have already bought cybersecurity? Or is this something you can buy without having all the other pieces? How does this work?

Ragula Bhaskar

Thank you, Lisa, for joining us on this call. Constellation can be bought as part of our FatPipe offering and can also be bought as an independent product.

So we are giving customers that option. And so which way if they want it on-prem or if they want it in the cloud, we are happy to do it either way.

Lisa Thompson

And can you buy it right away? Do you have to wait until your contract ends?

Ragula Bhaskar

Yes. You can buy it right away. It sits quietly in the network, and it monitors the network, generates alerts, generates alarms, and generates reports for you. It's all in real time. And the way we charge is by monitored devices.

So if you have 100 IPs, we will monitor them. We'll charge you for those 100 monitored IPs.

Lisa Thompson

Can you tell me about this little software company you bought? What does that add to you?

Ragula Bhaskar

We have a division called FatPipe Technologies, which provides software services and technology services. And this company is in the same area.

So we thought it would be good to add to that market and that segment.

Lisa Thompson

And how is this quarter looking? Is there seasonality in the business? Or what should we think about the December quarter?

Ragula Bhaskar

Yes. Good question. Our goal is always to do 18% growth rate and 18% EBITDA. So we will work very hard to achieve that minimum base.

The seasonality can be when the holidays kick in sometimes. But this time Christmas, I believe, is on Friday or Thursday, which means the next week after that would be a clean week for us to continue to close deals.

Lisa Thompson

I guess my last question is a big picture thing. So recently, Fortinet had controversies going on about their quarter.

Can you compare and contrast how you're not them?

Ragula Bhaskar

Fortinet is a massive company. So they are affected. They have a lot more wins in different parts of their business in the world.

We are focused on our market, and we are not, hopefully, going to see any of the issues that Fortinet has. And we are also constantly developing new products. As you can see, we introduced cybersecurity last year.

We are introducing Constellation this year. Our goal is to be, like I said, the best product company out there and have a good name in the market, have a good name with customers.

You can't say that about some of the other big companies.

Vikrant Ragula

I will now enable James Kisner to be able to participate as well.

James Kisner

So just a couple of quick ones. I guess talk about the sales force ramp and what you expect there. How long is it going to take, you think, for those folks to be productive?

Like, what does the ramp of a new salesperson look like in your company, do you think?

Ragula Bhaskar

Typically, a salesperson should become break-even to profitable in about 3 to 6 months. Some of them who are in the larger deals business will take about 6 to 9 months. That's typical.

But if they have a great pipeline, we'll work with them. If they're not able to create a pipeline, then we cut loose. Unfortunately, we have to do that.

Yes. And we are hiring senior salespeople who have experience, who have a Rolodex. So we expect them to come with a partner base. So if they're not able to develop that, convert that partner relationship into sales, then we are not the right company for them.

James Kisner

So I think you have a product that can hunt pretty well, too. So that should help. I think a $7 million education contract that you were expecting to land. Just maybe you can kind of update on that. And just in general, is that contract eventually open up other public sector opportunities?

Ragula Bhaskar

It does. It has, and it is. We are very fortunate to land a big contract, and we are executing on that.

So that does get the word out that we can be trusted with a large contract, and we have the resources, the means, and the expertise to execute. So we did land a couple more deals in different parts of the country, and we are looking forward to this coming year to do the same.

Vikrant Ragula

And now I'll let Derek Greenberg ask his questions.

Unknown Analyst

I wanted to start off just by asking about how we can think of revenue this quarter in terms of new customers versus renewals. If you had anything you could share on that?

Ragula Bhaskar

New customers: we are adding new customers. The quarter is still young. We have 60 more days to go, and the pipeline is looking good. We are continuing to build on the pipeline.

In terms of renewals, we have a good renewal clip rate. As the company base of customers increases, the renewal will be a significant and it is already, but it will be a significant portion of our business.

And our goal is, like I said, to keep the customers happy. If I can keep you happy and you're happy with the product and you're happy with the service, there is no reason for you to walk away from us.

Remember that every single customer of ours is a mission-critical customer. We run cities, counties, police, emergency services, hospitals- you name it, big school systems. I mean, school systems with 50,000 and 100,000 students.

That requires expertise, and we have been developing that expertise over the last 25 years. So we know how to take care of those customers. And if the network has an issue, we are on it immediately, and we try to solve it.

