팻파이프(FATN) 2027 회계연도 2분기 실적 발표 콘퍼런스콜: 매출 22% 증가, 반복 청구액 55% 증가

핵심 요약

• 2027 회계연도 2분기 매출은 전년 동기 대비 22% 증가한 약 480만 달러를 기록했으며, 순이익은 120만 달러, 조정 EBITDA는 60% 증가한 116만 달러에 달했다.
• 매출총이익률은 90%를 유지했으며, 주당순이익(EPS)은 전년 동기 보합에서 0.09달러로 증가했다.
• 반복 청구액은 신규 수주, 계약 갱신 및 대규모 도입 확대에 힘입어 전년 동기 대비 55% 증가했으며, 전 분기 240만 달러에서 290만 달러로 늘어났다.
• 상반기 매출은 25% 증가한 990만 달러를 기록했다. 순이익은 250% 급증한 243만 달러, 조정 EBITDA는 34% 늘어난 245만 달러를 기록했다.
• 팻파이프는 단독 제품 또는 자사 종합 솔루션의 일부로 제공되는 네트워크 모니터링 플랫폼 '콘스텔레이션(Constellation)'을 출시했다. 경영진은 주문이 시작되었으며 고객 도입 속도가 기존 사이버보안 제품보다 빠르다고 밝혔다.
• 경영진은 팻파이프가 10월에 손익분기점을 달성했으며, 3월 말까지 영업 인력을 30명에서 36명으로 확대하는 동시에 잉여 현금흐름 흑자를 추구할 계획이라고 밝혔다.

주요 재무 데이터

상반기 실적은 2026년 9월 30일로 마감된 6개월간의 수치다. 경영진은 회계연도 2분기 매출의 대부분이 신규 계약에서 비롯되었다고 밝혔다.

사업 및 영업 실적

콘스텔레이션은 이번 분기 주요 제품 개발 성과였다. 이 플랫폼은 개별 기기, 스위치 포트, 광케이블 연결, 소프트웨어 인벤토리, 갱신 일자 및 소프트웨어 취약점을 포함한 광역통신망(WAN)과 근거리통신망(LAN)을 모니터링한다. 또한 실시간 경고, 알람 및 보고서를 생성한다.

고객은 콘스텔레이션을 독립형으로 구매하거나 팻파이프 솔루션의 일부로 구매할 수 있으며, 온프레미스 또는 클라우드 방식으로 배포할 수 있다. 가격 정책은 모니터링 대상 기기 또는 IP 주소 수를 기준으로 책정된다. 경영진은 이 제품이 이미 수주를 확보했으며, 일반적으로 고객이 기존 시스템을 교체할 필요가 없어 도입 장벽이 낮다고 설명했다.

팻파이프는 사이버보안 제품의 경우 고객들이 통상 여러 공급업체와 3~5년 단위 계약을 맺고 있어 도입에 더 오랜 시간이 걸릴 수 있다고 밝혔다. 반면 콘스텔레이션은 테네시주의 한 지방자치단체와 은행을 포함한 기존 고객들 사이에서 더 빠른 채택을 이끌어내고 있다.

반복 청구액은 고객의 단계적 도입 확대, 계약 갱신, 대형 계약 체결에 힘입어 증가했다. 700만 달러 규모의 교육 부문 수주가 반복 청구액에 기여하기 시작했다. 경영진은 전면 도입 시 월 약 11만 8,000달러, 분기당 약 35만 달러의 매출이 발생할 수 있다고 언급했다.

팻파이프는 또한 TD 시넥스(TD SYNNEX) 및 캐러소프트(Carasoft)를 통한 사업 진척 상황도 보고했다. 경영진은 정부 관련 제안서 수주와 파트너 파이프라인이 확대되고 있다고 전했다. 회사는 최근 한 파트너사에서 72명의 영업 인력을 교육했으며, 현장 교육, 가격 책정 지원, 영업 리소스를 지속적으로 제공하고 있다.