We have deep expertise in getting into a customer's network and figuring it out really fast.

Unknown Analyst

And then I was curious what you're seeing at renewal in terms of attach rates for your cybersecurity offerings, if you're seeing good uptake there, if there's anything you can share?

Ragula Bhaskar

We are seeing faster reception to our constellation network management and land management product. And I think part of that is because many customers, as I said in the earlier presentation, have this group of 4 or 5 different cybersecurity products from 4 or 5 different vendors with 3- to 5-year cycles.

Therefore, moving away from those contracts takes a little longer. On the other hand, constellation is easier to install. We are not replacing any system in almost all cases, or the contracts are coming up on an annual basis, so we are able to make presentations.

We have, for instance, a city in Tennessee. We have a customer who is a bank. So we are finding that it's a lot easier to sell. And I also believe that that product is a very exciting product. It has a lot of exciting features.

It's like Raghu peg sauce, if you will. It's in there. The features are in there. And so any time you have a question about Can I monitor this, my answer is yes, we can. And that people like that they can look at every look and training of that network.

So that, I believe, is also going to help us with our revenues going forward. And we are pushing it to our current customers. Our current customers trust us, and it's a lot easier to explain to them the value of another feature in the same product, which they buy separately, but it's a lot easier than saying I'm a new guy in.

Unknown Analyst

One more for me, and then I'll pass it along. I was wondering if you could just talk about how some of your newer distribution and reseller partnerships are progressing, particularly TD SYNNEX and Carasoft.

Ragula Bhaskar

Actually, the best person to answer that is Vikrant. Vikram has been working with TD SYNNEX and Carasoft, and Howard with our sales teams.

So, Vikrant, I don't need to put you on the spot, but if you can answer those questions since you're closer to the actuals that you travel to all these partners.

Vikrant Ragula

Yes. So as Dr. Bastar mentioned, we've been seeing good success with our partners, including with TD SYNNEX and Carasoft.

As with our partnership, it takes a little bit of time to grow it. But in the recent quarter, we have seen more wins coming in with these partners on different proposals to government customers that are looking to purchase solutions.

So we're seeing good traction and continued wins, and the pipeline from these partners is growing. So we are very excited about the partnerships and continue to invest more resources to further grow the revenue and opportunities to work with these partners.

Ragula Bhaskar

And I think this week, you trained like 72 salespeople at one of the partners.

And last month, one of you traveled to the partners and made on-site presentations. And then we also have another partner called Jenny in Ohio, and our sales manager there has been visiting them and training them.

And what is nice is we get very good reception. We are in a business where we have a good product, and our service quality is well known. And therefore, the salespeople are looking for products that can help them sell.

The most important thing is how you can help your partners' salespeople sell and achieve their quota. And a lot of that involves training and providing them the resources and the pricing they need to win the business.

Vikrant Ragula

And then I will bring on Nehal from Northland to also ask his questions.

Nehal Chokshi

Can you go back to the Billings slide? So yes, it looks like your recurring billings ticked up pretty significantly Q-o-Q here from $2.4 million to $2.9 million.

Can you talk about the driver of that big Q-o-Q uptick?

Ragula Bhaskar

Primarily, as we get more new business and circuit products, we have been billing. And then the current customer billing is a layered approach.

You have multiple layers of customers every quarter. And as the billings on each of those customers start, we are seeing growth in the billings. And for the bigger deals, we have been deploying bigger and bigger deals or installations.

And therefore, the monthly billing on those is significantly higher in terms of dollar value. So those are the reasons.

Nehal Chokshi

So the driver of this big Q-over-Q uptick has been a ramp in some large customers?

Ragula Bhaskar

Yes. Also recurring revenue streams from renewals that are also happening. Both.

Actually, if I were to think through it, recurring and renewals will continue to add to the baseline of the previous quarter. So a lot of that is new business. Yes.

Nehal Chokshi

And so that $7 million order, how much is it contributing to that $0.5 million Q-o-Q increase in recurring billings?

Ragula Bhaskar

It has started contributing. I think about 3 months ago, it started happening. Yes.

Nehal Chokshi

It will add about $300,000 a quarter.

Ragula Bhaskar

$300,000 a quarter; it should start contributing. And then we had other additional deals; we got bigger deals. So they are also contributing.