지난 10월 팻파이프는 자체 자금을 활용해 소형 소프트웨어 기술 업체를 인수했다. 피인수 기업은 소프트웨어 및 기술 서비스를 제공하는 팻파이프 테크놀로지스(FatPipe Technologies)를 지원하게 된다.

경영진 가이던스

경영진은 12월 분기의 연말 연휴 관련 계절적 요인을 인정하면서도, 최소 18% 성장 및 18% EBITDA라는 내부 목표를 재확인했다.

팻파이프는 회계연도가 마감되는 3월 말까지 영업 인력을 30명에서 36명으로 늘릴 계획이다. 이듬해 목표는 영업 인력 48명 확보이다. 경영진은 신규 채용된 영업 인력이 손익분기점이나 수익 기여에 도달하기까지 통상 3~6개월이 소요되며, 대규모 거래를 전담하는 담당자는 6~9개월이 걸릴 수 있다고 밝혔다.

회사는 10월에 손익분기점을 달성했다고 밝혔으며, 고객 도입을 위한 하드웨어 구매를 지속하고 영업 활동을 확장하는 동시에 지속적인 현금흐름 흑자 달성을 위해 노력할 계획이라고 전했다.

또한 팻파이프는 미국 중소기업청(SBA) 대출을 차환해 금리를 약 1.85%포인트 낮췄으며, 지역 은행으로부터 150만 달러 규모의 신용한도를 확보했다.

리스크 및 주목할 점

• 많은 잠재 고객이 여전히 기존 공급업체와의 3~5년 장기 계약에 묶여 있어 사이버보안 제품의 교차 판매 진척이 느릴 수 있다.
• 많은 고객이 속도 향상보다는 백업 목적으로 위성 연결을 사용하고 있어, 샛부스트(SATBoost)의 도입 속도는 경영진의 당초 예상보다 더딘 상태다.
• 영업 인력 확충은 거래 규모와 영업 사원의 생산성에 따라 3~9개월의 전력화 기간이 수반된다.
• 신규 반복 계약 성장에 따른 증가분이 기존 고객의 일회성 기간제 라이선스에서 반복 청구 방식으로의 전환에 의해 상쇄되면서 잔여이행의무(RPO)는 전 분기 대비 대체로 보합세를 기록했다.
• 경영진이 현금흐름 흑자를 목표로 하고 있음에도 고객 도입을 위한 지속적인 하드웨어 구매로 현금이 소진될 수 있다.

애널리스트 Q&A 주요 내용

경영진은 콘스텔레이션의 경우 기존 계약이 만료되기를 기다릴 필요 없이 즉시 구매할 수 있다고 설명했다. 이 제품은 고객의 네트워크 내에서 작동하며 모니터링되는 IP 주소 수에 따라 요금이 부과된다.

반복 청구액과 관련해 경영진은 전 분기 대비 증가한 요인으로 신규 고객 유치, 계약 갱신, 대규모 도입 확대를 꼽았다. 다른 대형 계약들과 함께 700만 달러 규모의 교육 부문 계약도 실적에 기여하기 시작했다.

공공 부문 기회와 관련해 경영진은 교육 부문 계약 이행을 통해 팻파이프가 대규모 구축을 수행할 수 있는 역량을 입증했다고 밝혔다. 이에 따라 회사는 미국 내 다른 지역에서도 추가 계약을 확보했다.

경영진은 기구축 고객 기반이 확대됨에 따라 계약 갱신이 사업에서 점점 더 중요한 비중을 차지하고 있다고 설명했다. 팻파이프의 고객군에는 시, 카운티, 경찰 및 응급 구조 기관, 병원, 대규모 교육청 등이 포함된다.

샛부스트(SATBoost)는 아직 대형 계약을 체결하지 못했으나, 경영진은 최근 40~50개 이상의 지점에 위성 연결을 구축하는 고객들을 중심으로 관심이 늘고 있다고 언급했다. 아울러 팻파이프는 최근 벨로클라우드(VeloCloud)를 대체하는 2~3건의 대형 계약을 완료했으며, 추가적인 교체 제안도 진행 중이라고 밝혔다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.