Nehal Chokshi

Okay. And is that $300,000 a quarter the full run rate of that $7 million order? Or is there more still to be deployed?

Ragula Bhaskar

At full run rate, it will be about $1.18 million, approximately $118,000 a month. So that will be about $350,000 a quarter.

Nehal Chokshi

And can you give us some color on how bookings proceeded during the September quarter?

Ragula Bhaskar

September quarter, Kanishka, do you happen to have those specific numbers?

Kanishka Ragula

Yes. The top-line revenue as reported on a GAAP basis is largely reflective of the new bookings for the quarter.

So that continued to be healthy year-over-year. So it did continue to grow. I can follow up with the exact growth on the bookings, but overall, top-line revenue was up 22% to $4.83 million for the quarter, and the majority of that was driven by new bookings.

Nehal Chokshi

Okay. So product RPO would be flattish Q-o-Q from $2.2 million in the June quarter?

Kanishka Ragula

Yes. So product RPO continued to grow. However, as we mentioned, the remaining performance obligation is slightly different relative to the contract receivables.

Remaining performance obligations and deferred revenue are both partially related to our legacy book of customers in addition to the net new bookings.

So remaining performance obligation remaining flat quarter-over-quarter has the benefit of the net new bookings from our recurring customers, but also, as we shift over the legacy customers from the more one-time term license billing to a more recurring basis, does see a decline from that basis.

So remaining performance obligation overall is relatively flat because of that.

Nehal Chokshi

Well, fantastic acceleration in the buildings here. Congratulations.

Vikrant Ragula

And then I think the last question we have in the chat comes from Rudy regarding 2 parts.

First is, how is SATBoost coming along as far as interest from prospective customers?

And then the second question is, are we still acquiring former VeloCloud customers? So, Dr. Bhaskar, would you like to answer those?

Ragula Bhaskar

Yes. SATBoost, it hasn't taken off as fast as we wanted. We are specking in. We have a lot of interest. We haven't done some big deals in SATBoost, but we do have customers using satellite as a backup solution.

SATBoost is the one where we can triple the bandwidth. I guess most of the customers are using satellites for backup, not speed. So that hasn't taken off as much.

However, in terms of VeloCloud replacements, we are doing well. I think we did 2 or 3 bigger deals recently. And then we have a number of quotations out there for replacements whenever those contracts get over.

So yes, we are replacing a significant number of VeloCloud customers.

Kanishka Ragula

And then, Dr. Bhaskar, if I may add on regarding SATBoost. This is more of a recent development in the past months, but we have a number of customers with 40, 50-plus sites who are deploying satellite in addition to terrestrial transport.

So we have seen more reception for SATBoost recently, especially as SpaceX has continued to deploy their Starlink constellation and customers have begun to use that for their primary transport. And this is happening in the last 2 weeks.

And I think that's it for the time we have on the earnings call. Vikrant, I'll pass it back to you.

Ragula Bhaskar

Somebody raised their hand. Did somebody raise their hand just now?

Kanishka Ragula

I think I see Nehal's hand up.

Vikrant Ragula

Yes. With that, I believe we are at the end of the Q2 FatPipe earnings call. So unless there are any final comments -- or sorry, Dr. Bhaskar?

Ragula Bhaskar

I see Nehal's hand up still.

Nehal Chokshi

No, no, that's an accident. Sorry about that.

Ragula Bhaskar

Okay. In terms of the next several quarters ahead, we will continue to work as hard as we can to keep our sales momentum up, our profitability up, and start putting cash in the bank.

We did refinance one of our SBA loans that we had before the IPO. So that helps us reduce our interest rate by about 1.85%. And then we also got a credit line of $1.5 million from a local bank here.

And so that gives us additional resources if we need to drop on them. We will continue to buy hardware for fulfilling our sales obligations or deployments.

But overall, we'll continue to keep the pace. By the end of March, we should have about 36 salespeople, and the goal for the following year is about 48 salespeople.

Vikrant Ragula

So with that, that should be the end of the FatPipe fiscal year Q2 earnings call. So thank you, everyone, for joining and learning more about the fiscal results of FatPipe and how we've been doing this quarter and going forward.

And we will see you again at the Q3 financial results update.

Ragula Bhaskar

Thank you, everyone. I appreciate you taking the time to join us. Thanks, everyone.